West Australian Opera 2021 Annual Report

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ANNUAL REPORT 2021


This report has been prepared in collaboration with Culture CountsTM. Date of Preparation: April 2022

Cover image: Gina Williams as Ngaank Boodja in Koolbardi wer Wardong. Photo by James Rogers.

West Australian Opera acknowledge the traditional owners of the land, the Whadjuk people of the Noongar nation, and pay our respects to Elders past and present.


Contents Chairman’s Report

2

Executive Director’s Report

3

Principal Partner Wesfarmers Arts

4

Artistic Director’s Report

5

The Board

6

The Company

9

2021 Evaluation

10

Private Giving Report

45

Economic Impact Assessment

50


Chairman’s Report I am pleased to present West Australian Opera’s Annual Report for the year ended 31 December 2021. We must recognise the continuing challenges and impacts of COVID19 on our communities. We have had to adapt to new ways of rehearsing, presenting, and producing work. We are grateful to you, our stakeholders, patrons, sponsors, and donors, for staying close to us. We are proud to maintain strong partnerships with our supporters all of whom have contributed to our success.

“West Australian Opera is deeply appreciative to our audiences, donors, partners, stakeholders and governments for the unwavering support given to the state opera company throughout another extraordinary year”

I recognise and acknowledge our Principal Partner Wesfarmers Arts who enabled us to commission a new work from Guy Ghouse and Gina Williams in 2020 under a COVID19 recovery plan which enabled the Wesfarmers Arts Commission of Koolbardi wer Wardong (the magpie and the crow) which had a successful world premiere season in October 2021 and which will tour to Albany, Esperance, and Kalgoorlie in 2022. We are grateful to the Western Australian Government through the Department of Local Government, Sport and Cultural Industries and Lotterywest and to the Australian Government through the Australia Council. Thank you to patrons who offer personal contributions and continued commitment to the company through the Private Giving Program. We are grateful for leadership donations through the Bendat Scholarship, the Bel Canto Fund, the James Galvin Family Trust and trusts and foundations who give their support. We are grateful for the gift of FMG shares which we hold and which enable us to benefit from the success of FMG. I thank my fellow directors for their support, time and expertise. And, finally, but not least, I thank the management and staff of West Australian Opera for their ongoing work, passion and commitment in bringing opera to the stage. The past two years have demanded more sacrifice, focus and energy from our team than ever before. I could not be more proud of the way in which our team has leaned into the challenges, and delivered to our exacting standards despite them. ANDREW PASCOE CHAIRMAN WEST AUSTRALIAN OPERA

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Executive Director’s Report We are here to share the joy of opera with many people around the state. In 2021 we were able to present work on stages in Perth, Albany, Mandurah, Merredin and in schools and communities. We were able to record Star Navigator in place of the live performance which suffered COVID19 cancellation due to travel restrictions and we are very grateful to ABC for their partnership in recording this for national broadcast next year. The impacts of COVID19 on the live performance sector and the arts in general continued to be dramatic. There has never been a greater need for the power of the arts to reconnect us to our community, rewire our hearts, and take solace in music and art.

“The arts enrich our lives, bringing us moments of joy and connecting us with our humanity I gratefully recognise the support of Principal Partner Wesfarmers who have shown us arts leadership during a world pandemic by enabling a Wesfarmers Arts Commission of a new work.”

We have kept sight of our dream which is to speak to the heart though the human voice; to share the joy of music through opera and the powerful stories opera tells. We are very grateful to our staff and artists for their willingness to continue to find new approaches to work in live performance in a safe new way. I acknowledge and thank all of the company’s stakeholders, patrons, donors, partners, sponsors, trusts and foundations. Thank you to FMG and in particular I acknowledge and am grateful for the dividends received which contribute significantly to the company’s positive financial position It is the aim of West Australian Opera to deliver excellence both on and off the stage, and I wish to acknowledge and thank the Chairman and Board. My grateful thanks to Artistic Director Chris van Tuinen and to staff and colleagues with whom I work closely all year round at West Australian Opera, His Majesty’s Theatre, Department of Local Government, Sport and Cultural Industries, Perth Theatre Trust, the Australia Council, Lotterywest, Healthway and industry colleagues. CAROLYN CHARD AM EXECUTIVE DIRECTOR WEST AUSTRALIAN OPERA

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West Australian Opera Annual Report 2021

Principal Partner Wesfarmers Arts Wesfarmers is Western Australia’s leading corporate supporter of the arts with a demonstrated leadership position in Australia and is the Principal Partner of the state opera company. Wesfarmers Arts recognises that opera offers a unique and rich experience involving principal singers, actors, chorus, orchestra, a conductor, director, choreography, and high production values including sets, costumes, lighting, and backstage elements: it is indeed a multi-sensory art form. Wesfarmers and West Australian Opera first worked together in 1998. Since then the partnership has expanded to embrace production seasons, the commissioning of new work including Koolbardi wer Wardong in 2020, ongoing annual support and the development of the Wesfarmers Young Artists program. In 2009 Wesfarmers became Principal Partner of West Australian Opera. This Principal Partnership underpins the ongoing life and vitality of the state opera company in Western Australia. This award winning partnership is fundamental to the state opera company and is appreciated and valued by the board, management, company and audiences.

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Artistic Director’s Report Given the restrictions and uncertainty around the world in 2021, the fact that WAO delivered a full season of work is remarkable. We weren’t completely immune and lost some performances, The Barber of Seville, Star Navigator and The Nightingale plus, more behind the scenes, we lost weeks of rehearsal and preparation on Elijah and Cav/Pag. But on the whole the company made good on its promise to deliver performances of varied repertoire across the year. And we saw audiences respond to welcome us back with sold out seasons in His Majesty’s Theatre, new audiences for Koolbardi wer Wardong and new spaces for WAO in Winthrop Hall for Elijah. Of course with new initiatives comes risk and it was heartening to see people interested and engaged with the company, especially during uncertain times.

“Our focus is always to be a West Australian company, producing work here, supporting artists from here and engaging audiences here in performances that compare to the best around the world.”

Our focus is always to be a West Australian company, producing work here, supporting artists from here and engaging audiences here in performances that compare to the best around the world. And to that end we’re incredibly fortunate to have the calibre of artists, not just singers but musicians, directors, designers, stage managers, marketers and arts leaders living in Perth and leaning into the efforts of the company. To them all I say thank you. To the company and board also my thanks. We’re a lean, passionate, nimble and thoughtful group of talent, the best I’ve worked with, and if 2021 is any sign then 2022 is going to be a cracker. In Carolyn’s leadership we’re blessed with experience, enthusiasm and daring, tempered by critical thought around what we can always do better. My heartfelt thanks. So my thanks to all who made the nuts and bolts in this report happen, seeing through it to the extraordinary performances of text wedded to music that make opera the heart of what we do. I’m very much looking forward to what comes next. CHRISTOPHER VAN TUINEN ARTISTIC DIRECTOR WEST AUSTRALIAN OPERA

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The Board Andrew Pascoe

Janet Barnes

Chairman (appointed December 2017) Nomination Committee Risk Committee (COVID19)

Board Director (appointed August 2019) Marketing and Development Committee

Andrew Pascoe is a lawyer, and is a partner in the corporate group of Allens in Perth. Andrew specialises in mergers and acquisitions transactions, and major project and infrastructure development. He also practices in the area of equity capital markets, corporate governance, incorporated and unincorporated joint ventures, foreign investment in Australia, private equity transactions, and a range of commercial contracts and transactions.

Catherine Ferrari

Anthony Gianotti

Deputy Chair Board Director (appointed 2005) Nomination Committee Chair, Artistic Committee Finance and Audit Committee Risk Committee (COVID19)

Board Director (appointed January 2018) Finance and Audit Committee

Catherine Ferrari (B.Bus, MLM, FCPA, GAICD) has 20+ years holding a range of senior executive roles as well as non executive director roles. Most recently Catherine was the General Manager Customer and Community at the Water Corporation. Previous roles include CEO of the West Australian Symphony Orchestra and State Director of CPA Australia. Catherine is Deputy Chair of the West Australian Opera, Non Executive Director of Racing and Wagering WA and SmartCrete CRC, a Trustee of the Legal Contribution Trust and Chair of the Government House Foundation.

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Janet is currently the Executive, Enterprise, and Government for Telstra. Prior to joining Telstra in 2015, Janet’s diverse industry portfolio included leadership positions within the Pharmaceutical, FMCG, Banking & Financial Services Industry. Janet holds an Executive MBA from UWA, is a Fellow of the Australian Institute of Management (WA), Graduate of the Australian Institute of Company Directors (GAICD) and Director of the Australian Institute of Management (WA).

Anthony is the Chief Financial Officer of Wesfarmers Limited. He was appointed to this role in November 2017 following his appointment as Deputy Chief Financial Officer in July 2017. Prior to this, he was Deputy Managing Director of the Industrials division from February 2017 and Finance Director from August 2015. Anthony started with Wesfarmers in 2004, and his other roles include Manager, Investor Relations; Finance Director of Wesfarmers Insurance and Managing Director of Wesfarmers Insurance. Anthony began his career with Ernst & Young in business services and corporate finance and has held senior corporate finance roles advising on mergers and acquisitions and corporate strategy with Hambros Bank and Société Générale in Sydney, London and Melbourne. Anthony holds a Bachelor of Commerce from Curtin University, a Graduate Diploma in Applied Finance and Investments, is a qualified Chartered Accountant and has completed the Advanced Management Program at Harvard Business School. He is a director of a number of Wesfarmers Group subsidiaries.


West Australian Opera Annual Report 2021

Christiaan Heyning

Ingrid O’Brien

Board Director (appointed August 2018) Artistic Committee

Board Director (appointed 2010) Chair, Marketing and Development Committee

Christiaan is a Principal at McKinsey & Company, and lives in Perth, Australia. He leads the Digital practice for natural resources and heavy industrial sectors in Asia, as well as its sustainability practice. Prior to McKinsey, Christiaan worked for an IT services firm before starting up his own company in eLearning in the late 1990s in Singapore and London. He joined McKinsey in 2003. Christiaan Heyning holds a Masters Degree in applied physics with a specialization in Material Science at the University of Groningen and the University of California at Berkeley.

Ingrid is a Lecturer in the Marketing discipline in the Murdoch Business School at Murdoch University, with a special interest in customer engagement. She also runs her own boutique marketing strategy consultancy. As a specialist in the area of marketing strategy, Ingrid has over 20 years international consulting experience. She has worked in Australia, UK, Europe, USA and China, with a variety of blue-chip companies across a range of sectors such as financial services, resources, not-for-profits, professional services, healthcare, retail, agriculture, government, online marketing and education.

Darren Lewsen

Jan Stewart

Board Director (appointed April 2017) Chair, Finance and Audit Committee Risk Committee (COVID19)

Board Director (appointed April 2015) Marketing and Development Committee

Darren is the Western Region Assurance Leader for Ernst & Young, where he leads a practice comprising 15 partners and 160 employees. Darren is also a member of EY’s Oceania Assurance Leadership Team. With more than 20 years’ experience providing assurance services and advice across a diverse range of industries, Darren has led audits, due diligence assignments and advisory engagements for a number of Australia’s largest listed companies.

Jan Stewart PSM, BA, MSW. HonDLitt.WAsust, FAIM, GAICD held the position of CEO of Lotterywest from 1992 to December 2014 prior to her retirement in 2015. Jan has extensive board experience with a diverse range of organisations, both locally and internationally over many years. These have included that of Senior Vice President on the Executive Committee of the World Lottery Association for more than eight years. She held the inaugural position of President of the Asia Pacific Lottery Association from 1999 to 2004 and was again a member of the Executive Committee of that organization from 2012-14. She was a member of the Hale School Board for 12 years, the board of Save the Children for 5 years, the Board of St Bart’s for 5 years and of Mercycare for 5 years and was Chair of the Centre for Social Impact at UWA for 10 years. Currently, apart from the West Australian Opera board she is a member of the Board of the Perkins Medical Research Institute, a trustee of the Feilman Foundation, Chairman of the Raine Study Board and is member of the University of Western Australia’s Sports Advisory Committee. 7


West Australian Opera Annual Report 2021

Carolyn Chard AM, WAO Executive Director and Chris van Tuinen, WAO Artistic Director. Photo by Alana Blowfield.

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The Company Vice Regal Patron Governor, The Honourable Kim Beazley AC Executive Director Carolyn Chard AM Artistic Director Chris van Tuinen Production Manager Mandy Farmer Accountant Debbie Byrnes Artistic Administrator Kate Larkins Education Manager Terasa Letizia Philanthropy Manager Catherine Noonan Marketing Manager Danielle Barlow Acting Marketing Manager Scott Whinfield Marketing Coordinator Holly Langford-Smith Media Consultant Daniele Foti-Cuzzola CRM Coordinator Rachel Sait Stage Manager Karen Farmer Music Librarian Allison Fyfe Financial Accountant Kris Adrian Honorary Life Members Dario Amara Richard Bonynge AC CBE Terry Bowen Julie Bishop Frank Cooper AO Erich Fraunschiel Colin Goddard Warwick Hemsley AO Francis Landels Bruce Martin AM Margaret McManus Dr Richard Mills AM Annie Patrick Marilyn Phillips Vincent A Warrener AM KHS Patron Wesfarmers Arts Young Artist Program Emma Matthews Wesfarmers Arts Commission Gina Williams AM and Guy Ghouse

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2021 Evaluation The evaluation framework applied by Culture Counts uses a standardised set of outcome metrics called ‘dimensions’ to measure the quality and impact of cultural events. They have been developed through extensive work with the sector, internationally tested and academically validated. Attendees and participants who accessed West Australian Opera events online and in person, were surveyed about their experience. Surveys included a set of dimensions that were selected in alignment with West Australian Opera’s strategic goals.

QUALITY METRICS

90

100

88

100

87

100

87

100

10

Enthusiasm I would come to something like this again

Local Impact It’s important that it’s happening here

Cultural Contribution It provides an important addition to the cultural life of the area

Rigour It was well thought through and put together

Dimensions are responded to using a 101-point sliding scale. Respondents are asked to indicate how much they agree with a statement by sliding the marker between zero (Strongly Disagree) and 100 (Strongly Agree). The resulting data is used to measure the unique cultural, social, economic and place outcomes of West Australian Opera’s 2021 season. The outcome infographics below show the average scores for outcome metrics that were asked the most frequently in each domain, across West Australian Opera attendee and participant surveys in 2021.

SOCIAL OUTCOMES

84

100

81

100

72

100

Wellbeing It had a positive impact on my physical health and mental wellbeing

Access It gave me the opportunity to access cultural activities

Connection It made me feel connected to people in the community


West Australian Opera Annual Report 2021

This report highlighs a selection of key audience and experience insights measured throughout the year. The new audience percentage shows the proportion of those that attended WAO for the first time in 2021. All respondents were asked to rate their overall WAO experience. This percentage shows the percentage of respondents that indicated they were satisfied. The Net Promoter Score (NPS) is a standardised metric that measures brand loyalty. A NPS that is positive (above 0) is generally considered to be good, with a NPS of 50+ considered to be excellent.

CULTURAL OUTCOMES

80

100

69

100

Meaning It moved and inspired me

Currency It made me reflect on the world we live in today

AUDIENCE & EXPERIENCE

42.7k

20%

95%

67

Attendees, viewers and participants

Were satisfied with their overall experience

81

100

100

Growth It could appeal to new audiences

ENVIRONMENTAL OUTCOMES

100

Challenge

Net Promoter Score

ECONOMIC OUTCOMES

84 65

New audience

Place It made me feel proud of my local area

It challenged me to think in a different way

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West Australian Opera Annual Report 2021

Opera in the Pinnacles. Photo by Rebecca Mansell.

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Western Australian Opera Annual Report 2021

2021 Season In 2021, West Australian Opera (WAO) invited audiences to colour their world with opera as the company delivered opera throughout the year onstage, offstage and via livestream. WAO was fortunate to be able to present a full program of work in 2021 despite some COVID19 cancellations and staged Opera in the Park, The Barber of Seville, Elijah, Cav/Pag, The Marriage of Figaro as well as the world premiere of Koolbardi wer Wardong. In the Regions, WAO took the children’s opera The Nightingale on tour to Albany and presented Opera in the Pinnacles and Opera in Merredin. The company delivered over 65 workshops/incursions to over 7,000 young people and worked with •

13 young people as part of The Nightingale Children’s Chorus (Peel Children’s Chorus supported by Lotterywest)

30 young people as part of The Nightingale Children’s chorus (Great Southern Children’s Chorus supported by Lotterywest)

10 Noongar young people to form The Noongar Children’s Choir for Koolbardi wer Wardong

42 young people from West Australian Young Voices for Koolbardi wer Wardong

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West Australian Opera Annual Report 2021

City of Perth Opera in the Park Photo by Rebecca Mansell.

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West Australian Opera Annual Report 2021

City of Perth

Opera in the Park 30th Anniversary Gala Concert A free event supported by Lotterywest

26 & 27 February 2021 Supreme Court Gardens For 30 years West Australian Opera has presented Opera in the Park, igniting emotions and sharing the splendor of live performance with thousands of Western Australians. In a celebration of live performance and re-connection with the community, West Australian Opera rolled out the Western Australian stars, for this special Opera in the Park 30th Anniversary Gala Concert. Conductor Christopher van Tuinen Penny Shaw Emma Matthews Sara Macliver Caitlin Cassidy Paul O’Neill Michael Lewis Chelsea Burns Brianna Louwen Chelsea Kluga Matthew Dixon Lachlann Lawton

West Australian Opera Chorus West Australian Symphony Orchestra

“Congratulations to all involved for the organisation of this event ... The local artists performing in this event made us feel proud. It is special to be able to celebrate the wealth of talent we have in WA, and especially for the 30th anniversary of this event.” – Survey Respondent

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West Australian Opera Annual Report 2021

Opera in the Park Livestream In 2021, West Australian Opera made Opera in the Park available to view via an online livestream and also partnered with a number of venues around WA to arrange free public viewings of the livestream. Survey highlights from the livestream are presented below.

AUDIENCE & EXPERIENCE

4,798 Viewers

92%

Were satisfied with their overall experience

Opera in the Park, Photo by Scott Slawinski.

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35% New audience

55

Net Promoter Score

“It is a wonderful event that brings people together and celebrates Perth summer with great weather, fabulous friends and sensational song.” - Survey Respondent


West Australian Opera Annual Report 2021

PROGRAM OUTCOMES

93

100

92

100

91

100

90

100

90

100

Enthusiasm I would come to something like this again

Local Impact It’s important that it’s happening here

Place It made me feel proud of my local area

Rigour It was well thought through and put together

Captivation It held my interest and attention

AUDIENCE & EXPERIENCE

4,719

14%

Attendees

WAO new audience

29%

97%

New event audience

75

Were satisfied with their overall experience

89

100

83

100

81

100

76

100

Cultural Contribution It provides an important addition to the cultural life of the area

Meaning It moved and inspired me

Growth It could appeal to new audiences

Access It gave me the opportunity to access cultural activities

Cultural Outcomes Social Outcomes Economic Outcomes Environmental Outcomes Quality Metrics

Insights: Opera in the Park is a muchloved community event, with attendees most likely to agree that they would come to something like this again, it’s important that it’s happening here, and it made them feel proud of their local area. Almost 4,800 viewers from Perth and beyond were able to enjoy the event via livestream, with over one third of this cohort viewing a WAO performance for the first time.

Net Promoter Score 17


West Australian Opera Annual Report 2021

Brigitte Heuser as Rosina and Michael Petruccelli as Count Almaviva in The Barber of Seville. Photo by James Rogers.

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West Australian Opera Annual Report 2021

Rossini

The Barber of Seville 17 – 24 April 2021 His Majesty’s Theatre

A matchmaking barber with more skills than just cutting hair and pulling teeth. A lovelorn Count, in disguise, pursuing desire while a lecherous guardian pursues money. All focused on the lovely Rosina, a woman of unique intelligence, charm, and wit. Rossini’s comic masterpiece was brought to vibrant life in Lindy Hume’s energy filled, colourful production from Seattle Opera, NZ Opera and Opera Queensland.

Conductor Christopher van Tuinen Original Director Lindy Hume Revival Director Jason Barry-Smith Set and Costume Designer Tracy Grant Lord Lighting Designer Matthew Marshall Rosina Brigitte Heuser Figaro James Clayton Count Almaviva Michael Petruccelli Doctor Bartolo Warwick Fyfe Don Basilio Robert Hofmann Berta Naomi Johns West Australian Opera Chorus West Australian Symphony Orchestra

“Bravo to WAO for an outstanding production! It was a sheer delight from beginning to end. The music, the lighting, the singing, the acting, the costumes, the drama, the staging - all top class entertainment. We are so lucky to have such excellence available here in WA.” – Survey Respondent

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West Australian Opera Annual Report 2021

Brigitte Heuser as Rosina and Michael Petrucelli as Almaviva. Photo by James Rogers.

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West Australian Opera Annual Report 2021

PROGRAM OUTCOMES

91

100

89

100

87

100

86

100

84

100

Enthusiasm I would come to something like this again

Rigour It was well thought through and put together

Cultural Contribution It provides an important addition to the cultural life of the area

Local Impact It’s important that it’s happening here

Growth It could appeal to new audiences

Cultural Outcomes Quality Metrics

Social Outcomes

AUDIENCE & EXPERIENCE

2,982 Attendees

97%

Were satisfied with their overall experience

15% New audience

72

Net Promoter Score

82

100

77

100

61

100

60

100

53

100

Access It gave me the opportunity to access cultural activities

Meaning It moved and inspired me

Currency It made me reflect on the world we live in today

Challenge It challenged me to think in a different way

Authenticity It had a connection to the State/Country we live in

Economic Outcomes

Insights: People that attended The Barber of Seville are very likely to recommend WAO to friends and colleagues, based on the event’s fantastic Net Promoter Score of 75. The quality of the production was of an extremely high standard, with four quality metrics achieving the highest scores out of all the dimensions measured.

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West Australian Opera Annual Report 2021

Elijah. Photo by James Rogers.

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West Australian Opera Annual Report 2021

Mendelssohn

Elijah

In association with The University of Western Australia Conservatorium of Music 14 – 16 May 2021 Winthrop Hall Mendelssohn’s heroic work Elijah is an opera in disguise, an Old Testament story that has been performed countless times as a sacred oratorio. Come on the journey through the prophet Elijah’s magnificent story of faith, doubt and miracles. West Australian Opera is proud to collaborate with the UWA Conservatorium of Music to bring this spectacular gem to life with performances from UWA Symphony Orchestra and UWA Symphonic Chorus.

Conductor Christopher van Tuinen Director Margrete Helgeby Chaney Lighting Designer Mark Howett Soprano Lisa Harper-Brown Mezzo Soprano Chelsea Kluga Tenor Paul O’Neill Elijah Lachlann Lawton UWA Symphonic Chorus UWA Symphony Orchestra

“I loved the way the singers moved around the audience and venue. Provided a very different experience. Great to see students working with professionals passing from one generation to the next. It made me glad to see a future for the artform.” – Survey Respondent

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West Australian Opera Annual Report 2021

Lisa Harper Brown in Elijah. Photo by James Rogers.

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West Australian Opera Annual Report 2021

PROGRAM OUTCOMES

90

100

87

100

86

100

85

100

84

100

Enthusiasm I would come to something like this again

Rigour It was well thought through and put together

Cultural Contribution It provides an important addition to the cultural life of the area

Meaning It moved and inspired me

Local Impact It’s important that it’s happening here

Cultural Outcomes Quality Metrics

Social Outcomes

AUDIENCE & EXPERIENCE

1,502

16%

98%

60

Attendees

Were satisfied with their overall experience

New audience

Net Promoter Score

81

100

77

100

71

100

70

100

60

100

Access It gave me the opportunity to access cultural activities

Growth It could appeal to new audiences

Challenge It challenged me to think in a different way

Currency It made me reflect on the world we live in today

Authenticity It had a connection to the State/Country we live in

Economic Outcomes

Insights: Elijah reached a good proportion of new audience, when compared to other shows in the WAO 2021 season. Almost all attendees were satisfied with their experience and they were most likely to agree that they would come to something like this again, it was well thought through and put together, it provides an important addition to the cultural life of the area and the performance moved and inspired them.

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West Australian Opera Annual Report 2021

Paul O’Neill as Canio, Emma Matthews as Nedda, Simon Meadows as Tonio in Pagliacci. Photo by James Rogers.

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West Australian Opera Annual Report 2021

Mascagni

Cavalleria rusticana 17 – 24 July 2021 His Majesty’s Theatre Love, betrayal and revenge all play out in a quiet village in a rural corner of Italy. Emotions run high as fidelity is tested and hearts broken in this tale that will resonate with you for the powerful raw depictions of everday life, in all its heartbreaking and beautiful complexities. Conductor Christopher van Tuinen

Turiddu Paul O’Neill

Director Andrew Sinclair

Alfio Simon Meadows

Set Designer Shaun Gurton

Santuzza Ashlyn Tymms

Costume Designer Victoria Rowell

Lola Brigitte Heuser

Lighting Designer Donn Byrnes

Mamma Lucia Nicole Youl

Leoncavallo

Pagliacci 17 – 24 July 2021 His Majesty’s Theatre A travelling troupe stage a comedy about a betrayed husband and his beautiful, flirtatious wife. But life runs very close to art in this tale of love, lust and heartbreak, when acting suddenly become a very dangerous game… In a classic pairing of the two operas Cavalleria Rusticana and Pagliacci, these stories and the music that surrounds them have become some of the most loved in the world of opera. Caruso’s recording of the famous aria “Vesti la giubba” was the first single record to sell over a million copies. Conductor Christopher van Tuinen

Canio Paul O’Neill

Director Andrew Sinclair

Tonio Simon Meadows

Set Designer Shaun Gurton

Nedda Emma Matthews

Costume Designer Victoria Rowell

Silvio Christopher Tonkin

Lighting Designer Donn Byrnes

Beppe Matthew Lester 27


West Australian Opera Annual Report 2021

“It was wonderful to be at His Majesty’s Theatre for a splendid live performance, with a responsive audience appreciating all performers both singers of WAO and WASO. The children were delightful.” – Survey Respondent

Paul O’Neill as Turiddu with Brigitte Heuser as Lola and cast in Cavalleria rusticana. Photo by James Rogers.

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West Australian Opera Annual Report 2021

PROGRAM OUTCOMES

90

100

87

100

86

100

85

100

83

100

Enthusiasm I would come to something like this again

Rigour It was well thought through and put together

Cultural Contribution It provides an important addition to the cultural life of the area

Local Impact It’s important that it’s happening here

Access It gave me the opportunity to access cultural activities

Cultural Outcomes Quality Metrics

Social Outcomes

AUDIENCE & EXPERIENCE

3,571

9%

98%

65

Attendees

Were satisfied with their overall experience

New audience

Net Promoter Score

78

100

73

100

67

100

61

100

54

100

Meaning It moved and inspired me

Growth It could appeal to new audiences

Currency It made me reflect on the world we live in today

Challenge It challenged me to think in a different way

Authenticity It had a connection to the State/Country we live in

Economic Outcomes

Insights: Almost all of the Cav/Pag survey respondents were satisfied the experience overall. 9% of those that responded to the survey had never been to a WAO event in person before, demonstrating the events appeal to WAO’s loyal audience. Once again, the quality metrics scored well, upholding the high quality of WAO productions.

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West Australian Opera Annual Report 2021

Jarred Wall as Wardong and Jarrad Inman as Koolbardi, in Koolbardi wer Wardong. Photo by James Rogers.

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West Australian Opera Annual Report 2021

Koolbardi wer Wardong 2 – 6 October 2021 His Majesty’s Theatre

Aliwa yeyi! (look out now!) Feathers will fly in this cautionary tale. Koolbardi the Magpie and Wardong the Crow are two very proud, vain, jealous brothers. Watch as their cunning, their rivalry and one-upmanship brings them unstuck in spectacular fashion. Award winning songwriters and story tellers, Gina Williams and Guy Ghouse weave magic in a world first, brought to life under the deft direction of Matt Reuben James Ward. Experience the incredible beauty of the language of this land, as this production promises to delight audiences of all ages.

Composers Gina Williams and Guy Ghouse Arrangement and Orchestration Dr Chris Stone Conductor Aaron Wyatt Director Matt Reuben James Ward Bendat Family Foundation Artist Movement Director Olman Walley Set and Costume Designer Matt McVeigh Lighting Designer Mark Howett Sound Designer Jeremy Turner Repetiteur Adrian Soares Koolbardi Jarrad Inman Wardong Jarred Wall Djidi Djidi Tyrone Brownley Miss Djidi Djidi Natasha Eldridge Ngaank Boodja Gina Williams AM Guitar Guy Ghouse Double Bass Dr Nick Abbey Percussion Dr Daniel Susnjar West Australian Young Voices Noongar Children’s Choir Western Australian Youth Orchestra A Wesfarmers Arts Commission

“Extraordinarily powerful to see a production celebrating the characters of our bird life through the rich cultural lens of indigenous Australians, that could be enjoyed by audiences of all ages. I find it deeply moving, especially the crowd sing along at the end. What a gift Gina Williams is.” – Survey Respondent 31


West Australian Opera Annual Report 2021

Jarrad Inman as Koolbardi, in Koolbardi wer Wardong. Photo by James Rogers.

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West Australian Opera Annual Report 2021

PROGRAM OUTCOMES

95

100

94

100

94

100

93

100

93

100

93

100

Authenticity It had a connection to the State/Country we live in

Local Impact It’s important that it’s happening here

Cultural Contribution It provides an important addition to the cultural life of the area

Enthusiasm I would come to something like this again

Captivation It held my interest and attention

Inclusion It made me feel welcome and included

Cultural Outcomes Quality Metrics

Social Outcomes

AUDIENCE & EXPERIENCE

4,418

31%

99%

75

Attendees

Were satisfied with their overall experience

New audience

Net Promoter Score

91

Growth

90

Rigour

89

Access

100

100

100

88

100

82

100

77

100

It could appeal to new audiences

It was well thought through and put together

It gave me the opportunity to access cultural activities

Meaning It moved and inspired me

Currency It made me reflect on the world we live in today

Challenge It challenged me to think in a different way

Economic Outcomes

Insights: Attendees were extremely positive in their feedback, with almost every respondent indicating that they were satisfied with their overall experience. The event successfully reached a new audience, with almost a third indicating that they hadn’t been to a WAO show before. What set this show apart from the rest of the program was its connection to the State/Country we live in, with the ‘Authenticity’ dimension receiving an unprecedented score for a WAO event. 33


West Australian Opera Annual Report 2021

Jeremy Kleeman as Figaro and Prudence Sanders as Susanna with WAO Chorus. Photo by James Rogers.

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West Australian Opera Annual Report 2021

Mozart

The Marriage of Figaro 23 – 30 October 2021 His Majesty’s Theatre

A comedy of servants and masters changing places, pageboys playing at soldiers, ruined flowerbeds and nighttime trysts form the backdrop to some of the most beautiful music ever written. This work celebrates one idea, that true love is life’s most valuable gift and should be nurtured, cherished and fought for.

Conductor Christopher van Tuinen Director Patrick Nolan Assistant Director Margrete Helgeby Chaney Associate Director Heather Fairbairn Choreographer Elise May Set and Costume Designer Marg Horwell Lighting Designer Bernie Tan-Hayes Figaro Jeremy Kleeman Susanna Prudence Sanders Count Almaviva Teddy Tahu Rhodes Countess Almaviva Lisa Harper-Brown Cherubino Amy Yarham Doctor Bartolo Robert Hofmann Marcellina Nicole Youl Don Basilio Matthew Lester Don Curzio Ry Charleson Barbarina Brianna Louwen Antonio Callen Dellar West Australian Opera Chorus West Australian Symphony Orchestra This production premiered on 15th July 2021 in Brisbane, Australia.

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West Australian Opera Annual Report 2021

Prudence Sanders as Susanna in The Marriage of Figaro. Photo by James Rogers.

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West Australian Opera Annual Report 2021

PROGRAM OUTCOMES

85

100

82

100

82

100

81

100

80

100

77

100

Enthusiasm I would come to something like this again

Local Impact It’s important that it’s happening here

Cultural Contribution It provides an important addition to the cultural life of the area

Rigour It was well thought through and put together

Access It gave me the opportunity to access cultural activities

Growth It could appeal to new audiences

Cultural Outcomes Environmental Outcomes

Social Outcomes Quality Metrics

AUDIENCE & EXPERIENCE

4,779

13%

90%

59

Attendees

Were satisfied with their overall experience

New audience

76

100

74

100

69

100

62

100

56

100

54

100

Place It made me proud of my local area

Meaning It moved and inspired me

Relevance It had something to say about today’s world

Currency It made me reflect on the world we live in today

Challenge It challenged me to think in a different way

Authenticity It had a connection to the State/Country we live in

Economic Outcomes

Insights: The quality metrics measured for this event scored particularly well, with attendees most likely to agree that they would come to something like this again, it’s important it’s happening here, it provides an important addition to the cultural life of the area and it was well thought through and put together.

Net Promoter Score 37


West Australian Opera Annual Report 2021

Wesfarmers Arts Singing Classes Season one: 15 Febraury – 19 April 2021 Season two: 18 October – 6 December 2021 WAO invited participants to an 8-week series of classes that immersed singers in traditional chorus environment. Workshop leader Lisa Harper-Brown introduced participants to a diverse range of repertoire and professional insight into best practice and vocal technique. PROGRAM OUTCOMES

90

100

88

100

87

100

87

100

87

100

Wellbeing It had a positive impact on my physical health and mental wellbeing

Enthusiasm I would come to something like this again

Skills I gained new skills

Captivation It held my interest and attention

Cultural Contribution It provides an important addition to the cultural life of the area

Cultural Outcomes Quality Metrics 38

Social Outcomes

86

100

83

100

82

100

79

100

77

100

Inclusion It made me feel welcome and included

Rigour It was well thought through and put together

Creativity It inspired my own creativity

Meaning It moved and inspired me

Growth It could appeal to new audiences

Economic Outcomes


West Australian Opera Annual Report 2021

AUDIENCE & EXPERIENCE

119

79%

100%

57

Attendees

Were satisfied with their overall experience

New participants

Net Promoter Score

Insights: The Wesfarmers Arts Singing Classes excel at achieving wellbeing outcomes, with survey respondents most likely to agree that the program had a positive impact on their physical health and mental wellbeing. 119 people experience the classes in 2021, with survey data demonstrating that most of these participants were new. All survey respondents indicated that they were satisfied with their overall experience – a fantastic outcome.

Opera Film Festival Supported by Voyager Estate Palace Cinemas, Raine Square, 8 – 29 June 2021 The artistry of cinema and opera collided in this exciting Opera Film Festival presented by West Australia Opera. Throughout the decades some of cinema’s most acclaimed and beloved films have introduced filmgoers to the world of opera. Each session opened with a short discussion on the operatic moment featured in the film including its contribution as a defining moment, creating relevance beyond beautiful music.

AUDIENCE & EXPERIENCE

166

22%

91%

70

Attendees

Were satisfied with their overall experience

New participants

Net Promoter Score

Insights: WAO’s inaugural film program attracted a mix of new and repeat audience. The program achieved an excellent Net Promoter Score, indicating that if WAO choose to present another film festival in the future, there is a high likelihood that previous attendees will recommend the event to their friends and colleagues.

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West Australian Opera Annual Report 2021

Opera in the Regions West Australian Opera is committed to bringing opera to all West Australians. In 2021, three concerts were presented in in unique regional locations across the state. Soaring melodies swept audiences away – from Verdi’s La Traviata to Fleetwood Mac’s Songbird, the showstopping concerts featured well-known operatic hits alongside musical theatre and contemporary favourites.

Opera in Katanning Piesse Park, Saturday 27 March 2021

Opera in the Pinnacles Saturday 1 May 2021

Opera in Merredin Cummins Theatre, 7 May 2021 Opera in the Regions is supported by WAO Principal Partner Wesfarmers Arts, the Minderoo Foundation, and the Department of Local Government, Sport and Cultural Industries and Department of Primary Industries and Regional Development through Playing WA.

Raminsh

The Nightingale 9 October 2021 Albany Entertainment Centre The Nightingale is an opera for young people, performed by young people, for all to enjoy. Based on the story by Hans Christian Andersen the opera tells of an Emperor who is enchanted by the singing of a nightingale in his garden. The Nightingale in Albany is supported by Opera in the Regions Partner Minderoo Foundation and Playing WA. This project has been assisted by the Australian Government through the Australia Council for the Arts, its arts funding and advisory body. Great Southern Children’s Chorus is supported by Lotterywest.

Insights: WAO consistently achieves high scores for their quality metrics and in addition, the dimension results for their 2021 regional programs reveal the positive social impact that the events have in these areas. Attendees were highly likely to agree that the event had a positive impact on their physical health and mental wellbeing. 40


West Australian Opera Annual Report 2021

PROGRAM OUTCOMES

88

100

87

100

85

100

84

100

83

100

82

100

Enthusiasm I would come to something like this again

Local Impact It’s important that it’s happening here

Wellbeing It had a positive impact on my physical health and mental wellbeing

Cultural Contribution It provides an important addition to the cultural life of the area

Access It gave me the opportunity to access cultural activities

Rigour It was well thought through and put together

Cultural Outcomes Environmental Outcomes

Social Outcomes Civic Outcomes

81

100

79

100

78

100

78

100

77

100

75

100

Growth It could appeal to new audiences

Positivity It made me feel positive about the community’s future

Captivation It held my interest and attention

Place It made me feel proud of my local area

Meaning It moved and inspired me

Relevance It had something to say about today’s world

Economic Outcomes Quality Metrics

AUDIENCE & EXPERIENCE

2,471 Attendees

30%

New participants

90%

Were satisfied with their overall experience

55

Net Promoter Score

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Act Belong Commit Hansel & Gretel, An Adventure. Photo by Jeremy Tan


West Australian Opera Annual Report 2021

Act Belong Commit

Opera in Education West Australian Opera’s education program invites students and educators to connect with opera through a wide range of curriculum based performance and workshop opportunities. In 2021, the Act Belong Commit education program worked with 32 metropolitan schools and 17 regional schools, reaching over 7,000 students with: • • • • •

17 performance workshops of Act Belong Commit Hansel & Gretel, an Adventure 10 performance workshops of Act Belong Commit Our Opera, Our WA 26 performance workshops of Act Belong Commit Sing out Loud! 4 performance workshops of Act Belong Commit Tuning Fork Act Belong Commit WACE Workshop

In addition, the Act Belong Commit Leaning hub saw • •

1,273 page users 89% new visitors to the site

Act Belong Commit Sing out Loud! Photo by Terasa Letizia


West Australian Opera Annual Report 2021

A celebration of West Australian Opera at Government House. Photo by Dylan Alcock.

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West Australian Opera Annual Report 2021

Private Giving Report

Giving to support the arts can be a civic virtue, whether through bequests, gifts, donations or sponsorships. The generosity of each and every supporter enables West Australian Opera to present and develop Australian artists, to reach out into communities, to put opera on the stage and with the power of our offering to enrich the cultural landscape of our State.

“There is no question that the support from government and from the corporate sector provides the life blood for a company like ours. But it’s the support of individual philanthropy that provides our lungs. It allows us to breath; it gives us oxygen. It is the very thing that puts a spring in our step and for that we are tremendously grateful.” Andrew Pascoe, Chairman, WAO

Annual Giving Annual giving is an important and much appreciated way to support the company and underpins our everyday operations. The Annual Giving Program enables West Australian Opera to keep opera a live and accessible art form in Western Australia.

Bequest Bequests to West Australian Opera are preserved as the legacies of their donors, people with vision who understand the importance of the arts to our community. Including a planned gift to West Australian Opera in your Will can help create a sustainable future for the company and give future generations the gift of opera.

Fortescue Metals Group Shares In 2011 the company gratefully received a major gift from the Forrest Family. Individual giving in the arts is greatly valued. The support that foundations, trusts and donors offer to arts companies has a significant impact on the ability to plan and deliver initiatives. West Australian Opera wishes to acknowledge and thank Andrew and Nicola Forrest for the generous gift of shares. This contribution stands as testament to their commitment to a strong and vibrant arts sector in Western Australia. This unique and unprecedented gift is vital to the company’s future and success.

“The arts lift people out of their everyday.” Nicola Forrest AO

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Thank you to our cast of supporters. LEADERSHIP CIRCLE ($10,000+)

Helen Carroll Frank Cooper AO Michael Cowie

David Glance

John & Ann Dawson

Warwick Hemsley AO

Michelle Edwards

Dr Robert Larbalestier

Lorraine Ellard

Leanne and Sam Walsh AO

T & E Gerner

Anonymous (1)

Kathryn Hogan and Graham Droppert Ulrich & Gloria Kunzmann

PRINCIPAL PATRON ($5,000+) Dr Jack Bendat AM CitWA Charmaine & Bruce Cameron Dr Dennis Hayward The Robert Kimpton Family Annie & Neil Patrick Angela Roberts Dr Peter Simpson OAM Anonymous (1)

BENEFACTOR ($2,500+)

Simon Landers Ross and Fran Ledger Yuko Lucas Karen Parfitt Kerry Sanderson Glenice Shephard Kim & Keith Spence Clare Thompson Agatha Van Der Schaaf Karen Venard Yannis Vrodos Dr Chris and Mrs Vimala Whitaker

Neil Archibald & Alan R. Dodge AM

Diana Warnock and the late Bill Warnock

Catherine Ferrari

Anonymous (9)

Dr. Maria Kailis

FOUNDATIONS

Eleanor John Tessa La Mela Francis Landels Patrick Lilburne Dr Bryant Macfie Lisa Stewart Michael & Helen Tuite

Bendat Family Foundation Crown Resorts Foundation Packer Family Foundation James Galvin Family Foundation Stan Perron Charitable Foundation Wright Burt Foundation

Anonymous (2)

SUPPORTER ($1,000+)

FRIEND ($500+)

Gaysie Atkinson

Tom Aram

Dr Colin Binns & Dr Mi Kyung Lee Dr Peter & Mrs Rae Breidahl Joan Carney

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Cathy Bardon and Bob Cassie David & Lois Black Christine Burson


West Australian Opera Annual Report 2021

Carolyn Chard AM Dr Douglas Clifford Dr Graham Douglas and Brian Lindberg Peter Eadington

ANDREW AND NICOLA FORREST AO The generous gift of FMG shares is testament to the Forrest’s commitment to a strong and vibrant arts sector in Western Australia.

Sue Foster Rosemary Grigg & Peter Flanigan Dr Rosalind Hampton Cecilia Hastings Dr Penny Herbert Jennifer Jones

BEL CANTO FUND Thanks to the leadership donors of the Bel Canto Fund.

Sue Joubert

BEQUEST CIRCLE

Jock & Jennifer Laurie

Anita & James Clayton

Darren Lewsen Cathy and Cian Noonan Liane Papaelias Wendy Powles

Lorraine Ellard Ailsa West Anonymous (5)

Jennifer Rankin Wayne Robinson Elizabeth Shelton The Sherwood Family Diane Smith-Gander Margaret Stockton Warren and Katharina Surtees Dr Peter Winterton Alison Woodman Anonymous (5)

DONORS ($200+) Thank you to all our donors who support us and help us create and present world-class opera in Western Australia.

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West Australian Opera Annual Report 2021

Paul O’Neill as Canio with Emma Matthews as Nedda in Pagliacci. Photo by James Rogers.

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West Australian Opera Annual Report 2021

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West Australian Opera Annual Report 2021

Economic Impact Assessment West Australian Opera events hosted in the Perth metro area and regional WA stimulate visitation and spending that would not have otherwise occurred in these locations, with benefits for local businesses and the wider economy. This is especially true for businesses in the vicinity of the events. This section of the report includes calculations that estimate the direct impact of West Australian Opera’s 2021 live season across Perth and the rest of the state, and the flow on impacts of this spend.

Attendee Expenditure Public survey data has been used to calculate the average spend for visitors of each program. Attendance data supplied by organisers has been used to calculate attendance per visitor type.

Program Attendance Show Category

Attendance

Sample Size

Attendance %

Sample Size %

The Barber of Seville

2,982

226

6%

12%

Elijah

1,502

94

3%

5%

Cav & Pag

3,571

310

7%

16%

Koolbardi Wer Wardong

4,418

375

9%

19%

The Marriage of Figaro

4,779

386

10%

20%

Opera in the Regions

2,471

126

5%

6%

Opera in the Park

4,719

442

10%

23%

24,442

1,959

TOTAL

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West Australian Opera Annual Report 2021

Additionality Additionality excludes people who indicated that they would have done something else in the area even if they had not attended the event, because it is assumed that expenditure from those people would have occurred regardless of their attendance at a West Australian Opera event. This information is used to calculate the ‘Additionality Adjustment’, which is the weighted percentage of spending that is considered additional. What would you have done if you didn’t attend the event?

The Barber of Seville

Elijah

Cav & Pag

Koolbardi Wer Wardong

The Marriage of Figaro

Opera in the Regions

Opera in the Park

Stayed home or gone to work

89%

84%

84%

89%

82%

62%

68%

Something not in the local area

3%

8%

7%

6%

7%

24%

24%

Something else in the local area

8%

8%

9%

5%

11%

13%

7%

The Barber of Seville

Elijah

Cav & Pag

Koolbardi Wer Wardong

The Marriage of Figaro

Opera in the Regions

Opera in the Park

Average event/ surrounding area spend

$66.67

$45.03

$69.75

$64.54

$73.01

$133.66

$33.02

Additionality adjustment

91%

92%

91%

95%

89%

88%

93%

Adjusted spend per person

$60.78

$41.37

$63.64

$61.11

$64.92

$118.09

$30.61

Event Expenditure

$181,247

$62,144

$227,257

$269,992

$310,262

$291,811

$144,467

Event Expenditure Event Spend

Total Event Expenditure = $1,487,179

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West Australian Opera Annual Report 2021

Accommodation Survey respondents were also asked whether they stayed overnight as a result of their visit to a West Australian Opera event, and if so, how much they spent on accommodation per night, per person. The value of total accommodation spend has been calculated based on the share of staying visitors, the average per night spend on accommodation and the length of stay. The Barber of Seville

Elijah

Cav & Pag

Koolbardi Wer Wardong

The Marriage of Figaro

Opera in the Regions

Opera in the Park

Percent who stayed away as part of their visit

5%

6%

6%

6%

9%

67%

5%

Total attendees who stayed away as part of their visit

163

90

226

253

412

1,647

219

78%

89%

95%

57%

80%

65%

93%

1.2

1.7

1.8

1.7

1.9

2.0

1.9

Average spend per night

$104.89

$60.00

$102.68

$64.16

$125.61

$84.54

$108.57

Accommodation Expenditure

$16,176

$8,001

$38,804

$16,010

$81,214

$178,999

$41,771

Accommodation

Primary reason adjustment Average nights stayed

Total Accommodation Expenditure = $380,975

Trip Spend Survey respondents who identified as living Intrastate, Interstate or Overseas were asked additional questions about their spending and reasons for visiting. This data is used to determine the economic impact of the event on tourismrelated spending. Note: Due to travel restrictions in place at the time, only Opera in the Regions recorded a significant number of tourists contribution to trip-related expense.

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Trip

Opera in the Regions

Percent who stayed in other parts of WA

11%

Total attendees who stayed in other parts of WA

262

Primary reason adjustment Nights stayed in other parts of WA Additional trip spend / night Total Trip Expenditure

65% 7.0 $138.92 $166,674


West Australian Opera Annual Report 2021

Direct and Multiplied Economic Impact Combining attendee, accommodation and organisation expenditure provided by West Australian Opera, the direct economic impact of the 2021 season was estimated to be over $9 million. The total expenditure as a direct result of West Australian Opera events also benefits a range of sectors as it flows through the economy. For example, customer spending at venues is then further spent on things such as supplies or staff wages. A simplified method of estimating this involves applying a multiplier to direct economic impact. Based on this methodology, West Australian Opera’s multiplied total impact for the 2021 calendar year was estimated to be $26.6 million. For the purpose of this analysis, output multipliers derived from ABS Input-Output Tables 2012-13 have been applied to total direct expenditure1. Direct Impact

Multiplier

Multiplied Impact

$1,487,179

2.96 1

$4,402,050

Accommodation Expenditure

$380,975

2.75 2

$1,047,681

Trip Expenditure

$166,674

2.92 3

$486,687

Organisation Expenditure

$7,058,468

2.92 4

$20,610,727

Multiplied Total Impact

$9,093,296

Event Expenditure

$26,547,145

1

Event Expenditure scaled by an output multiplier of 2.96, the national Food & Beverage multiplier.

2

Accommodation Expenditure scaled by an output multiplier of 2.75, the national Accommodation multiplier.

3

Trip Expenditure scaled by an output multiplier of 2.92, representing an average of the national Retail, and Food & Beverage multipliers (2.88 and 2.96 respectively)

4

Organisation Expenditure scaled by an output multiplier of 2.92, an average of the national Retail & Hiring Services multiplier (3.17) and the the Australian national Heritage, Creative and Performing Arts multiplier (2.67).

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THE WESTERN AUSTRALIAN OPERA COMPANY INCORPORATED

Financial Report

for the year ended 31 December 2021


The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Directors’ Report Your Directors submit the financial report of The Western Australian Opera Company Incorporated for the year ended 31 December 2021. 1.

Directors during the financial year and until the date of this report: 1. 2. 3. 4. 5. 6. 7. 8.

2.

Mr Andrew Pascoe (Chairman) Ms Catherine Ferrari (Deputy Chair) Ms Janet Barnes Mr Anthony Gianotti Mr Christiaan Heyning Mr Darren Lewsen Dr Ingrid O’Brien Ms Jan Stewart

Principal Activities The principal activity of The Western Australian Opera Company Incorporated in the course of the financial year was the presentation of opera.

3.

Significant Changes In 2021 we lived through the second year of the global pandemic and COVID-19 continued to disrupt our business model. We continued to move quickly, to stop and start our plans, to stay in the digital space, to find new support and new audiences. We maintained flexibility around working from home for our staff. The Company received government Covid-19 relief funding amounting to $192,712, comprised of $107,100 in Job Keeper subsidies, $74,711 in additional state government funding through Getting the Show Back on the Road, and tenancy support from His Majesty Theatre of $10,901.

4.

Operating Result The operating profit from ordinary activities for the financial year was $631,773 (2020: $1,568,557).

5.

Auditor’s Independence Declaration The auditor’s independence declaration under section 60-40 of the Australian Charities and Not-forprofits Commission Act 2012 is included in this Annual Report and forms part of the Directors’ Report of The Western Australian Opera Company Inc for the year ended 31 December 2021.

Signed in accordance with a Resolution of the Board.

Andrew Pascoe (Chairman)

Catherine Ferrari (Deputy Chair)

Dated 14 April 2022

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The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2021 NOTES

2021 $

2020 $

Revenue

2

1,462,051

1,302,734

Other income

2

6,230,975

5,828,694

(3,228,284)

(2,359,261)

(71,958)

(71,771)

(885,595) (871,428) (296,177) (413,817) (1,144,135) (149,859)

(836,965) (548,999) (330,464) (386,707) (880,914) (147,790)

631,773

1,568,557

(661,484)

1,991,363

(29,711)

3,559,920

Employee expenses Depreciation

8

Other expenses Production sets, costumes and sound Theatre rental and associated costs Other costs of production Administration expenditure Marketing and promotion expenditure Opera Conference contribution Net profit attributable to the Association Other comprehensive income (Decrease) / increase in investment revaluation reserve Total comprehensive income for the year

The accompanying notes form part of these financial statements

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The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Statement of Financial Position as at 31 December 2021 NOTES

2021 $

2020 $

5,769,946 284,886 93,625

351,904 4,175,000 228,347 108,874

6,148,457

4,864,125

5 8

650,000 251,917

650,000 170,970

9

3,341,518

3,662,296

4,243,435

4,483,266

10,391,892

9,347,391

1,381,286 110,397 47,565

399,712 108,006 25,174

1,539,248

532,892

47,624 75,525

55,293 -

123,149

55,293

TOTAL LIABILITIES

1,662,397

588,185

NET ASSETS

8,729,495

8,759,206

3,895,979 4,833,516

3,264,206 5,495,000

8,729,495

8,759,206

CURRENT ASSETS Cash and cash equivalents Deposits Trade and other receivables Other current assets

3 4 6 7

TOTAL CURRENT ASSETS NON-CURRENT ASSETS Restricted cash deposits Property, plant and equipment Financial assets at fair value through other comprehensive income TOTAL NON-CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Trade and other payables Short-term provisions Lease liability

10 11 12

TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Long-term provisions Lease liability

11 12

TOTAL NON-CURRENT LIABILITIES

EQUITY Retained profits Reserves TOTAL EQUITY

13

The accompanying notes form part of these financial statements

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The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Statement of Changes in Equity for the year ended 31 December 2021 Retained Profits $

Balance at 1 January 2020 Net profit attributable to the Association Increase in investment revaluation reserve Balance at 31 December 2020

Balance at 1 January 2021 Net profit attributable to the Association Decrease in investment revaluation reserve Balance at 31 December 2021

Restricted Funds Reserve $ (Note 13)

Unrestricted Funds Reserve $ (Note 13)

Investment Revaluation Reserve $ (Note 13)

Total $

1,695,649

650,000

1,475,000

1,378,637

5,199,286

1,568,557

-

-

-

1,568,557

-

-

-

1,991,363

1,991,363

3,264,206

650,000

1,475,000

3,370,000

8,759,206

3,264,206

650,000

1,475,000

3,370,000

8,759,206

631,773

-

-

-

631,773

-

-

-

(661,484)

(661,484)

3,895,979

650,000

1,475,000

2,708,516

8,729,495

The accompanying notes form part of these financial statements

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The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Statement of Cash Flows for the year ended 31 December 2021 NOTES

2021 $

2020 $

1,359,164 4,601,955 263,633 723,735 1,447,121 44,588 (6,798,327)

1,271,492 3,019,244 668,079 342,091 1,421,882 53,688 (5,468,076)

1,641,869

1,308,400

Cash flows from investing activities Payment for property, plant and equipment Payments for managed investments Investments in term deposits

(9,337) (340,706) 4,175,000

(26,406) (4,175,000)

Net cash provided by / (used in) investing activities

3,824,957

(4,201,406)

Cash flows from financing activities Lease principal payments

(48,784)

(49,148)

Net cash used in financing activities

(48,784)

(49,148)

Net increase / (decrease) in cash held

5,418,042

(2,942,154)

Cash at beginning of the financial year

1,001,904

3,944,058

6,419,946

1,001,904

Cash flows from operating activities Donations and sponsorship received Grants received Government Covid-19 relief Dividends received Receipts in the course of operations Interest received Payments to suppliers and employees Net cash provided by operating activities

Cash at the end of the financial year

16(b)

16(a)

The accompanying notes form part of these financial statements

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The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Notes to the financial statements for the year ended 31 December 2021 1.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a)

Basis of preparation The Financial Report is a general purpose financial report that has been drawn up in accordance with Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board and the requirements of the Associations Incorporation Act (WA) 2015. The financial report covers The Western Australian Opera Company Incorporated as an individual entity. The Western Australian Opera Company Incorporated is an Association incorporated in Western Australia under the Associations Incorporation Act (WA) 2015. The Western Australian Opera Company Incorporated is a not-for-profit entity. The principal activity of the Association in the course of the financial year was the presentation of opera. The financial report is presented in Australian dollars which is the Association’s functional currency. The financial report is prepared on an accruals basis and is based on historical costs and does not take into account changing money values, or, except where stated, current valuations of non-current assets. Cost is based on the fair values of consideration given in exchange for assets. The accounting policies have been consistently applied, unless otherwise stated.

b)

New accounting standards and interpretations The Association has applied AASB 2021-3 Amendments to Australian Accounting Standards – COVID-19 rent related concessions beyond 30 June 2021 since it became applicable on 1 July 2021. Certain new Accounting Standards and Interpretations have been published that are not mandatory for 31 December 2021 reporting periods. None of the standards set out below are expected to have a material impact on the Association and the Association has elected not to early adopt any of these standards: • • • •

AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities – application date for Association 1 January 2022 AASB 2020-1 Amendments to Australian Accounting Standards: Classification of Liabilities as Current or Non-Current – application date 1 January 2023 AASB 2020-6 Amendments to Australian Accounting Standards: Classification of Liabilities as Current or Non-Current – Deferral of Effective Date – application date 1 January 2023. AASB 2021-2 Disclosure of Accounting Policies and Definition of Accounting Estimates – application date 1 January 2023

The following is a summary of the material accounting policies adopted by the Association in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated.

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The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Notes to the financial statements for the year ended 31 December 2021 c)

Property, plant and equipment Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation. The carrying amount of plant and equipment is reviewed annually by the Association to ensure it is not in excess of the recoverable amount from those assets. The recoverable amount is assessed on the basis of the expected net cash flows which will be received from the assets’ employment and subsequent disposal. Depreciation The depreciable amounts of all property, plant and equipment are depreciated on a straight-line basis over the useful lives of the assets to the Association, commencing from the time the assets are held ready for use. The depreciation rates used for each class of depreciable assets are: Class of property, plant and equipment Office equipment, furniture & fittings Pianos Music library Production equipment Right-of-use asset (office and car park lease)

Depreciation Rate 10 - 50% 16.67% 10% 10% 33.3%

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the income statement. d)

Employee benefits (i) Wages, salaries, annual leave and sick leave Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave expected to settle within 12 months of the reporting date are recognised in respect of employees’ services up to the reporting date. They are measured at the amounts expected to be paid when the liabilities are settled. Expenses for non-accumulating sick leave are recognised when the leave is taken and are measured at the rates paid or payable. (ii) Long service leave The liability for long service leave is recognised and measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employees, departures, and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows.

7


The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Notes to the financial statements for the year ended 31 December 2021 e)

Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at-call with banks, other short term highly liquid investments with maturities of three months or less.

f)

Revenue The Association generates revenue from performance income, sponsorships, donations, government grants and investment income, including dividends from FMG shares and other investments. The Association recognises revenue when it transfers control over a good or a service to a customer in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate. Revenue from the rendering of a service is recognised upon the delivery of the service to the customers. Government grants are initially recognised in the balance sheet as a liability when the grant is received. When the grant relates to an expense item it is recognised as income over the periods necessary to match the grant on a systematic basis to the costs that it is intended to compensate. Revenue from donations is recognised on receipt. All revenue is stated net of the amount of goods and services tax (GST).

g)

Goods and services tax Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST) except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from or payable to, the ATO is included as a current asset or liability in the Balance Sheet. Cash flows are included in the statement of cash flows on a gross basis. The GST components of cash flows arising from investing and financing activities which are recoverable from, or payable to the ATO are classified as operating cash flows in the statement.

h)

Income tax The Association is deemed a non-profit organisation for income tax purposes and has tax exempt status under Section 50-45 9.2 of the Income Tax Assessment Act 1997.

8


The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Notes to the financial statements for the year ended 31 December 2021 i)

Financial instruments AASB 9 sets out requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. The Association applied AASB 9 from 1 January 2018. Recognition and initial measurement Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Association becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value, plus for an item not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and subsequent measurement On initial recognition, a financial asset is classified as measured at amortised cost, fair value through other comprehensive income (FVOCI) or fair value through profit or loss (FVTPL). Financial assets are not reclassified from their initial recognition unless the Association changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. On initial recognition of an equity investment that is not held for trading, the Association may irrevocably elect to present subsequent changes in the investment’s fair value through other comprehensive income (FVOCI). This election is made on an investment by investment basis. All assets not classified as measured at amortised cost or FVOCI, are measured at FVTPL. Financial assets Financial assets at amortised cost are measured using the effective interest method. The amortised cost is reduced by impairment losses. Interest income and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Financial assets at FVOCI are measured at fair value with gains and losses being recognised in other comprehensive income. Financial liabilities Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest rate method. Interest expense and any gain or loss on derecognition is also recognised in profit or loss.

9


The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Notes to the financial statements for the year ended 31 December 2021 i)

Financial instruments (cont.) Derecognition Financial assets The Association derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Association neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Association enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Financial liabilities The Association derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Association also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.

j)

Leases The Association recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to restore the underlying asset or the site on which it is located less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease. The Association presents right-of-use assets in ‘property, plant and equipment’. The Association has elected not to recognise right-of-use assets and lease liabilities for leases of low value assets and short-term leases. The Association recognises the lease payments associated with these leases as an expense over the lease term.

k)

Economic dependency The Western Australian Opera Company Incorporated is economically dependent on government funding and corporate sponsorship for the majority of its revenue. At the date of this report the Board of Directors have no reason to believe these parties will not continue to support the Association.

10


The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Notes to the financial statements for the year ended 31 December 2021

2

2021 $

2020 $

1,430,400 30,706 945 1,462,051

1,244,770 56,971 993 1,302,734

1,984,138

1,934,140

233,000 507,716 402,833 192,712 110,000 1,990,972 800,715 8,889 6,230,975

120,000 499,719 375,000 731,529 110,000 1,517,748 50,000 393,003 97,555 5,828,694

7,693,026

7,131,428

40,000

40,000

REVENUE, OTHER INCOME AND EXPENSES

(a) Revenue Performance income Interest received Members’ subscriptions Total Revenue (b) Other income Operating grants - Department of Local Government, Sport & Cultural Industries - Base grant - Department of Local Government, Sport & Cultural Industries - Additional grants - Australia Council - Base grant - Other project grants Government Covid-19 Relief Sponsorship - Healthway Private and corporate support Co-production income Dividends and investment income received Sundry income Total Other income Total Revenue and other income (c) Expenses Audit fees in kind

11


The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Notes to the financial statements for the year ended 31 December 2021

3

5,769,946

351,904

-

4,175,000

650,000

650,000

39,550 141,347 88,977 11,000 4,012 284,886

5,500 66,989 58,012 63,450 11,000 23,396 228,347

93,625

108,874

DEPOSITS Deposits with maturity of 3 months or more

5

2020 $

CASH AND CASH EQUIVALENTS Cash at bank, on at-call deposits and on hand

4

2021 $

RESTRICTED CASH DEPOSIT Restricted cash deposit Access to cash restricted under terms of the Bendat Family Foundation Deed of Gift and Bel Canto Fund. Refer Note 13 for more details.

6

TRADE AND OTHER RECEIVABLES Trade Debtors Franking credit receivables GST receivables Government Covid-19 relief Income receivable from Healthway Other receivables

These amounts are non-interest-bearing receivables which relate to sundry debtors and accrued interest.

7

OTHER CURRENT ASSETS Prepayments

12


The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Notes to the financial statements for the year ended 31 December 2021

8

2021 $

2020 $

Office furniture and equipment – at cost Less accumulated depreciation

133,595 2012 (79,927) 53,668

140,031 2012 (80,414) 59,617

Pianos – at cost Less accumulated depreciation

$ 161,920 (97,863) 64,057

$ 164,511 (95,163) 69,348

Music library – at cost Less accumulated depreciation

1,257 (1,257) -

1,257 (1,257) -

Production equipment – at cost Less accumulated depreciation

64,105 (51,823) 12,282

76,360 (57,937) 18,423

Right-of-use asset (office and car park lease) – at cost Less accumulated depreciation

146,293 (24,383) 121,910

117,912 (94,330) 23,582

251,917

170,970

PROPERTY, PLANT AND EQUIPMENT

13


The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Notes to the financial statements for the year ended 31 December 20201 8

PROPERTY, PLANT AND EQUIPMENT (cont)

Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year 2021

Balance at 1 January 2021 Additions Depreciation Disposals Carrying amount at 31 December 2021 2020

Office Furniture & Equipment $

Pianos

Production Equipment

Right-ofuse Asset

Total

$

$

$

$

59,617

69,348

18,423

23,582

170,970

9,337

-

-

146,700

156,037

(12,154)

(5,291)

(6,141)

(48,372)

(71,958)

(3,132)

-

-

-

(3,132)

53,668

64,057

12,282

121,910

251,917

Office Furniture & Equipment $

Pianos

Production Equipment

Right-ofuse Asset

Total

$

$

$

$

Balance at 1 January 2020

48,563

75,325

22,173

70,747

216,808

Additions

22,521

-

3,885

-

26,406

(10,994)

(5,977)

(7,635)

(47,165)

(71,771)

(473)

-

-

-

(473)

59,617

69,348

18,423

23,582

170,970

2021 $

2020 $

3,662,296 340,706 (661,484) 3,341,518

1,670,933 1,991,363 3,662,296

Depreciation Disposals Carrying amount at 31 December 2020

9 FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

Movement in financial assets at fair value through other comprehensive income Value as at 1 January Additions Revaluation / (devaluation) increment Value as at 31 December

During the 2021 financial year, the Association placed funds in a managed investment portfolio. During the 2011 financial year, the Association acquired an investment in listed shares of Fortescue Metals Group (FMG) by donation. The fair value of the shares and managed investments is determined by reference to published price quotations on the ASX.

14


The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Notes to the financial statements for the year ended 31 December 2021 2021 $

2020 $

44,661 50,113 35,604 20,000 1,230,908 1,381,286

50,765 36,426 55,077 20,000 237,444 399,712

10 TRADE AND OTHER PAYABLES Trade creditors Other payables Accruals Loan from UWA Income received in advance

The amount of the Loan from UWA is based on an agreed value of a piano on loan to the Association from the University of Western Australia.

11 PROVISIONS Current Annual leave Long service leave

Non-current Long service leave

Total provisions Annual Leave $

47,121 63,276 110,397

63,482 44,524 108,006

47,624 47,624

55,293 55,293

158,021

163,299

Opening balance at 1 January 2021 Additional provisions raised during the year Amounts used Balance at 31 December 2021

63,482 80,586 (96,947) 47,121

Long Service Leave $ 99,817 11,083 110,900

Opening balance at 1 January 2020 Additional provisions raised during the year Amounts used Balance at 31 December 2020

59,704 68,375 (64,597) 63,482

82,542 17,275 99,817

Total $ 163,299 91,669 (96,947) 158,021 142,246 85,650 (64,597) 163,299

A provision has been recognised for employee entitlements relating to annual and long service leave for employees. In calculating the present value of future cash flows in respect of long service leave, the probability of long service leave being taken is based upon historical data. The measurement and recognition criteria for employee benefits have been included in Note 1. The current provision for long service leave represents the value of employee entitlements expected to be paid within the next year.

15


The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Notes to the financial statements for the year ended 31 December 2021 12 LEASES The Association has a lease agreement for business premises for a 3-year term from 1 July 2021.

Lease liabilities Balance at start of year Additions Payments Carrying amount at end of year Current Non-current

Lease expenses in profit or loss Depreciation expense of right-of-use assets Interest expense on lease liabilities Total amount recognised in profit or loss

Future minimum lease payments

Less than 12 months Between 12 months and five years

2021 $

2020 $

25,174 146,700 (48,784) 123,090

74,322 (49,148) 25,174

47,565 75,525 123,090

25,174 25,174

48,372 4,936 53,308

47,165 3,716 50,881

47,565

26,432

75,525 123,090

-

Refer to Note 8 for information about the right-of-use asset associated with the lease.

16


The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Notes to the financial statements for the year ended 31 December 2021 13 RESERVES Restricted Funds Reserves are comprised of: (1) Bendat Family Foundation Deed of Gift - This $500,000 (2020: $500,000) reserve is for the purpose of establishing the Bendat Scholarship Fund and the Bendat Scholarship Fund No.2 to assist the Western Australian Opera Company to fund scholarships awarded to talented young artists. These funds are to be held in escrow, with interest earned on the funds to be used to fund scholarships. (2) Bel Canto Fund Reserve - This $150,000 (2020: $150,000) reserve was established for the purpose of providing interest earnings to assist the Western Australian Opera Company to develop and nurture talented local artists. These funds are to be held in escrow, with interest earned on the funds to be used to assist local artists. Unrestricted Funds Reserves are comprised of: (3) Reserve Incentive Scheme Agreement This $300,000 reserve was established with contributions received from the Australia Council through the Major Performing Arts Board ($100,000), Department of Local Government, Sport & Cultural Industries ($100,000) and the transfer from the Association’s retained profits ($100,000). (4) Production Loss Reserve This $500,000 (2020: $500,000) reserve has been established to provide against costs incurred should a production or a number of performances of a production be cancelled due to the unavoidable unavailability of artists or other essential personnel. (5) Capacity Building Reserve This $675,000 (2020: $675,000) reserve has been established to provide against additional development costs incurred in the presentation of additional production seasons in future years. Other Reserves are comprised of: (6) Investment Revaluation Reserve This $2,708,516 reserve (2020: $3,370,000) is used to record increases and decreases in the fair value of financial assets through other comprehensive income.

14 FORWARD PLANNING COMMITMENTS At 31 December 2021 the Association had committed to financial commitments totalling $835,349 (2020: $905,459) for principal artists, creative team and production team for Carmen at the WACA, which was planned for February 2022 and has been postponed until 2023, Iolanta in April 2022, The Duel in May 2022, Koolbardi wer Wardong regional tour in June to September 2022, Tosca in July 2022, Our Little Inventor in October 2022, and La Traviata in October 2022. The majority of these planned expenditures are dependent on the productions taking place.

17


The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Notes to the financial statements for the year ended 31 December 2021 15 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Association’s principal instruments are cash, short term deposits from grants and donations received, accounts receivable and accounts payable. Risk Exposures and Responses: (a) Interest rate risk The Association’s exposure to interest rate risk arises from assets and liabilities bearing variable interest rates. At balance date, the Association had the following financial assets and liabilities exposed to variable interest rate risk:

Financial Assets Cash and cash equivalents Total

2021 $

2020 $

6,226,294 6,226,294

234,952 234,952

The Association does not enter into any form of hedging instruments to mitigate this risk. At 31 December 2021, if there was a movement in interest rates and all other variables were held constant, there would have been negligible impact on profit and equity (2020: negligible impact on profit and equity). (b) Credit risk The Association’s maximum exposures to credit risk in relation to each class of recognised financial asset is the carrying amount of those assets as indicated in the Balance Sheet. There are no long outstanding trade receivables. (c) Foreign exchange risk The Association is not exposed to fluctuations in foreign currencies. (d) Liquidity Risk The Association manages liquidity risk by monitoring forecast cash flows. (e) Price risk The Association is not exposed to any material price risk. (f) Fair Values The carrying amount of the Association’s financial assets and financial liabilities approximate their fair value.

18


The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Notes to the financial statements for the year ended 31 December 2021 16 CASH FLOW INFORMATION a) Reconciliation of Cash For the purposes of the Statement of Cash Flows, cash includes cash at bank and short-term deposits at call, including cash held for investment by an advisor but which can be immediately recalled. Cash as at the end of the financial year is as follows for the purposes of the Statement of Cash Flows: NOTE S Cash at bank, on at-call deposits and on hand Restricted funds

3 5

b) Reconciliation of Cash Flows from Operations with Profit from Ordinary Activities Profit from ordinary activities Adjustments for non-cash income and expense items: Loss on sale of fixed assets Depreciation Change in assets and liabilities during the financial year: Decrease / (increase) in trade and other receivables Decrease / (increase) in other current assets Increase / (decrease) in trade and other payables (Decrease) / increase in provisions Net cash provided / (used) by operating activities

2021 $

2020 $

5,769,946 650,000 6,419,946

351,904 650,000 1,001,904

2021 $

2020 $

631,773

1,568,557

3,132 71,958

473 71,771

(56,539) 15,249 981,574 (5,278)

(101,411) 30,184 (282,227) 21,053

1,641,869

1,308,400

c) The Association has no credit stand-by or financing facilities in place.

19


The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Notes to the financial statements for the year ended 31 December 2021 17 SEGMENT REPORTING For management purposes, the Association is organised into one main operating segment, which involves productions. All of the Association’s activities are interrelated, and discrete financial information is reported to the Board (Chief Operating Decision Makers) as a single segment. Accordingly, all significant operating decisions are based upon analysis of the Association as one segment. The financial results from this segment are equivalent to the financial statements of the Association as a whole. 18 EVENTS SUBSEQUENT TO BALANCE DATE No matter or circumstance has arisen since 31 December 2021 that has significantly affected, or may significantly affect the Association's operations, the results of those operations, or the Association's state of affairs in future financial years. The directors are satisfied that the Association will continue operating as a going concern. 19 COVID-19 IMPACTS The uncertainty of this pandemic does not enable the Association to estimate the likely financial impacts on its 2022 operations, as this depends on potential further outbreaks and measures imposed by State and Federal Governments. Notwithstanding this uncertainty, the directors are satisfied that the Association will continue as a going concern, given its current position on reserves, cash, deposits and investments. The Association will continue to review, monitor and apply all Government Covid-19 requirements to avoid further outbreaks and will also continue to monitor 2021 cash flows regularly to ensure that the Association can meet commitments as they fall due. 20 RELATED PARTY TRANSACTIONS Directors perform their duties on an honorary basis. No related party transactions occurred during the financial year. 21 AUDITORS’ REMUNERATION The auditor of The Western Australian Opera Company is KPMG. The audit by KPMG is a donation in-kind.

Value of donation in-kind

2021 $

2020 $

40,000

40,000

22 COMPANY DETAILS The principal place of business of the Association is: Level 3, His Majesty’s Theatre 825 Hay Street PERTH WA 6000

20


The Western Australian Opera Company Incorporated Financial Report for Year Ended 31 December 2021

Statement by Directors In the opinion of the Board the accompanying accounts as set out on pages 2 to 20: (a)

Represent a true and fair view of the financial position of The Western Australian Opera Company Incorporated as at 31 December 2021 and its performance for the year ended on that date in accordance with the Associations Incorporation Act (WA) 2015 and Australian Accounting Standards (including the Australian Accounting Interpretations) and the Australian Charities and Not-for-profits Commission Act 2012.

(b)

At the date of this statement, there are reasonable grounds to believe that The Western Australian Opera Company Incorporated will be able to pay its debts as and when they fall due.

This statement is made in accordance with a resolution of the Board and is signed for and on behalf of the Board by:

Andrew Pascoe (Chairman)

Catherine Ferrari (Deputy Chair)

Dated 14 April 2022

21


Independent Auditor’s Report To the members of The Western Australian Opera Company Incorporated Opinion We have audited the Financial Report, of The Western Australian Opera Company Incorporated (the Association). In our opinion, the accompanying Financial Report of the Association is in accordance with Division 60 of the Australian Charities and Not-forprofits Commission (ACNC) Act 2012, and the Associations Incorporations Act 2015 including:

• Giving a true and fair view of the Association’s

financial position as at 31 December 2021, and of its financial performance and its cash flows for the year ended on that date; and

The Financial Report comprises:

• Statement of financial position as at 31 December 2021;

• Statement of profit or loss and other

comprehensive income, Statement of changes in equity, and Statement of cash flows for the year then ended;

• Notes including a summary of significant accounting policies; and

• Directors’ declaration.

• Complying with Australian Accounting

Standards 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Report section of our report. We are independent of the Association in accordance with the auditor independence requirements of the ACNC Act 2012 and 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 fulfilled our other ethical responsibilities in accordance with the Code.

KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation.


Other Information Other Information is financial and non-financial information in The Western Australian Opera Company Incorporated’s annual reporting which is provided in addition to the Financial Report and the Auditor’s Report. The Directors are responsible for the Other Information. Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we consider whether the Other Information is materially inconsistent with the Financial Report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. We are required to report if we conclude that there is a material misstatement of this Other Information, and based on the work we have performed on the Other Information that we obtained prior to the date of this Auditor’s Report we have nothing to report. Responsibilities of the Directors for the Financial Report The Directors are responsible for:

• Preparing the Financial Report that gives a true and fair view in accordance with Australian Accounting Standards and the ACNC;

• Preparing the Financial Report in accordance with the Associations Incorporations Act 2015; • Implementing necessary internal control to enable the preparation of a Financial Report that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and

• Assessing the Association’s ability to continue as a going concern and whether the use of the going

concern basis of accounting is appropriate. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate the Association or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the Financial Report Our objective is:

• To obtain reasonable assurance about whether the Financial Report as a whole is free from material misstatement, whether due to fraud or error; and

• To issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Financial Report. As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit.


We also:

• 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 registered Association’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 registered Association’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor’s Report to the related disclosures in the Financial Report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor’s Report. However, future events or conditions may cause the registered Association to cease to continue as a going concern; and

• Evaluate the overall presentation, structure and content of the Financial Report, including the

disclosures, and whether the Financial Report represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the Directors of the registered Association regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify our audit.

KPMG

Graham Hogg Partner Perth 14 April 2022


Auditor’s Independence Declaration under subdivision 60-C section 60-40 of Australian Charities and Not-for-profits Commission Act 2012 To the Directors of The Western Australian Opera Company Incorporated I declare that, to the best of my knowledge and belief, in relation to the audit of The Western Australian Opera Company Incorporated for the financial year ended 31 December 2021 there have been: i.

no contraventions of the auditor independence requirements as set out in the Australian Charities and Not-for-profits Commission Act 2012 in relation to the audit; and

ii.

no contraventions of any applicable code of professional conduct in relation to the audit.

KPMG

Graham Hogg Partner Perth 14 April 2022

KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation.



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