Sydney Theatre Company 2014 Annual Report
At the Annual General Meeting of Sydney Theatre Company (STC) Chairman David Gonski tonight noted that the result for the theatre operations of STC and the Roslyn Packer Theatre (RPT) for the twelve months to 31st December 2014 was a deficit of $297, 296. While the performance of STC’s producing arm exceeded targets, the late cancellation of two commercial bookings at the RPT meant there was a revenue shortfall for that business unit, leading to an operating deficit.
He also noted that the STC Foundation made a surplus of $44,538 after disbursements to STC operations of $2,268,798 during the period. This led to a deficit result of $252,758 for the year for the STC, RPT and the STC Foundation combined. That figure represents less than 1% of the company’s overall turnover of around 36.5 million dollars.
Mr Gonski also advised the meeting that new accounting standards introduced for non-profit organisations from January 2014 meant that for the first time the company was including in its financial statements the results for the STC Foundation and indeed the inclusion of donations to that Foundation that are quarantined for capital purposes.
On the basis of the new requirement for the year ended 31st December 2014 the final group result is a surplus of $1,797,242 (which includes additional donations of $2,050,000 received by the STC Foundation and quarantined for capital purposes). As a comparison that consolidated figure for 2013 (restated according to the new reporting standards) was $1,008,452.
Mr Gonski said he and his fellow Board Members were delighted with the achievements of 2014. “Artistic Director Andrew Upton programmed an exceptional sixteen-play season that included six world premieres, four partnerships with small to medium arts companies, and ten Australian works and adaptations, playing to audiences of almost 300,000. All of these activities remained true to the Company’s ethos of artistic vibrancy that has been one of its strengths since it was founded”, he said.
“Amongst many triumphs was the great success of our tour of The Maids to New York, the inspired work of our Resident Directors Sarah Goodes and Kip Williams in The Effect, Switzerland and Children of the Sun and Macbeth respectively, and of course Cyrano de Bergerac, adapted and directed by Andrew himself.”
“Another major highlight was the new play The Long Way Home, a collaboration with the Australian Defence Force which toured to nine cities and regional centres across the country. That production was a transformative experience for all involved and General David Hurley (now Governor of NSW but at the time of the production the Chief of the Defence Force), awarded Andrew and the Company a special Commendation, making STC the first non-Defence organisation to be so honoured.
2014 was another growth year in philanthropy for STC which has increased at an average rate of 44% each year since 2011 (not including capital gifts). Donations of $3,102,312 were made to the Company in 2014. Overall sponsorship revenue (cash and in-kind support) also increased to $2,676,340, with a further $548,077 raised from corporate partners to support STC’s project with the Australian Defence Force.
2014 was the second year of STC’s Suncorp Twenties scheme, offering seats for just $20 to every performance of every show in every venue across the year. 27% of all Suncorp Twenties buyers were new customers and 100% of buyers said that they would recommend the scheme to a friend.
In its sixth year the landmark School Drama program, a major component of STC’s extensive education platform, went from strength to strength. This unique professional development program for teachers has demonstrated the power of using drama pedagogy and quality literature to improve English and literacy in young learners. In 2014 the program doubled student outreach from 2013.
Once again in 2014, more than 100% of recurrent subsidies received from Federal and State governments were spent directly on performers’ wages and fees to other creative artists, not including the costs of new play commissions, readings and workshops, and in-house artistic staff.
For more information about STC’s 2014 please see the Company’s annual report here.
Image: Genevieve Lemon, Josh McConville, Danielle King, Ash Ricardo, Marcus Graham, Tracy Mann, Alan Dukes in Sydney Theatre Company’s Noises Off © Brett Boardman