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Q U E E N S L A N D P E R F O R M I N G A R T S C E N T R E

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13 September 2016

The Honourable Annastacia Palaszczuk MPPremier and Minister for the ArtsLevel 15, Executive Building100 George StreetBRISBANE QLD 4000

Dear Premier

I am pleased to submit for presentation the Annual Report 2015-2016 and fi nancial statements for the Queensland Performing Arts Trust.

I certify that this Annual Report complies with:

• the prescribed requirements of the Financial Accountability Act 2009 and the Financial and Performance Management Standard 2009, and

• the detailed requirements set out in the Annual Report Requirements for Queensland Government agencies.

A checklist outlining the annual reporting requirements can be found at page 67 of this annual report or accessed at http://www.qpac.com.au/corporate/publications/annual-report/.

Yours sincerely,

Mr Christopher Freeman AMChairQueensland Performing Arts Trust

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Contents

Introduction .................................................................................................................................................... 3

Chair’s Overview ............................................................................................................................................ 4

Chief Executive’s Overview ........................................................................................................................... 5

Background .................................................................................................................................................... 6

Government Objectives................................................................................................................................ 6

Public Sector Values .................................................................................................................................... 6

Strategic Plan ...............................................................................................................................................7

Operational Plan .......................................................................................................................................... 8

Operating Environment ................................................................................................................................ 9

Outcomes .......................................................................................................................................................10

Curate .........................................................................................................................................................10

Experience ..................................................................................................................................................13

Learn ..........................................................................................................................................................15

Sustain ...................................................................................................................................................... 18

Service Delivery Statement ........................................................................................................................ 20

Financial performance ..................................................................................................................................21

Summary .................................................................................................................................................... 21

Financial Statements ..................................................................................................................................22

Certifi cation of the fi nancial statements ............................................................................................... 53

Independent auditor’s report ................................................................................................................ 54

Governance ................................................................................................................................................... 56

Workforce ...................................................................................................................................................... 63

Glossary ........................................................................................................................................................ 65

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Introduction

Vision

A world where the performing arts matter to everyone.

Purpose

To engage people through live performance in order to enrich lives and enable active participation in civic life.

Queensland Performing Arts Centre

Around the world, 21st century performing arts centres function variously as performance houses, meeting places, community centres, national icons and vibrant sites of civic and cultural expression. As Queensland’s state performing arts centre, QPAC fulfi ls many roles. QPAC is a producer, an investor, a presenter and a public place. On any given day QPAC simultaneously hosts artists and companies from around Australia and the world, produces festivals and productions, collaborates with local arts companies, creates moments of context that bridge the space between artist and audience and all the while ensuring the Centre remains a viable part of Queensland’s vibrant Cultural Precinct.

QPAC believes that watching, listening, experiencing and making art are some of the most powerful ways for people to understand themselves and the societies they live in and to effect change. All of QPAC’s activity is directed towards achieving its mission of engaging people through live performance in order to enrich lives and enable active participation in civic life.

Queensland Performing Arts Trust

QPAC is a statutory body, established as the Queensland Performing Arts Trust under the Queensland Performing Arts Trust Act 1977 (Act) and with the functions and powers set out in that Act.

QPAC’s functions include:(a) to produce, present and manage the performing arts in the building occupied by QPAC at the Queensland Cultural Centre or

any other building;

(b) to establish and conduct schools, lectures, courses, seminars and other forms of education in the performing arts;

(c) to teach, train and instruct persons and promote education and research in the performing arts;

(d) to provide or assist in providing premises and equipment for the purpose of the presentation of the performing arts;

(e) to promote and encourage the development and presentation of the performing arts;

(f) to promote and encourage public interest and participation in the performing arts;

(g) to promote and encourage either directly or indirectly the knowledge, understanding, appreciation and enjoyment of the performing arts; and

(h) to encourage, for persons resident in Queensland, participation as performers for the performing arts and involvement in other aspects of the performing arts.

For performing its functions, QPAC has all the powers of an individual and may, for example, enter into arrangements, agreements, contracts and deeds; acquire, hold, deal with and dispose of property; engage consultants; appoint agents and attorneys; charge, and fi x terms, for goods, services, facilities and information supplied by it; and do anything else necessary or desirable to be done in performing its functions.

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Chair’s Overview

Over three decades, QPAC has brought together audiences and artists building a legacy of unforgettable live performances. Creating memorable experiences for the people of Queensland, and all visitors to the Centre, requires diverse skills, expertise and passion. As Chair of Queensland Performing Arts Trust, I am delighted to again report a successful year for the organisation and to highlight some of the key achievements of QPAC over the past fi nancial year.

My thanks and congratulations must go to my fellow Trust members, as well as the Chief Executive, management and staff who have worked together to achieve outstanding results for the organisation. It is with great delight that I can report QPAC has achieved a modest surplus of $126,000 for the year ending 30 June, 2016. This is the now the seventh year in a row that the Centre has balanced the commercial needs of the organisation alongside investing in a program curated by QPAC that is diverse, broad and popular. While the measurement of success may always rely on a solid fi nancial performance, at QPAC, success is also measured in the ways in which QPAC’s public value is demonstrated – its program, its offering of free events and its impact on Queensland’s reputation as a culturally thriving state.

As you will see in the pages of this report, QPAC’s 2015-16 program encompassed some 1,550 performances across four theatre venues and outdoor spaces. 1,296,810 people attended a performance or event at QPAC, and of those 301,953 attended a free performance, exhibition or activity. QPAC achieved a record level of venue utilisation as a result of the high number of productions.

Since opening in 1985, QPAC has become an industry leader in Queensland: a venue that presents the best in live performance, and also an organisation that takes seriously its role as artistic collaborator and curator; a place vital to the community and to the artists and companies who perform here. As Chair of QPAC, it is the role of steward that resonates. That is, building the capacity of this industry through careful and meaningful choices that ensure the longevity of the arts in Queensland. It is in this role that QPAC continues to work with Arts Queensland on a business case scoping the potential around a new venue.

QPAC is supported by the Queensland Government chiefl y through an operating grant via Arts Queensland. The level of fi nancial support provided by the Government, as well as use of the purpose built centre at QPAC which has housed QPAC for three decades, is acknowledged by QPAC as one of the most signifi cant and enduring contributions to the ongoing success of the Centre. It is with gratitude that we express our thanks to the Premier and Minister for the Arts, the Honourable Annastacia Palaszczuk MP, who has supported QPAC over the past year. The Queensland Government continues their advocacy of the arts in Queensland and encourages QPAC in its pursuit of excellence.

In 2015-16, QPAC also worked with the Department of Environment and Heritage Protection, as well as the Cultural Precinct Design and Heritage Stakeholder Roundtable on the development of the conservation management plan. These relationships were built following QPAC’s listing on the Queensland Heritage Register. The recognition of QPAC as a heritage place of signifi cance is important and demonstrates how deeply entrenched QPAC is in the cultural landscape of Queensland. It is a great responsibility and a great honour to be custodian of QPAC and to ensure it remains a vital institution and place for future generations.

In the past fi nancial year, QPAC expanded the role philanthropy and development undertakes, including the creation of the Chair’s Fund. The Chair’s Fund aims to provide greater access for people from diverse backgrounds to attend the theatre. The joy of attending live performance is not just a great pleasure in life but something that is fundamental to discovering more about ourselves and where we come from; making that opportunity open to people who may not have had the opportunity otherwise is important for QPAC which is why this Fund has been created.

In the arts, there are always risks and challenges; I am confi dent that the team at QPAC is responsive and demonstrates sound judgement and best practice in facing these challenges and ensuring that QPAC remains a leading cultural institution. Looking to the future, QPAC’s strong standing within the community and at the forefront of arts advocacy and leadership stands the organisation in good stead to face the future. Thirty years is a long time for an institution to stand as a leader; QPAC has done this and will continue to play a role as leader, advocate and Queensland’s home of live performance.

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Chief Executive’s Overview

At the end of 2015, QPAC fi nished a year-long celebration of 30 years as Queensland’s leading centre of live performance. Over the course of the year we encouraged the citizens of Queensland to connect with us, share their memories via our website and social media platforms, visit the Centre and embrace the performing arts. Since opening, QPAC has welcomed more than 20 million people to performances and events at the Centre. People visit QPAC for many reasons and it is important that we understand their expectations and aspirations ensuring we respond through our program and by making QPAC a vibrant part of the cultural landscape of Queensland.

Since it opened in 1985, QPAC has been a centre that brings together performers and artists from Australia and around the world connecting them with audiences here in Brisbane and around Queensland. As we look to the future, QPAC continues to seek new ways to connect with more people around the state, and beyond. The digital sphere is an important element of this, but the work underpinning what we do begins fi rst with our choices in what we present and who we work with.

To create art is to collaborate; so too with managing a performing arts centre. I am again grateful for the support of an invested and dedicated Board led by Christopher Freeman AM; the backing of the Queensland Government through the Premier and Minister for the Arts, the Honourable Annastacia Palaszczuk and Arts Queensland; my management team and the staff of QPAC who ensure that the Centre operates smoothly and effectively at all times. There are many collaborators across the arts sector without whom this would not be possible; when our industry is strong and resilient, we are able to make the best art, to be bold, adventurous and courageous. The work done to ensure the viability of the arts in Queensland makes us all richer whether you are creating the art, attending or participating in the arts.

It was with great sadness that we farewelled a number of staff at QPAC and artists who passed away over 2015-16. Loss is always personal, but in the arts which is in essence about community, the loss of so many bright stars was felt across the industry. We are reminded that their legacies live in the art they created and the work that was shared with audiences and publicly. It was a timely reminder too of the great power of art to unite, connect and help us understand and explain that which we call life.

Operationally, 2015-16 was a successful year for QPAC. High visitation and performances created a busy work environment for the Centre. With a focus on discussions around a new venue in Queensland, it was an important time for the staff of QPAC to consider their role in the arts landscape of Brisbane – what we do; how we contribute; our role as curators and creators of live performance.

The future is bright; there are challenges along the way but I am confi dent in QPAC’s ability to face these challenges as the Centre looks ahead to the next 30 years.

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Background

Government Objectives

QPAC contributes to Queensland’s social, intellectual and economic development and is well positioned to deliver on a range of Government priorities.

Building safe, caring and connected communitiesQPAC promotes arts literacy through programs, content development and delivery, and through collaboration with industry and learning partners. QPAC engages in public, industry and scholarly conversation on issues of live performance and culture.

Creating jobs and a diverse economyQPAC demonstrates leadership in understanding, measuring and communicating the value of the arts; growing cultural tourism through curated programs, marketing initiatives and partnerships; improving facility infrastructure; increasing venue utilisation; and collaborating with local arts companies to expand outcomes and build capacity.

Object and guiding principlesIn performing its functions, QPAC must have regard to the object of, and guiding principles for, the Act. The object of the Act is to contribute to the cultural, social and intellectual development of all Queenslanders. The guiding principles behind the achievement of this object are:

(a) leadership and excellence should be provided in the performing arts;

(b) leadership and excellence should be demonstrated in the management, on a commercial basis, of venues used for the performing arts, for the benefi t of performing artists;

(c) there should be responsiveness to the needs of communities in regional and outer metropolitan areas;

(d) respect for Aboriginal and Torres Strait Islander cultures should be affi rmed;

(e) children and young people should be supported in their appreciation of, and involvement in, the performing arts;

(f) diverse audiences should be developed;

(g) capabilities for life-long learning about the performing arts should be developed;

(h) opportunities should be developed for international collaboration and for cultural exports, especially to the Asia-Pacifi c region; and

(i) content relevant to Queensland should be promoted and presented.

Public Sector Values

QPAC adheres to the public sector values set out by the Public Service Commission: customers fi rst, ideas into action; unleash potential; be courageous; and empower people. These values are evident in QPAC’s activity as detailed through this report.

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Strategic Plan

Strategic Plan 2015-2019

QPAC’s Strategic Plan 2015-2019 set out the following objectives and strategies. Key performance indicators are detailed in the Outcomes section at page 10 below.

Curate

Mindful choices, meaningful outcomesObjective:

Curate a broad, relevant program that offers high quality artist experiences.

Aims:

• Develop a deep understanding of audiences and Queensland communities through collaboration, research and analysis.

• Connect program elements through a clear curatorial focus, supporting relationships with audiences, partners and industry.

• Maximise utilisation of theatres through strong local, national and international industry relationships.

• Contribute to the production of new work by strengthening QPAC’s capacity as a producer.

Experience

Distinct places, exceptional experiencesObjective:

Create multidimensional experiences that attract local, national and international visitors.

Aims:

• Utilise the digital environment to amplify the reach of onsite programs, support audience dialogue and deliver content.

• Enhance the aesthetic and functional qualities of public spaces to support greater participation and richer experiences.

• Strengthen the connection between food and culture, creating offerings that enhance the visitor experience.

Learn

Connect people, ideas and contentObjective:

Enhance arts learning with audiences and the public and demonstrate leadership in thinking and practice.

Aims:

• Collaborate with industry and learning partners to promote arts literacy.

• Deepen audience engagement through rich and immersive content in live and digital environments.

• Engage in public, industry and scholarly conversation on issues of live performance and culture.

• Demonstrate leadership in understanding, measuring and communicating the value of the arts.

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Sustain

A coalition of support and practices that enable growth and vitalityObjective:

Build fi nancial and organisational resources that promote agility, vitality and responsiveness.

Aims:

• Enhance the profi tability of commercial services and increase their proportion of annual revenue.

• Initiate a development program with opportunities for giving through corporate, philanthropic and membership programs.

• Maintain an organisational culture of safety, collaboration, curiosity and innovation.

Strategic Plan 2016-2020QPAC’s Strategic Plan 2016-2020 takes a modifi ed direction under four newly named pillars: our place – create multidimensional experiences which attract local, national and international visitors; our program – curate a broad, relevant program that offers high quality artistic experiences; our audiences and communities – enhance arts learning with audiences and the public and demonstrate leadership in thinking and practice; and our organisation and partners – build fi nancial and organisational resources that promote agility, vitality and responsiveness.

Operational Plan

QPAC’s Operational Plan 2015-16 outlined actions to be taken and further performance indicators for achievement of the objectives and strategies set out in the Strategic Plan 2015-2019. The Operational Plan was not modifi ed during the year. Key actions from the plan are summarised below:

CurateActions:

• Complete database segmentation and introduce tailored e-marketing communications.

• Leverage the scale and scope of the program to cross-market productions and increase sold occupancy.

• Roll out curatorial narrative and focus.

• Develop modelling on the feasibility of QPAC productions.

ExperienceActions:

• Roll out brand refresh related activities.

• Review all audience / visitor touch points and identify improvements in service delivery.

• Implement Customer Relationship Management system.

• New Digital Marketing Manager to review and implement email and social media action plans.

• Implement “food is culture” program, refreshing public dining spaces and experiences.

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LearnActions:

• Expand the online learning portal with content from QPAC and external creators. Develop a plan for ongoing content creation including producing a program of lectures and events on the public value of the arts.

• Create and implement a QPAC institutional marketing plan.

• Review current resourcing in programming and digital marketing teams to address increased focus on digital and the delivery of learn/experience.

• Implement the distribution plan aimed at attracting regional and interstate visitors including the creation of tailored packages in collaboration with airlines, accommodation and tourism partners.

SustainActions:

• Prepare a business case assessing potential impacts and outcomes of a new theatre in Brisbane.

• Develop a fi ve-year capital expenditure plan.

• Continue expansion of ticketing business focused on Sydney and Melbourne.

• Improve labour percentages to food and beverage sales, informed by real-time access to data.

• Establish a role to lead the development team focused specifi cally on business development.

• Launch QPAC membership program.

• Implement new corporate sponsorship framework.

• Implement staff engagement initiatives.

• Continue building a safety culture through the implementation of work health and safety strategies and achievement of key performance indicators (as agreed by Board).

• Develop a strategic workforce plan to address issues of succession planning, ageing workforce and remuneration.

Operating Environment

QPAC’s strategic objectives refl ect fl uctuating economic circumstances, Queensland’s growth, changing demographics and lifestyle patterns, technological innovations and cultural shifts. Aware of the expanded role cultural institutions play in knowledge-based societies that encourage creativity and innovation, QPAC focuses on creating and measuring the public value it delivers for Queensland.

Broadly, QPAC’s key challenge in the coming four years is to grow and diversify its programs as well as income streams in order to ensure fi nancial sustainability and underpin the vitality of the organisation. Specifi cally, creating private sector partnerships that enable QPAC to leverage greater economic and social return on its activity. Implicit within this are a number of challenges that span each of the focus areas within the strategic plan and include:

• Produce a balanced, relevant program that delivers against a curatorial vision and responds to audience demand.

• Create multidimensional experiences for all visitors.

• Build strong brand loyalty and recognition.

• Create learning opportunities for audiences and staff that contribute broadly to the artistic literacy of the state.

• Ensure the organisation has the necessary fi nancial and other capital to enable it to grow, adapt and innovate.

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Outcomes

Curate

Mindful choices, meaningful outcomes

Performance indicator 2015-16 Target 2015-16 Actual

Visitation

- Attendance at paid events- Attendance at unpaid events

1,250,0001,000,000250,000

1,296,810994,857301,953

Venue utilisation 82% 90%

Number of performances 1,250 1,550

Number of seasons 260 296

% of seasons by Queensland artists / companies 55% 59%

Sold occupancy 70% 65%*

% of audience from culturally diverse backgrounds 14% 8%^

*Sold occupancy levels were lower than anticipated however total attendance surpassed targets.

^The percentage of audiences from diverse backgrounds did not meet target. QPAC continues to seek opportunities to engage with audiences from diverse backgrounds.

Each year, QPAC curates a program of diverse performing arts experiences from the best local, national and international artists and companies.

QPAC’s annual program encompasses multiple genres and performance styles, appealing to a wide cross section of audiences from fi rst time visitors to arts afi cionados. Individually, each program demonstrates the pursuit of excellence in form, whether it’s contemporary dance, public debate or the creation of new drama. Collectively, QPAC’s program is broad, diverse and speaks to many audiences.

Free events alongside ticketed events, activation of public spaces before and after performance times, provision of live performance experiences outside traditional theatres and collaboration with emerging and local artists, students and universities all combine to achieve high visitation. In the past fi ve years, QPAC’s annual visitation (including ticketed and free attendances at the Centre) has been more than one million people each year. QPAC’s annual attendance is projected to reach 1.5 million in 2018-19. In 2015-16, QPAC’s total visitation was 1,296,810 which exceeded the 1,250,000 target.

QPAC has a curatorial framework which guides programming choices, informs marketing and communications activities, underpins Learn program elements, helps structure resource allocations and drives partnership and development opportunities. The framework describes curating as a dynamic continuum which moves from research through to choice and meaning making, resulting in value.

Key to curating a program is an understanding of our audiences: their behavioural drivers, preferences, level of engagement and satisfaction. QPAC’s venues are close to capacity with consistently high venue utilisation the norm over the past fi ve years. In 2015-16, QPAC again exceeded its target venue utilisation, recording 90% venue utilisation across the Centre.

Looking ahead, it is clear that the principal way to grow audience numbers is to increase the number of people in every performance rather than creating more performances: this is the sold occupancy measure. With this ambition in mind, a deeper understanding of audiences will better equip the organisation to increase frequency of attendance. A key project in growing audiences is to implement the Customer Relationship Management (CRM) system as well as ongoing segmentation of the database. Although this year, QPAC fell slightly short of its sold occupancy target (65% against a target of 70%), the overall number of performances increased signifi cantly. A number of one night performances in the Concert Hall throughout the year contributed to higher than expected performances, while audiences below capacity at those performances contributed to a less

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than expected sold occupancy rate. QPAC is constantly refi ning and analysing the impact of curatorial choices on audience growth.

In 2015-16 QPAC presented 1,550 performances across 296 seasons to 1,296,810 people.

Program highlights 2015-16:

In line with QPAC’s guiding principle (as set out in the Queensland Performing Arts Trust Act 1977 – see page 3 above), Queensland Performing Arts Trust Act 1977 – see page 3 above), Queensland Performing Arts Trust Act 1977that “respect for Aboriginal and Torres Strait Islander cultures should be affi rmed”, over the past three decades QPAC has demonstrated a commitment to showcasing and embracing Australia’s oldest cultures.

In 2015-16 this included the third presentation of Clancestry, A Celebration of Country – QPAC’s festival dedicated to building Clancestry, A Celebration of Country – QPAC’s festival dedicated to building Clancestry, A Celebration of Countrypride for and capacity among Aboriginal and Torres Strait Islanders, and all First Nations Peoples. Clancestry included a Clancestry included a Clancestrynumber of programs curated by guest curators from the community in consultation with QPAC. These were: Living History Project; Conversation Series (which was booked to capacity and streamed live via Periscope as well as being available after the event on the QPAC website); the Black Screen program in partnership with the National Film and Sound Archives; Yerabora – a coming together of clans marking the beginning of Clancestry; a community day which saw over 170 artists participating in a diverse range of performances, weaving, dance and language workshops, children’s space, marketplace, gallery area, Elders’ tent and Grandmothers’ law workshop; and Yawar, the traditional closing ceremony which involved almost 200 participants Yawar, the traditional closing ceremony which involved almost 200 participants Yawarfrom 125 tribal groups across Queensland and Northern New South Wales and was attended by 1,750 people.

Further activity related to Aboriginal and Torres Strait Islander culture in 2015-16 included The Mabo Oration – presented in collaboration with the Anti-Discrimination Commission Queensland; Bangarra’s work lore including an lore including an lore In Conversation event following the performance (more in Experience on page 13 below); Gurrumul’s The Gospel Song tour which was sold out in QPAC’s Concert Hall; Country Song in collaboration with Queensland Theatre Company; and co-presenting Knock Knock with the Aboriginal Centre for the Performing Arts.

More than half (59%) of the seasons presented at QPAC in 2015-16 were by Queensland artists and companies. QPAC’s support of local artists and companies is important for a number of reasons: to build capacity in the industry; to train and retain talent in Queensland; and to showcase and celebrate art made locally. QPAC regularly collaborates with Queensland’s four premier performing arts organisations, Opera Queensland, Queensland Ballet, Queensland Symphony Orchestra and Queensland Theatre Company, known collectively to QPAC as the ‘home companies’. In addition, QPAC supports many other Queensland arts companies and artists to produce and present at QPAC offering exposure to a larger and wider audience. In 2015-16, this included collaborations with Expressions Dance Company, Camerata of St John’s, Southern Cross Soloists, Brisbane Writers Festival, shake & stir theatre co, Major Brisbane Festivals Pty Ltd, Harvest Rain Theatre Company, Queensland Museum (in particular during World Science Festival and Out of the Box), Queensland Art Gallery | Gallery of Modern Art and the State Library of Queensland.

QPAC is Queensland’s leading centre of live performance and is a regular stop on the touring schedules of many of Australia’s national companies including Opera Australia, Bangarra Dance Theatre, Australian Chamber Orchestra, Musica Viva, Australian Brandenburg Orchestra and The Australian Ballet. In 2015, QPAC hosted and supported the fi rst and only Australian performance of The Gallipoli Symphony – a signifi cant project one decade in the making to commemorate the The Gallipoli Symphony – a signifi cant project one decade in the making to commemorate the The Gallipoli SymphonyAnzac Centenary. Featuring new works from 11 composers from Australia, New Zealand and Turkey, The Gallipoli Symphony was commissioned and funded by the Department of Veterans’ Affairs. Following The Gallipoli Symphony, QPAC hosted an exhibition called Theatres of War in the Tony Gould Gallery. Whilst this was not directly linked to Theatres of War in the Tony Gould Gallery. Whilst this was not directly linked to Theatres of War The Gallipoli Symphony, it continued QPAC’s remembrance of the Anzac Centenary. In 2016, QPAC worked with the Confederation of Australian International Arts Festivals to bring an award winning new work The Rabbits to the Playhouse. This work from Opera Australia, Barking Gecko Theatre and presented by the Confederation of Australian International Arts Festivals was well received by audiences and critics.

Major musicals account for a large percentage of QPAC’s overall audience. In 2015-16, attendance at major musicals accounted for 42% of QPAC’s overall ticketed attendance. Musicals are often patrons’ fi rst live performance experience. In 2015-16, QPAC’s Lyric Theatre hosted Dirty Dancing, Anything Goes, Strictly Ballroom, Les Misérables, Cats and The Sound of Music.

QPAC has partnered with Major Brisbane Festivals Pty Ltd over many years. In 2015, QPAC and Brisbane Festival co-presented FLEXN, Rise for the Oceans, Beautiful One Day, Macbeth, Renée Fleming in Recital and FLEXN, Rise for the Oceans, Beautiful One Day, Macbeth, Renée Fleming in Recital and FLEXN, Rise for the Oceans, Beautiful One Day, Macbeth, Renée Fleming in Recital Front Yard Music Extended Play. Each September, the Brisbane Festival generates a high level of arts engagement at QPAC and more generally around Brisbane. In 2016, QPAC again supported Brisbane Baroque to present the second annual Brisbane Baroque festival. The festival was critically acclaimed, receiving four Helpmann Awards in 2016.

QPAC’s international reputation has grown in recent years. The QPAC International Series, a signature event which brings the world’s best companies to perform exclusively in Brisbane, has contributed to shaping QPAC as a destination for leading

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international arts experiences. While there was no QPAC International Series presentation in 2015-16, QPAC undertook planning and announcements for future presentations. In July 2015, QPAC presented a one night only performance from Italian chamber music ensemble, I Musici. As well as a superb one night concert, QPAC facilitated a cultural exchange with Camerata of St John’s as well as a private masterclass for QPAC staff. These interactions between visiting and local arts practitioners are important in sharing knowledge and expanding horizons. As detailed below (see page 14 of Experience), QPAC’s food as culture was also showcased during this time with an Italian menu inspired by Vivaldi’s The Four Seasons in the Lyrebird Restaurant. Other presentations by international artists included Megan Hilty, Lisa Fischer and Grand Baton, Jazz at Lincoln Center Orchestra with Wynton Marsalis, Patrizio Buanne, Joan Baez, Renée Fleming, Dylan Moran, Chris Cornell, William Shatner, Toni Braxton, Goran Bregovic and his Wedding and Funeral Band, Dawn French, Sufjan Stevens, Nick Offerman, Joanna Newsom, Mary Black, Melissa Etheridge, The Proclaimers and the Blind Boys of Alabama.

In June 2016, QPAC again presented Out of the Box, its biennial festival for children aged eight years and under. Out of the Box has been curated by QPAC since the festival began in 1992. Taking place at QPAC and across the Cultural Precinct, Out of the Box is a large scale multi-artform festival that embraces children as creators of and participants in the arts. More than 115,000 attendances were recorded at the festival which lasted eight days and included workshops, performances, events, a symposium and interactive installations. QPAC presented 17 world premieres, two Australian premieres and 18 newly commissioned works as part of this festival, working with about 215 artists and performers from Australia and around the world and more than 500 volunteers to ensure this festival remains one of the leading children’s arts engagement festivals in the world. The commissioning of new works is a big undertaking. Since Out of the Box began, QPAC has commissioned more than 80 new works for the festival, some of which have since gone on to tour in other cities including internationally. At its heart, Out of the Box is about empowering and embracing children as active arts participants and creating opportunities for them to explore, learn, create and have fun.

As well as Out of the Box, which is targeted to children aged 8 and under, QPAC programs a number of events with appeal to children, young people and families. In January 2016, the family program Summerset included a mixture of in-theatre and Summerset included a mixture of in-theatre and Summersetfree performances and events as well as foyer activations designed to provide a place for those seeking cultural activities and entertainment during the summer holiday period.

QPAC’s programming team also manages the 150-voice QPAC Choir. This choir brings together community singers from across South East Queensland. Under the tutelage of Choir Master Tim Sherlock, the choir rehearsed weekly during each term, presented a number of showcase concerts throughout the year and also performed with other musical groups. In 2015-16 the Choir performed 30 Years of Musicals, Spirit of Christmas and A Soul Celebration.

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Experience

Distinct places, exceptional experiences


Positive brand identifi cation 45% 51%

Online engagement- Unique visitors- Email interactions- Social engagement

High2,000,000

6%3%

High2,429,580

6%2%*

Dining satisfaction 80% 77%^

*This is the fi rst year that QPAC measured social engagement as an Operational Plan measure. Social engagement measures interactions across social media platforms. Popular engagement is often driven by curatorial programs which can affect overall engagement. QPAC is continually refi ning social engagement strategies based on available content.

^In 2015-16, dining satisfaction fell slightly short of target. QPAC is in the process of refi ning the delivery model and style of food and beverages to meet targets in future years.

QPAC approaches visitor experience as an interaction between audience member, artist and setting.

In 2015-16, QPAC refreshed the way in which audiences and visitors experience QPAC, from the physical (our foyers, building, gardens, staff uniforms and food and dining) to the virtual (our website and The Creatory portal).

QPAC has been an iconic Brisbane landmark for three decades. More than half (51%) of people surveyed in QPAC’s Awareness and Attitude Survey positively identifi ed QPAC.

In 2015, the Queensland Heritage Council recognised the signifi cance of the Cultural Precinct, including the Centre, by placing it on the Queensland Heritage Register. QPAC takes its role as custodian of a landmark building seriously and works to honour this whilst maintaining a vibrant living space that welcomes more than one million visitors every year.

The way in which audiences experience QPAC’s productions, staff and building is infl uenced signifi cantly by the spaces in which those experiences occur. In 2015-16, QPAC completed a number of projects designed to refresh the look and feel of spaces in and around the Centre. This included creating a custom soap for the bathrooms in collaboration with a local perfume designer; making the foyers and entry ways to the Centre warm and welcoming; demonstrating more explicitly the connections between food and culture and the importance of food and dining experiences to QPAC visitors; and creating spaces outside the Centre that animate the area and attract audiences (for example, presenting free events on the Melbourne Street Green).

The Australia Council’s Arts Nation 2015 Technical Appendix states that a growing number of Australians are using the internet to access arts content, including to watch or download music, visual art and performances. QPAC has focussed its efforts on the development of diverse content to promote QPAC events but also to deepen patrons’ experiences, promote arts literacy and reach new audiences. QPAC also opens its building to wider audiences through experiences such as media calls, behind the scenes interviews and In Conversation events.

In 2015-16, the QPAC website was redeveloped to create a digital ecosystem enabling QPAC to lead conversations about arts and performance and create a deeper emotional connection for visitors. The website has always been, and continues to be, integral in supporting QPAC’s commercial needs by facilitating a large volume of ticket sales. Now the website also underpins users’ experiences of QPAC by fi nding points of connection for users and audiences, with the aim that visitors to the website feel welcomed, informed and engaged. Through responsive and dynamic content, users are encouraged to explore and may choose how they wish to engage with the site. The Creatory is an online portal housing rich written, photographic and video content that supports QPAC’s program and promotes arts literacy, including a range of material from light entertainment to in-depth analysis.

As well as the more than 2.4 million unique visitors to QPAC’s website in 2015-16, QPAC connected with an active social media base of more than 180,000 people across Facebook, Twitter, Instagram, YouTube, Google+ and Pinterest. This fi gure is calculated by reference to behavioural indicators such as likes, comments, shares, check-ins and click through rates. QPAC also has a large database of email subscribers who receive fortnightly and ad hoc emails detailing activity at the Centre. Of those who receive QPAC emails, 6% are engaged users, that is, they click through from the email to the QPAC website to view or explore the content.

14


Arts Queensland’s Culturalist is a mobile device application that encourages users to explore Brisbane’s Cultural Precinct by Culturalist is a mobile device application that encourages users to explore Brisbane’s Cultural Precinct by Culturalistdisplaying “playlists” of activities and events to assist users to discover more from their visits to the Cultural Precinct. QPAC has embraced this technology, working with Arts Queensland to create content and drive interest in the app.

In December 2015, QPAC launched its fi rst Membership program. The QPAC Membership scheme focusses on building relationships with a large core of patrons who regularly attend and interact with QPAC. Member benefi ts were defi ned in line with what our frequent patrons are most interested in: exclusive offers, behind the scenes access and waived transaction fees. The take-up of the annual membership has been high, with more than 1000 members joining since the program was introduced; new members sign on in varying numbers every week.

The last year also saw QPAC’s venues host activity from the Australian Performing Arts Market (APAM), an international event for the contemporary performing arts industry. APAM showcased 43 Australian and New Zealand performing artists and companies and welcomed more than 600 delegates to Brisbane to network, exchange ideas and collaborate.

The QPAC Year in Review is a partner document to the Annual Report. Reporting on the activity and outcomes of the calendar year, the Year in Review is distributed to arts and government stakeholders, higher education, the arts industry and across the Cultural Precinct as a high level snapshot of meaningful moments from the year. The 2015 Year in Review received a signifi cant amount of feedback that was overwhelmingly positive.

In July 2015, QPAC presented a one night only performance from Italian chamber music ensemble, I Musici. Alongside this one night concert, the Lyrebird Restaurant presented an Italian feast during Good Food Month, taking inspiration from I Musici’s version of Vivaldi’s The Four Seasons and showcasing seasonal food. The pairing of experiences – food and music – was part of QPAC’s ‘food is culture’ initiative. As detailed above (see page 12 of Curate), the musicians also expanded their artistic exchange in Brisbane with a collaboration with QPAC’s company in residence, Camerata of St John’s.

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Learn

Connect people, ideas and content


Audience satisfaction 95% 93%*

Regional engagement 20% 32%

Recognition as learning centre 55% 57%

*In 2015-16, audience satisfaction was slightly under the target of 95%. A change in defi nition for this measurement during the year may be the cause in shortfall.

Opportunities to learn about and through the performing arts are indispensable in building strong individuals and societies. The abilities to understand and participate in the arts and creative experience lead to short term and long term individual, interpersonal and community benefi ts.

QPAC’s educational initiatives are embedded in its program, creating richer and more meaningful experiences for audiences. Audience satisfaction at QPAC has been consistently high (above 90%) for many years.

Performing arts centres around the world are increasingly becoming organisations that promote connectivity, create meaning for communities, act as hubs and meeting places for broad sections of society, and are active content creators and curators. QPAC promotes community-wide arts literacy and facilitates audience education, explicitly through initiatives specifi cally aimed at generating discussion and learning and implicitly through more passive interactions and entertainment. QPAC seeks to engage audiences to be curious about the world, the arts and themselves.

QPAC strongly supports the exploration of the public value of the arts. As an industry leader, QPAC facilitates discussions and advocacy around this concept, in particular, how cultural institutions and precincts can benefi t the public and the communities in which they reside. Nationally, this means working with industry bodies such as the Tourism and Transport Forum, with OZPAC (the Australian Performing Arts Centres network comprising QPAC, Sydney Opera House, Arts Centre Melbourne, Adelaide Festival Centre and Auckland Live) to plan annual conferences for the strategic discussion of future trends and benchmarking opportunities. In Brisbane, QPAC works with its Cultural Precinct partners (Queensland Museum, Queensland Art Gallery | Gallery of Modern Art and State Library of Queensland) and also more broadly across the South Bank precinct with a collection of organisations under the Business South Bank banner to look at how collectively these groups can better approach public place making. In 2015-16, QPAC contributed to the National Opera Review submission to government which investigated the state and future of opera in Australia.

In May, the Asia-Pacifi c Venue Industry Congress, held by industry body Venue Management Australia, was the largest meeting of venue professionals in the Asia-Pacifi c region in 2016. Held in Brisbane, around 350 high profi le venue managers attended including QPAC’s Chief Executive who was invited to speak on a panel entitled Brisbane: A city of world class venues. The Chief Executive spoke about QPAC as providing a place for the public that has more than one purpose, about understanding the community of which QPAC is part in order to create public value and build partnerships that enable vitality and innovation. Also at this conference, QPAC’s Executive Director – Presenter Services was awarded the Venue Management of Australia’s Executive of the Year. This internationally signifi cant award recognises the outstanding contribution of a venue professional to the venues and communities in which they belong.

One of the keys to building arts literacy throughout the state is to increase the arts expertise of QPAC’s staff. QPAC staff are invited to a fortnightly Watercooler Chat. These informal, inter-departmental chats held in different parts of the building had Watercooler Chat. These informal, inter-departmental chats held in different parts of the building had Watercooler Chatcontinued growth in attendance in 2015-16. The chats are live tweeted via Twitter and more recently also streamed live via Periscope. The discussion topics are taken from the arts industry or popular culture and attendees are encouraged to express their opinions and be confi dent in talking among a broad cross section of QPAC staff. The initiative is led by the Scholar in Residence.

Another key tool by which QPAC enhances audience arts knowledge and engagement is QPAC’s biannual Story magazine, which connects audiences with the stories and ideas that sit at the heart of QPAC’s productions. The magazine unravels content in new, different and exciting ways and draws out meaning and relevance for audiences and stakeholders. Works are commissioned from writers and artists, turning the focus outwards and connecting with industry and the public. Story builds on QPAC’s role as a dynamic arts centre rather than simply a venue.

16


Although on the surface live performance and digital cultural experiences may seem to be at odds with each other, the internet is proving a powerful way of sharing cultural experiences and enabling great audience participation in the performing arts. As Queensland’s performing arts centre, QPAC strives to connect with regional audiences and those people who are unable to attend QPAC in person. QPAC’s regional engagement indicator measures the number of people who attend, participate in or view QPAC presentations at QPAC or via digital delivery. As detailed above (see Experience beginning on page 13), QPAC’s refreshed website, in particular The Creatory portal, provides dynamic content and embodies QPAC’s educational strategies with people who may not physically visit the Centre.

QPAC also has a partnership with Google Arts & Culture (GAC), formerly known as Google Cultural Institute. GAC is an open online platform through Google which allows users to navigate inside 60 of the world’s foremost cultural institutions. There are hundreds of interactive stories, behind the scenes views and videos and backstage Google Street View style tours of institutions including Carnegie Hall, the Berlin Philharmonic and Opera Garnier in Paris. QPAC has worked with Google over a number of years to fi nd unique ways of promoting culture to audiences in Australia and abroad.

Every year, QPAC opens its doors as part of Brisbane Open House, which is held annually in conjunction with World Architecture Day. This initiative aims to give the public a glimpse into the inner workings of the Centre and QPAC also takes the opportunity to use the day to promote arts literacy by presenting a number of performances in public spaces and providing guided backstage tours. Following the success of Brisbane Open House and in response to evident public interest, QPAC has reintroduced a weekly guided backstage tour which has proved exceptionally popular with many weekly tours reaching capacity over the year.

QPAC supports the Queensland Government’s objective to attract international and national visitors to Queensland for cultural tourism experiences. In 2015-16, 14% of people who purchased tickets to an event at QPAC came from outside Brisbane, Gold Coast and Sunshine Coast areas. Of that, 40% were from outside Queensland. QPAC works with a number of organisations including Tourism and Events Queensland and Brisbane Marketing as well as hotels and hospitality providers in Brisbane to put together and sell experience packages for travellers to Brisbane to attend QPAC. QPAC also works with regional and state tourism organisations to drive regional attendances to QPAC.

Throughout the year, QPAC facilitated and presented a number of In ConversationThroughout the year, QPAC facilitated and presented a number of In ConversationThroughout the year, QPAC facilitated and presented a number of or discussion series style lectures.

Highlights in 2015-16 included:

lore (Bangarra Dance Theatre): Stephen Page joined the Scholar in Residence following a performance of Bangarra Dance lore (Bangarra Dance Theatre): Stephen Page joined the Scholar in Residence following a performance of Bangarra Dance loreTheatre’s Lore in the Playhouse for a wide ranging conversation covering choreography, Bangarra’s success and the challenges Lore in the Playhouse for a wide ranging conversation covering choreography, Bangarra’s success and the challenges Lorefor Aboriginal dancers in maintaining traditional cultural connections while living in urban centres.

The Mabo Oration: presented by the Anti-Discrimination Commission Queensland and QPAC. Dr Dawn Casey spoke on the topic: The Mabo High Court Judgment: Was it the Agent for Change and Recognition? This was the sixth presentation of the biennial Mabo Oration at QPAC and demonstrates QPAC’s genuine commitment to profi ling Aboriginal and Torres Strait Islander cultures and history.

Robert Benedetti In Conversation with Wesley Enoch: Robert Benedetti is an American actor, writer, producer and director. The event was attended by Queensland University of Technology students and industry stakeholders from government, the Cultural Precinct and the small to medium arts sector.

Michael Lynch CBE AM and Justin Macdonnell In Conversation: with the Scholar in Residence to talk about cultural precincts – their ambitions, capacity and challenges. Approximately 200 people including from the Cultural Precinct, government, university and education sectors, arts industry and the general public attended.

The Rabbits: A question and answer session following a performance of The Rabbits with the Scholar in Residence, featuring cast members and musicians including Kate Miller-Heidke (performer and composer). More than 70% of the audience who attended that performance stayed for the session.

Katie Noonan and Brodsky Quartet: the world premiere concert featuring works inspired by the poetry of Judith Wright with music by specially commissioned Australian composers was the catalyst for a panel discussion facilitated by the Scholar in Residence with panellists Elena Kats-Chernin (composer), Paul Dean (lecturer from Queensland Conservatorium Griffi th University) and Paul Cassidy (Brodsky Quartet). The discussion focused on Judith Wright’s poetry and the inspiration this iconic poet gave to composers.

Megan Hilty: a question and answer session with American actress and singer Megan Hilty and third year graduating students from Bachelor of Musical Theatre, Queensland Conservatorium, Griffi th University.

Currency House Creativity and Business Breakfast Series: QPAC and Currency House (publishers) collaborated to co-present two events in the Currency House Creativity and Business Breakfast Series in Brisbane in 2015-16. The Breakfast series fi nds

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common ground between the practicing artists and the responsibilities of business as supporters of the industry. The fi rst event featured internationally acclaimed arts administrator Michael Lynch AM CBE, and the second featured theatre director Simon Phillips.

Women in Thought Leadership: This series stems from a partnership between QPAC, Queensland University of Technology and Pitcher Partners and brings together private and corporate clients to share experience and leadership knowledge in a unique environment. These events support industry collaboration, promote arts literacy, deepen audience engagement, demonstrate leadership and profi le QPAC as a leader in arts education and arts business.

Jazz at Lincoln Center Orchestra with Wynton Marsalis: Jazz at Lincoln Center Orchestra has a strong focus on education. Before its March 2016 performance at QPAC, the Orchestra opened its sound check to hundreds of music students from the Jazz Music Institute and Queensland Conservatorium of Music Griffi th University. The open sound check provided students with an opportunity to learn and observe one of the greatest jazz orchestras in the world. Musicians from the orchestra spoke about the importance of arts education at the post-performance reception.

Many of the In Conversation events detailed above were live tweeted, broadcast live, recorded and stored in The Creatory (a digital portal on QPAC’s website as described in Experience on page 13 above) to ensure a wider interaction than just those who attended in person.

Queensland’s population is highly decentralised. Opening the Centre to engage more broadly with those who are not able to attend the Centre in person is an ongoing consideration for QPAC. The use of digital platforms to disseminate content will continue to be a priority. QPAC’s regional engagement measure captures people who attend, participate in or view QPAC presentations at QPAC or via digital delivery. In 2015-16, QPAC achieved 20% regional engagement.

18


Sustain

A coalition of support and practices that enable growth and vitality


Sustainable business growth Positive Positive

Employee engagement 55% Deferred*

% of revenue from own source revenue 80% 72%^

Development revenue $5M $643,268#

All safety performance indicators met

- 80% of Planned Workplace OHS Inspections completed and agreed actions closed

- 100% of (new) employees that have received a WH&S induction

- 80% of employees that have participated in a toolbox talk with safety as an agenda item

- 10% reduction in the number of new work cover claims

- 15% reduction in the total number of employee incidents

Positive Positive

*QPAC’s employee engagement measure was deferred in 2015-16 with a survey to measure employee engagement due to be undertaken in July 2016.

^A change to the accounting procedures between Arts Queensland and QPAC, specifi cally the requirement for QPAC to include fair value rent of the Centre, caused the apparent shortfall in revenue.

#This is a new measure for QPAC. The shortfall to target was due to a later than expected start on QPAC’s development strategy with the appointment of a new Executive Director – Development in November 2015 who worked to build the capacity of that department in the remaining fi nancial year setting in motion the ability to pursue this target in coming years.

The building of fi nancial and organisational resources to support agility, vitality and responsiveness is the cornerstone of QPAC’s Sustainability pillar.

QPAC’s venue hire, qtix and food and beverage services underpin its strong commercial result. In 2015-16, commercial revenues again comprised over 72% of QPAC’s total revenue. QPAC continues to invest in its operational capacity and develop strategies to increase its profi tability and build on the value it provides to Queensland.

QPAC delivers ticketing services under the name qtix. As well as issuing all tickets to events at QPAC, qtix provides ticketing services to a number of other local and Australian organisations, including administering external companies’ ticketing websites under a white label system. qtix has continued to grow in the past fi nancial year with strong ticketing streams from Queensland Museum and the Art Gallery of New South Wales. In 2015-16, qtix was contracted by Canberra Theatre Centre as ticketing agent and began ticketing the Cobb and Co Museum in Toowoomba.

The revenue generated through development, sponsorship and philanthropy contributed to a strong economic result in 2015-16. In recognition of the increasing importance of this fi eld, QPAC recruited and appointed a new Executive Director – Development and a supporting team to harness further growth in this area.

Key outcomes from this focus on Development was a total of $643,268 in income generated from cash and in kind sponsorship and new fundraising initiatives. Strategic stewardship enabled QPAC to establish formal partnerships with a number of signifi cant organisations including Playgroup Queensland, C&K, Heritage Bank, Aurecon and Neals Event Hire.

The increased number of sponsors and donors to QPAC in 2015-16 provided a 253% increase in the overall Development income from the previous year. Key initiatives responsible for this success were the introduction of QPAC’s Circle of Infl uence modelled on a traditional “giving circle”, a major gift program which secured QPAC’s fi rst benefactor to Out of the Box and new or increased corporate partnerships.

The new income stream has allowed QPAC to enhance programs, scope new programs and begin works to defi ne future projects that require funding outside of the allocated budget.

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Crucial to QPAC’s ongoing success are the many partnerships and relationships with Australia’s network of producers and presenters who are responsible for touring performances nationally. QPAC worked with a range of producers and presenters from around Australia in 2015-16, including: A-List Entertainment, Ambassador Theatre Group, Adrian Bohm, ATA Allstar Artists, Ben Maiorana, Duet Productions, GFO Entertainment, Kay and McLean, Live Nation, Meerkat Theatricals, Michael Cassel Group, Skyline Theatricals, Spiritworks, Strange Duck Productions, The Harbour Agency and Tinderbox Productions.

In 2015-16, QPAC continued its role as an investor in major commercial performing arts productions and consolidated its relationships with Australia’s major producers, investing in Australian tours such as Little Shop of Horrors and We Will Rock You. QPAC is Australia’s largest institutional investor in commercial performing arts productions.

QPAC engages in conversations, internally and externally, about the role of performing arts centres and of cultural precincts. City-wide planning including the development of Queen’s Wharf Precinct and consideration of a new performing arts venue reaffi rm the importance of QPAC’s role in leading public discourse regarding the value of the arts and the role of performing arts centres and cultural precincts in cities.

QPAC acknowledges that open collaboration and co-operation help to build a strong and robust industry. In this spirit, QPAC belongs to, and participates, in a number of industry organisations and groups including Live Performance Australia, the Australian Performing Arts Centre Association, Northern Australian Regional Performing Arts Centres Association (the peak body for performing arts centres in Queensland and the Northern Territory), OZPAC, the Association for Asia-Pacifi c Performing Arts Centres, Tourism and Transport Forum Australia and Queensland Tourism Industry Council. QPAC is an active voice within the Cultural Precinct and the broader South Bank precinct and also works collaboratively with a number of tertiary education institutions across a range of initiatives.

In June 2016, staff from QPAC attended the International Society for the Performing Arts (ISPA) annual Congress in Melbourne. ISPA brings together performing arts leaders from all over the world to discover the next great idea, strengthen relationships and rejuvenate their passion for the arts. The 2016 Congress theme was Reimagining – disrupt, innovate, originate and featured discussions and debates on subjects including cultural transformation, the value and contribution of culture in the 21st century, communication and advocacy, diversity in leadership, place making, and disability and mental health.

One of QPAC’s greatest investments is in its staff. QPAC staff are highly skilled across a range of performing arts industry specialities. They are nationally recognised experts and bolster QPAC’s reputation as a centre of excellence able not only to present a wide range of performing arts product but also to contribute to and facilitate discussions regarding the future direction of the industry.

Safety is an integral part of QPAC’s staff management. In 2015-16, QPAC met all of its safety performance indicators. Ensuring and maintaining a safe working environment across a diverse business which includes both technical and administrative staff continues to be a priority for QPAC. Ensuring public safety is also paramount and an ongoing concern for all QPAC staff.

QPAC’s Scholar in Residence is Professor Judith McLean. The Scholar in Residence position is a partnership between QPAC and Queensland University of Technology which has created a role that has input into both organisations around the theory and application of arts-based learning. In 2016, the Scholar in Residence was appointed to co-design and be the lead facilitator of the Australia Council Leadership Program, which supports the arts sector’s emerging and established leaders with the skills and capabilities they need to lead through change. At the heart of this program’s design are the understandings that the arts sector is already rich in knowledge and capability and that artists and arts leaders learn and evolve through sharing stories and experiences.

As a Queensland Government statutory body, relationships with key government representatives remains a priority for QPAC.

20


Service Delivery Statement

For the 2015-16 budget process, QPAC was included within the Service Delivery Statements for the Department of the Premier and Cabinet as follows:

Service area objectiveTo strengthen Queensland’s arts sector and contribute to the cultural, social and intellectual development of all Queenslanders.

Service area descriptionThe Queensland Performing Arts Centre (QPAC) delivers exceptional live performance and learning experiences for Queenslanders and visitors. The venues within QPAC are managed for a positive commercial return. QPAC develops and presents live performance and learning programs throughout the year. Curating an annual, mixed genre live performance program that includes QPAC variously as a producer, presenter, venue or investor and features production of local, national and international companies. QPAC delivers a specially tailored program that enhances lifelong learning through art. As well as these programming functions, QPAC is a commercial manager of its venues including managing and operating QPAC’s four theatres – Lyric Theatre, Concert Hall, Playhouse and Cremorne Theatre.

Service standards

Queensland Performing Arts Trust Notes 2015-16

Target/Est.

2015-16

Actual(not published in 2015-16 SDS)

Service

Service Standards

Effectiveness measures

Audience satisfaction 1,2 95% 93%

Effi ciency measures

Venue utilisation 3,4,5 82% 90%

Notes:

1. Popular productions, The Lion King and WICKED, drove higher than anticipated audience satisfaction.

2. Audience satisfaction measures the degree to which service delivery meets the expectations of users. The measure indicates audience satisfaction with programming. The audience survey is based on the DPC Better Practice Guidelines for Measuring Client Satisfaction, providing a fi ve-point rating scale and including questions on quality, value for money and overall satisfaction.

3. Venue utilisation for all theatres has been combined into one measure. Any signifi cant performance variances related to individual theatres are highlighted in Note 5.

4. The target for 2015-16 was based on current venue bookings and assessment of the industry environment.

5. The estimated actual result for the Concert Hall was 80% against its target of 56%. An increase in target estimates will be implemented in coming years and based on current venue bookings and assessment of industry environment at time of setting.

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Financial performance

Summary

QPAC reported an operating surplus of $126,000 from total income of $59.9 million for 2015-16. The level of total income is largely comprised of revenues from service activities which amounted to $41.0 million, a decrease of $2.9 million compared to 2014-15. The decrease in revenue refl ects the continuation from 2014-15 of the extensive and diverse program however no QPAC International Series was presented in 2015-16. The year included fi ve major commercial seasons: Anything Goes, Strictly Ballroom, Les Misérables, Cats and The Sound of Music.

The level of activity and the mix and timing of QPAC entrepreneurial presentations resulted in very similar levels of revenue and expenses compared to the previous fi nancial year and these are detailed in Note 3(a) of the Financial Statements. This includes the timing effect of the QPAC International Series which, in 2014-15, included the presentation of American Ballet Theatre.

Rental income (note 3(a)) of $5.9 million also contributed to the reduction in revenues from service activities and was down from $6.4 million reported for the previous year with the major contributing factor being an increase in the value of rental concessions provided to Government subsidised cultural organisations, charitable organisations, Government Departments and educational institutions up from $961,186 in 2014-15 to $1,338,841 in 2015-16.

Grants and Other Contributions of $17.132 million included the fi rst time recognition of the contribution by Arts Queensland for rent below fair value for the use of the premises by the Trust in the Cultural Precinct of $7.716 million. The base grant appropriated by Arts Queensland increased from $8.179 million (18.6% of total income) the previous year to $9.330 million in 2015-16. The increase was primarily due to the biennial timing of the grant allocation for Out of the Box. The increase in Donations is a result of philanthropic initiatives undertaken during the year.

Careful management of cash fl ow ensured that $0.6 million was able to be invested in the replacement of essential facilities, plant and equipment whilst maintaining cash and cash equivalents above $8.5 million at the end of the fi nancial year. This cash balance is required to back up general reserves detailed in note 14 and listed in the equity section of the Statement of Financial Position.

QPAC’s general reserves (as in Note 14) are set aside for specifi c purposes and amounted to $8.25 million at 30 June 2016, an increase from the $7.9 million of the previous year. QPAC’s fi nancial strategy is to ensure that adequate levels of fi nancial resources are maintained in order to manage the substantial commercial risks in the performing arts industry. QPAC’s fi nancial plan for 2016-17 is based on the continuation of strong levels of activity across its full range of business services and targets a balanced budget.

Net assets increased by $.13 million from $20.03 million in 2014-15 to $20.16 million at 30 June 2016.

QUEENSL AND PERFORMING ARTS TRUST

22

STATE M E NT OF CO M PR E H E N S IVE I NCO M EFor the Year Ended 30 June 2016

The accompanying notes form part of these fi nancial statements.

2016 2015Notes $’000 $’000

Income from continuing operations

Revenues from service activities 3a 41,014 43,942

Grants and other contributions 3b 17,132 15,895

Other revenue 3c 1,737 1,494

Gains

Gain on sale of property plant and equipment 3c 11 15

Total income from continuing operations 59,894 61,346

Expenses from continuing operations

Employee expenses 4a 29,857 28,349

Supplies and services 4b 28,932 31,721

Depreciation 4c 826 827 4c 826 827 4c

Other expenses 4d 153 337 4d 153 337 4d

Total expenses from continuing operations 59,768 61,234

Operating result from continuing operations 126 112

Other comprehensive income

Items that will not be reclassifi ed subsequently to Operating Result:

Unrealised forward exchange contract gain 15f 3 –

Increase in asset revaluation surplus 13 – 2,249

Total comprehensive income 129 2,361

2 0 1 5 - 2 0 1 6 A N N U A L R E P O R T

23

S TAT E MEN T O F F IN A N C I A L P O SI T I O NA s a t 3 0 J u n e 2 0 1 6


2016 2015Notes $’000 $’000

ASSETS

Current assets

Cash and cash equivalents 5 8,594 9,747

Receivables 6 3,573 3,898

Inventories 7 294 283

Other 7 517 238

Total current assets 12,978 14,166

Non-current assets

Intangibles 8 – –

Property, plant and equipment 9 11,906 12,125

Total non-current assets 11,906 12,125

TOTAL ASSETS 24,884 26,291

LIABILITIES

Current liabilities

Payables 10 3,133 5,049

Accrued employee benefi ts 11 1,465 1,127

Unearned revenue 12 131 89

TOTAL LIABILITIES 4,729 6,265

NET ASSETS 20,155 20,026

EQUITY

Contributed equity 1,033 1,033

Accumulated surplus 5,041 5,263

Forward exchange contract reserve 14 3 –

Asset revaluation surplus 13 5,829 5,829

Reserves 14

– Building development 2,100 2,000

– Equipment replacement 1,649 1,401

– Working capital 1,500 1,500

– Commercial development 3,000 3,000

TOTAL EQUITY 20,155 20,026


24

STATE M E NT OF CHA NG E S I N EQU IT YFor the Year Ended 30 June 2016


Accumulated Surplus

Asset Revaluation

Surplus (Note 13)

Other Reserves (Note 14)

Contributed Equity

Total

2016 2015 2016 2015 2016 2015 2016 2015 2016 2015

$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

Balance 1 July 5,263 3,896 5,829 3,580 7,901 9,156 1,033 1,033 20,026 17,665

Operating result from continuing operations

126 112 – – – – – – 126 112


Increase in asset revaluation surplus

– – – 2,249 – – – – – 2,249

Unrealised forward exchange contract gain

– – – – 3 – – – 3 –

Total comprehensive income for the year

126 112 – 2,249 3 – – – 129 2,361

Transfers between reserves (348) 1,255 – – 348 (1,255) – – – –

Balance 30 June 5,041 5,263 5,829 5,829 8,252 7,901 1,033 1,033 20,155 20,026

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25

S TAT E MEN T O F C A SH F LOW SFor the Year Ended 30 June 2016


2016 2015Notes $’000 $’000

Cash fl ows from operating activities

Infl ows

Revenues from service activities 41,234 43,307

Grants and other contributions 9,416 8,179

Interest 823 969

GST collected from customers 3,486 3,473

Other revenues 914 105

Outfl ows

Employee expenses (29,517) (28,722)

Supplies and services (24,979) (23,929)

GST paid to ATO (1,933) (1,945)

Net cash provided by (used in) operating activities 24 (556) 1,437

Cash fl ows from investing activities

Proceeds from sale of plant and equipment 11 15

Payments for plant and equipment (608) (1,972)

Net cash used in investing activities (597) (1,957)

Net decrease in cash and cash equivalents (1,153) (520)

Cash and cash equivalents at the beginning of fi nancial year 9,747 10,267

Cash and cash equivalents at the end of fi nancial year 5 8,594 9,747


26

NOTE S TO TH E F I N A NCIA L STATE M E NTSFor the Year Ended 30 June 2016

SECTION 1

ABOUT THE AGENCY AND THIS FINANCIAL REPORT

Note 1 BASIS OF FINANCIAL STATEMENT PREPARATION

(a) GENERAL INFORMATION

The Queensland Performing Arts Trust (the Trust) is a Queensland Government agency established under the Queensland Performing Arts Trust Act 1977 and controlled by Arts Queensland, a department controlled by the State of Queensland, which is the ultimate parent.

The Trust is a charity registered under the Australian Charities and Not-for-Profi ts Commission Act 2012, and is also a Deductible Gift Recepient entity.

The head offi ce and principal place of business of the Trust is 100 Grey St., SOUTH BRISBANE QLD., 4101.

(b) COMPLIANCE WITH PRESCRIBED REQUIREMENTS

General

The Trust has prepared these fi nancial statements in compliance with section 43 of the Financial and Performance Management Standard 2009 and complies with Australian Charities and Not-for-profi ts Commission Act 2012 and the Australian Charities and Not-for-profi ts Regulation 2013.

These fi nancial statements are general purpose fi nancial statements, and have been prepared on an accrual basis except for the Statement of Cash Flows which is prepared on a cash basis in accordance with Australian Accounting Standards and Interpretations. In addition, the fi nancial statements comply with Queensland Treasury’s Minimum Reporting Requirements for reporting periods beginning on or after 1 July 2015, and other authoritative pronouncements.

With respect to compliance with Australian Accounting Standards and Interpretations, the Trust has applied those requirements applicable to not-for-profi t entities, as the Trust is a not-for-profi t entity.

(c) PRESENTATION

Rounding and Comparatives

Rounding

Unless otherwise stated, amounts in the report have been rounded to the nearest thousand dollars or where that amount is $500 or less, to zero, unless disclosure in full amount is specifi cally required.

Comparative fi gures

Comparative fi gures and disclosures have been restated and amended to accord with the current year’s presentation and disclosure. There have been no material restatements required.

Classifi cation between current and non-current

Assets and liabilities are classifi ed as either ‘current’ or ‘non-current’ in the Statement of Financial Position and associated notes.

Assets and liabilities are classifi ed as ‘current’ or ‘non-current where their carrying amount are due to be settled within 12 months after the reporting date, or the Trust does not have an unconditional right to defer settlement to beyond 12 months after the reporting date. All other assets and liabilities are classifi ed as non-current.

(d) AUTHORISATION OF FINANCIAL STATEMENTS FOR ISSUE

The fi nancial statements are authorised for issue by the Chairman of the Board, the Chief Executive Offi cer and the Executive Director-Corporate Services at the date of signing the Management Certifi cate.

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Note 1 BASIS OF FINANCIAL STATEMENT PREPARATION (continued)

(e) BASIS OF MEASUREMENT

Historical cost is used as the measurement basis in this fi nancial report except for the following:

– Provisions expected to be settled 12 or more months after reporting date which are measured at their present value;

– Land, buildings, and heritage and cultural assets which are measured at fair value; and

– Inventories which are measured at the lower of cost and net realisable value.

Historical Cost

Under historical cost, assets are recorded at the amount of cash or cash equivalents paid or the fair value of the consideration given to acquire assets at the time of their acquisition. Liabilities are recorded at the amount of proceeds received in exchange for the obligation or at the amounts of cash or cash equivalents expected to be paid to satisfy the liability in the normal course of business.

Fair Value

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions (i.e. an exit price) regardless of whether that price is directly derived from observable inputs or estimated using another valuation technique. Fair value is determined using one of the following three approaches:

– The market approach uses prices and other relevant information generated by market transactions involving identical or comparable (i.e. similar) assets, liabilities or a group of assets and liabilities, such as a business.

– The cost approach refl ects the amount that would be required currently to replace the service capacity of an asset. This method includes the current/depreciated replacement cost methodology).

– The income approach converts multiple future cash fl ow amounts to a single current (i.e. discounted) amount. When the income approach is used, the fair value measurement refl ects current market expectations about those future amounts.

Where fair value is used, the fair value approach is disclosed.

Present Value

Present value represents the present discounted value of the future net cash infl ows that the item is expected to generate (in respect of assets) or the present discounted value of the future net cash outfl ows expected to settle (in respect of liabilities) in the normal course of business.

Net Realisable Value

Net realisable value represents the amount of cash or cash equivalents that could currently be obtained by selling an asset in an orderly disposal.

(f ) JUDGEMENTS AND ASSUMPTIONS

The preparation of fi nancial statements necessarily requires the determination and use of certain critical accounting estimates, estimates and management judgements that have the potential to cause a material adjustment to the carrying amount of assets and liabilities. Such estimates, judgements and underlying assumptions are reviewed on an ongoing basis. Revisions in accounting estimates are recognised in the period in which the estimate is revised and in future periods as relevant.

There were no signifi cant judgements and assumptions used in the preparation of the fi nancial statements other than those disclosed in notes 4(d), 8 and 9.


28


Note 1 BASIS OF FINANCIAL STATEMENT PREPARATION (continued)

(g) THE REPORTING ENTITY

The fi nancial statements include all income, expense, assets, liabilities and equity of the Trust as an individual economic entity. The Trust does not control or have signifi cant infl uences over another entity.

Note 2 OBJECTIVES AND PRINCIPAL ACTIVITIES OF THE TRUST

The objectives of the Trust are to produce, present, and manage the performing arts in the Queensland Performing Arts Centre, and elsewhere, as well as to promote and encourage either directly or indirectly the knowledge, understanding, appreciation, enjoyment of and participation in the performing arts.

The Trust is partly funded for the outputs it delivers by Parliamentary appropriations. It also provides services on a fee for service basis including: venue rental, production crewing services, ticket sales, marketing services and equipment hire.

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SECTION 2

NOTES ABOUT OUR FINANCIAL PERFORMANCE

Note 3 REVENUE

(a) Revenues from service activities

Accounting Policy

(a) Revenue Recognition

Revenue is recognised when goods or services are delivered. Accrued revenue is recognised if the revenue has been earned but not yet invoiced.

Services acquired for no cost

The value of services received free of charge is recognised as revenue at fair value when received.

2016 2015 $’000 $’000

Rental income – venues 5,860 6,386

Ticketing commission and charges 7,745 7,350

Sales – food and beverage 10,437 10,350

Services provided to commercial hirers 9,769 9,764

Project income 7,017 9,924

Other service revenue 186 168

41,014 43,942

Commission earned on the sale of tickets is included as revenue of the Trust. Ticket sales for the year amounted to $88.218 million (2015 : $88.001 million).

Rental concessions provided to Government subsidised cultural organisations, charitable organisations, Government Departments and educational institutions, amounted to $1,338,841 (2015: $961,186). These concessions are in accordance with the Trust’s objectives under the Queensland Performing Arts Trust Act 1977.

(b) Grants and Other Contributions

Accounting Policy

Grants, donations and gifts which are non-reciprocal in nature are recognised as revenue in the year in which the Trust receives them. Where grants are received that are reciprocal in nature, revenue is accrued over the term of the funding arrangements.

Contributions of goods or services received by the Trust at a value below fair value are recognised as revenue at their fair value only if the goods or services would have been purchased had they not been donated/received and their fair value can be measured reliably. Where this is the case, an equal amount is recognised as revenue and an expense.

2016 2015 $’000 $’000

$’000 $’000

Operating grant 9,330 8,179

Contributions 7,716 7,716

Donations 86 –

17,132 15,895


30


Note 3 REVENUE (continued)

(b) Grants and contributions (continued)

The Trust has received a contribution in the amount of $7.716 million from Arts Queensland equal to the amount of rent below fair value charged by Arts Queensland for the use of the premises by the Trust in the Cultural Precinct. The contribution for the 2015 year was restated with the same amount of $7.716 million.

(c) Other Revenue

Interest

Accounting Policy

Interest is recognised at the time it is earned.

Gain on sale of property, plant and equipment

Accounting Policy

Gain/(loss) on the sale of property, plant and equipment is equal to the consideration received less the written down value of the items sold/disposed.

Investment Income

Accounting Policy

The Trust’s investment in commercial programs is treated as a loan and recorded in the Statement of Financial Position as a receivable. As the loan amount is paid back, it is receipted against the original loan value. Any short fall is treated as an impairment loss and any funds received in excess of the loan value are treated as investment income in the Statement of Comprehensive Income at the time it is known.

Sponsorships

Accounting Policy

The Trust receives support in the form of money or in-kind contributions and in return provides advertising, signage or naming rights, or some other type of benefi t of value to the sponsor, i.e. the sponsor receives something of value in return for the sponsorship. The sponsorship received is recognised as revenue in the period it benefi ts.

2016 2015 $’000 $’000

Interest 823 969

Gain on sale of property, plant and equipment 11 15

Investment income 462 420

Sponsorship 452 105

1,748 1,509

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Note 4 EXPENSES

(a) Employee Expenses

Accounting Policy

Employer superannuation contributions, annual leave and long service leave levies are regarded as employee benefi ts.

Payroll Tax and workers’ compensation insurance are a consequence of employing employees, but is not counted in an employee’s total remuneration package. They are not employee benefi ts and are recognised separately as employee related expenses.

Wages, Salaries, Recreation Leave and Sick Leave

Wages and salaries due but unpaid at reporting date are recognised in the Statement of Financial Position at the current salary rates.

For unpaid entitlements expected to be paid within 12 months, the liabilities on which the Trust does not have an unconditional right to defer, are recognised at their undiscounted values. Entitlements not expected to be paid within 12 months are classifi ed as non-current liabilities and recognised at their present value, calculated using yields on Fixed Rate Commonwealth Government bonds of similar maturity, after projecting the remuneration rates expected to apply at the time of likely settlement.

As sick leave is non-vesting, an expense is recognised for sick leave as it is taken.

Long Service Leave

Under the Queensland Government’s long service leave scheme a levy is made on the Trust to cover the expense. Amounts paid to employees as and when leave is taken for long service leave are claimed quarterly from the scheme.

Under the Queensland Government’s long service leave scheme a levy is made on the Trust to cover the expense. Amounts paid to employees as and when leave is taken for long service leave are claimed quarterly from the scheme.

No provision for long service leave is recognised in the Trust’s fi nancial statements, the liability being held on a whole-of-government basis and reported in those fi nancial statements pursuant to AASB 1049 Whole of Government and General Government Sector Financial Reporting.

Superannuation

The Trust’s default fund is QSuper, the superannuation scheme for Queensland Government employees. Eligible employees can nominate any complying fund of their choice. Contributions are expensed in the period in which they are paid or payable. The Trust’s obligation is limited to its contribution to QSuper and other employees’ nominated funds.

2016 2015 $’000 $’000

Salaries and wages 25,333 24,171

Employer superannuation contributions 2,406 2,247

Long service leave levy 475 492

Payroll tax 1,308 1,215

WorkCover insurance 380 325

Other employee costs (45) (101)

29,857 28,349

The Trust had 334 full time equivalent employees at 2016 (331 at 2015).

Key Management personnel remuneration disclosures are detailed at Note 27, 27(a) and 27(b).


32


Note 4 EXPENSES (continued)

(b) Supplies and services

Accounting Policy

Supplies and services are recognised as an expense when the goods or services are received by the Trust and their value can be reliably be measured.

Leases

Accounting Policy

Operating Leases

Lease payments for operating leases are recognised as an expense in the years in which they are incurred as this refl ects the pattern of benefi ts derived by the Trust.

2016 2015 $’000 $’000

Cost of services non labour 8,097 11,491

Rental* 7,716 7,716

Facilities costs 4,562 4,251

Staff recruitment and training 299 328

Travel 185 133

Motor vehicle costs 16 17

Recurring equipment replacement 175 344

Marketing 967 561

Information services 1,239 1,167

Library services 18 12

Consultants, contractors, legals 326 382

Memberships and sponsorships 83 85

Entertainment 64 49

Stock and consumables/materials 3,634 3,639

Agency staff 401 109

Insurance – QGIF 116 116

Insurance – Other 61 71

Repairs and maintenance 240 437

Telecommunications 236 218

Freight and postage 185 193

Printing, stationery and offi ce supplies 139 158

Other 173 244

28,932 31,721

*The Trust has recognised a rent expense which has been charged by Arts Queensland at a value below fair value for the use of the premises by the Trust in the Cultural Precinct. The Trust received a contribution in the same amount of $7.716 million from Arts Queensland. The rent expense for the year 2015 was restated with the same amount of $7.716 million.

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Note 4 EXPENSES (continued)

(c) Depreciation

Accounting Policy

Refer Note 9 (c) for accounting policy on depreciation.

2016 2015 $’000 $’000

Buildings 7 12

Leasehold improvements 167 146

Plant and equipment 588 604

Concert Hall Grand Organ 60 65

Motor Vehicles 4 -

826 827

(d) Other Expenses

Accounting Policy

Bad debts and Impairment losses

The Trust periodically assesses the collectability of receivables and where it is determined that the receivable is not collectible in full, it recognises a provision for impairment. Movements in the provision for impairment are recognised as an expense.

The Trust determines that if an amount owing becomes uncollectible (after appropriate range of debt recovery actions), that amount is written off against the provision for impairment of receivables.

2016 2015 $’000 $’000

External audit fees* 55 63

Internal audit fees 53 44

Movement in the provision for impairment of receivables** (28) 148

Sundry 73 82

153 337

*The total audit fees paid to the Queensland Audit Offi ce in respect of the external audit are $55,000 (2015 $65,110). There are no non audit services included in these amounts.

**An investment made by the Trust was assessed as being impaired by the amount of $100,000. Unused provisions for impairment in relation to Trade debtors for $128,000 were written back during the year.


34


SECTION 3NOTES ABOUT OUR FINANCIAL POSITION

Note 5 CASH AND CASH EQUIVALENTS

Accounting Policy

For the purposes of the Statement of Financial Position and the Statement of Cash Flows, cash assets include all cash and cheques receipted but not banked at 30 June as well as deposits at call with fi nancial institutions. It also includes liquid investments with short periods to maturity that are convertible readily to cash on hand, at the investor’s option and that are subject to a low risk of changes in value.

2016 2015 $’000 $’000

Cash on hand and at bank 489 824

Deposits at call 8,105 8,923

8,594 9,747

Cash and cash equivalents amounting to $8.249M (2015: $7.901M) have been set aside as cash backed funding for the Trust’s general reserves.

Note 6 RECEIVABLES

Accounting Policy

Trade debtors are recognised at the nominal amounts due at the time of sale or service delivery, with settlement being generally required within 30 days from the invoice date.

The collectability of receivables is assessed periodically with allowance being made for impaired debts. All known bad debts were written off as at 30 June.

2016 2015 $’000 $’000

(a) Current

Trade debtors 2,257 1,543

Allowance for impairment – (149)

2,257 1,394

Loans receivable 350 400

Allowance for impairment (100) –

250 400

Accrued income 859 1,822

GST receivable 207 282

3,573 3,898

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Note 6 RECEIVABLES (continued)

(b) Trade debtors aging analysis

Current 2,182 1,357

30 – 60 Days 39 161

60 – 90 Days 19 –

Over 90 Days 17 25

2,257 1,543

(c) Movement in allowance for impairment

Balance at beginning of year 149 21

Increase/(decrease) in allowance recognised in profi t or loss (28) 150

Amounts written off during the year (21) (22)

Balance at the end of the year 100 149

(d) Credit Risk

Refer to Note 15(c) for information on the credit risk exposure of the Trust’s assets.

Note 7 INVENTORIES AND OTHER CURRENT ASSETS

Inventories

Accounting Policy

Inventories are valued at the lower of cost or net realisable value and are comprised of stock for the Trust’s catering operations.

Cost is assigned on a weighted average basis and includes expenditure incurred in acquiring the inventory and bringing it to its existing condition.

Net realisable value is determined on the basis of the Trust’s normal selling patterns.

Prepayments

Accounting Policy

Prepayments are recognised and recorded when payments are made in advance of receiving goods and services.

Deferred Expenses

Accounting Policy

Deferred expenses are recognised when payments are made for goods or services received during the year, which will then be used in a future year to produce revenue. Deferred expenses are in relation to costs incurred in productions and shows to be produced by the Trust.

2016 2015 $’000 $’000

Inventories 294 283

Prepayments 180 238

Deferred Expenses 337 –

811 521


36


Note 8 INTANGIBLE ASSETS

Accounting Policy

Intangible assets of the Trust comprise purchased software.

Intangible assets with a cost or other value equal to or greater than $100,000 are recognised in the fi nancial statements. Items with a lesser value are expensed. Each intangible asset, less any anticipated residual value, is amortised over its estimated useful life to the Trust. The residual value is zero for all the Trust’s intangible assets.

Key Estimate: For software purchased the useful life is 5 years.

It has been determined that there is no active market for any of the Trust’s intangible assets. Therefore the assets are recognised at cost less accumulated amortisation and any impairment loss.

All intangible assets are assessed for indicators of impairment on an annual basis. If an indicator of possible impairment exists, the Trust determines the asset’s recoverable amount. Any amount by which the asset’s carrying amount exceeds the recoverable amount is recorded as an impairment loss.

Intangible assets are principally assessed for impairment by reference to the actual and expected continuing use of the asset by the Trust, including discontinuing the use of the software. Recoverable amount is determined as the higher of the asset’s fair value less costs to sell and depreciated replacement cost.

There have been no disposals of intangible assets during the year ended 30 June 2016, nor does any intangible asset form part of a disposal group held for sale at 30 June 2016.

2016 2015 $’000 $’000

Software

– at cost 756 517

less: accumulated amortisation (756) (517)

Total Intangible Assets – net book value – –

Software with a cost of $239,000 and a carrying value of $nil were transfered from Property, Plant and Equipment to Intangible assets during the year.

Note 9 PROPERTY, PLANT AND EQUIPMENT

(a) Recognition and Measurement

Accounting Policy

Acquisitions

Historical cost is used for the initial recording of all acquisitions of assets. Historical cost is defi ned as the value given as consideration at the date of acquisition plus any incidental costs attributable to the acquisition.

Recognition Thresholds

Items of property, plant and equipment with a cost or other value equal to or in excess of the following thresholds are capitalised in the year of acquisition. All other items are expensed in the year of acquisition:

– Buildings and Infrastructure $10,000

– Land $1

– Plant and equipment $5,000

– Heritage and cultural assets $5,000

Revaluation

Land, buildings, heritage and cultural assets are measured at fair value less any subsequent accumulated depreciation and subsequent accumulated impairment losses where applicable. All other assets are measured at cost less any subsequent accumulated depreciation and subsequent accumulated impairment losses where applicable. This is in accordance with the AASB 116 Property, Plant & Equipment, AASB 13 Fair Value Measurement and the Queensland Treasury’s Non-Current Asset Accounting Policies for the Queensland Public Sector.

Non-current physical assets measured at fair value are comprehensively revalued at least once every fi ve years unless there are indicators that suggest the asset has experienced a signifi cant and volatile change in value since the last reporting period in which case a new specifi c comprehensive valuation is undertaken.

Separately identifi ed components of assets are measured on the same basis as the assets to which they relate.

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Note 9 PROPERTY, PLANT AND EQUIPMENT

(a) Accounting Policy – Recognition and Measurement (continued)

Where the assets are revalued, the revaluation increments are credited directly to the asset revaluation surplus except to the extent that an increment reverses a prior year decrement for that class of asset that had been recognised as an expense, in which case the increment is recognised as revenue up to the amount of the expense. Revaluation decrements are recognised as an expense except where prior increments are included in the asset revaluation surplus for that class of asset, in which case the decrement is taken to the reserve to the extent of the remaining increments. Within the same class of assets, revaluation increments and decrements within the year are offset.

Repairs and maintenance

Routine maintenance, repair costs and minor renewal costs are expensed as incurred. Where the repair relates to the replacement of a component of an asset and the cost exceeds the capitalisation threshold the cost is capitalised and depreciated.

2016 2015 $’000 $’000 Buildings

– at independent valuation – (2015) 150 150

less: accumulated depreciation (7) –

143 150

Land

– at independent valuation – (2015) 4,350 4,350

Leasehold Improvements

– at cost 1,826 1,790

less: accumulated depreciation (853) (686)

973 1,104

Plant and Equipment

– at cost 11,119 11,180

less: accumulated depreciation (7,821) (7,479)

3,298 3,701

Heritage and cultural assets (Concert Hall Grand Organ)

– at independent valuation – (2015) 2,520 2,520

less accumulated depreciation (60) –

2,460 2,520

Motor Vehicles

– at cost 108 145

less: accumulated depreciation (4) (37) less: accumulated depreciation (4) (37) 104 108

Work in progress 578 192

Total Property, Plant and Equipment – net book value 11,906 12,125

Independent valuations of land, buildings, heritage and cultural assets were performed as at 30 June 2015 by an independent valuer API qualifi ed in Queensland on behalf of AssetVal Pty Ltd using ‘fair value’ principles.

For heritage and cultural assets, the basis of valuation is depreciated current replacement cost.

The Trust’s land and building was valued using both the capitalisation method and the direct comparison method. The capitalisation approach is where the estimated net market rental is capitalised at a market derived yield to arrive at a capitalised value. The direct comparison approach is where sales of similar type of properties have been compared to the subject property on a rate per square metre basis.

Software with a cost of $239,000 and a carrying value of $nil were transferred from Property, Plant and Equipment to Intangible assets during the year.


38


Note 9 PROPERTY, PLANT AND EQUIPMENT (continued)

(b) Fair Value Measurement

Accounting Policy

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions (i.e. an exit price) regardless of whether that price is directly derived from observable inputs or estimated using another valuation technique.

Observable inputs are publicly available data that are relevant to the characteristics of the assets/liabilities being valued. Observable inputs used by the Trust include, but are not limited to, published sales data for land and general offi ce buildings.

Unobservable inputs are data, assumptions and judgements that are not available publicly, but are relevant to the characteristics of the assets/liabilities being valued. Signifi cant unobservable inputs used by the Trust include, but are not limited to, subjective adjustments made to observable data to take account of the characteristics of the Trust’s assets/liabilities, internal records of recent construction costs (and/or estimates of such costs for assets’ characteristics/functionality) and assessments of physical condition and remaining useful life. Unobservable inputs are used to the extent that suffi cient, relevant and reliable observable inputs are not available for assets/liabilities.

A fair value measurement of a non-fi nancial asset takes into account a market participant’s ability to generate economic benefi ts by using the asset in its highest and best use.

All assets and liabilities of the Trust for which fair value is measured or disclosed in the fi nancial statements are categorised within the following fair value hierarchy, based on the data and assumptions used in the most recent specifi c appraisals:

• level 1 – represents fair value measurements that refl ect unadjusted quoted market prices in active markets for identical assets and liabilities;

• level 2 – represents fair value measurements that are substantially derived from inputs (other than quoted prices included within level 1) that are observable, either directly or indirectly; and

• level 3 – represents fair value measurements that are substantially derived from unobservable inputs.

None of the Trust’s valuations of assets or liabilities are eligible for categorisation into level 1 of the fair value hierarchy. There were no transfers of assets between fair value hierarchy levels during the period.

(c) Depreciation of Property, Plant and Equipment

Accounting Policy

Land is not depreciated as it has an unlimited useful life.

Depreciation on buildings, plant and equipment and motor vehicles, is calculated on a straight-line basis so as to write-off the net cost or revalued amount of each depreciable asset, less its estimated residual value, progressively over its estimated useful life to the Trust.

Capital work-in-progress is not depreciated until it reaches service delivery capacity.

Where assets have separately identifi able components, these components are assigned useful lives distinct from the asset to which they relate. Any expenditure that increases the originally assessed capacity or service potential of an asset is capitalised and the new depreciable amount is depreciated over the remaining useful life.

The depreciable amount of improvements to or on leasehold land is allocated progressively over the estimated useful lives of the improvements to the Trust.

Major depreciation rates used are listed below and are consistent with the prior year unless otherwise stated:

Buildings and leasehold improvements 4 to 20%

Motor vehicles 20%

Plant and equipment 1 to 33%

Concert Hall Grand Organ 2%

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Note 9 PROPERTY, PLANT AND EQUIPMENT (continued)

(d) Impairment

Accounting Policy

All non-current physical assets are assessed for indicators of impairment on an annual basis. If an indicator of possible impairment exists, the Trust determines the asset’s recoverable amount. Any amount by which the asset’s carrying amount exceeds the recoverable amount is recorded as an impairment loss.

Recoverable amount is determined as the higher of the asset’s fair value less costs to sell and depreciated replacement cost.

Key judgement: Impairment indicators

Indicators of impairment are: market value of the asset has declined signifi cantly, negative change in technology, markets, economic conditions or laws, obsolescence or physical damage to the asset, asset idleness, discontinued or restructured operations, and economic performance of the asset is worse than expected.

An impairment loss is recognised immediately in the Statement of Comprehensive Income, unless the asset is carried at a revalued amount. When the asset is measured at a revalued amount, the impairment loss is offest against the asset revaluation surplus of the relevant class to the extent available.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income, unless the asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.


40


Note 9 PROPERTY, PLANT & EQUIPMENT (continued)

(e) Reconciliation of Property, Plant and Equipment

Carrying value at 1 July 2015

$’000Acquisitions

$’000Disposals

$’000

Transfers between classes $’000

Revaluation$’000

Depreciation $’000

Carrying value at 30 June 2016

$’000Fair Value

Disclosures

Land 4,350 - - - - - 4,350 Level 2

Buildings 150 - - - - (7) 143 Level 2

Leasehold Improvements 1,104 - - 36 - (167) 973

Plant and Equipment 3,700 - - 186 - (588) 3,298

Motor Vehicles 108 - - - - (4) 104

Grand Organ 2,520 - - - - (60) 2,460 Level 3

Capital work in progress 192 608 - (222) - - 578

Total 12,124 608 - - - (826) 11,906

Carrying value at 1 July 2014

$’000Acquisitions

$’000Disposals

$’000

Transfers between classes $’000

Revaluation$’000

Depreciation$’000

Carrying value at 30 June 2015

$’000Fair Value

Disclosures

Land 2,050 - - - 2,300 - 4,350 Level 2

Buildings 226 - - - (64) (12) 150 Level 2

Leasehold Improvements 680 - - 570 - (147) 1,104

Plant and Equipment 2,895 - - 1,410 - (604) 3,701

Motor Vehicles - - - 108 - - 108

Grand Organ 2,572 - - - 13 (65) 2,520 Level 3

Capital work in progress 308 1,972 - (2,088) - - 192

Total 8,731 1,972 - - 2,249 (827) 12,125

Note 10 PAYABLES

Accounting Policy

Payables are recognised for amounts payable in the future for goods and services received, whether or not billed to the Trust. Creditors are included at the nominal amount i.e. agreed purchase price less any applicable discounts. Amounts owing are generally unsecured, not subject to interest charges and are normally settled within 30 days of invoice receipt.

2016 2015 $’000 $’000

Trade creditors 1,073 2,011

Other creditors 1,862 2,822

GST Payable 198 216

3,133 5,049

Note 11 ACCRUED EMPLOYEE BENEFITS

Accounting Policy

Refer to Note 4(a) for accounting policies. 2016 2015 $’000 $’000

Annual leave 1,192 1,052

Wages and salaries payable 273 75

1,465 1,127

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Note 12 UNEARNED REVENUE

Accounting Policy

An advance received by the Trust is a liability (unearned revenue) until such time as the goods or services have been delivered or performed and the contract completed. 2016 2015 $’000 $’000

Unearned revenue 131 89

Note 13 ASSET REVALUATION SURPLUS BY ASSET CLASS

Balance 1 July 2015$000

Revaluation Increments$000

Revaluation Decrements$000

Balance 30 June 2016$000

Land 3,900 – – 3,900

Buildings 91 – – 91

Heritage and cultural assets 1,838 – – 1,838

5,829 – – 5,829

Balance 1 July 2014$000

Revaluation Increments$000

Revaluation Decrements$000

Balance 30 June 2015$000

Land 1,600 2,300 – 3,900

Buildings 155 (64) – 91

Heritage and cultural assets 1,825 13 – 1,838

3,580 2,249 – 5,829

Note 14 RESERVES

Accounting Policy

The general reserves are backed by cash or cash equivalent investments that are set aside for specifi c purposes as detailed below:

Building Development Reserve

This reserve has been established as the Trust is mindful of the need to undertake major building upgrades in future years for areas such as catering facilities, entertaining by corporate sponsors and offi ce accommodation.

Equipment Replacement Reserve

The balance of this reserve represents funds held for future replacement ot the Trust’s general equipment needs, including information technology and theatre production equipment. The level of this reserve as at 30 June 2016 represents 16% of the total accumulated depreciation of the Trust’s property, plant and equipment.

Working Capital Reserve

The Working Capital Reserve provides for fl uctuations in working capital due to the volatile nature of the performing arts industry.

Commercial Development Reserve

The Commercial Development Reserve is to offset the fi nancial risks associated with investments in co-presentations with commercial organisations or strategic productions undertaken by the Trust on a commercial basis.

Forward Exchange Contract (FEC) Reserve

At year-end the Trust remeasures the forward exchange contract at fair value. The change in the forward exchange rate changes the fair value of the forward exchange contract. This creates an asset or liability depending on whether it is a gain or loss. The gain or loss is deferred in a the Forward Exchange Contract Reserve account in equity. Where year-end does not fall between the inception date and the maturity date, there will be no need to remeasure the forward exchange contract at fair value during the life of the forward exchange contract.

When the forward exchange contract is executed and the payment is made on maturity date, the forward exchange contract asset or liability needs to be derecognised and the Forward Exchange Contract Reserve needs to be reclassifi ed as an expense or revenue.


42


SECTION 4

NOTES ABOUT RISK AND OTHER ACCOUNTING UNCERTAINTIES

Note 15 FINANCIAL INSTRUMENTS

Accounting Policy

Recognition

Financial assets and fi nancial liabilities are recognised in the Statement of Financial Position when the Trust becomes party to the contractual provisions of the fi nancial instrument.

Classifi cation

Financial instruments are classifi ed and measured as follows :

– Receivables – held at amortised cost

– Payables – held at amortised cost

– Cash and cash equivalents – at fair value

– Foreign currency hedge – at fair value

On 29th January 2015, a Derivative Transactions Master Agreement between Queensland Treasury Corporation and the Trust was entered into which outlines the terms and conditions upon which Queensland Treasury Corporation as an agent is able to undertake an appropriate process to execute foreign exchange hedging transactions for the Trust in accordance with the Queensland Treasury’s Derivative Transactions Policy Guidelines (March 2002) (as amended) (“the Derivatives Policy”).

A gain or loss is recognised between the derivative rate and the market rate of the derivative exposure at 30 June 2016. This amount is recognised in the forward exchange contract reserve and receivables.

(a) General Objectives, Policies and Processes

The Trust is exposed to risks that arise from its use of fi nancial instruments. This note describes the Trust’s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these fi nancial statements.

There have been no substantial changes in the Trust’s exposure to fi nancial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from the previous periods unless otherwise stated in this note.

The Board has overall responsibility for the determination of the Trust’s risk management objectives and policies and, designing and operating processes that ensure the effective implementation of the objectives and policies to the Trust. The Trust’s risk management policies and objectives are therefore designed to minimise the potential impacts of these risks on the results of the Trust, where such impacts may be material. The Risk Management Audit Committee (RMAC) receives quarterly reports from the Trust’s Director of Corporate Services, through which it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies it sets. The Trust’s internal auditors also review the risk management policies and processes and report their fi ndings to the RMAC, which in turn reports to the Board.

The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Trust’s competitiveness and fl exibility. Further details regarding these policies are set out below:

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Note 15 FINANCIAL INSTRUMENTS (continued)

(b) Interest Rate Risk

The exposure to interest rate risks and the effective interest rates of fi nancial assets and fi nancial liabilities, both recognised and unrecognised at balance date are as follows:

Floating Interest Rate 1 Year or less

Non Interest Bearing Total

Weighted Average Rate

2016$’000

2016$’000

2016$’000

2016$’000

2016%

Financial Assets

Cash on hand and at bank 387 – 102 489 0.35%

Short term securities – 8,105 – 8,105 3.08%

Receivables – – 3,573 3,573 –

Financial Liabilities

Payables – – 3,133 3,133 –

2015$’000

2015$’000

2015$’000

2015$’000

2015%

Financial Assets 723 – 101 824 0.64%

Cash on hand and at bank – 8,923 – 8,923 3.43%

Short term securities – – 3,898 3,898 –

Receivables Financial Liabilities – – 5,049 5,049 –

Payables The Trust does not undertake any hedging in relation to interest rate risk and manages its risks based on the strategies developed by the Board.

(c) Credit Risk

Credit risk exposure refers to the situation where the Trust may incur fi nancial loss as a result of another party to a fi nancial instrument failing to discharge their obligation.

The maximum exposure to credit risk at balance date in relation to each class of recognised fi nancial asset is represented by the carrying amount of those assets inclusive of any provisions for impairment. There are no concentrations of credit risk as the Trust has a large number of customers. The Trust’s policy is that sales are only made to customers that are credit worthy.

The Trust hold monies in trust from ticket sales monies until the completion of the performance or event when the funds are released to the promoter after deducting the Trust’s receivables.

The Trust deposits with Queensland Treasury Corporation and uses Australia and New Zealand Banking Group Limited for transactional banking. The Board believes that the credit risk associated with these fi nancial institutions is low.

The maximum exposure to credit 2016 2015

risk at balance date is as follows : $’000 $’000

Financial Assets

Cash on hand and at bank 489 824

Short term securities 8,105 8,923

Receivables 3,573 3,898

12,167 13,645


44


Note 15 FINANCIAL INSTRUMENTS (continued)

(d) Liquidity Risk

Liquidity risk refers to the situation where the Trust may encounter diffi culty in meeting obligations associated with fi nancial liabilities that are settled by delivering cash or another fi nancial asset.

The Trust is exposed to liquidity risk through its trading in the normal course of business.

The Trust manages liquidity risk through use of the Financial Reserves Policy. This policy aims to reduce exposure to liquidity risk by ensuring the Trust has suffi cient funds available to meet employee and supplier obligations as they fall due. This is achieved by ensuring that minimum levels of cash are held within the various bank accounts so as to match the expected duration of the various employee and supplier liabilities.

The following table sets out the liquidity risks of the Trust’s fi nancial assets and liabilities. It represents the contractual maturity of fi nancial assets and liabilities.

Maturity Analysis

Less than 1 month

1 - 3 months 3 months to 1 year

Greater than 1 year

Carrying Amount

2016$’000

2016$’000

2016$’000

2016$’000

2016$’000

Financial Assets

Cash on hand and at bank 489 – – – 489

Short term securities 8,105 – – – 8,105

Receivables 3,498 39 36 – 3,573


Payables 3,133 – – – 3,133

Foreign currency hedge liability – 214 – – 214

2015$’000

2015$’000

2015$’000

2015$’000

2015$’000

Financial Assets

Cash on hand and at bank

Short term securities

Receivables

824 – – – 824

8,923 – – – 8,923

3,712 161 25 – 3,898


Payables 5,049 – – – 5,049

(e) Net Fair Value

It is considered that the net fair value of the fi nancial assets and fi nancial liabilities of the Trust approximate the book values due to their short term to maturity.

(f ) Foreign Currency Exchange Risk

The Trust uses foreign exchange contracts to eliminate the risk of changes to the foreign currency exchange rate. Forward exchange contracts are taken up for the entire amount of the hedged item. At 30 June 2016 the Trust has entered into foreign exchange hedge contract for 145,000 Euro.

As at 30 June 2016, the Trust has unrealised forward exchange contract gain of $3,107.

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Note 16 NEW AND REVISED ACCOUNTING STANDARDS

AASB 9 Financial Instruments and AASB 2014-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2014) will become effective for reporting periods beginning on or after 1 January 2018. The main impacts of these standards on the Trust are that they will change the requirements for the classifi cation, measurement and disclosures associated with the Trust’s fi nancial assets. AASB 9 will introduce different criteria for whether fi nancial assets can be measured at amortised cost or fair value.

The Trust has commenced reviewing the measurement of its fi nancial assets against the new AASB 9 classifi cation and measurement requirements. However, as the classifi cation of fi nancial assets at the date of initial application of AASB 9 will depend on the facts and circumstances existing at that date, the Trust’s conclusions will not be confi rmed until closer to that time. At this stage, and assuming no change in the types of transactions the Trust enters into, all of the Trust’s fi nancial assets are expected to be required to be measured at fair value, and classifi ed accordingly (instead of the measurement classifi cations presently used in Note 15). In the case of the Trust’s current receivables, as they are short-term in nature, the carrying amount is expected to be a reasonable approximation of fair value. Changes in the fair value of those assets will be refl ected in the Trust’s operating result.

The Trust will not need to restate comparative fi gures for fi nancial instruments on adopting AASB 9 as from 2017-18. However, changed disclosure requirements will apply from that time. A number of one-off disclosures will be required in the 2017-18 fi nancial statements to explain the impact of adopting AASB 9.

AASB 15 Revenue from Contracts with Customers

This Standard will become effective from reporting periods beginning on or after 1 January 2018 and contains much more detailed requirements for the accounting for certain types of revenue from customers. Depending on the specifi c contractual terms, the new requirements may potentially result in a change to the timing of revenue from sales of the Trust’s goods and services, such that some revenue may need to be deferred to a later reporting period to the extent that the Trust has received cash but has not met its associated obligations (such amounts would be reported as a liability (unearned revenue) in the meantime). The Trust is yet to complete its analysis of current arrangements for sale of its goods and services, but at this stage does not expect a signifi cant impact on its present accounting practices.

AASB 16 Leases

Unlike AABS 117 Leases, AASB 16 introduces a single lease accounting model for lessees. Lessees will be required to recognise a right-of-use asset (representing rights to use the underlying leased asset) and a liability (representing the obligation to make lease payments) for all leases with a term of more than 12 months, unless the underlying assets are of low value.

In effect, the majority of operating leases (as defi ned by the current AASB 117) will be reported on the statement of fi nancial position under AASB 16. There will be a signifi cant increase in assets and liabilities for agencies that lease assets. The impact on the reported assets and liabilities would be largely in proportion to the scale of the agency’s leasing activities.

The right-of-use asset will be initially recognised at cost, consisting of the initial amount of the associated lease liability, plus any lease payments made to the lessor at or before the commencement date, less any lease incentive received, the initial estimate of restoration costs and any initial direct costs incurred by the lessee. The right-of-use asset will give rise to a depreciation expense.

The lease liability will be initially recognised at an amount equal to the present value of the lease payments during the lease term that are not yet paid. Current operating lease rental payments will no longer be expensed in the Statement of Comprehensive Income. They will be apportioned between a reduction in the recognised lease liability and the implicit fi nance charge (the effective rate of interest) in the lease. The fi nance cost will also be recognised as an expense.

AASB 16 allows a ‘cumulative approach’ rather than full retrospective application to recognising existing operating leases. If a lessee chooses to apply the ‘cumulative approach’, it does not need to restate comparative information. Instead, the cumulative effect of applying the standard is recognised as an adjustment to the opening balance of accumulated surplus (or other component of equity, as appropriate) at the date of initial application. The Trust will await further guidance from Queensland Treasury on the transitional accounting method to be applied.

The Trust has not yet quantifi ed the impact on the Statement of Comprehensive Income or the Statement of Financial Position of applying AASB 16 to its current operating leases, including the extent of additional disclosure required.


46


SECTION 5

NOTES ON OTHER ACCOUNTING INFORMATION

Note 17 SERVICES AND ASSETS PROVIDED TO THE TRUST

Arts Queensland, through the Department of Premier and Cabinet, owns and maintains the Performing Arts Centre premises on behalf of the State of Queensland. The Trust is provided with the use of the building and items of fi tout, including certain items of plant and equipment that are not performance related, by way of a service level agreement with the Corporate Administration Agency (CAA). As described in note 3(b) the Trust pays rent below fair value for the use of premises in the Cultural Precinct.

Note 18 MONIES HELD IN TRUST

A separate Trust Fund bank account is maintained to hold ticket sales monies until the completion of the performance or event when the funds are released to the promoter. As the Trust is only the custodian of these monies, they are not refl ected in the Financial Statements.

Interest earned on the Trust monies held are included as Other Revenue in the Financial Statements. The balance of monies invested at 30 June 2016 was $22.621 million (2015 - $20.304 million).

Note 19 INSURANCE

The Trust’s non-current physical assets and other risks are insured through the Queensland Government Insurance Fund, premiums being paid on a risk assessed basis. In addition the Trust pays premiums to Workcover Queensand in respect of all obligations for employee compensation.

Note 20 TAXATION

The activities of the Trust are exempt from Commonwealth taxation except for Fringe Benefi ts Tax (FBT) and Goods and Services Tax (GST). As such, input tax credits receivable from and GST payable to the Australian Taxation Offi ce are recognised.

Note 21 AFTER BALANCE DATE EVENTS

No matters or circumstances have arisen since the end of the fi nancial year which signifi cantly affected or may signifi cantly affect the operations of the Trust, the results of those operations, or the state of affairs of the Trust in future fi nancial years.

Note 22 COMMITMENTS

2016 2015 $’000 $’000

Capital Expenditure Commitments

Material classes of capital expenditure commitments inclusiveof anticipated GST, contracted for at reporting date but not recognisedin the accounts are payable as follows:

Plant & EquipmentPayable:Not later than one year 380 189

Later than one year and not later than fi ve years – –

Later than fi ve years – –

380 189 Note 23 CONTINGENCIES

As at 30 June 2016 there are no material contingent liabilities for the Trust.

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Note 24 STATEMENT OF CASH FLOWS

2016 2015 $’000 $’000

Reconciliation of operating result to net cash (used in) provided by operating activities

Operating result 126 112

Depreciation and amortisation 826 827

Net (Gain)/Loss on sale of non-current assets (11) (15)

Forward exchange contract unrealised gain 3 –

Change in operating assets and liabilities: (Increase)/decrease in receivables 250 (3)

(Increase)/decrease in inventories (11) 59

(Increase)/decrease in prepayments 58 536

(Increase)/decrease in deferred expenses (337) –

(Increase)/decrease in GST input tax credits receivables 75 (98)

Increase/(decrease) in GST payables (18) 57

Increase/(decrease) in payables (1,898) 1,246

Increase/(decrease) in accrued employee benefi ts 338 (373)

Increase/(decrease) in unearned income 43 (911)

Net cash provided by (used in) operating activities (556) 1,437

Note 25 FIRST YEAR APPLICATION OF NEW ACCOUNTING STANDARDS

There are two Australian Accounting Standards which have been early adopted for the 2015-16 year as required by Queensland Treasury:

AASB 2015-2 amendments to Australian Accounting Standards - Disclosure Initiative: Amendments to AASB 101 [AASB 7, AASB 101, AASB 134 & AASB 1049]

The amendments arising from this standard seek to improve fi nancial reporting by providing fl exibility as to the ordering of notes, the identifi cation and location of signifi cant accounting policies and the presentation of sub-totals, and provides clarity on aggregating line items. It also emphasises only including material disclosures in the notes. The Trust has applied this fl exibility in preparing the 2015-16 fi nancial statements, including co-locating signifi cant accounting policies with the related breakdowns of fi nancial statement fi gures in the notes. AASB 2015-7 Amendments to Australian Accounting Standards - Fair Value Disclosures of Not-for-Profi ts Public Sector entities [AASB 13]

The amendments provide relief from certain disclosures about fair values categorised as level 3 under the fair value hierarchy (refer to note 9(b). Accordingly, the following disclosures for level 3 fair values in note 9(e) will no longer be required:

• the disaggregation of certain gains/losses on assets refl ected in the operating result;

• quantitative information about the signifi cant unobservable inputs used in the fair value measurement; and

• a description of the sensitivity of the fair value measurement to changes in the unobservable inputs.


48


Note 26 REMUNERATION OF TRUST MEMBERS

Remuneration paid or payable to the Trust Members for attendances fo meetings held during 2015-16 was as follows:

2016 2015 $’000 $’000S. A. Mitchell 9 11

R. M. White 6 8

S. A. Gallaher 8 9

M. C. Power 7 9

C.R. Freeman 16 20

K.M. Blucher 6 8

52 65

Note 27 KEY MANAGEMENT PERSONNEL AND REMUNERATION

Accounting Policy

Key management personnel and remuneration disclosures are made in accordance with section 5 of the Financial Reporting Requirements for Queensland Government Agencies issued by Queensland Treasury.

a) Key management personnel

The following details for key management personnel include those positions that had authority and responsibility for planning, directing and controlling the activities of the Trust during 2015-16. Further information on these positions can be found in the body of the annual report under the section relating to Executive Management.

Position Responsibilities

Current incumbents

Contract classifi cation and appointment authority

Date appointed to position (Date resigned

from position)

Chief Executive Responsible for the Trust’s vision to be an internationally recognised destination for performing arts and entertainment experiences by providing strategic direction and leadership for the Trust.

Employment contract/terms and conditions specifi ed in the contract/Governor in Council/Queensland Performing Arts Trust Act 1977

11-Dec-08

Executive Director – Presenter Services

To create, manage and implement the Presenter Services strategies of the Trust including initiatives of the CE, commercial productions and programs that fulfi l the Trust’s commitment to social justice, education, research, heritage and community cultural development.

Employment contract/appointment by Chief Executive/Queensland Performing Arts Trust Act 1977

28-Oct-09

Executive Director – Corporate Services

To provide strategic advice and support to the Board, CE and senior management of the Trust to ensure the achievement of the strategic targets agreed with the Minister in the Strategic and Operational Plans.


25-May-04

Executive Director – Patron Services

To lead the Trust’s operations and service delivery units and continuously improve the standard of the Trust’s services so it can satisfy it’s stakeholders now and into the future.


9-Jun-14

Executive Director – Marketing and Communications

To develop and manage innovative and integrated marketing strategies to achieve the Trust’s strategic goals and organisational priorities, maximise participation in and the profi tability of all programs and events at the Trust.


20-Jan-14

Executive Director – Development

To develop commercial partnership and fundraising strategies that deliver immediate and future income streams to the Trust, ensuring sustainability for Trust’s performing arts.


2-Nov-15

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Note 27 KEY MANAGEMENT PERSONNEL AND REMUNERATION (continued)

b) Remuneration

Remuneration policy for the Trust’s key management personnel is set by the Queensland Public Service Commission as provided for under the Public Service Act 2008. The remuneration and other terms of employment for the key management personnel are specifi ed in the employment contracts. The contracts provide for the provision of performance-related cash bonuses and other benefi ts including motor vehicles and car parking.

Remuneration packages for key management personnel comprise the following components:-

• Short term employee benefi ts which include:

Base – consisting of base salary, allowances and leave entitlements paid and provided for the entire year or that part of the year during which the employee occupied the specifi ed position. Amounts disclosed equal the amount expensed in the Statement of Comprehensive Income.

• Non- monetary benefi ts - consisting of provision of parking and/or vehicle together with fringe benefi ts tax applicable to the benefi t.

• Long term employee benefi ts include long service leave. The Trust contributes to the Government long service leave central scheme which incurs the liability and subsequent payment of any long service leave payments that become due.

• Post employment benefi ts include superannuation contributions.

• Redundancy payments are not provided for within individual contracts of employment. Contracts of employment provide only for notice periods or payment in lieu of notice on termination, regardless of the reason for termination.

• Performance bonuses are not provided for within individual contracts of employment.

Total fi xed remuneration is calculated on a “total cost” basis and includes the base, non-monetary benefi ts, long term employee benefi ts and post employment benefi ts 1 July 2015 - 30 June 2016

Position

Short term employee benefi ts Post employment benefi ts

Termination benefi ts

Total Remuneration

Base$’000

Non-Monetary benefi ts

$’000 $’000 $’000 $’000

Chief Executive 306 7 36 – 349

Director – Presenter Services 205 5 28 – 238

Director – Corporate Services 179 5 25 – 209

Director – Patron Services 185 6 21 – 212

Director – Marketing 169 6 16 – 191

Director – Development 113 2 14 – 129

Total Remuneration 1,157 31 140 – 1,328

1 July 2014 - 30 June 2015

Position

Short term employee benefi ts Post employment benefi ts

Termination benefi ts

Total Remuneration

Base$’000

Non-Monetary benefi ts

$’000 $’000 $’000 $’000

Chief Executive 272 7 31 – 310

Director – Presenter Services 206 5 27 – 238

Director – Corporate Services 181 5 24 – 210

Director – Patron Services 174 5 16 – 195

Director – Marketing 152 5 14 – 171

Total Remuneration 985 27 112 – 1,124


50


SECTION 6 NOTES ABOUT OUR PERFORMANCE COMPARED TO BUDGET

Note 28 BUDGET VS ACTUAL COMPARISON

A budget vs actual comparison, and explanations of major variances, have not been included for Statement of Changes in Equity, as major variances relating to that statement have been addressed in explanations of major variances for other statements.

(a) Statement of Comprehensive Income

Original Variance Budget Actual % of Budget Variance 2016 2016 Variance Notes $’000 $’000 $’000

Income from continuing operations

Revenues from service activities 1 40,690 41,014 324 1%

Grants and other contributions 2 9,330 17,132 7,802 84%

Other revenue 3 1,480 1,737 257 17%

Gains

Gain on sale of property plant and equipment – 11 11 –

Total Income from continuing operations 51,500 59,894 8,394 16%

Expenses from continuing operations

Employee expenses 4 29,683 29,857 174 1%

Supplies and services 5 20,545 28,932 8,387 41%

Depreciation and amortisation 6 874 826 (48) (5%)

Other expenses 7 398 153 (245) (62%)

Total expenses from continuing operations 51,500 59,768 8,268 16%

Operating result from continuing operations – – 126 126 –


Items that will not be reclassifi ed subsequently to

Operating Result:

Forward exchange contract unrealised gain – 3 3 –

Increase in asset revaluation surplus – – – –

Total comprehensive income – 129 129 –

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Note 28 BUDGET VS ACTUAL COMPARISON (continued)

(c) Statement of Cash Flows

Original Budget Actual Variance 2016 2016 Variance Variance Notes $’000 $’000 $’000 % of Budget

Cash fl ows from operating activities

Infl ows

Revenues from service activities 1 40,744 41,234 490 1%

Grants and other contributions 9,330 9,416 86 1%

Interest 749 823 74 10%

GST collected from customers 14 3,029 3,486 457 15%

GST input tax credits received 1,546 3,416 1,870 121%

Other revenues 731 914 183 25%

Outfl ows

Employee expenses 4 (29,688) (29,517) 171 (1%)

Supplies and services 5 (20,652) (24,883) (4,231) 20%

GST paid on purchases 14 (1,512) (1,940) (428) 28%

GST paid to ATO 15 (3,153) (3,505) (352) 11%

Net cash provided by (used in) operating activities 1,124 (556) (1,680) (149%)

Cash fl ows from investing activities

Proceeds from sale of plant and equipment – 11 11 –

Payments for plant and equipment 9 (750) (608) 142 19%

Net cash used in investing activities (750) (597) 153 20%

Net decrease in cash and cash equivalents 374 (1,153) (1,527) (408%)

Cash and cash equivalents at the beginning of fi nancial year 9,747 9,747 –

Cash and cash equivalents at the end of fi nancial year 10,121 8,594 (1,527) (15%)


52


Note 28 BUDGET VS ACTUAL COMPARISON (continued)

(d) Major variations between 2015-16 budget and 2015-16 actual include:

Statement of Comprehensive Income

1. An increase in Revenues from service activities primarily due to increased commercial projects, production investment and increased food and beverage sales.

2. An increase in grants and other contributions was due to the fi rst time recognition of contributions in relation to rent charged by Arts Queensland at below fair value.

3. An increase in other revenue primarily due to increased sponsorship income.

4. An increase in Employee expenses primarily due to increase in shows undertaken as co-production resulting in greater production costs recognised as expenses and greater than expected food and beverage operating hours.

5. An increase in Supplies and services primarily due to the fi rst time recognition of rent expense provided by Arts Queensland below fair value, increased recoverable production costs and food and beverage costs as a result of increased commercial projects and increased food and beverage activities.

6. Decrease in depreciation primarily due to lower purchases of capital expenditure than budgeted for.

7. Decrease in other expenses primarily due write back of doubtful debts provided for in the previous year.

Statement of Financial Position

8. A decrease in Receivables primarily due less unsettled events than there were in the previous year.

9. A decrease in Property, plant and equipment primarily due to lower major projects and refurbishments.

10. A decrease in payables primarily due to less unsettled events than there were in the previous year.

11. An increase in accrued employee benefi ts primarily due to increased provision for annual leave in line with increased salaries and wages.

12. A decrease in other current liabilities primarily due to less ongoing sponsorship arrangement in place.

13. A decrease in the building, equipment and working capital reserves primarily due to adjustment to refl ect the level of fi nancial reserves linked to the level of working capital.

Cash Flow

14. An increase in GST collected from customers primarily due to increase in commercial activities and food and beverage sales.

15. An increase in GST paid to suppliers primarily due to increase in commercial activities and food and beverage purchases.

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CERTIFICATE OF THE QUEENSLAND PERFORMING ARTS TRUST

For the Year Ended 30 June 2016

These general purpose fi nancial statements have been prepared pursuant to section 62 (1) of the Financial Accountability Act 2009 (the Act), relevant sections of the Financial and Performance Management Standard 2009, the Australian Charities and Non-for-profi t Commission Act 2012 and other prescribed requirements. In accordance with section 62 (1)(b) of the Act we certify that in our opinion:

(a) the prescribed requirements for the establishment and keeping of accounts have been complied with in all material respects; and

(b) the statements have been drawn up to present a true and fair view, in accordance with prescribed accounting standards, of the transactions of the Queensland Performing Arts Trust for the fi nancial year ended 30 June 2016 and of the fi nancial position as at the end of that year.

(c) these assertions are based on an appropriate system of internal controls and risk management processes being effective, in all material respects, with respect to fi nancial reporting throughout the reporting period.

Date: 13 September 2016

Christopher Freeman AMChair

John KotzasDirector

Kieron Roost CPAExecutive Director – Corporate Services

CE RT I F IC ATE OF TH E QUE E N SL A N D PE RFO RM I NG A RTS TRU STFor the Year Ended 30 June 2016


54

INDEPENDENT AUDITOR’S REPORT

To the Board of Queensland Performing Arts Trust

Report on the Financial Report

I have audited the accompanying fi nancial report of the Queensland Performing Arts Trust, which comprises the statement of fi nancial position as at 30 June 2016, the statement of comprehensive income, statement of changes in equity and statement of cash fl ows for the year then ended, notes to the fi nancial statements including signifi cant accounting policies and other explanatory information, and certifi cates given by the Chair, Director and Acing Executive – Director Corporate Services.

The Board’s Responsibility for the Financial Report

The Board is responsible for the preparation of the fi nancial report that gives a true and fair view in accordance with prescribed accounting requirement identifi ed in the Financial Accountability Act 2009 and the Financial and Performance Management Standard 2009, including compliance with Australian Accounting Standards. The Board’s responsibility also includes such internal control as the Board determines is necessary to enable the preparation of the fi nancial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

My responsibility is to express an opinion on the fi nancial report based on the audit. The audit was conducted in accordance with the Auditor-General of Queensland Auditing Standards, which incorporate the Australian Auditing Standards. Those standards require compliance with relevant ethical requirements relating to audit engagements and that the audit is planned and performed to obtain reasonable assurance about whether the fi nancial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the fi nancial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the fi nancial report that gives a true and fair view 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 entity’s internal control, other than expressing an opinion on compliance with prescribed requirements. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board as well as evaluating the overall presentation of the fi nancial report including any mandatory fi nancial reporting requirements approved by the Treasurer for application in Queensland.

I believe that the audit evidence obtained is suffi cient and appropriate to provide a basis for my audit opinion.

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P CHRISTENSEN FCPA Queensland Audit Offi ce(As Delegate of the Auditor-General of Queensland) Brisbane

Independence

The Auditor-General Act 2009 promotes the independence of the Auditor-General and all authorised auditors. The Auditor-General is the auditor of all Queensland public sector entities and can be removed only by Parliament.

The Auditor-General may conduct an audit in any way considered appropriate and is not subject to direction by any person about the way in which audit powers are to be exercised. The Auditor-General has for the purposes of conducting an audit, access to all documents and property and can report to Parliament matters in which the Auditor-General’s opinion are signifi cant.

Opinion

In accordance with s.40 of the Auditor-General Act 2009 –

(a) I have received all the information and explanations which I have required; and

(b) in my opinion –

(i) the prescribed requirements in relation to the establishment and keeping of accounts have been compiled with in all material aspects; and

(ii) the fi nancial report presents a true and fair view, in accordance with the prescribed accounting standards, of the transactions of the Queensland Performing Arts Trust for the fi nancial year 1 July 2015 to 30 June 2016 and of the fi nancial position as at the end of that year.

Emphasis of Matter

Without qualifi cation to the opinion expressed above, attention is drawn to the following matter. The amounts disclosed in Note 27 Key Management Personnel and Remuneration in the short term employee benefi ts column have been restated. The 2015-16 amounts were overstated by $50 000 and the 2014-15 comparative amounts were understated by $25 000, in the previously issued fi nancial report for 2015-16. As a result of this misstatement, this revised fi nancial report, was prepared and certifi ed by management on 13 September 2016. Consequently, the fi nancial report was previously certifi ed by management on 24 August 2016 and the accompanying auditor’s report signed on 29 August 2016 were withdrawn and should not be used for any purpose.

Other Matters – Electronic Presentation of the Audited Financial Report

Those viewing an electronic presentation of these fi nancial statements should note that audit does not provide assurance on the integrity of the information presented electronically and does not provide an opinion on any information which may be hyperlinked to or from the fi nancial statements. If users of the fi nancial statements are concerned with the inherent risks arising from electronic presentation of information, they are advised to refer to the printed copy of the audited fi nancial statements to confi rm the accuracy of this electronically presented information.

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Governance

Organisational Structure

INFORMATION,COMMUNICATION AND

TECHNOLOGY (ICT)

EXECUTIVE DIRECTORCORPORATE SERVICES

KIERON ROOST

KITCHEN OPERATIONS

EXECUTIVE DIRECTORPATRON SERVICES

JACKIE BRANCH

FACILITIES ANDMAINTENANCE

SECURITY

DIGITAL MARKETING

EXECUTIVE DIRECTORMARKETING &

COMMUNICATIONSROXANNE HOPKINS

QPACBOARD OF TRUSTEES

OUT OF THE BOX

EXECUTIVE DIRECTORPROGRAMMING

ROSS CUNNINGHAM

EXECUTIVE DIRECTORDEVELOPMENTMEGAN KAIR

CORPORATEPARTNERSHIPS

PHILANTHROPY

OFFICE OF THE CHIEF EXECUTIVE

CHIEF EXECUTIVEJOHN KOTZAS

STRATEGICCOMMUNICATIONS

& PUBLICITY

MARKETINGPROGRAMMING

COMMERCIALPROGRAMMING/

VENUE HIRE

PRODUCTIONSERVICES

QTIX

HUMAN RESOURCESAND ORGANISATIONAL

DEVELOPMENT & WORKHEALTH AND SAFETY

FINANCE ANDBUSINESS

FUNCTIONS

FOOD AND BEVERAGEOPERATIONS

VISITOR SERVICES

Queensland Performing Arts Trust

The Act provides that the Board consists of the number of members appointed by the Governor in Council. In appointing a member, regard must be had to the person’s ability to contribute to the board’s performance and the implementation of its strategic and operational plans. A person is not eligible for appointment as a member if the person is not able to manage a corporation under the Corporations Act 2001 (Cth). Members are appointed for terms of not more than three years and are eligible for reappointment upon expiry of their terms. Members are appointed on the conditions decided by the Governor in Council.

During 2015-16, there were nine meetings of the Board and four meetings of the Risk Management and Audit Committee. Details of meeting attendance are as follows:

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Board Risk Management and Audit Committee

Eligible to attend

Attended Eligible to attend

Attended

Chris Freeman AM 9 9 4 3

Rhonda White AO 9 6 0 0

Kylie Blucher 9 9 0 0

Simon Gallaher 9 8 4 3

Sophie Mitchell 9 8 4 4

Mick Power AM 9 5 4 3

Board

Christopher R Freeman AMChairBCom FAICD FFIN FDI

Mr Freeman AM was born and educated in Queensland and has signifi cant company directorship experience in Australia and abroad in the arts, property, fi nance and sports administration sectors.

He has a passion for sport and the arts. His fi rst appointment in the arts was in 1997 as a Director of the Brisbane Biennial and subsequently Director of Brisbane Festival, followed by a term of six years as Chair of Major Brisbane Festivals Pty Ltd. In 2013 he was appointed Chair of the Board, Queensland Performing Arts Trust. He is currently a member of the Federal Government’s Major Performing Arts Panel which has the responsibility for funding Australia’s 28 major performing arts groups. Mr Freeman has a long history in tennis and is currently Vice President of Tennis Australia.

Mr Freeman has extensive experience in the property and fi nance sectors and currently holds the position of Chair of Urban Renewal for Brisbane City Council, Director of Brisbane Airport Corporation Ltd, Director of Sunland Group Ltd and is a former Chair of Watpac Limited. Prior to joining Watpac, he held the position of Chairman, Development for Queensland, United Kingdom and United Arab Emirates at Mirvac. Previous senior roles include Chief Executive Offi cer of Mirvac Queensland (1998 to 2008), Executive Director of Sunland Group and the Head of Business Banking at QIDC. Mr Freeman is a past President of the Urban Development Institute of Australia.

Mr Freeman was awarded a Member in the General Division of the Order of Australia (AM) in 2009 for his contribution to the property development industry, the arts and other cultural affairs. He holds a Bachelor of Commerce from the University of Queensland and is a Fellow of the Australian Institute of Company Directors, Financial Services Institute of Australasia and the Development Institute of Australia.

Rhonda White AODeputy ChairRhonda White is a co-founder of the Terry White Chemists Group and has been integral to the success of the brand. The franchise network has grown to 230 pharmacies in all states, employing over 5,000 staff with a turnover in excess of $1 billion.

A Pharmacist with a Bachelor of Arts and Postgraduate Diploma in Organisational Psychology from the University of Queensland, she currently serves as an Adjunct Professor, Faculty of Health at the Queensland University of Technology.

Ms White is a member of Terry White Group Limited Board, a Governor in Council appointee to the Griffi th University Council and a member of the National Gallery of Australia Council.

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Ms White was inducted into the Queensland Business Leaders Hall of Fame in September 2011 in recognition of exceptional entrepreneurship and innovation in national retailing, and signifi cant contributions to the community.

In December 2011, she was awarded a Doctor of the University by Griffi th University in recognition of her distinguished services to the Pharmacy Industry and to the University.

In June 2013, Ms White was appointed an Offi cer of the Order of Australia for distinguished service to the Pharmacy profession, particularly through contributions to education and retail practices and as a role model for women in business.

Kylie Blucher Kylie Blucher has an extensive knowledge of both the radio and television industry after more than 25 years working with both the Austereo Radio Network and the Nine Network. She has held various promotion, sales, marketing and publicity positions to become a highly respected and sought-after authority in the media industry.

Ms Blucher held various positions within Austereo, including Promotions and Marketing Director of B105 FM where she was involved in the strategic planning for the station. From this role she was promoted to the role of Promotions Manager at 2Day FM in Sydney – Australia’s largest radio market.

Ms Blucher then worked at the Triple M Network in the role of National Sales Promotions Director. Her responsibilities included creating and implementing network-based promotions nationwide. This involved working with some of the biggest agencies and clients in the country.

Returning to Brisbane, she moved into the television industry at Nine Queensland in 1997 where she has moved through the ranks as Marketing Director to Programming and Marketing Director, before taking on her current role in 2010 as Managing Director. In 2016 Ms Blucher also took up the role as Managing Director of NBN (regional NSW Channel Nine).

Ms Blucher has held Board positions with the Surf Lifesaving Queensland Foundation, the Major Brisbane Festivals Pty Ltd Board and the Queensland Eye Institute Foundation (previously the Prevent Blindness Foundation). Ms Blucher was Deputy Chair of Major Brisbane Festivals Pty Ltd when she resigned from the Board in 2007. She is currently on the Boards of Youngcare and the Queensland Performing Arts Trust.

Simon GallaherSimon Gallaher’s company, Essgee Entertainment, is a highly successful private performing arts company based in Queensland for the past 25 years. Mr Gallaher is best known to Australian audiences as a music theatre star, television and concert performer, singer, pianist and songwriter. He has also become one of Australia’s foremost theatrical producers. Essgee Entertainment has become a major entertainment presenter.

Mr Gallaher studied at the Queensland Conservatorium of Music before becoming a regular on The Mike Walsh Show and hosting his own night time television variety show on ABC TV. He has been awarded three Mo Variety Awards, a Logie Award, a Queenslander of the Year Commendation and an Advance Australia Award for his contributions to the arts and was twice voted Queensland’s Entertainer of the Year.

In 1984, he made the transition from television to the stage as Frederic in the Australian production of The Pirates of Penzance and later performed in other musicals including Hello Dolly, The Student Prince, and My Fair Lady.

In 1994, Mr Gallaher created a new stage production of The Pirates of Penzance which was a huge hit across Australia and New Zealand and received a triple platinum video and an ARIA Award. He then created new versions of The MikadoNew Zealand and received a triple platinum video and an ARIA Award. He then created new versions of The MikadoNew Zealand and received a triple platinum video and an ARIA Award. He then created new versions of and HMS Pinafore, and a new production of The Merry Widow. His company has also produced Terrence McNally’s Master Class and Sondheim’s A Funny Thing Happened on the Way to the Forum.

In 2001, he created a special revival production of The Pirates of Penzance which opened at QPAC and played through until The Pirates of Penzance which opened at QPAC and played through until The Pirates of Penzance2003. He has also produced the $6 million Australian musical Eureka (in 2004 in association with the Melbourne International Arts Festival) and a new production of The Mikado (which opened in Brisbane in 2008 and in Adelaide in 2009). He recently returned to the stage at QPAC in the Harvest Rain productions of Hairspray and Hairspray and Hairspray Spamalot and directed the 30th year Spamalot and directed the 30th year Spamalotanniversary production of The Pirates of Penzance as part of QPAC’s 30 year celebrations. He has also just concluded playing The Pirates of Penzance as part of QPAC’s 30 year celebrations. He has also just concluded playing The Pirates of PenzanceThe Wizard of Oz in the Australian production of WICKED.

Mr Gallaher was until recently the Chair of Harvest Rain Theatre Company and is currently appointed to the Board of the Queensland Theatre Company.

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Sophie Mitchell Sophie Mitchell is a Director of Morgans and has many years’ experience in the stockbroking and fi nance industry.

She has previously worked as portfolio manager for Seymour Funds Management, analyst for Morgans Stockbroking / ABN AMRO Morgans and a research analyst for McNab Clarke / CS First Boston.

Presently, Ms Mitchell is a Director of ASX-listed Flagship Investment Limited and Silver Chef Limited, the Morgans Foundation, Chairman of Norna Limited (formerly MTQ Insurance Limited, and a Member of the Australian Government Takeovers Panel and the Australian Council for the Arts, and the Queensland Advisory Board for Australian Super.

Ms Mitchell holds a Bachelor of Economics and a Diploma in Taxation Law. She has completed the AICD Directors Course and is a Senior Fellow of FINSIA (Financial Services Institute of Australasia).

Mick Power AM HonFIEAust, FAICD, FAIM

Founder of the BMD Group (BMD), Mick Power AM, has guided the organisation’s consistent growth and profi tability since its inception in 1979. Mick has more than 40 years of experience in all aspects of civil engineering, project management, construction and property investment.

Under his leadership, BMD has grown to become one of Australia’s largest privately owned construction and urban development organisations and today the Group employs approximately 1,700 people throughout the country and continues to record numerous milestones in each year of operation.

Most recently BMD is capitalising on a buoyant NSW market with numerous RMS projects concurrently underway, including the $509 million Bringelly Road Upgrade and the $140 million Schofi elds Road Stage 3 project. Other project highlights include BMD’s strong presence at the Port of Melbourne, performing as Managing Contractor for the Tiger Brennan Drive Duplication in Darwin, and the recently completed $1.5 billion Legacy Way Tunnel in Brisbane.

After expansion to Western Australia in 2014 and the award of BMD’s fi rst Tasmanian based project in 2015, the BMD Group became a truly national company with projects operating in every state and territory in Australia.

In 2014 BMD secured position 14 in Brookfi eld Multiplex’s Top Construction 100 based on contracts won for 2014/2015. Recently, BMD’s strategy of vertical integration has seen the highest levels of collaboration on projects across the Group’s fi ve business units, namely BMD Constructions, BMD Urban, Empower Engineers & Project Managers, JMac Constructions and Urbex.

Mick is an Honorary Ambassador of the City of Brisbane and a Board Member for the Greg Norman Golf Foundation, The Northcliffe Foundation, Mater Children’s Hospital Research Appeal and Leadership Gifts, Brisbane Lions Football Club and the Queensland Performing Arts Centre.

Mick is passionate about performing arts in Australia and together with his children, established production and investment organisation PowerArts. The organisation’s directive is to produce and invest intelligently with the goal of lifting the profi le of the arts in Australia, and cultivating new Australian talent.

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Executive Management

The Chief Executive is appointed as Director of the Queensland Performing Arts Trust under the Act by the Governor in Council upon recommendation by the Minister for the Arts approved by the Board. The Chief Executive is appointed for a term of not more than fi ve years and is eligible for reappointment upon expiry of the term. The Act provides that the Director’s duties are to manage QPAC, under the Board, and that QPAC may employ the persons it considers necessary to perform its functions.

Chief Executive: John KotzasThe Chief Executive’s responsibilities include provision of QPAC’s strategic direction and leadership and setting and driving its artistic vision. The Chief Executive is also responsible for facilities, maintenance and security.

Executive Director – Programming: Ross CunninghamThe Executive Director – Programming is responsible for: venue hire; commercial and QPAC programming, as well as the production services unit comprising staging, lighting; stage management; audio/visual and events management.

Executive Director – Marketing and Communications: Roxanne Hopkins The Executive Director – Marketing and Communications is responsible for: event marketing; digital marketing; brand management; research and insights; CRM implementation; and publicity management and strategic communications.

Executive Director – Development: Megan KairThe Executive Director – Development is responsible for corporate partnerships, fundraising and philanthropy.

Executive Director – Corporate Services: Kieron RoostThe Executive Director – Corporate Services is responsible for: fi nance and business; legal and governance; human resources and organisational development and workplace health and safety; information, communication and technology services; and qtix. The Executive Director – Corporate Services is also the Chief Financial Offi cer and Company Secretary for QPAC.

Executive Director – Patron Services: Jackie Branch The Executive Director – Patron Services is responsible for: visitor services; food and beverage operations; functions; and kitchen operations.

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Accountability

Public Sector EthicsThe Board members, the Chief Executive and all staff are bound by an internal Code of Conduct approved by the Board, in accordance with the Public Sector Ethics Act 1994. The ethics principles and values and the standards of conduct stated in the Code of Conduct are provided to all staff upon induction and available on QPAC’s intranet site. The Code of Conduct is available for inspection by any person at QPAC’s offi ces. Staff are given access to education and training about public sector ethics at regular intervals.

Following consultation with employees and the Media Entertainment and Arts Alliance (MEAA), QPAC’s updated Code of Conduct, based on the Queensland Public Service Code of Conduct with amendments to tailor the document for QPAC’s Queensland Public Service Code of Conduct with amendments to tailor the document for QPAC’s Queensland Public Service Code of Conductpurposes, was introduced to all employees in December 2015.

QPAC did not develop, approve or review any standards of practice under the Public Sector Ethics Act 1994 during the fi nancial year.

QPAC’s administrative procedures and management practices are developed and conducted having regard to the ethics principles set out in the Public Sector Ethics Act 1994 and QPAC’s Code of Conduct.

QPAC’s strategic plan 2015-2019 and its values are congruent with the public sector ethics principles and the Code of Conduct. Integrity and accountability are incorporated into all organisational decisions and activities. All employee agreements incorporate ethics priorities and the requirements of the Public Sector Ethics Act 1994.

Risk ManagementQPAC maintains a detailed Risk Management Plan consistent with the requirements of sections 15(1)(h) and 28 of the Financial and Performance Management Standard 1997.

As part of its broader risk management strategy, QPAC has identifi ed a number of operational risks that would impact negatively on the day to day operation of the business. The key operational risks are: power failure; any incident that results in a building evacuation placing patrons or staff at signifi cant risk; and failure of the ticketing system.

QPAC occupies a building owned and maintained by Arts Queensland. QPAC works with Arts Queensland to ensure that the facilities are maintained to the highest standards.

Risk Management and Audit CommitteeThe Risk Management and Audit Committee (RMAC) is a Board committee which meets at least quarterly to assist the Board in overseeing QPAC’s internal control, audit and risk management functions.

The RMAC is responsible for providing advice, comments and recommendations to the Board following review and assessment of budgets, fi nancial reporting, internal controls, risk management, internal audit, external audit, pricing, tenders, investment proposals, external investigations and other specifi c matters as required by the Board from time to time.

The RMAC is chaired by Sophie Mitchell and also comprises Chris Freeman AM, Simon Gallaher and Mick Power AM. In accordance with remuneration arrangements approved by the Governor in Council, the Chair receives an annual fee of $2,500 and members receive an annual fee of $1,000.

The RMAC has observed the terms of its charter and had due regard to Queensland Treasury’s Audit Committee Guidelines throughout the year.

External Audit RecommendationsAudit recommendations for the fi nancial statements for the year ending 30 June 2016 were presented to the RMAC on 16 August 2016. The recommendations were noted by the RMAC and management action in response to those recommendations was completed by management and reported back to the RMAC during the year.

An interim audit for the year ending 30 June 2016 was presented to the RMAC on 20 May 2016. The recommendations were noted by the RMAC and management action in response to those recommendations was completed by management and reported back to the RMAC during the year.

Internal AuditQPAC maintains a comprehensive internal audit program. A three year Internal Audit Strategic Plan has been developed and is reviewed annually.

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The Internal Auditor, appointed by the RMAC following a tender process, is independent of management and the external auditors.

In 2015-16, QPAC completed internal audits of payroll, software development process, indirect tax and gift register. The internal audit function had due regard to Queensland Treasury’s Audit Committee Guidelines.

External ScrutinyQPAC was not subject to any external audits or reviews during the fi nancial year (other than the audit reports on the fi nancial statements).

Ministerial DirectionsThe Premier and Minister for the Arts did not give any directions to QPAC during or relating to the fi nancial year.

Information Systems and RecordkeepingQPAC’s Information and Archives Unit has primary responsibility for managing corporate records and promoting good information management practices at QPAC.

QPAC’s vital records are captured and managed as a part of a broader records risk management strategy. This includes digital capture of vital records for easy day-to-day access and provision of recoverable digital and hardcopy backups in case of disaster. In addition, recordkeeping procedures have been incorporated into a number of workfl ows to improve accountability across the lifecycle of projects, events and initiatives.

QPAC’s compliance with requirements under the Public Records Act 2002 are facilitated through the use of HP Records Manager, which allows for the implementation of a Business Classifi cation Scheme, the application of current mandated retention and disposal schedules on all records, the insertion of appropriate security access controls and the auditing of all user activity in relation to captured records. QPAC has been involved in the consultation process for the new General Retention and Disposal Schedule due in September 2016. A major review of QPAC’s own retention and disposal schedule will be undertaken after the release of this document.

QPAC is progressively implementing the tools, strategies and processes to transition to a more digitally oriented records and information management environment. This is a business-wide initiative which will not only result in reduced administration costs, but also allow QPAC to better utilise its information assets. Regular updates on systems changes and broader information management issues are communicated to QPAC staff through articles in the monthly newsletter.

In the last twelve months, QPAC has implemented a major upgrade to the recordkeeping system, allowing integration with Microsoft SharePoint and improved usability for all users. A suite of new training documents has been prepared to accompany this change. Staff also began a process of replacing obsolete offsite storage containers with sturdier and more cost-effective options.

A small number of permanent records were transferred to the State Library of Queensland in the past 12 months under legal deposit obligations.

Additional InformationQPAC publishes the following information reporting requirements on the Queensland Government Open Data website (qld.gov.au/data) in lieu of inclusion in the annual report:

• Consultancies

• Overseas travel

• Government bodies.

Correction to Previous Annual ReportIn compiling the 2015-16 Annual Report, it was discovered that a reporting error was made in the 2014-15 Annual Report regarding the Operational Plan measure for Brand Identifi cation. Brand Identifi cation was shown in the 2014-15 Annual Report as 31% when the correct fi gure should have been 47%. The error was due to miscalculation of data.

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Workforce

Human ResourcesQPAC recorded 100% compliance with the Enterprise Bargaining Agreement and nil hours were lost to industrial disputation during this process. QPAC’s Enterprise Agreement was approved by the Fair Work Commission on 20 November 2015. QPAC’s Joint Consultative Committee continues to plays a vital role to ensure that employee representatives have the opportunity to raise and work through, organisational issues in a consultative forum with management.

As at 30 June 2016, QPAC’s workforce was made up of 345 full time equivalent staff. The permanent attrition rate was 5.76% and the permanent retention rate was 94.24%.

QPAC recognises the importance of offering work-life strategies to attract and retain skilled employees by offering fl exible working hours, part-time employment and working from home arrangements.

The Friends of QPAC Program continue to maintain a strong connection with previous QPAC employees who have dedicated fifteen years or more of service to QPAC. This program aims to continue QPAC’s engagement and recognition of past employees’ contribution and commitment. The program welcomed three new members in the 2015-16 fi nancial year and now has a total membership of 17.

Organisational CultureTo support and nurture a culture that provides the context for people to deliver their best work, QPAC conducted a complete refresh of the QPAC Values in 2015-16. The purpose of the QPAC Values is to ensure that staff clearly understand the kind of organisation QPAC is and the kind of behaviours in which QPAC employees engage.

The roll out of the refreshed Values included consultation with a pilot group of QPAC employees and a pulse survey to provide employees with an opportunity to familiarise themselves with and feel ownership of the refreshed Values. Employees were able to provide their input regarding the types of behaviours and actions they associate with each of the Values. The outcome of the survey produced a values “script”, or framework of guiding practices for each Value.

These refreshed QPAC Values also form the basis of QPAC’s Performance Framework and Reward and Recognition Framework.

QPAC’s Reward and Recognition program has continued to gain momentum since its inception in July 2007. The purpose of the program is to recognise and reward QPAC staff (as individuals or teams) who deliver over and beyond their usual duties, demonstrating the QPAC Values either internally or externally. In 2015-16, 158 employees were nominated by their managers and peers across the three award categories and 425 employees were nominated for on-the-spot prizes. In December 2015, two QPAC employees were awarded the yearly ‘Living the Values’ Award.

WellbeingIn 2015-16, the QPAC Wellness program was refreshed and rebranded, introducing four distinct elements of wellness. The four elements of the program are Move, Nourish, Balance and Support. A series of activities was offered to all staff in support of these areas. Employees from different work units were nominated as Wellness Champions to assist with spreading the Wellness message. Programs offered in 2016 included a Healthy Life Challenge, Quit the Sit program, Healthy Cooking Challenge, Superannuation, Health and Financial Wellbeing Zones, R U OK Day and fl u injections.

The Move element aims to provide employees with information to raise awareness of the benefi ts of moving their bodies and also to provide opportunities and inspiration to incorporate movement into their daily life, such as the QPAC Gym, weekly yoga classes and lunch time walks.

The Nourish element of the program is designed not only to educate staff on the benefi ts of a balanced diet, but also to inspire them to make and share their own creations. Activities included morning teas to demonstrate and encourage healthy baking skills and presentation of nutritional options in the Green Room (QPAC’s dining room for staff, performers and crew).

The Balance element aims to provide employees with resources and support for their mental wellbeing as well as the opportunity to engage in activities to help alleviate stress, such as monthly newsletter articles, the Employee Assistance Program, R U OK Day and a Wellness Noticeboard.R U OK Day and a Wellness Noticeboard.R U OK Day

Support is the element of the program which incorporates all the additional extras that contribute to making employees’ lives a little bit easier and happier, such as getting their fi nances in check, salary packaging, health checks, and competitive corporate health insurance.

In completing its twelfth year, QPAC’s Wellness program continues to grow and have a positive impact on employees.

64


Learning and DevelopmentQPAC’s competency framework continued to expand in 2015-16, demonstrating QPAC’s commitment to a working environment which enables staff to develop their skills, knowledge and effectiveness within QPAC and to promote improved performance in support of QPAC goals and priorities. A total of 170 different programs were completed, facilitating the achievement of 4,838 competencies.

QPAC’s Learning and Development Framework is based on four training pillars: Job Role Specifi c, Compliance, Professional Development and Career Planning.

In 2015-16, QPAC’s Learning Management System (LMS – a web based organisational Learning Centre) supported the introduction of a new employee “on-boarding” component as part of QPAC’s three stage induction program. Integral to this was a complete review and redevelopment of the Work Health and Safety Induction into an online course. The on-boarding program comprises the QPAC Work Health and Safety Induction, a Manual Handling Course and Assessment as well as a Workplace Bullying and Sexual Harassment in the Workplace prevention course.

The LMS is also used to further provide a broad range of fl exible and practical online learning solutions to support QPAC’s risk management, business and employee development objectives. The system offers over 300 professional development programs and also enables the online delivery of QPAC developed programs such as QPAC Fire and Emergency Evacuation Refresher training completed by all staff, Warden training and unit specifi c courses such as Beverage Training for Food and Beverage Attendants.

In 2015-16, QPAC’s safety culture was further embedded within the organisation by the development and roll out of a series of Safe Work Procedures to relevant unit staff to ensure understanding of and adherence to job or activity specifi c safe work practices. Training on a total of 275 specifi c Safe Work Procedures was delivered, both on the job and through the QPAC Learning Management System. Formalised Toolbox talks were also implemented in all relevant units to ensure that a culture of safety is maintained and that any unit specifi c hotspots are addressed in a timely manner.

To support the refreshed QPAC Wellness program, ergonomic assessments to ensure work stations are set up correctly form part of the new employee induction. A ‘train the trainer’ program was delivered to Wellness Champions to support the completion of ergonomic assessments in a timely manner.

As part of the Professional Development training pillar, QPAC managers and supervisors built on their knowledge and skills by attending an in-house six conversation program How to overcome the Six Most Common Leadership Mistakes. Following the refresh of the QPAC Values, managers attended a specially developed Values workshop to assist them in rolling out the values within their units. In 2015-16, QPAC’s Executive Coaching program was well established with more than 15 senior managers participating in this program. Several key managers also completed the AICD Company Directors Course.

To support frontline supervisors in developing their supervisory and team building skills, a further four supervisor conversations were facilitated. Each session dealt with one specifi c issue that frontline leaders face in their role. The program is designed so that learning takes place in three ways: before, during and after the conversation.

The QPAC specifi c Presenting, Infl uencing and Communicating Skills PLUS program was again delivered as well as the BELBIN Team Roles. In 2015-16, QPAC also offered identifi ed staff licences to Lynda.com, an online subscription library that teaches the latest software, creative, and business skills through high-quality instructional videos.

QPAC also continues to offer a Study Assistance Program for staff designed to assist with tertiary education and a Changing Places program designed to offer employees the opportunity to spend some time in a different area of the organisation.

Training on software such as Microsoft 365, Excel, Word, Outlook and other systems recurs regularly, to ensure staff have the required level of knowledge and skills effectively to complete their job roles.

QPAC continues to acknowledge the value of engaging with schools and tertiary institutions by providing work experience and industry placements. Throughout 2015-16, QPAC hosted nine work experience students across all three disciplines of the Production Services Unit (Lighting, Staging and Audio/Visual) as well as Finance and the Out of the Box Festival. QPAC also hosted fi ve internship students in the areas of Development, Publicity, Finance and Audio/Visual. In line with previous years, an Industry Day was organised for Tourism and Events students from Brisbane TAFE.

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Glossary

Term Description

Act Queensland Performing Arts Trust Act 1977

AICD Australian Institute of Company Directors

APAM Australian Performing Arts Market

Board QPAC’s Board, appointed as members of the Queensland Performing Arts Trust by the Governor in Council under the Queensland Performing Arts Trust Act 1977.

Centre Queensland Performing Arts Centre

Chief Executive QPAC’s Chief Executive, appointed by the Governor in Council as the Director of the Queensland Performing Arts Trust under the Queensland Performing Arts Trust Act 1977.

Concert Hall QPAC’s 1,800 seat theatre used primarily for classical music concerts and contemporary music.

Cremorne Theatre QPAC’s 300 seat theatre used for smaller theatre productions.

CRM Customer Relationship Management system (a digital software program).

Cultural Precinct The area of South Bank where the Queensland Government’s arts statutory bodies (QPAC, Queensland Art Gallery/Gallery of Modern Art, Queensland Museum) are co-located along with the State Library of Queensland.

Live Performance Australia The peak industry body for the Australian live performance industry.

LMS Learning Management System

Lyric Theatre QPAC’s 2,000 seat theatre used primarily for musicals, operas and large dance and music productions.

Opera Queensland Queensland’s fl agship opera company and one of QPAC’s home companies.

Out of the Box QPAC’s biennial festival for children aged 8 years and under. Held at QPAC and across the Cultural Precinct, OOTB is one of QPAC’s signature programming initiatives.

OZPAC The Australian Performing Arts Centres network comprising QPAC, Sydney Opera House, The Arts Centre – Melbourne, Adelaide Festival Centre and Auckland Live.

Performances Scheduled public activity presented indoors or outdoors by any presenter and offsite where the presenter is QPAC. Includes workshops and lectures.

Playhouse QPAC’s 850 seat theatre used primarily for theatre, classical and contemporary dance.

Public value The creation of public value is the ultimate goal or responsibility of public organisations such as QPAC, in order to fulfi l the political and social purpose for which they are created. QPAC demonstrates public value by providing positive outcomes and impacts for society and by engaging with stakeholders to shape the organisation’s aspirations and outcomes.

QPAC Queensland Performing Arts Centre.

QPAC Choir A contemporary community choir for adults aged 18 years and over. The QPAC Choir provides access to imaginative repertoire, challenging skill development, social opportunities and public performance.

QPAC International Series The QPAC International Series is a partnership between QPAC and Tourism and Events Queensland to bring some of the world’s best performing arts companies to perform exclusively in Brisbane.

QPAC Museum The QPAC Museum collects and preserves Queensland’s performing arts heritage, maintains QPAC’s event archives and provides community access to the collection through exhibitions and research facilities.

qtix QPAC’s ticketing service provider owned and operated by QPAC. Ticket sales are managed through phone, internet and mail systems as well as in person at the qtix Box Offi ce at QPAC and other ticket outlets.

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Term Description

Queensland Ballet Queensland’s fl agship classical dance company and one of QPAC’s home companies.

Queensland Symphony Orchestra Queensland’s fl agship orchestra and one of QPAC’s home companies.

Queensland Theatre Company Queensland’s fl agship theatre company and one of QPAC’s home companies.

QUT Queensland University of Technology

Risk Management and Audit Com-mittee

A sub-committee of the Board, responsible for assisting the Board in overseeing QPAC’s internal control, audit and risk management functions.

RMAC Risk Management and Audit Committee

Scholar in Residence A joint appointment between QUT and QPAC to bridge ideas and practice in arts and education. The role also looks at the everyday interconnections between QPAC, its audiences and communities to generate maximum value and impact from QPAC’s programs.

SDS Service Delivery Statements

Service Delivery Statements Financial and non-fi nancial information prepared for the state Budget process each year. A separate document is provided for each departmental portfolio and one for the Legislative Assembly of Queensland.

Venue utilisation The total number of days a venue is booked for performances, rehearsals, maintenance or other activities, as a percentage of 365 days.

67

2 0 1 5 - 2 0 1 6 A N N U A L R E P O R T

COMPLIANCE CHECKLIST

Summary of requirement Basis for requirementAnnual report

reference

Letter of compliance • A letter of compliance from the accountable offi cer or statutory body to the relevant Minister/s

ARRs – section 8 1

Accessibility • Table of contents

• Glossary

ARRs – section 10.1 2

65

• Public availability ARRs – section 10.2 Inside back cover

• Interpreter service statement Queensland Government Language Services Policy

ARRs – section 10.3

Inside back cover

• Copyright notice Copyright Act 1968


Inside back cover

• Information Licensing QGEA – Information Licens-ing


n/a

General information • Introductory Information ARRs – section 11.1 3

• Agency role and main functions ARRs – section 11.2 3

• Operating environment ARRs – section 11.3 9

Non-fi nancial performance

• Government’s objectives for the community ARRs – section 12.1 6

• Other whole-of-government plans / specifi c initiatives

ARRs – section 12.2 n/a

• Agency objectives and performance indicators

ARRs – section 12.3 10

• Agency service areas and service standards ARRs – section 12.4 20

Financial performance • Summary of fi nancial performance ARRs – section 13.1 21

Governance – management and structure

• Organisational structure ARRs – section 14.1 56

• Executive management ARRs – section 14.2 60

• Government bodies (statutory bodies and other entities)

ARRs – section 14.3 n/a

• Public Sector Ethics Act 1994 Public Sector Ethics Act 1994


61

Governance – risk management and accountability

• Risk management ARRs – section 15.1 61

• Audit committee ARRs – section 15.2 61

• Internal audit ARRs – section 15.3 61

• External scrutiny ARRs – section 15.4 62

• Information systems and recordkeeping ARRs – section 15.5 62

68


COMPLIANCE CHECKLIST

Summary of requirement Basis for requirementAnnual report

reference

Governance – human resources

• Workforce planning and performance ARRs – section 16.1 63

• Early retirement, redundancy and retrenchment

Directive No.11/12 Early Retirement, Redundancy and Retrenchment


n/a

Open Data • Consultancies ARRs – section 17


62

• Overseas travel ARRs – section 17


62

• Queensland Language Services Policy ARRs – section 17


n/a

Financial statements • Certifi cation of fi nancial statements FAA – section 62

FPMS – sections 42, 43 and 50


53

• Independent Auditors Report FAA – section 62

FPMS – section 50


54

FAA Financial Accountability Act 2009 FPMS Financial and Performance Management Standard 2009

ARRs Annual report requirements for Queensland Government agencies

Queensland Performing Arts Trust annual report for the year ended 30 June 2016

ISSN: 0156-9147

© Queensland Performing Arts Trust 2016

This annual report may be accessed at https://www.qpac.com.au/corporate/publications/annual-report/.

Please contact telephone 07 3840 7400 or email [email protected] for further information or to obtain a hard copy of the report.

The Queensland Government is committed to providing accessible services to Queenslanders from all culturally and linguistically diverse backgrounds. If you have diffi culty in understanding this report, please call 07 3840 7400 and we will arrange an interpreter to effectively communicate the report to you.

The Queensland Performing Arts Trust welcomes feedback on this annual report. Please complete the online feedback form on the Get Involved website.

Queensland Performing Arts TrustCorner of Grey and Melbourne Streets, South Bank

PO Box 3567 South Bank 4101

Telephone: 07 3840 7400

Facsimile: 07 3844 1859

Email: [email protected]

Website: www.qpac.com.au

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