Annual Report 2007

PHONOGRAPHIC PERFORMANCE COMPANY OF AUSTRALIA
ANNUAL REPORT 2007
V
V
HIGHLIGHTS
PPCA revenues, distributions, total public performance licences and the number of registered artists and groups
continued to increase in 2006-2007, maintaining our unbroken succession of improvements since 1990.
Income up 15% to $16,811,529
Distribution surplus up 22.6% to $12,666,828
Total public performance licences up 11.13% to 47,356
The PPCA Trust approved 25 applications for funding:
20 related to further education and research
5 for festivals, live music and local artists
V
V
CONTENTS
2
Chairman’s Report
11 Performers’ Trust Foundation
18 Special Purpose Financial Report
3
The Company
13 2007 Most Broadcast Recordings
39 Performers Trust Balance Sheet
4
Board Members
6
Management Report
14 Top 100 Most Broadcast Recordings
9
Communications
17 Most Broadcast Artists 2004 – 2006
and Artists
40 Appendix A. Sample Licence
Details form
41 Appendix B. Tariff Categories
V
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CHAIRMAN’S
REPORT
It’s my pleasure to report that once again, PPCA
has achieved record increases in income, licences
issued and distributable surplus for the financial year
ending 30 June 2007, continuing our unbroken
succession of growth since 1990.
PPCA’s income for the year ending 30 June 2007
increased to a record $A16.8 million, representing
an increase of 15% or $2.2 million on the 2006
financial year. This record increase in revenue
can once again be principally attributed to
significant growth in public performance licences
and revenues. At the end of the year the number
of active licences stood at 47,356 - 4,700 more
that the previous year, representing an increase of
11.13%. The continued development and expansion
of PPCA’s enforcement program has supported this
growth, with over 2,000 inspections carried out
across metropolitan and regional Australia. These
inspections target businesses playing copyright
protected sound recordings without the requisite
licence, and have resulted in a number of copyright
infringement proceedings in the Federal Magistrates’
court. I’m pleased to report that all proceedings have
concluded in PPCA’s favour.
At $A12.6 million, the 2007 distributable surplus
represents another record and a substantial increase
($2.3 million or 22.6%) on the previous financial
year. We look forward to distributing this sum to
our registered artists and licensor labels during
December 2007.
Without doubt, the key highlight this past year has
been in relation to the organisation’s review of the
tariffs associated with nightclubs and dance parties.
Commenced in 2004, the review process was
concluded in July 2007, when the Copyright Tribunal
handed down its decision on the tariff applicable for
these uses.
The Tribunal ordered that the PPCA licence fee in
relation to nightclubs be increased from a rate of
$0.077 to $1.05 per person of licensed capacity
per night of operation. The rate for dance parties
increased from $0.198 to $3.07 per person per
event.
PPCA is delighted with this result and looks forward
to providing a more equitable return for the use
sound recordings and music videos to Copyright
owners and Australian recording artists.
During the period PPCA has continued its partnership
with The Australian Music Prize (The Amp), with the
2006 prize being awarded to Augie March for their
album “Moo You Bloody Choir”. PPCA will continue
its partnership with “The Amp 2007” (which will be
awarded in early 2008). This initiative continues to
promote PPCA to a broad range of Australian artists,
while also promoting the health and growth of the
local industry both here and abroad.
Recently, PPCA also became a major sponsor
of The Song Room, a not-for-profit organisation
dedicated to providing music and arts programs
in Australian schools and communities. PPCA
committed to an annual grant of $50,000 per annum
for 3 years. PPCA’s donation to The Song Room will
ensure more music programs reach children and
communities disadvantaged through economic,
social and geographical circumstances, disability
and recent immigration.
During the period PPCA continued to engage
government at all levels promoting, in particular, the
removal of the 1% statutory cap on radio broadcast
licence fees. As reported last year, significant
progress was made with Federal Cabinet resolving to
abolish this anomalous cap, which unfairly prejudices
recording artists and record labels. We look forward
to progressing this matter during 2008.
2
As usual, PPCA’s compliance with the Copyright
Collecting Societies Code of Conduct was the
subject of an independent annual review and we are
pleased to advise that our compliance with the Code
has once again been confirmed.
PPCA’s information technology systems have
remained a key focus during the year, with new ecommerce functions launched on the PPCA website,
including an online licence application form as well
as online credit card payment facilities.
During the period the organisation expended
considerable effort to progress a review of its
ACCC Authorisation. I am pleased to be able to
report that the ACCC has reauthorised PPCA’s
collective licensing activities. In addition, the scope
of the authorisation has been extended to include
all of PPCA’s current and proposed future licensing
activities including:
• Music videos;
• Simulcasts and webcasts; and
• Certain on-demand licences (subject to the grant
of rights from PPCA licensors).
As anticipated, the Authorisation does impose some
conditions, and PPCA will be amending some of its
processes to accommodate these requirements.
Lastly, I’d like to take the opportunity to acknowledge
the significant contribution of my fellow Board
members and the management team. Without their
hard work and commitment the company’s many
achievements would not be possible.
John O’Donnell
PPCA Chairman
November 1, 2007
THE COMPANY
REGISTERED OFFICE
Level 4, 19 Harris Street, Pyrmont, NSW 2009 A.C.N 000 680 704 A.B.N 43 000 680 704
BANKERS
SOLICITORS
AUDITORS
Commonwealth Bank of Australia
Gilbert & Tobin
Deloitte Touche Tohmatsu
Stephen Peach
Maxine Chisholm
Christy Hayes
Chief Executive Officer
Licensing Manager
Communications Manager
Lynne Small
Linda Courtney
Stephen Conway
Manager - Finance,
Operations & Administration
Distribution Manager
Manager Business Technologies
Karen Ann Don
(Alternate for George William Ash)
Belinda Morrison
EXECUTIVE SECRETARIAT
DIRECTORS NOVEMBER 2007
George William Ash
Paul Adrian Christie
Raani Costelloe
(Alternate for Denis Anthony Handlin)
David William De Barran Cullen
Deborah Veronica Gervay
(Alternate for John O’Donnell)
Denis Anthony Handlin AM
3
Mark Narborough
(Alternate for Edward St John)
John Anthony O’Donnell
Edward Erskine St John
David Andrew Vodicka
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BOARD MEMBERS
AS AT NOVEMBER 2007
JOHN O’DONNELL
PPCA CHAIRMAN
John O’Donnell has worked
in the Australian music
industry for over 15 years.
After a period as a freelance
writer, he joined Rolling Stone
Magazine as Music Editor in 1988. In the early
90’s he co-founded and was the original Editor
of Juice Magazine. In 1994 he joined Sony Music
to begin the Murmur label and went on to sign a
range of acts including Silverchair, Jebediah and
Something For Kate.
In 1999, he was appointed head of A&R at Sony
Music Australia. In 2002 he joined EMI Australia
and was appointed Managing Director in July of
that year. John is also a Board Member of ARIA
GEORGE ASH
PPCA BOARD MEMBER
George Ash became a
member of the PPCA
Board in August 2003.
George is the Managing
Director
of
Universal
Music Australia (UMA), a division of the Universal
Music Group. Prior to George’s current position
with Universal Music Australia, he held positions
as Managing Director at Universal Music NZ,
Managing Director at MCA Geffen NZ and held
key management roles at BMG NZ. George has
also held roles in Polygram Manufacturing and in
the retail sector.
George’s passion for the music industry began as
a musician and has spanned 25 years including
holding a variety of roles in key industry bodies
within the New Zealand Industry before relocating
to Australia in his current role in 2001.
PAUL CHRISTIE
PPCA BOARD MEMBER –
ARTIST REPRESENTATIVE
Paul is a musician, currently
performing
with
Mondo
Rock, Rockhouse and The
Big Daddys. He devised The
Party Boys, attaining record concert ticket sales
and a No.1 Single along with platinum and gold
albums for EMI and SONY.
He has published two ‘how to’ books for music
industry starters, utilising these texts as curriculum
for his tenure as lecturer at the Australian Institute
of Music. Paul has also consulted with the NSW
Ministry for The Arts on contemporary music
education, conducting several highly successful
seminars for the Ministry over a 3 year period.
Paul has experience and understanding of
Information Technologies and has lived and
worked in New York 95/96/97, in film, and Los
Angeles in music. He is a passionate music lover
and staunch supporter of musicians and their
rights to broad based incomes. He is a member
of APRA, PPCA and a retired member of the
AMMF
4
BILL CULLEN
PPCA BOARD
MEMBER –
MANAGER
REPRESENTATIVE
Bill became a member
of board of the PPCA
in 2004 as the artist managers representative.
Bill is a partner in One Louder Entertainment,
the management home to Paul Kelly, End Of
Fashion, Shane Nicholson, Sarah Blasko and The
Morning After Girls. He has been involved in the
music business since leaving school, working at
Grant Thomas Management with acts such as
Crowded House and The Rockmelons. After that
Bill spent 5 years in London where he worked
with the legendary Pete Jenner (manager of Pink
Floyd, The Clash, Billy Bragg, etc), before going
on to co-manage New Zealand act OMC (How
Bizarre) who went on to a number one single and
gold album in the US. He returned to Australia
in 1999, and established One Louder, and has
since had platinum plus success with Alex Lloyd,
George and Amiel.
DENIS HANDLIN AM
PPCA BOARD MEMBER
Denis is the Chairman and
Chief Executive Officer
of Sony BMG Music
Entertainment
Australia
and New Zealand, having
previously held a number of senior positions
within Sony Music Entertainment Australia since
1971, including the CEO role since 1984.
Denis’ deep involvement in the music industry
is reflected in his current position as Chairman
of the Australian Recording Industry Association
(ARIA), and his previous experience as Chairman
of the ARIA Chart Committee. Denis has also
been a Chairman of PPCA and has served on the
committees of several industry associations.
In 2005, Denis was named a Member (AM) of
the Order of Australia in the General Division
for his service to the music industry, particularly
through the promotion of Australian musicians, to
professional organisations, and to the community
through fundraising for charitable organisations.
Denis is a co-founder and a Governor of the Sony
Foundation which has raised over $6 million in
six years for charitable causes. In 2003, he also
accepted the invitation to become a patron of
Youth Off The Streets charity.
LINDY MORRISON
PPCA BOARD MEMBER –
ARTIST REPRESENTATIVE
Lindy Morrison has been
a member of the PPCA
Board, as a representative
of registered Australian
recording artists, since
1993. Lindy toured the world as a drummer, with
Zero, The Go-Betweens and Cleopatra Wong,
from 1978 until 1992. Since then, Lindy has
worked around Australia as the musical director
or performer in shows, parades and festivals, and
has led drum and music workshops with many
diverse and varied community groups.
Lindy is also a Director on the Music Council
of Australia Board, and she is the National
Coordinator for Support Act Ltd—the benevolent
society for musicians and workers in the music
industry.
ED ST JOHN
PPCA BOARD MEMBER
Ed St John became a
member of the PPCA
Board in July 2001. Ed is
the President & CEO of
Warner Music Australasia,
a division of the Warner
Music Group. Prior to
joining Warner in February 2004, Ed was the
Managing Director of BMG Australia for four
years, having previously held a number of senior
positions within the company since joining in
1998. Ed has also held the position of Director
of Marketing at Columbia Records, a division of
Sony Music Australia.
Ed’s long association with the music industry
includes work as a television writer and producer,
specialising in music and entertainment-focused
programming and as a freelance music writer and
contributor to several key books on Australian
music.
5
DAVID VODICKA
PPCA BOARD
MEMBER –
LICENSOR
REPRESENTATIVE
David Vodicka is the
owner of Rubber
Records and the
principal of entertainment law firm Media Arts
Lawyers and has had extensive experience with
over 15 years practice representing musicians,
artists, composers, and recording and publishing
entities. He has dealt in all facets of law affecting
the creative industries, and has had considerable
hands on experience in the music recording and
publishing fields as director of independent label,
Rubber Records, and music publisher, Rubber
Music Publishing.
He is a passionate advocate for local music and
creative industries and presently is chairman
of the board of AIR (the Australian Independent
Record labels association), Vice President of
WIN (Worldwide Independent Network) and MIFF
(Melbourne International Film Festival) and is a
past board member of ARIA (Australian Recording
Industry Association).
He is also director of Screen Services, a
company aimed at providing a conduit for nonmusic businesses (film, TV, advertising, gaming)
to access music content from Screen Services
clients (copyright owners, composers)
V
V
MANAGEMENT
REPORT
Financial Performance
Continuing the trend of recent year’s, PPCA
performed extremely well in all areas of its business
during the 2006/2007 financial year, posting further
increases in revenue, public performance licence
numbers, distributable surplus and artist/licensor
registrations.
In the year ending 30 June 2007, PPCA’s revenue
increased to over $16.8 million representing a 15%
increase or $2.2 million on the previous financial
year.
The key contributor to this growth remains the
strong performance by the PPCA licensing
team in securing a substantial increase in public
performance licences. During the 12 months to
June 2007, an additional 4,743 public performance
licences were issued, bringing the total number
of active PPCA public performance licences to
47,356. This increase represents 11.13% growth
on the previous financial year and represents the
highest increase since 97/98.
The continued development and expansion of
PPCA’s enforcement program has again supported
the record growth in public performance licence
numbers, with over 2,000 inspections carried
out across metropolitan and regional Australia
since its launch in 2006. These inspections target
businesses playing copyright protected sound
recordings without the requisite licence, and have
resulted in a number of copyright infringement
proceedings in the Federal Magistrates’ court, all of
which have been concluded in PPCA’s favour.
Distribution
PPCA always strives to keep administrative
overheads as low as possible and this has
contributed to another record distributable surplus
for copyright owners and Australian recording
artists. At $12.6 million, the 2007 distributable
surplus represents a substantial increase of $2.3
million or 22.6% on the previous financial year.
It is also particularly pleasing to report that the
number of PPCA licensors increased substantially
during the period from 580 to over 700 copyright
owners which control the catalogues of over
7600 record labels. This substantial increase in
the coverage of PPCA’s blanket licence further
cements PPCA’s position as the most practical way
for business owners to fulfill their sound recording
copyright obligations if they choose to play a range
of recorded music in their business.
The graphs on page 8 of this report highlight the
growth in PPCA’s revenue, public performance
licence numbers and distributable surplus over the
past 15 years.
Communications
During the past 12 months to 30 June 2007, PPCA
has continued to develop its two-pronged marketing
and communication program focusing on raising
awareness of PPCA in the business community to
facilitate public performance licensing, while also
increasing our presence in the music community
to ensure artists and licensors are aware of the
benefits of being registered with PPCA.
During the period, PPCA’s licensee communications
have focused primarily on informing businesses and
industry groups about our enforcement program.
PPCA has for, a number of years, maintained
relationships with key industry groups, ensuring
relevant information relating to music licensing is
available to their members. During the past year,
this communication has focused on information
relating to PPCA’s enforcement program and our
progress with proceedings against businesses
that refuse to acknowledge their sound recording
6
copyright licensing obligations. In addition, a
number of editorial opportunities in key publications
were secured during the past twelve months again
focusing on helping businesses understand music
licensing and the consequences of infringing the
copyright of our members.
During the period, PPCA has continued to produce
a number of newsletters including “On the Record”
for registered artists and licensors and “In the Loop”
for all licensees.
As always, the PPCA website remains the
cornerstone of our communication program and
provides a wealth of timely, user-friendly information
on current issues relating to the industry. The
website will continue to be enhanced over the next
twelve months, to ensure that information needs are
met and relevance of information maintained.
Community Support
In August, PPCA’s commitment to developing
and supporting music in the community was
demonstrated through a donation of $50,000 to The
Song Room, a not-for-profit organisation dedicated
to providing music and arts programs in Australian
schools and communities, in particular focussing on
children and communities disadvantaged through
economic, social and geographical circumstances,
disability and recent immigration.
During the period PPCA continued to support
the Australian Music Prize, which in 2006 was
awarded to Augie March for their album ‘Moo You
Bloody Choir’. The winner of The Amp 2007 will be
announced in early 2008.
PPCA also continued its sponsorship of The
Deadlys, the Australian Songwriters Association
Awards and a number of small artist development
workshops.
Authorisations
During the year, PPCA successfully obtained reauthorisation from the Australian Competition and
Consumer Commission (ACCC).
PPCA has begun invoicing at the new rates, setting
aside the amounts resulting from the increase and
will include them for distribution only once the
appeal has been resolved.
The new authorisations extended the scope of the
activities authorised to include music videos, music
on hold, and a range of other communication
licences. They also extended the coverage to
include all licensors to PPCA from time to time. As
such, they represent a significant affirmation of the
public benefit delivered by PPCA to licensors and
licensees alike. In granting the further authorisations,
the ACCC imposed some additional conditions,
intended to enhance the public benefit of PPCA’s
activities.
As reported in last year’s annual report, in 2006
PPCA also began a review of the tariff relating to
fitness classes, consulting with a number of fitness
industry associations, including Fitness Australia,
regarding the rate payable under tariff V (the Fitness
Class Tariff).
The re-authorisation is a significant move forward
for the organisation that will enable the expansion
of our licensing scope and ensure further coverage
for all future licensors.
During the first part of 2008 PPCA will be rolling out
new input agreements incorporating the changes
required to comply with the new conditions and
will also be publishing information on its website
as to recordings in respect of which PPCA made
distributions for the 06/07 financial year.
Tariff Reviews
During the period, PPCA significantly progressed
its program to review key licence categories to
ensure they fairly represent the value that music
brings to business.
On 10 July 2007, the Copyright Tribunal handed
down its decision in relation to PPCA’s nightclub
and dance party licensing scheme, a review which
was initiated by PPCA in 2004. With respect to
nightclubs, a rate of $1.05 was set for each person
per night of operation, to be calculated on the
basis of the venue’s capacity. Further, for dances
and dance parties, the Tribunal adjusted the rate to
$3.07 for each person that attends each event.
At a hearing on 15 November 2007, the Tribunal
confirmed that nightclub licence fees payable
under the new scheme would be phased in over a
five year period. The new dance party rate of $3.07
will not be subject to a phase in period.
While the Australian Hotels Association (AHA) has
lodged an application in the Federal Court for a
review of the Tribunal’s decision of 10 July 2007,
On 8 December 2006, PPCA issued formal
proceedings in the Copyright Tribunal. The
Tribunal will conduct its review and will determine
a reasonable fee for the Fitness Class Tariff on the
basis of economic and other evidence. The revised
Fitness Class Tariff would apply to all businesses
and individuals licensed under PPCA’s tariff V.
It is anticipated that the hearing in the Copyright
Tribunal will take place in mid 2008.
Commercial Television
During 2007, PPCA liaised with the commercial
television representative body, Free TV, in relation to
re-negotiation of the scheme applicable to the use
of sound recordings by television broadcasters.
Another formal review of the Code is scheduled
for early 2008.
Support Act Limited
PPCA continued to assist Support Act Limited
(SAL), the Australian music industry’s benevolent
fund, with their core program of activities during the
year through the provision of practical assistance
with fundraising and administration. PPCA is proud
to be a founding member of SAL.
Information Systems
During 2007 PPCA continued its ongoing program
of upgrading our core information technology
systems. With replacement catalogue and
distribution systems now fully operational, work
has commenced on replacement finance and
customer licensing systems.
PPCA has also recently launched its new online
licence application form and online credit card
payment facility. These new functions, both
available on the PPCA website, ensure that applying
for a PPCA licence or changing licence details has
never been easier for business owners.
Unfortunately, as agreement could not be reached,
in December 2007 PPCA initiated proceedings in
the Copyright Tribunal.
We will continue to provide updates on all tariff
reviews and Tribunal matters in our newsletters and
on our website throughout 2008.
Code of Conduct
The voluntary Code of Conduct for Collecting
Societies (the Code), to which PPCA and a
number of other Australian collecting societies
subscribe, was reviewed over the period to ensure
its continued relevance in protecting the interests
of those who deal with collecting societies. The
revised Code was announced in June 2007 and
is now available on the PPCA website.
PPCA again received a favourable review in the
annual Code compliance review conducted by
independent Code Reviewer, the Hon James
Burchett, QC. PPCA’s continued compliance
with the Code affirms our commitment to fair and
efficient dealings with both copyright users and
copyright holders
7
Stephen Peach
Chief Executive Officer
Lynne Small
Manager
- Finance, Operations & Administration
SUMMARY
95
2.512
96
97
98
99
00
01
06
••
••
••
••
05
••
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••
••
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06
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02
03
04
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••
•
•
•
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•
•
•
•
•
•
•
••
••
••
••
••
•
13.367
11.934
••
••
••
••
91
92
93
94
95
96
97
98
8
99
00
01
02
03
••
••
••
••
04
39,540
••
••
••
••
36,469
••
••
••
••
35,496
••
••
••
••
34,451
••
••
••
••
33,290
32,961
••
••
••
••
30,285
••
••
••
••
26,965
•
•
•
•
•
•
•
•
21,421
••
••
••
••
18,726
••
••
••
••
16,050
••
••
••
••
13,100
••
••
••
••
9900
••
••
••
••
5200
••
••
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••
05
06
07
12.667
••
••
••
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10.329
••
••
••
••
11.183
9.897
8.419
••
••
••
••
04
10.016
••
••
••
••
03
••
••
••
••
8.827
••
••
••
••
6.618
6.336
5.963
••
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••
02
••
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••
••
8.127
••
••
••
••
01
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7.215
••
••
••
••
00
••
••
••
••
07
47,356
94
••
••
••
••
1.811
1.280
1.045
93
••
••
••
••
99
••
••
••
••
PUBLIC PEFORMANCE LICENCES
5000
50
45
40
35
30
25
20
15
10
5
92
••
••
••
••
98
••
••
••
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42,613
91
••
••
••
••
0.729
••
••
••
••
0.487
14
12
10
8
6
4
2
97
••
••
••
••
5.846
DISTRIBUTION (MILLIONS)
5.462
4.110
96
••
••
••
••
4.215
95
••
••
••
••
4.073
94
••
••
••
••
3.185
2.621
2.204
93
••
••
••
••
4.013
92
••
••
••
••
3.476
91
••
••
••
••
1.806
1.616
••
••
••
••
16.812
05
••
••
••
••
••
•
14.617
••
••
••
••
•
•
•
•
•
•
•
•
•
•
•
GROSS REVENUE (MILLIONS)
18
16
14
12
10
8
6
4
2
07
V
V
COMMUNICATIONS
1. The 13th Deadly’s, National Aboriginal
Torres Strait Islander Awards – proudly
sponsored by PPCA.
2. Congratulations to Augie March, winner
of The Amp 2006 and recipient of the
$25,000 cash prize supplied by PPCA,
for their album “Moo You Bloody Choir”.
Pictured with John O’ Donnell, PPCA
Chairman.
3. The Amp 2007 in partnership with
PPCA, again providing the $25,000
cash prize to the winner to be
announced in March 2008.
4. New Hilltop Hoods PPCA artist
advertisement.
5. Congratulations to Keren Alexander,
winner of the PPCA sponsored
“Best Performance Award” and Songs
for Children category winner for her
performance of “Animal Mix” at the
Australian Songwriters Association
National Songwriting Contest 2007.
Pictured with Lindy Morrison, PPCA
Artists Director.
6. Congratulations to Perama in Petersham
for winning the PPCA sponsored “Best
Greek Restaurant” at the Restaurant and
Catering NSW Metropolitan Awards for
Excellence (David Tsireka from Perema
pictured with Maxine Chisholm, PPCA
Licensing Manager).
7. Congratulations to Zest Restaurant
in Nelson Bay for winning the PPCA
sponsored “Best European Restaurant”
at the Regional Restaurant and Catering
NSW Awards for Excellence (Glenn and
Jenny Thompson from Zest pictured
with Maxine Chisholm, PPCA Licensing
Manager).
8. Congratulations to Lambert Vineyards
Restaurant in Wamboin for winning
the PPCA sponsored “Best Restaurant
in a Winery” Award at the ACT and
Southern NSW Restaurant and Catering
NSW Awards for Excellence (Pictured
with Maxine Chisholm, PPCA Licensing
Manager).
9. Congratulations to Lamaros in South
Melbourne, winner of the PPCA
sponsored Pub / Tavern Club restaurant
award at the Restaurant and Catering
VIC Awards for Excellence.
10. Congratulations to Ragazzi’s in Grange,
winner of the PPCA sponsored
best family establishment/restaurant
category of the Restaurant and
Catering QLD Brisbane Awards for
Excellence (Pictured with Maxine
Chisholm, PPCA Licensing Manager.)
11. The Song Room. Recipient of a
$50,000 donation from PPCA to assist
in bringing music and arts programs
to Australian schools and communities,
especially to those children and
communities disadvantaged through
economic, social and geographical
circumstances, disability and recent
immigration.
9
COMMUNICATIONS
1
4
7
8
5
9
2
6
10
3
10
11
PPCA
PERFORMERS TRUST
PPCA TRUST ACTIVITIES
THE NAMES OF THE RECIPIENTS ARE AS FOLLOWS:
Since its inception, PPCA has funded and co-administered with
the Musician’s Union and the Media Entertainment and Arts Alliance
(formerly Actor’s Equity) the “PPCA Trust”. The Trustees during the
period 1 July 2006 – 30 June 2007 were John O’Donnell, Stephen
Peach, Patricia Amphlett and Denis Shelverton.
Alison Bell
Alyson Patmore
Amy Elks
Australian Country Music Foundation
Ben Winkleman
Christian Luo
Craig Russell
Danica Balara
David Tookes
Duncan Rock
Jacklyn Bassanelli
Jennifer Monk
Kelly Ottaway
Kevin Hunt
Linda May-Han Oh
Mark Oliveiro
Matthew Boden
Mairi Ward
Melbourne International Festival of Bass Ltd
Music Council of Australia
Musicians Union of Australia
Roderick Greig
Rosny College
Ryszard Pusz
Simon Tedeschi
Simone Waiters
Sol Thomas
Stephen King
Support Act Ltd
Theresa Leung
West Australian Music Industry Association
In exercising their powers pursuant to the provisions of the Trust,
the Trustees have the power to pay or to apply the Trust Fund to or
for the benefit of such beneficiaries as the Trustees in their absolute
discretion from time to time determine in respect of one or more of
the following purposes:
1. performance at concerts at or for charitable institutions such
as hospitals or homes for the aged; or,
2. scholarships for the promotion and encouragement of
musical and theatrical education; or
3. the promotion and encouragement of the performing arts to
the general public; or, in particular,
4. the aid or assistance of any beneficiary who in the opinion of
the Trustees is unable to adequately maintain herself/himself
by her/his own exertions and other income.
Total funds provided since creating the Trust have been
$1,919,930 (up to 30 June 2007).
In the 2006-2007 year, four Trust meetings were held and 39
applications were put to the Trustees. Of these, 25 were approved
totaling $146,082. Of the successful applications 20 related to
further education and research; and 5 to festivals, live music and
local artists.
The Trust Balance Sheet can be found on page 39 of this report
V
V
Feedback from many of the grants recipients has been welcome
and useful. Here are some examples.
11
BEING HEARD
I’m writing to thank you for you accepting my grant application
to undertake the Masters of Music Program at the Manhattan
School of Music in September 2006. I am extremely grateful for
the $3000 which will help me tremendously.
I am so excited to be involved in the development of young
Tasmanian composers, songwriters and musicians who are
continually growing and evolving, and continuing to gain further
international recognition of Australian music.
During my time in New York I will notify you of my progress and
ensure you that the funding given to me will be used wisely.
Thank you again for helping me financially in pursuing my
musical development.
Sincerely,
Linda May-Han Oh
Sincerely yours
Alyson Patmore
Just a quick note to express my gratitude and most sincere
thanks for the grant you have provided which will enable my
studies with bassoonist Matthew Wilkie.
I am writing to say thank you for the financial assistance
awarded to my ‘Artist in residence’ recording and educational
sessions for the community radio station ArtSound FM in
Canberra.
You support has made possible a project I would otherwise
have not had the funds to fulfill. Thank you!
Your assistance has enabled many preparations to occur
without the stress of calculating for a financial loss.
Warm regards,
Thank you
Simone Walters
Yours sincerely
Kevin Hunt
12
2007
MOST BROADCAST
RECORDINGS AND ARTISTS
The PPCA Most Broadcast Lists continue to acknowledge the outstanding performance of certain acts in receiving extensive
airplay, as represented in PPCA’s Radio and TV Broadcast logs. The Most Broadcast Lists are compiled from the play list data
used by PPCA to distribute surplus income to Licensors, Artists and the PPCA Performers’ Trust foundation.
This year, the PPCA lists show that 16 Australian acts
made it into the Top 50 Most Played Artist Report, an
increase from 15 the previous year and 13 in 2005, whilst
28 songs from 20 different local artists feature in the Top
100 Most Broadcast Recordings.
P!nk tops the Top 50 Most Played Artist Report, followed
by Robbie Williams at 2, Nickelback at 3, and Eskimo
Joe, the highest placed Australian act, at 4. U2 rounds
out the top 5. Evermore is placed at 10, and along with
Eskimo Joe, Rogue Traders, Shannon Noll and INXS,
feature as one of the 5 most played Australian artists.
Australian artists feature heavily within the top 20 Most
Broadcast Recordings, with Eskimo Joe again the
highest placed local act at 6 with “Black Fingernails,
Red Wine”. Silverchair is at 7 with “Straight Lines”,
Rogue Traders at 11 with “In Love Again”, Eskimo Joe
at 16 with “Sarah”, Pete Murray at 18 with “Opportunity”
and Evermore at 20 with “Light Surrounding You”.
Eskimo Joe, Evermore and Shannon Noll each
contribute 3 tracks to the top 100, with 2 each
from Rogue Traders and The Veronicas.
P!nk also dominates the Top 100 Most Broadcast
Recordings, with “U + Ur Hand” at number one and
“Who Knew” at three. Snow Patrol slot in between with
“Chasing Cars”, Scissor Sisters’ “I Don’t Feel Like Dancin’”
is at 4 and Evanescence check in at 5 with “Call Me
When You’re Sober”.
V
V
*The period covered is the 2006/07 financial year.
13
TOP
100
MOST
BROADCAST
RECORDINGS
2007
V
V
THE CHART IS MEASURED BY COLLATING
TITLES THAT APPEAR IN THE PPCA
RADIO/TV BROADCAST LOGS DURING
THE PERIOD JULY TO JUNE EACH YEAR.
14
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
TRACK NAME
ARTIST NAME
U + Ur Hand
Chasing Cars
Who Knew
I Don’t Feel Like Dancin’
Call Me When You’re Sober
Black Fingernails, Red Wine
Straight Lines
Lips Of An Angel
How To Save A Life
SexyBack
In Love Again
I Write Sins Not Tragedies
The Sweet Escape
Ain’t No Other Man
Say It Right
Sarah
Irreplaceable
Opportunity
If Everyone Cared
Running
Light Surrounding You
Promiscuous
Buttons
What’s Left Of Me
Elevator Love
Nobody Knows
Lonely
Savin’ Me
Keep Holding On
What Goes Around.../...Comes Around
Crazy
Grace Kelly
Hands Open
Lovelight
Dani California
This Time I Know It’s For Real
Rock This Party (Everybody Dance Now)
Suddenly I See
Maneater
Hardest Part, The
Over My Head (Cable Car)
This Ain’t A Scene, It’s An Arms Race
Everybody’s Gone To War (Chris Lord-Alge Mix)
Tell Me Baby
20 Good Reasons
Sin Sin Sin
I’m Not Missing You
Forever Young
New York
When You Were Young
P!nk
Snow Patrol
P!nk
Scissor Sisters
Evanescence
Eskimo Joe
Silverchair
Hinder
The Fray
Justin Timberlake
Rogue Traders
Panic! At The Disco
Gwen Stefani
Christina Aguilera
Nelly Furtado
Eskimo Joe
Beyonce
Pete Murray
Nickelback
Evermore
Evermore
Nelly Furtado
The Pussycat Dolls
Nick Lachey
Guy Sebastian
P!nk
Shannon Noll
Nickelback
Avril Lavigne
Justin Timberlake
Gnarls Barkley
Mika
Snow Patrol
Robbie Williams
Red Hot Chili Peppers
Young Divas
Bob Sinclar
KT Tunstall
Nelly Furtado
Coldplay
The Fray
Fall Out Boy
Nerina Pallot
Red Hot Chili Peppers
Thirsty Merc
Robbie Williams
Stacie Orrico
Youth Group
Eskimo Joe
The Killers
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
15
TRACK NAME
ARTIST NAME
Leave Me Alone (I’m Lonely)
But It’s Better If You Do
Steer
I Wish I Was A Punk Rocker (With Flowers In My Hair)
Wisemen
My Love
Wait A Minute
Hit Me Up
Put Your Money Where Your Mouth Is
SOS
We’re Coming Home
Girlfriend (Radio Edit)
Joker & The Thief
Flaunt It
Far Away
Pictures
Don’t Give Up
Not Ready To Make Nice
Unfaithful
You Give Me Something
Revolution
Night of My Life
It’s Not Over
You’re All I Have
Walk Away
Too Little, Too Late
For You I Will (Confidence)
Love Generation
Waiting On The World To Change
Hips Don’t Lie
Makes Me Wonder
Little Wonders
Hurt
Candyman
When It All Falls Apart
Beautiful Liar
I Don’t Need A Man
Glamorous
Mistake
The Saints Are Coming
Keep Your Hands Off My Girl
Lost And Running
Now I Run
All Good Things (Come To An End)
Snow ((Hey Oh))
River, The
Over My Head (Cable Car) (Stripped (R) Version)
Pump It
Light Surrounding You (Live At The Chapel) (Video)
Catch My Disease
P!nk
Panic! At The Disco
Missy Higgins
Sandi Thom
James Blunt
Justin Timberlake
The Pussycat Dolls
Gia Farrell
Jet
Rihanna
Rogue Traders
Avril Lavigne
Wolfmother
TV Rock
Nickelback
Sneaky Sound System
Shannon Noll
Dixie Chicks
Rihanna
James Morrison (UK)
The Veronicas
Damien Leith
Daughtry
Snow Patrol
Kelly Clarkson
JoJo
Teddy Geiger
Bob Sinclar
John Mayer
Shakira
Maroon 5
Rob Thomas
Christina Aguilera
Christina Aguilera
The Veronicas
Beyonce
The Pussycat Dolls
Fergie
Stephanie McIntosh
U2
Good Charlotte
Powderfinger
Shannon Noll
Nelly Furtado
Red Hot Chili Peppers
Live
The Fray
Black Eyed Peas
Evermore
Ben Lee
50
MOST BROADCAST
ARTISTS 2007
THE CHART IS MEASURED BY COLLATING
TITLES THAT APPEAR IN THE PPCA
RADIO/TV BROADCAST LOGS DURING
THE PERIOD JULY TO JUNE EACH YEAR.
1.P!NK 2.ROBBIE WILLIAMS 3.NICKELBACK 4.ESKIMO JOE 5.U2
6.NELLY FURTADO 7.JUSTIN TIMBERLAKE 8.RED HOT CHILI PEPPERS
9.SNOW PATROL 10.EVERMORE 11.PUSSYCAT DOLLS 12.THE ROGUE
TRADERS 13.SHANNON NOLL 14.INXS 15.CHRISTINA AGUILERA 16.THE
FRAY 17.GWEN STEFANI 18.BEYONCE 19.KELLY CLARKSON 20.PETE
MURRAY 21.THE VERONICAS 22.PANIC! AT THE DISCO 23.COLDPLAY
24.EVANESCENCE 25.JET 26.RIHANNA 27.THE KILLERS 28.SCISSOR
SISTERS 29.POWDERFINGER 30.MADONNA 31.AVRIL LAVIGNE 32.BOB
SINCLAR 33.ROB THOMAS 34.SILVERCHAIR 35.KYLIE MINOGUE
36.JAMES BLUNT 37.GREEN DAY 38.HINDER 39.THIRSTY MERC
40.YOUNG DIVAS 41.MAROON 5 42.SNEAKY SOUND SYSTEM 43.BLACK
EYED PEAS 44.FERGIE 45.BERNARD FANNING 46.MISSY HIGGINS
47.QUEEN 48.ELTON JOHN 49.LIVE 50.FLEETWOOD MAC
16
MOST BROADCAST
ARTISTS 2004-2006
2004
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
Powderfinger
Kylie Minogue
Delta Goodrem
Robbie Williams
Matchbox 20
Christina Aguilera
Evanescence
Pink
Nickelback
Jet
Red Hot Chili Peppers
U2
Kelly Clarkson
Jewel
Good Charlotte
Dido
Avril Lavigne
Madonna
Black Eyed Peas
John Mayer
Live
Justin Timberlake
Outkast
Linkin Park
No Doubt
2005
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
Kylie Minogue
Maroon 5
U2
Missy Higgins
Green Day
Simple Plan
Avril Lavigne
Britney Spears
Powderfinger
Delta Goodrem
Jet
Kelly Clarkson
Destiny’s Child
Anastasia
Gwen Stefani
Nelly
Robbie Williams
Eminem
Guy Sebastian
Pete Murray
Killing Heidi
Good Charlotte
Usher
Matchbox 20
INXS
2006
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
17
Kelly Clarkson
Rob Thomas
Nickelback
Robbie Williams
Black Eyed Peas
Madonna
The Veronicas
Green Day
Shannon Noll
U2
Rogue Traders
Gwen Stefani
James Blunt
Pete Murray
Coldplay
Backstreet Boys
Bernard Fanning
Kylie Minogue
INXS
Ben Lee
Simple Plan
Sugababes
Foo Fighters
The Pussycat Dolls
Daniel Powter
SPECIAL
PURPOSE
FINANCIAL
REPORT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
19
Auditor’s Independence Declaration
21
Independent Audit Report
22
Directors’ Declaration
23
Income Statement
24
Balance Sheet
25
Statement of Recognised Income and Expense
26
Cash Flow Statement
27
Notes to the Financial Statements
28
V
V
Directors’ Report
18
V
V
DIRECTORS’
REPORT
The directors of Phonographic Performance Company of Australia Limited, submit herewith the annual financial report for the financial year
ended 30 June 2007. In order to comply with the provisions of the Corporations Act 2001 the directors report as follows:
The names and particulars of the directors of the company in office during or since the end of the financial year are:
George William Ash
Managing Director, Record Company
Paul Adrian Christie
Independent Artist
Raani Costelloe (Alternate for Denis Anthony Handlin);
General Manager, Legal & Business Affairs, Record Company
David William De Barran Cullen
Director, Management Company
Karen Ann Don (Alternate for George William Ash);
Director, Legal & Business Affairs, Record Company
Deborah Veronica Gervay (Alternate for John Anthony O’Donnell);
Head of Business Affairs, Record Company
Denis Anthony Handlin AM
Chairman and CEO; Australia and New Zealand, Record Company
Clive John Hodson
Head of ABC Music, Record Company
Gregory John Macainsh
Independent Artist
Belinda Morrison
Independent Artist
Mark Narborough (Alternate for Edward Erskine St John);
Director of Finance, Record Company
John Anthony O’Donnell
Managing Director, Record Company
Edward Erskine St John
Managing Director, Record Company
David Andrew Vodicka
Managing Director, Record Company
The above named directors held office during and since the end of the financial year except for:
Clive John Hodson
Resigned 6 October 2006
Gregory John Macainsh
Resigned 23 February 2007
David Andrew Vodicka
Appointed 15 March 2007
Paul Adrian Christie
Appointed 15 March 2007
19
V
V
DIRECTORS’
REPORT
DIRECTORS’ MEETINGS
The following table sets out the number of directors’ meetings held during the financial year and the number of meetings attended by each
director (while they were a director). During the financial year, 5 board meetings were held.
DIRECTORS
BOARD OF DIRECTORS
Held
Attended
George William Ash
5
3
Raani Costelloe (Alternate)
5
4
Paul Adrian Christie (Appointed 15/3/07)
2
2
David William De Barran Cullen
5
3
Karen Ann Don (Alternate)
2
-
Deborah Veronica Gervay (Alternate)
1
-
Denis Anthony Handlin AM
5
-
Clive John Hodson (Resigned 6/10/06)
1
1
Gregory John Macainsh (Resigned 23/2/07)
2
2
Belinda Morrison
5
5
Mark Narborough (Alternate)
1
-
John Anthony O’Donnell
5
5
Edward Erskine St John
5
4
David Andrew Vodicka (Appointed 15/3/07)
3
3
COMPANY SECRETARY
Lynne Maree Small
C.P.A., Appointed 16 May 1997
PRINCIPAL ACTIVITY
The principal activity of the company in the course of the financial year was acting for the copyright owners in the licensing throughout
Australia of the broadcast and public performance of sound recordings and music video clips.
During the year there was no significant change in the nature of this activity.
20
DIRECTORS’
REPORT
REVIEW OF OPERATIONS
ENVIRONMENTAL REGULATIONS
The company distributes the licence fees it collects to the Copyright
owners and artists after deducting operating expenses. As a
result of this, no profit or loss is reported and the directors do not
recommend that a dividend will be payable in the current year.
No dividend was payable in the prior year.
The Company’s operations are not subject to any particular and
significant environmental regulations under any State or Federal
laws.
INDEMNIFICATION OF OFFICERS AND
AUDITORS
The company’s results have again shown a substantial increase in the
amount to be distributed to Copyright owners as compared with the
previous year. The results of the operations of the company during the
year were not, in the opinion of the directors substantially affected by
any item, transaction or event of a material and unusual nature.
During the financial year, the company paid a premium in respect of
a contract insuring the directors of the company (as named above),
the company secretary, Ms L.M. Small, and all executive officers of
the company and of any related body corporate against a liability
incurred as such a director, secretary or executive officer to the extent
permitted by the Corporations Act 2001. The contract of insurance
prohibits disclosure of the nature of the liability and the amount of the
premium.
The company’s distribution to its licensors in relation to the current
year was $12,666,828 (2006: $10,329,051).
The company’s results for the current year ended 30 June 2007 was
a loss of $Nil (2006 loss: $Nil).
The company has not otherwise, during or since the financial year,
indemnified or agreed to indemnify an officer or auditor of the company
or of any related body corporate against a liability incurred as such an
officer or auditor.
CHANGES IN STATE OF AFFAIRS
During the financial year there was no significant change in the state
of affairs of the company other than that referred to in the financial
statements or notes thereto.
AUDITOR’S INDEPENDENCE DECLARATION
The auditor’s independence declaration is included on page 4 of the
financial report.
SUBSEQUENT EVENTS
There has not been any matter or circumstance, other than that
referred to in the financial statements or notes thereto, that has arisen
since the end of the financial year, that has significantly affected, or
may significantly affect the operations of the company, the results
of those operations, or the state of affairs of the company in future
financial years.
Signed in accordance with a resolution of the directors made pursuant
to Section 298(2) of the Corporations Act 2001.
On behalf of the Directors,
FUTURE DEVELOPMENTS
Disclosure of information regarding likely developments in the
operations of the company in future financial years and the expected
results of those operations is likely to result in unreasonable prejudice
to the company. Accordingly, this information has not been disclosed
in this report.
John Anthony O’Donnell
Director
Sydney, 2007
21
INDEPENDENT
AUDIT REPORT
We have audited the accompanying financial report, being a special
purpose financial report, of Phonographic Performance Company of
Australia Limited, which comprises the balance sheet as at 30 June
2007, and the income statement, cash flow statement and statement
of recognised income and expense for the year ended on that date,
a summary of significant accounting policies, other explanatory notes
and the directors’ declaration as set out on pages 23 to 38.
of the entity’s internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness
of accounting estimates made by the directors, as well as evaluating
the overall presentation of the financial report.
The financial report has been prepared for distribution to the members
for the purpose of fulfilling the directors’ financial reporting requirements
under the Corporations Act 2001. We disclaim any assumption of
responsibility for any reliance on this report or on the financial report
to which it relates to any person other than the members, or for any
purpose other than that for which it was prepared.
DIRECTORS’ RESPONSIBILITY FOR THE FINANCIAL REPORT
The directors of the company are responsible for the preparation and
fair presentation of the financial report and have determined that the
accounting policies described in Note 1 to the financial statements,
which form part of the financial report, are appropriate to meet the
requirements of the Corporations Act 2001 and are appropriate to
meet the needs of the members. The directors’ responsibility also
includes establishing and maintaining internal control relevant to the
preparation and fair presentation of the financial report that is free from
material misstatement, whether due to fraud or error; selecting and
applying appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
AUDITOR’S INDEPENDENCE DECLARATION
In conducting our audit, we have complied with the independence
requirements of the Corporations Act 2001.
AUDITOR’S OPINION
In our opinion the financial report of Phonographic Performance
Company of Australia Limited is in accordance with the Corporations
Act 2001, including:
AUDITOR’S RESPONSIBILITY
Our responsibility is to express an opinion on the financial report
based on our audit. No opinion is expressed as to whether the
accounting policies used, as described in Note 1, are appropriate
to meet the needs of the members. We conducted our audit in
accordance with Australian Auditing Standards. These Auditing
Standards require that we comply with relevant ethical requirements
relating to audit engagements and plan and perform the audit to
obtain reasonable assurance whether the financial report is free from
material misstatement.
(a) giving a true and fair view of the company’s financial position as
at 30 June 2007 and of its performance for the year ended on
that date in accordance with the accounting policies described
in Note 1; and
(b) complying with the Australian Accounting Standards to the extent
described in Note 1 and the Corporations Regulations 2001.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial report. The
procedures selected depend on the auditor’s judgement, including
the assessment of the risks of material misstatement of the
financial report, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
entity’s preparation and fair presentation of the financial report in order
to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness
Deloitte Touche Tohmatsu
Gaile Pearce
Partner
Chartered Accountants
Sydney, 2007
22
DIRECTORS’
DECLARATION
As detailed in Note 1 to the financial statements, the company is not a reporting entity because in the opinion of the directors there are unlikely
to exist users of the financial report who are unable to command the preparation of reports tailored so as to satisfy specifically all of their
information needs. Accordingly, this “special purpose financial report” has been prepared to satisfy the directors’ reporting requirements under
the Corporations Act 2001.
The directors declare that:
(a) In the directors’ opinion, there are reasonable grounds to believe that the company will be able to pay its debts as and when they become
due and payable; and
(b) In the directors’ opinion, the attached financial statements and notes thereto are in accordance with the Corporations Act 2001 including
compliance with accounting standards and giving a true and fair view of the financial position and performance of the entity.
Signed in accordance with a resolution of the directors made pursuant to s.295(5) of the Corporations Act 2001.
On behalf of the Directors,
John Anthony O’Donnell
Director
Sydney, 2007
23
XX
INCOME STATEMENT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
2007
2006
$
$
16,811,529
14,616,160
(1,919,855)
(1,760,381)
Subscription fees paid or payable to the
International Federation of Phonographic Industry
(476,613)
(476,925)
Occupancy expense
(182,822)
(191,254)
Depreciation expense
(173,148)
(146,569)
(1,392,263)
(1,711,980)
(12,666,828)
(10,329,051)
-
-
Income tax expense
-
-
Net Loss for the period
-
-
-
-
V
V
Note
Revenue
2
Employee benefits expense
Other expenses from operations
Distribution to licensors
Loss Before Income Tax Expense
Loss attributable to members of the parent entity
2
11
Notes to the financial statements are included on pages 28 to 38
24
BALANCE SHEET
AS AT 30 JUNE 2007
Note
2007
2006
$
$
898,113
3,908,471
14,466,320
1,240,819
2,769,650
12,166,320
19,272,904
16,176,789
376,870
501,865
376,870
501,865
19,649,774
16,678,654
19,373,499
168,931
16,422,010
145,180
19,542,430
16,567,190
107,332
111,452
107,332
111,452
19,649,762
16,678,642
12
12
12
-
12
-
12
12
Current Assets
Cash assets
Trade and other receivables
Other financial assets
14(a)
4
5
Total Current Assets
Non-Current Assets
Plant and equipment
6
Total Non-Current Assets
Total Assets
Current Liabilities
Trade and other payables
Provisions
7
8
Total Current Liabilities
Non-Current Liabilities
Provisions
9
Total Non-Current Liabilities
Total Liabilities
Net Assets
Equity
Issued capital
Retained earnings
10
11
Total Equity
Notes to the financial statements are included on pages 28 to 38
25
STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
Note
2007
2006
$
$
Loss for the period
-
-
Total recognised income and expense for the period
-
-
Net income recognised directly in equity
Notes to the financial statements are included on pages 28 to 38
26
CASH FLOWS STATEMENT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
Note
2007
2006
$
$
17,362,285
(5,825,120)
(10,329,049)
15,317,019
(5,046,231)
(10,015,587)
1,208,116
255,201
Payment for plant and equipment
Proceeds from the sale of plant and equipment
Interest received
(48,767)
797,945
(197,293)
1,300
642,283
Net cash provided by investing activities
749,178
446,290
Share buy back
-
(6)
Net cash used in financing activities
-
(6)
1,957,294
701,485
Cash and cash equivalents at beginning of financial year
13,407,139
12,705,654
Cash and cash equivalents at the end of the financial year 14(a)
15,364,433
13,407,139
Cash flows from operating activities
Receipts from operating activities
Payments for operating activities
Distribution to licensors
Net cash provided by operating activities
14(b)
Cash flows from investing activities
Cash flows from financing activities
Net increase in cash and cash equivalents held
Notes to the financial statements are included on pages 28 to 38
27
V
V
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
Effective for annual reporting periods beginning on or after 1
November 2006
1. SUMMARY OF ACCOUNTING POLICIES
FINANCIAL REPORTING FRAMEWORK
•
The company is not a reporting entity because in the opinion of the
directors there are unlikely to exist users of the financial report who
are unable to command the preparation of reports tailored so as
to satisfy specifically all of their information needs. Accordingly, this
‘special purpose financial report’ has been prepared to satisfy the
directors’ reporting requirements under the Corporations Act 2001.
Effective for annual reporting periods beginning on or after 1
March 2007
•
In the current year, the company has adopted all of the new and
revised Standards and Interpretations issued by the Australian
Accounting Standards Board (the AASB) that are relevant to its
operations and effective for the current reporting period. These
changes in accounting policies do not have an impact on the entity’s
financial statements.
•
•
•
AASB 7 “Financial Instruments: Disclosures”
AASB 2007-4 ‘Amendments to Australian Accounting
Standards arising from ED 151 and Other Amendments’
Effective for annual reporting periods beginning on or after 1
July 2007
AASB 101 ‘Presentation of Financial Statements’ – revised
standard
•
AASB Interpretation 13 ‘Customer Loyalty Programmes’
Effective for annual reporting periods beginning on or after 1
July 2008
Effective for annual reporting periods beginning on or after 1
January 2007
•
AASB 2005-10 “Amendments to Australian Accounting
Standards” – consequential amendments to other accounting
standards resulting from the issue of AASB 7
AASB Interpretation 14 ‘AASB 119 – The Limit on a Defined
Benefit Asset, Minimum Funding Requirements and their
Interaction’
Effective for annual reporting periods beginning on or after 1
January 2008
Effective for annual reporting periods beginning on or after 1
January 2007
•
AASB 2007-2 ‘Amendments to Australian Accounting
Standards arising from AASB Interpretation 12’
Effective for annual reporting periods beginning on or after 1
January 2008
Effective for annual reporting periods beginning on or after 1
January 2007
•
AASB Interpretation 12 ‘Service Concession Arrangements’
Effective for annual reporting periods beginning on or after 1
January 2008
At the date of authorisation of the financial report, the following
Standards and Interpretations were in issue but not yet effective:
•
AASB 2007-1 ‘Amendments to Australian Accounting
Standards arising from AASB Interpretation 11’
Effective for annual reporting periods beginning on or after 1
March 2007
ADOPTION OF NEW AND REVISED ACCOUNTING STANDARDS
•
AASB Interpretation 11 ‘AASB 2 – Group and Treasury Share
Transactions’
•
AASB Interpretation 10 ‘Interim Financial Reporting and
Impairment’
AASB 123 ‘Borrowing Costs’ – revised standard
Effective for annual reporting periods beginning on or after 1
January 2009
28
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
•
AASB 2007-6 ‘Amendments to Australian Accounting
Standards arising from AASB 123’
based on historical experience and various other factors that are
believed to be reasonable under the circumstance, the results of
which form the basis of making the judgements. Actual results may
differ from these estimates.
Effective for annual reporting periods beginning on or after 1
January 2009
•
AASB 101 ‘Presentation of Financial Statements’ – revised
standard
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects only
that period, or in the period of the revision and future periods if the
revision affects both current and future periods.
Effective for annual reporting periods beginning on or after 1
January 2009
•
AASB 2007-8 ‘Amendments to Australian Accounting
Standards arising from AASB 101’
STATEMENT OF COMPLIANCE
Effective for annual reporting periods beginning on or after 1
January 2009
The financial report has been prepared in accordance with the
Corporations Act 2001, the basis of accounting specified by all
Accounting Standards and Interpretations, and the disclosure
requirements of Accounting Standards AASB 101 ‘Presentation
of Financial Statements’, AASB 107 ‘Cash Flow Statements’ and
AASB 108 ‘Accounting Policies, Changes in Accounting Estimates
and Errors’. Accounting Standards include Australian equivalents to
International Financial Reporting Standards (‘A-IFRS’).
The directors anticipate that the adoption of these Standards
and Interpretations in future periods will have no material financial
impact on the financial statement of the company, as the issue of
Interpretation 10, 11, 12 and 14 and AASB 123 do not affect its
present policies and operations.
BASIS OF PREPARATION
The application of AASB 101 (revised), AASB 7, AASB 2005-10,
AASB 2005-7 and AASB 2007-4 will not affect any of the amounts
recognised in the financial statements, but will change the disclosures
presently made.
The financial report has been prepared on the basis of historical cost,
except for the revaluation of certain non-current assets and financial
instruments. Cost is based on the fair values of the consideration
given in exchange for assets. Unless otherwise indicated, all amounts
are presented in Australian dollars.
These Standards and Interpretations will be first applied in the
financial report of the entity that relates to the annual reporting period
beginning after the effective date of each pronouncement.
DEFICIENCY OF WORKING CAPITAL
As at 30 June 2007 the company has a working capital deficiency
of $269,526 (2006: $390,401). Included in the company’s current
liabilities are aggregate amounts representing the license fees
received in advance for $5,465,901 (2006: $4,588,658) and amounts
payable to licensors of $12,666,828 ($2006: $10,329,051). While
the amount payable to the licensors will be settled in December
2007, the license fees received in advance will be used to support
the operations of the company in the next financial year with only
Critical accounting judgements and key sources of estimation
uncertainty
In the application of the company’s accounting policies, management
is required to make judgements, estimates and assumptions about
carrying values of assets and liabilities that are not readily apparent
from other sources. The estimates and associated assumptions are
29
V
V
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
1.
c)
SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
Trade receivables and other receivables are recorded at
amortised cost less impairment
Consequently, the working capital deficiency position at the 30 June
2007 is due to the nature of PPCA’s business and does not highlight
an issue relating to the going concern assumption of the company.
d) Goods and services tax
Revenues, expenses and assets are recognised net of the
amount of goods and services tax (GST), except:
The following significant accounting policies have been adopted in
the preparation and presentation of the financial report:
a)
Financial assets
Receivables
the surplus forming part of the amount which will be distributed to the
licensors in relation to the financial year ending 30 June 2008.
i. where the amount of GST incurred is not recoverable from
the taxation authority, it is recognised as part of the cost of
acquisition of an asset or as part of an item of expense; or
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, cash in
banks and investments in money market instruments.
ii. for receivables and payables which are recognised inclusive
of GST.
The net amount of GST recoverable from, or payable to, the
taxation authority is included as part of receivables or payables.
b) Employee benefits
Provision is made for benefits accruing to employees in
respect of wages and salaries, annual leave and long
service leave when it is probable that settlement will be
required and are capable of being measured reliably.
Cash flows are included in the cash flow statement on a gross
basis. The GST component of cash flows arising from investing
and financing activities which is recoverable from, or payable to,
the taxation authority is classified as operating cash flows.
Provisions made in respect of wages and salaries and annual
leave expected to be settled within 12 months, are measured
at their nominal values, using the remuneration rate expected to
apply at the time of settlement.
e)
Income tax
The company prepares its income tax returns on the basis that
it acts as agent for the copyright holders that it represents. As
such, it does not derive income on its own account. Rather, it
is entitled under its constituent document to be reimbursed for
expenditure incurred in the course of its activities. The basis
of assessment has been agreed with the Australian Taxation
Office.
Provisions made in respect of long service leave which are not
expected to be settled within 12 months are measured as the
present value of the estimated future cash outflows to be made
by the company in respect of services provided by employees
up to reporting date.
The net effect of temporary and permanent differences arising
from expenditure incurred by the company is passed on to the
recipients of the royalties collected.
Defined contribution plans
Contributions to defined contribution superannuation plans are
expensed when incurred.
30
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
f)
Impairment of assets
Lease incentives
At each reporting date, the company reviews the carrying
amounts of its tangible assets to determine whether there is any
indication that those assets have suffered an impairment loss. If
any such indication exists, the recoverable amount of the asset
is estimated in order to determine the extent of the impairment
loss (if any). Where the asset does not generate cash flows that
are independent from other assets, the company estimates the
recoverable amount of the cash-generating unit to which the
asset belongs.
In the event that lease incentives are received to enter into
operating leases, such incentives are recognised as a liability.
The aggregate benefits of incentives are recognised as a
reduction of rental expense on a straight-line basis, except
where another systematic basis is more representative of the
time pattern in which economic benefits from the leased asset
are consumed.
h)
Payables
Trade payables and other accounts payable are recognised
when the company becomes obliged to make future payments
resulting from the purchase of goods and services.
Recoverable amount is the higher of fair value less costs to sell
and value in use. In assessing value in use, the estimated future
cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the
time value of money and the risks specific to the asset for which
the estimates of future cash flows have not been adjusted.
i)
Revenue recognition
Revenue is brought to account over the terms of the licences
issued on the following basis:
If the recoverable amount of an asset (or cash-generating unit)
is estimated to be less than its carrying amount, the carrying
amount of the asset (cash-generating unit) is reduced to its
recoverable amount. An impairment loss is recognised in profit
or loss immediately.
i. Public performance licence fees are normally issued
for a period of one year, although shorter periods are
accommodated. In all cases licence fees are payable
in advance. Income is brought to account on a monthly
basis over the life of the contract.
g) Leased assets
ii. Broadcast licences are issued for various terms - income
is brought to account on a monthly basis over the life of
the contract.
Leases are classified as finance leases whenever the terms
of the lease transfer substantially all the risks and rewards
of ownership to the lessee. All other leases are classified as
operating leases.
iii. Interest revenue is recognised on a time proportionate
basis that takes into account the effective yield on the
financial asset.
Operating lease payments are recognised as an expense on
a straight-line basis over the lease term, except where another
systematic basis is more representative of the time pattern in
which economic benefits from the leased asset are consumed.
iv. Revenue from the disposal of other assets is recognised
when the entity has passed control of the other assets
to the buyer.
31
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
1. SUMMARY OF ACCOUNTING POLICIES
(CONTINUED)
j)
The amount recognised as a provision is the best estimate of
the consideration required to settle the present obligation at
reporting date, taking into account the risks and uncertainties
surrounding the obligation. Where a provision is measured
using the cashflows estimated to settle the present obligation,
its carrying amount is the present value of those cashflows.
Plant and equipment
Plant and equipment, leasehold improvements and equipment
under finance lease are stated at cost less accumulated
depreciation and impairment. Cost includes expenditure that is
directly attributable to the acquisition of the item. In the event that
settlement of all or part of the purchase consideration is deferred,
cost is determined by discounting the amounts payable in the
future to their present value as at the date of acquisition.
When some or all of the economic benefits required to settle a
provision are expected to be recovered from a third party, the
receivable is recognised as an asset if it is virtually certain that
recovery will be received and the amount of the receivable can
be measured reliably.
Depreciation is provided on plant and equipment. Depreciation
is calculated on a straight line basis so as to write off the net cost
or other revalued amount of each asset over its expected useful
life to its estimated residual value. Leasehold improvements are
depreciated over the period of the lease or estimated useful
life, whichever is the shorter, using the straight line method. The
estimated useful lives, residual values and depreciation method
is reviewed at the end of each annual reporting period.
The following estimated useful lives are used in the calculation of
depreciation.
k)
Office furniture
5 years
Office equipment
4 years
Computer equipment
3 years
Leasehold improvements
5 years
Provisions
Provisions are recognised when the company has a present
obligation (legal or constructive) as a result of a past event, it
is probable that the company will be required the settle the
obligation, and a reliable estimate can be made of the amount
of the obligation.
32
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
2007
2006
$
$
2. LOSS FOR THE PERIOD
The loss from operations includes the following items of income and expense from operations:
a) Agency Revenues
Revenue consisted of:
Licence fees
Other operating revenue
Interest – other persons
Total Revenue
b) Loss before income tax has been arrived at after
charging the following items
(Loss)/Gain on sale of plant and equipment
Depreciation of plant and equipment
Operating lease payments
16,013,584
13,973,877
797,945
642,283
16,811,529
14,616,160
(614)
173,148
396,773
1,300
146,569
378,407
35,200
13,300
33,903
22,222
48,500
56,125
3. REMUNERATION OF AUDITORS
Auditing the financial report
Other services – audit of the PPCA distribution and tax services
The auditor of the Phonographic Performance Company of Australia Limited is Deloitte Touche Tohmatsu.
4. TRADE AND OTHER RECEIVABLES
Trade receivables
Allowance for doubtful debts
Prepaid expenses
Other licence receivables
Other receivables
33
3,527,559
(64,703)
2,407,717
(69,281)
3,462,856
2,338,436
22,123
167,814
255,678
13,878
189,271
228,065
3,908,471
2,769,650
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
2007
2006
$
$
14,466,320
12,166,320
5. OTHER CURRENT FINANCIAL ASSETS
Cash on deposit
6. PLANT AND EQUIPMENT
Office
Furniture
at cost
Office
Equipement
at cost
Computer
Equipment
at cost
Leasehold
Improvements
at cost
Total
Gross Carrying Amount
Balance at 1 July 2005
Additions
Disposals
59,866
-
67,694
(14,800)
488,496
161,413
(60,834)
183,049
35,880
-
799,105
197,293
(75,634)
Balance at 30 June 2006
Additions
Disposals
59,866
1,055
-
52,894
-
589,075
47,712
(20,493)
218,929
-
920,764
48,767
(20,493)
Balance at 30 June 2007
60,921
52,894
616,294
218,929
949,038
Accumulated Depreciation
Balance at 1 July 2005
Depreciation expense
Disposals
(30,262)
(10,358)
-
(55,340)
(9,857)
14,800
(183,748)
(75,168)
60,834
(78,614)
(51,186)
-
(347,964)
(146,569)
75,634
Balance at 30 June 2006
Depreciation expense
Disposals
(40,620)
(10,273)
-
(50,397)
(1,557)
-
(198,082)
(120,222)
19,879
(129,800)
(41,096)
-
(418,899)
(173,148)
19,879
Balance at 30 June 2007
(50,893)
(51,954)
(298,425)
(170,896)
(572,168)
19,246
10,028
2,497
940
390,993
317,869
89,129
48,033
501,865
376,870
Net Book Value
As at 30 June 2006
As at 30 June 2007
34
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
2007
2006
$
$
10,273
1,557
120,222
41,096
10,358
9,857
75,168
51,186
173,148
146,569
735,595
490,055
15,120
5,465,901
12,666,828
1,071,365
397,656
35,280
4,588,658
10,329,051
19,373,499
16,422,010
168,931
145,180
47,332
60,000
51,452
60,000
107,332
111,452
6. PLANT AND EQUIPMENT (continued)
Aggregate depreciation recognised as an expense during the year.
Office furniture
Office equipment
Computer equipment
Leasehold improvements
7. CURRENT TRADE AND OTHER PAYABLES
Trade payables
Goods and Services Tax (GST) payable
Deferred rent
Licence fees received in advance
Amounts payable to licensors
8. CURRENT PROVISIONS
Employee benefits
9. NON-CURRENT PROVISIONS
Employee benefits
Lease make good provision
35
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
2007
2006
$
$
12
12
10. ISSUED CAPITAL
12 fully paid ordinary shares (2006: 12)
Fully paid ordinary shares
Balance at beginning of year
Share buy back (i)
No.
12
-
2007
$
12
-
No.
18
(6)
2006
$
18
(6)
Balance at end of financial year
12
12
12
12
Fully paid ordinary shares carry one vote per share and no right to dividend.
(i) During the Extraordinary General Meeting held on the 16 Dec 2005, three BMG shares were cancelled due to the merger
between Sony and BMG and due to the purchase of Festival Mushroom by Warner Music, three Festival shares were cancelled
as Festival is a related body corporate of Warner Music Australia.
11. RETAINED EARNINGS
Balance at beginning of financial year
Net loss
Transfer from general reserve
-
-
Balance at end of financial year
-
-
271,710
-
346,265
267,066
271,710
613,331
12. LEASES
Non-cancellable operating leases
Phonographic Performance Company of Australia Limited has an operating
lease for its office premises. The lease expires 31 March 2008 with an
option to renew. Lease commitments are as follows:
No longer than 1 year
Longer than 1 year and not longer than 5 years
PPCA has expressed in writing, their intention to take up the option for renewal of the lease agreement for a further three years in
the current year. PPCA is unable to quantify the non-current lease commitments due to uncertainties relating to the new rental rate
of the renewed lease. The landlord is not obliged to provide the rental rate before the commencement of the renewed lease.
36
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
2007
2006
$
$
13. SEGMENT REPORTING
The company operates in one industry being the derivation of revenue from licensing the broadcast and public
performance of sound recordings and music video clips wholly within Australia.
14. NOTES TO THE CASH FLOWS STATEMENT
a) Reconciliation of cash and cash equivalents
For the purposes of the cash flows statement, cash includes cash on hand and in banks and investments in money
market instruments, net of outstanding bank overdrafts. Cash and cash equivalents at the end of the financial year as
shown in the cash flows statement is reconciled to the related items in the Balance Sheet as follows:
Cash assets
Cash on term deposit
898,113
14,466,320
1,240,819
12,166,320
15,364,433
13,407,139
b) Reconciliation of result for the period to net cash flows from operating activities
Loss for the period
(Gain)/Loss on sale of plant and equipment
Interest received
Depreciation of non-current assets
Changes in net assets and liabilities:
(Increase) in assets:
Current receivables
Increase/(decrease) in liabilities:
Current payables
Current provisions
Non-current provisions
Net cash from operating activities
37
614
(797,945)
(1,300)
(642,283)
173,148
146,569
(1,138,821)
(567,569)
2,951,488
23,751
(4,119)
1,211,192
43,066
65,526
1,208,116
255,201
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
15. ADDITIONAL COMPANY INFORMATION
Phonographic Performance Company of Australia Limited is a limited company, incorporated and operating in Australia.
Principal Registered Office and Place of Business
Level 4, 19 Harris St
Pyrmont NSW 2009
Telephone: (02) 8569 1100
38
PERFORMERS’ TRUST FOUNDATION BALANCE SHEET
AS AT 30 JUNE 2007
2007
2006
$
$
332,204
351,413
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Term deposits
153,664
5,548
500,000
160,041
12,354
500,000
TOTAL CURRENT ASSETS
659,212
672,395
TOTAL ASSETS
659,212
672,395
FUNDS RETAINED IN THE TRUST
Represented by:
Less:
CURRENT LIABILITIES
Trade and other payables
Grants allocated and unexpended at year end held by trustees for beneficiaries of:
Professional Musician’s Union of Australia
Media Entertainment & Arts Alliance
4,001
1,893
287,274
35,733
270,649
48,440
TOTAL CURRENT LIABILITIES
327,008
320,982
TOTAL LIABILITIES
327,008
320,982
NET ASSETS
332,204
351,413
39
APPENDIX A
SAMPLE PPCA LICENCE
40
APPENDIX B
TARIFF CATEGORIES
PPCA licences are available to cover the use by public performance of protected sound recordings and/or public exhibition
of music video clips in:
A
General Licences – open air events; school, dance academy
or church concerts; motivational speakers. (Single event
licences are available).
M
B
Arts, film, music events and similar festivals
C
Cinemas and theatres
D
Dance studios, dance instructors, line dance instructors
DD
Live performance groups, dance companies, live
performance promoters
E1
Nightclubs
N
Shopping centres, plazas, concourses
E2
Dances and dance parties
P
E3
Foreground music in bars
Public vehicles (eg aircraft, buses, charter boats, coaches,
ferries, hire cars, light rail, monorail, ships, taxis, trains, trams)
F
Mobile discotheque operators/DJs
R
Restaurants, cafes
FW
Mobile video discotheque operators
S
H
Halls
Sports arenas, race tracks, showgrounds, outdoor
amusement parks
HM
Music on hold
SS
Outdoor recreational areas (eg beaches, parks)
I
Factories, industrial premises and offices.
U
Skating rinks
J
Audio jukeboxes
V
Fitness centres, gymnasiums, health clubs
JO
Audio jukebox operators
W
Music video clips
JW
Video jukebox operators
W-E Music video clips in nightclubs, fixed discotheques and
discotheque operators
K
Amusement centres, pool rooms, squash courts, swimming
pools, ten pin bowling centres
X
Concert venues
Y
Conference rooms
Commercial or professional premises – including art galleries,
bars, clubs, elevators, foyers, function rooms, funeral
parlours, hairdressers, health/medical offices (eg doctors,
dentists, chiropractors, massage therapists, osteopaths,
physiotherapists), hotels, libraries, lounges, motels,
museums, reception areas, retail stores, taverns, zoos,
and/or similar establishments. This tariff also covers the
use of protected sound recordings for demonstration
purposes in electrical, video/DVD rental and hi-fi stores.
MW Electrical and hi-fi stores
Licence fees are calculated differently in each category (eg, fees may be flat fees per annum, fees per person or per machine, or fees
determined by size of venue depending on category) – contact PPCA for full details. It is quite possible, depending on your needs, that you
may have a licence with any number of Tariffs eg a hotel may have a number of bar areas (Tariff M), restaurants (Tariff R), nightclubs (Tariff E),
gymnasium (Tariff V), and video jukebox (Tariff W).
41
PHONOGRAPHIC PERFORMANCE
COMPANY OF AUSTRALIA LTD
ACN 000 680 704 ABN 43 000 680 704
LEVEL 4, 19 HARRIS ST, PYRMONT NSW 2009
PO BOX Q20, QUEEN VICTORIA BUILDING NSW 1230
T. 02 8569 1100 F. 02 8569 1183
[email protected] www.ppca.com.au