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THE SCOOP | Toronto Symphony Orchestra Reports Favourable Financial Standing & New Board Chair

By Anya Wassenberg on October 3, 2024

The Toronto Symphony Orchestra (Photo: Allan Cabral, courtesy of the TSO)
The Toronto Symphony Orchestra (Photo: Allan Cabral, courtesy of the TSO)

The Toronto Symphony Orchestra recently held its Annual General Meeting, where the TSO reported its financial status to stakeholders. The orchestra also named a new board chair, Tom Smee, who won the position by unanimous vote.

Smee succeeds Catherine Beck, who was Chair for an eight year term. The Board welcomed a new member, Colleen Sexsmith, President and Founder of CAS Accounting for Insurance Inc.

“Following our glorious Centennial in 2022/23, the Toronto Symphony Orchestra started on an unprecedented artistic trajectory in 2023/24 that, more than ever, runs in parallel with the pulse of this city and its many vibrant communities,” said Music Director Gustavo Gimeno in a statement. “If our 100th year was a graduation, then Year 101 was an inauguration, heralding an audacious new era for the TSO.”

TSO Year 101 Takeaways

The TSO ended its 2024 fiscal year with a surplus of approximately $54K, with an accumulated surplus of more than $865K.

Favourable numbers come from a variety of sources including control of expenses as well as charitable gifts from donors that include corporations and various government partners, along with foundations — such as the recent $15 million pledge from the Barrett Family Foundation.

A closer look at the financial statements indicate a drastic drop in total assets from more than $17 million in 2023 to just over $8.7 million in 2024. Cash used in operating activities accounts for much of the drop.

  • There’s a small upswing in advance ticket sales, from over $3.3 million in 2023, to more than $3.5 million in 2024;
  • Revenues from subscriptions and ticket sales (combined) rose about 3.5%, and monies generated from fundraising rose 26% from 2023 to 2024;
  • Expenses also rose year over year to the tune of about 5%.

The surplus of revenue over expenses totalled $53,792. That’s just under a 20% increase over 2023, which saw a surplus of just $29,943. The amount was added to the organization’s net assets, which now total $865,140.

Outgoing Board Chair Catherine Beck

“This is an orchestra for everyone — you can see this in the variety of music we create and the audiences who come to hear us perform,” said Beck in her final report as Chair. “It has been one of my great privileges to work for the good of the TSO and all Torontonians who cherish it. I wish my successor, Tom Smee, all the very best as he takes the Board and the institution to its many further destinations.”

Beck Family CEO Mark Williams acknowledged outgoing Board Chair Catherine Beck and her contributions to the TSO.

“Cathy’s leadership has been remarkable,” he said. “During her tenure, the Board hired our extraordinary Music Director, Gustavo Gimeno, navigated a global pandemic, eliminated a 40-year-old accumulated deficit, and made stunning returns to Massey Hall and Carnegie Hall. The TSO has grown immensely under Cathy’s guidance, and we are exceedingly grateful for her dedication and love of this orchestra.”

L-R: Tom Spence (Photo: Allan Cabral, courtesy of the TSO); Colleen Sexsmith (Photo: Allan Cabral, courtesy of the TSO)
L-R: Tom Spence (Photo: Allan Cabral, courtesy of the TSO); Colleen Sexsmith (Photo: Allan Cabral, courtesy of the TSO)

New Faces/Roles: Tom Smee & Colleen Sexsmith

A trombonist in the Calgary Philharmonic Orchestra for five years, Tom Smee has served on the Board since 2016, most recently in the role of Vice-Chair. During his time with the TSO, he acted as Chair of the Music Director Search Committee that led to hiring Gustavo Gimeno. Other accomplishments including leading consultations on the TSO’s community-engagement strategy.

The former Senior Vice President and Deputy General Counsel of Royal Bank of Canada, Smee’s career history includes practising corporate and securities law as a partner of Davies Ward Phillips & Vineberg LLP. He holds a law degree from Osgoode Hall, along with a degree in music from the University of Calgary.

Today, he’s an avid concertgoer and amateur cellist.

“It is my great honour to continue to serve the TSO in my new role as Board Chair,” said Smee. “The artistry, musicianship, and energy this phenomenal orchestra brings to every performance are incredibly inspiring, and I am thrilled to play an active and engaged part in an organization I love. I believe deeply that music is a powerful force — one that can make a positive difference in people’s lives — and I look forward to working with all TSO stakeholders to further amplify this institution’s impact across Toronto’s diverse communities.”

President and Founder Colleen Sexsmith established CAS Accounting for Insurance Inc. in 1993. The firm handles regulatory reporting, accounting, and policy administration for the Canadian operations of foreign insurers.

With a Bachelor of Commerce degree from Concordia University, she pursued post-graduate studies in accountancy at McGill University, and is the former President and Director of Long-Range Planning for the Canadian Insurance Accountants Association.

Sexsmith is a past Chair of the Canadian Opera Company’s Board of Directors, and has also served as a similar role with Opera Canada magazine.

We wish the TSO continued success going forward into 2024/25.

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