Toronto Symphony Orchestra Reports Solid Financial Standing & Election of New Board Chair

Former Vice-Chair Tom Smee succeeds Catherine Beck who led the TSO Board of Directors for eight years

October 1, 2024

At its Annual General Meeting held this afternoon, the Toronto Symphony Orchestra (TSO) reported to its stakeholders that, among its many Year 101 achievements, it ended its 2024 fiscal year with a surplus of approximately $54K, bringing its accumulated surplus to more than $865K. It was also announced that the TSO Board of Directors had voted unanimously to elect Tom Smee as its new Chair; he succeeds Catherine Beck, who held the position for eight years. Additionally, the Board welcomed a new member—entrepreneur and philanthropist Colleen Sexsmith.

Recognizing Catherine Beck

In his remarks, Beck Family CEO Mark Williams acknowledged Beck’s invaluable 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.”

“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.”

Introducing Tom Smee & Colleen Sexsmith

Already a close member of the TSO family, Smee has served on the Board since 2016, most recently in the role of Vice-Chair. As a director, he acted as Chair of the Music Director Search Committee that resulted in the appointment of Gustavo Gimeno, and led consultations on the TSO’s community-engagement strategy, in addition to serving on several other Board committees. Smee is the former Senior Vice President and Deputy General Counsel of Royal Bank of Canada, focusing in recent years on RBC’s Global Wealth Management businesses. Prior to joining RBC, he was a partner of Davies Ward Phillips & Vineberg LLP, practising corporate and securities law. In addition to his law degree from Osgoode Hall, Smee holds a music degree from the University of Calgary. He was a trombonist in the Calgary Philharmonic Orchestra for five years, studied and performed at the Aspen Music Festival, and was a member of the Jeunesses Musicales World Orchestra. He now pursues his passion for music as 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.”

Colleen Sexsmith is President and Founder of CAS Accounting for Insurance Inc., an administrative service organization established in 1993, handling regulatory reporting, accounting, and policy administration for the Canadian operations of foreign insurers. Formerly, she was President and Director of Long-Range Planning for the Canadian Insurance Accountants Association. She holds a Bachelor of Commerce degree from Concordia University, and pursued post-graduate studies in accountancy at McGill University. A long-time supporter of arts and culture, Sexsmith is a past Chair of the Canadian Opera Company’s Board of Directors and played a significant role in the building of the Four Seasons Centre for the Performing Arts. She has also served as Chair of Opera Canada magazine’s Board of Directors.

Tom Smee (Photo by Allan Cabral/Courtesy of the Toronto Symphony Orchestra)

Colleen Sexsmith (Photo by Allan Cabral/Courtesy of the Toronto Symphony Orchestra)

Inaugurating A New Century

The TSO’s favourable fiscal result can be attributed to a combination of judicious financial oversight and charitable gifts from generous donors, foundations, corporations, and government partners who believe in the TSO’s role as a vital cultural institution and community connector. This role was fulfilled in numerous ways throughout the 2023/24 season.

“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. “If our 100th year was a graduation, then Year 101 was an inauguration, heralding an audacious new era for the TSO.”

Milestones of the 2023/24 Season

Free performances for thousands of Torontonians bookended the season—with the TSO’s second annual Open House & Free Community Concert at Roy Thomson Hall in September and an open-air performance at Harbourfront Centre on Canada Day weekend.
Three Relaxed Performances provided a welcoming and inclusive environment for 1,600 members of the Neurodiverse and Disability communities.
A new partnership with Sistema Toronto brought music education to young students in underserved communities through workshops, rehearsals, and master classes held in schools.
The Art of Healing program, offered in partnership with the Centre for Addiction and Mental Health, saw a second cohort of CAMH clients work with Cree composer Andrew Balfour to write an original piece, and the orchestra gave the World Première of the program’s inaugural creation, Ian Cusson’s Ikiru.
For a fourth year, TSOUND Connections brought TSO musicians together with seniors in day programs to reduce social isolation.
School Concerts and Mornings with the TSO Open Rehearsals brought more than 33,000 GTA students to Roy Thomson Hall for engaging musical experiences.
In partnership with Toronto Public Library, Symphony Storytime combined music-making and literacy for children on PA Days throughout the school year.
A second all-ages concert in Brampton, Bhangra & Beyond, reinforced the TSO’s commitment to engage meaningfully with diverse communities in the Greater Toronto Area.
The TSO celebrated Toronto’s Chinese diaspora and its broader East Asian communities at Year of the Dragon, a Lunar New Year concert.
The TSO and Gimeno were once again the Lead Orchestral Partner and Conducting Advisor for the Women in Musical Leadership national conducting fellowship led by Tapestry Opera.
In collaboration with the Canadian Music Centre, the TSO’s Explore the Score sessions allowed four composers to hear their pieces rehearsed by a professional orchestra.
Through the NextGen Composer program, three creators—Katerina Gimon, Julia Mermelstein, and Christina Volpini—were mentored as they wrote new works that were premièred during the season.
The Toronto Symphony Youth Orchestra celebrated its momentous 50th anniversary with numerous concerts and events, including a side-by-side performance with the TSO, and an exchange with the Cleveland Orchestra Youth Orchestra.
Two Canadian Spotlight Artists—mezzo-soprano Emily D’Angelo and violinist James Ehnes—joined the orchestra for multiple programs designed to showcase their virtuosity.
Gimeno and the orchestra made their second live recording for Harmonia Mundi, Stravinsky’s Pulcinella, and their first, Messiaen’s Turangalîla-Symphonie, was released to critical acclaim.
Symphony Exploder: The Rite of Spring—a first-of-its-kind collaboration with the hit podcast and Netflix series Song Exploder and its host, Hrishikesh Hirway—shed new light on the Stravinsky work for seasoned and first-time attendees alike.
TSO musicians performed at a packed Scotiabank Arena with iconic tenor Andrea Bocelli, and appeared in a video teaser for a new album by Drake, which received 1.5 million likes on Instagram.
In celebration of Canadian music and music-making, the orchestra went on tour to Ottawa’s National Arts Centre and Montreal’s Maison symphonique.
Ten years after he founded The TSO Chamber Soloists, Concertmaster Jonathan Crow curated another series of pre-concert performances by the ensemble and special guests.

“At the beginning of the Toronto Symphony Orchestra’s 101st season, I referred to 2023/24 as an ‘open arms, open heart’ kind of season, and issued an invitation for all of Toronto to ‘Symphony With Us,’” said Williams. “As we reflect on this past year and our work serving our community through music, we can do so knowing that this commitment to opening ourselves up—to our community and to our city—has paid extraordinary dividends, and will continue to do so in the future. Whether you are a patron, a donor, or a volunteer, I hope you will join us again for another year of making music, together.”

Read the TSO’s 2023/24 Annual Letter to the Community.

Download the TSO’s Financial Statements for fiscal year 2024.

About the Toronto Symphony Orchestra

For more than a century, the Toronto Symphony Orchestra (TSO) has played a fundamental role in shaping and celebrating Canadian culture. The TSO’s commitment to musical excellence and ability to spark connection remain as strong as ever. With a storied history of acclaimed concerts and recordings, Canadian and international tours, and impactful community partnerships, we are dedicated to engaging and enriching local and national communities through vibrant musical experiences. Music Director Gustavo Gimeno brings an expansive artistic vision, intellectual curiosity, and sense of adventure to programming the 93-musician orchestra that serves Toronto—one of the world’s most diverse cities. As a group of artists, teachers, and advocates who share the belief that music has the power to heal, inspire, and connect people from all walks of life, we engage audiences young and old through an array of community-access, health-and-wellness, and education initiatives including the TSO-affiliated Toronto Symphony Youth Orchestra—a tuition-free training program dedicated to cultivating the next generation of Canadian artists. Join us for a concert at Roy Thomson Hall, or experience the TSO in your neighbourhood. Visit TSO.CA or Newsroom.TSO.CA.

The TSO relies on the generosity of thousands of donors and partners who provide a critical base of funding that makes possible all of the TSO’s music-making on stage and in the community.

The TSO acknowledges Mary Beck as the Musicians’ Patron in perpetuity for her generous and longstanding support.

The TSO’s Education and Community Engagement programs are generously supported by the Barrett Family Foundation.

Gustavo Gimeno’s appearances are generously supported in memory of Hans and Susan Brenninkmeyer.

The TSO Season Presenting Sponsor is BMO Financial Group.

TSOUND Connections is generously supported by TD Bank Group through the TD Ready Commitment and the George C. Hunt Family Foundation.

The TSO’s Art of Healing program is generously supported by The Azrieli Foundation.

The TSO’s Lunar New Year concert is sponsored by the Bank of China (Canada).

The TSO’s Music Education programs are generously supported by Canada Life.

The TSO is grateful for the support of the Toronto Symphony Foundation and all levels of government, including the Canada Council for the Arts, the Ontario Arts Council, the Toronto Arts Council, the Government of Canada, and the Government of Ontario.