FOUNDATION Annual General Meeting April 13, 2019 10 Days in the - - PowerPoint PPT Presentation

THE REGENT THEATRE FOUNDATION

Annual General Meeting

April 13, 2019

10 Days in the Life of The Regent (November 25 to December 2)

≈2100 people visited the theatre to enjoy a live Play, 9 Movie Screenings, a Whattam Free Family Movie, 2 Cinefest / Hot Docs screenings, a London Theatre play, an Emmanuel Free Family Movie, a Live music concert and the Inaugural Meeting of the new PEC Council.

AGENDA

ITEM

Welcome Rick Szabo Approval of the Agenda Bob Cooke Approval of the Minutes from the March 24, 2018 Meeting Financial

• Discussion of the Financial Statements for the Year Ended

September 30, 2019

• Receipt of the Auditor’s Report
• Re-Appointment of the Auditor

Bruce Nicholson Proposed Changes to the Foundation By-Laws Bruce Nicholson Theatre Activities & Plans Bob Cooke Election of Directors Bob Cooke Questions & Comments Meeting Close

FIN INANCIAL IN

INFORMATION

• Review of the Financial

statements for the Year Ended September 30, 2019

• Receipt of the Auditor’s Report
• Re-appointment of the Auditor

AUDIT REPORT

For Year Ending September, 2018

BALANCE SHEET

For Year Ending September, 2018

CHANGES IN NET ASSETS

For Year Ending September, 2018

STATEMENT OF OPERATIONS - REVENUE

For Year Ending September, 2018

STATEMENT OF OPERATIONS - EXPENSES & INCOME

For Year Ending September, 2018

RE-APPOINTMENT OF THE AUDITOR FOR THE CURRENT YEAR

PROPOSED CHANGES TO THE FOUNDATION BY-LAWS

CURRENT PROPOSED

The current by-laws stipulate that the Board will have 10 directors. To provide some flexibility there could be up to 12 directors. Currently all directors are elected each year. Going forward directors will serve a two year term. The terms of directors will be staggered. Each year, one-half

• f the directors would complete their terms and retire or

stand for re-election. Currently there is no provision for a Vice-Chair. A Vice-Chair will be appointed to assume the responsibilities of the Chair when the Chair is absent or unable to act. The current by-laws stipulate that 6 directors are required to establish a quorum and transact business. At certain times of the year it is difficult to meet the current quorum requirement. The number of directors required to establish a quorum would change to 5. Currently all directors are appointed as signing officers. The requirement that all directors be signing officers is unnecessary and is cumbersome when its necessary to update bank signing authorizations.

ACT CTIVITIES & PLANS

OVERVIEW ACCOMPLISHMENTS LOOKING FORWARD DEVELOPMENT PROJECTS

The entertainment heartbeat of Prince Edward County

OVERVIEW

The Regent Is Truly A Collaborative Effort

As a not-for-profit theatre, The Regent depends on community support.

5900+

COMMUNITY VOLUNTEER HOURS

502

FOUNDATIONS MEMBERS

$35K

PRINCE EDWARD COUNTY GRANT SUPPORT (2019)

91

BUSINESS SPONSORS

OVERVIEW OUR BUSIN INESS SPONSORS

• Our Sponsorship Committee turned in

a record year!

• Over 90 Sponsors and approximately

$87,000 in sales.

OVERVIEW Strong Foundation Of Supporting Members

• 502 Members invested in The

Regent during Fiscal 17/18.

• Total revenue from

Memberships sales totalled $52K.

• Accounting rules mean some
• f this revenue was not

recognized in Fiscal 17/18.

Membership Level # Members* Regent Patron - $1000 3 Regent Patron - $500 11 Regent Patron - Own Price 3 Regent Patron - $250 77 Regent Supporter - Own Price 4 Regent Supporter - $100 193 Regent Supporter - $60 211

* Couples counted as two members.

OVERVIEW

Many Community Groups Use The Regent Stage

Community groups rely on the Regent to support their events and activities…..

99.3 County FM Fundraising Bahai Belleville/Picton Cinefest Picton/County Docs Comedy Country County School of Dance Emmanuel Baptist Church Festival Players Heritage Week Hospice Prince Edward Fundraising PEC Chamber of Commerce PEC Free Methodist Church PEC Library Fundraising Campaign Prince Edward Collegiate Institute Prince Edward County Jazz Festival Shatterbox Theatre The ROC White Pines Project Whattam Family Movies

OVERVIEW

The Regent Is A Vibrant Community Hub

2018 2017 2016 2015 2014

ATTENDANCE MOVIES 21,333 19,227 19,654 21,896 23,497 LIVE EVENTS 8,222 7,466 11,248 8,055 7,516 HD PRESENTATIONS 1,420 1,730 1,996 2,174 1,956 TOTAL 30,975 28,423 32,898 32,125 32,969 ACTIVITY MOVIES SCREENINGS 410 440 434 484 426 LIVE EVENTS 57 36 50 42 42 HD PRESENTATIONS 29 33 33 34 35 CINEFEST SCREENINGS 40 38 39 42 41 TOTAL 536 547 556 602 544

HD Presentations include music, dance and theatre events from around the world. Cinefest includes highly acclaimed independent movies & documentaries

OVERVIEW THANK YOU

• The Regent thanks Georgia

Papanicolaou and Sam Branderhorst and the Shatterbox team for bringing their productions to the Regent.

• Armstrong’s War raised close to

$5,000 for the theatre.

• Tickets are on sale for their next

production, “The Small Room at the Top of the Stairs”

• May 24-26

FIS ISCAL 17/18 ACCOMPLISHMENTS

Higher Attendance

• Increased Live Event and Movie attendance by 10% and 11% respectively.

Successful Campaigns

• The Sponsorship Committee increased the number of Sponsors – sales topped

$87K.

• Revenues from Memberships exceeded the prior year.

Built Partnerships

• We developed our existing partnerships with PEC Jazz Festival, Festival Players,

Shatterbox Theatre and Country Comedy.

• We established relationships with new entertainment partners.

FIS ISCAL 17/18 ACCOMPLISHMENTS Financial

Bottom Line Improvement Some headwinds:

• Last year our PEC Community Grant dropped $10K from the previous year.
• Wage costs were up $12K due to the minimum wage increase.

We budgeted to lose $11.3K.

• That was $20K better than the prior year.
• We did a little better than our budget – we lost $7.3K.
• Still not good enough.

Renewed Our Loan

• Based on our improving financial performance RBC renewed our loan for a 5 Year

term at the current discounted rate.

For 2018/2019 Our PEC Community Grant increased to $35K.

ORGANIZATION CHANGE

General Manager, Neil Shorthouse will be leaving the theatre at the end of April.

LOOKING FORWARD

2018/2019 BUDGET

2017/2018 ACTUAL 2018/2019 BUDGET REVENUE Events $110,450 $121,495 Screen $165,904 $174,199 Concession $62,033 $72,813 Bar $14,130 $17,662 Sponsorship Revenue $56,263 $80,000 Fundraising Revenue $57,595 $66,234 Grants $29,502 $19,502 Building Improvement Fund (BIF) $26,027 $33,527 Total Interest & Misc. Earned $32,619 $41,799 TOTAL REVENUE $554,523 $627,232 EXPENSE Entertainment Costs $51,785 $56,964 Movie & HD Costs $121,042 $127,094 Concession Costs $24,659 $26,213 Bar Costs $6,360 $5,829 Marketing Expenses $26,915 $39,915 Administrative Expenses $227,451 $253,452 Fundraising $8,641 $10,369 Other $83,084 $85,161 Building Maintenance $11,928 $20,000 TOTAL EXPENSE $561,865 $624,996 NET INCOME

• $7,342

$2,236

DEVELOPMENT PROJECTS

Project Objective Targeted Completion Website Redesign More engaging Improve event marketing Easier to navigate & find info 3rd Quarter 2019 Upgrade Concession / Wine Bar Area Improve service, merchandising & profitability 3rd Quarter 2019 Outsource Bookkeeping Free up staff time to improve theatre

• perations

Better division of responsibility 2nd Quarter 2019 Assess Feasibility of a Film Festival Celebrate film in The County New annual “pillar” event Complete Business Plan by 3rd Quarter 2019 Building Development Maintain our wonderful heritage building. Ongoing

DEVELOPMENT PROJECTS

Website Redesign

• We have begun development of a new

website.

• The site developer – iStorm - was

selected through an RFP process.

• Target live date is late summer 2019.

DEVELOPMENT PROJECTS

Concession & Wine Bar

• We will be renovating our

concession/bar service area to improve merchandising and service.

• We received a grant from the

Huff Foundation to help with this project.

DEVELOPMENT PROJECTS

Outsourced Bookkeeping and Related Activities

• Following a competitive

process we selected Harrison Accounting from Picton.

• This will free up staff time to

improve theatre operations and provide better division

• f responsibility

DEVELOPMENT PROJECTS

Film Festival????

• We’ve formed a working

group to explore the possibility of a County film festival.

• More to come.

BUILDING DEVELOPMENT PROJECT

With the help of people familiar with the theatre's history we’re inventorying building maintenance requirements. We haven’t identified anything that immediately threatens the theatre’s ability to operate but we have found a number of issues that will require attention

BUILDING DEVELOPMENT PROJECT

Auditorium

• Portions of the auditorium floor

have deteriorated.

• Seating will soon require

significant refurbishing or replacement.

• Auditorium stairs are difficult for

some patrons to navigate.

• We want to improve the

experience of patrons using wheelchairs.

BUILDING DEVELOPMENT PROJECT

Building Exterior

• Cracks on the fly tower walls were noted

in 1993 structural study “There may have been some settlement …. there is no evidence of further cracking”.

• A comparison of pictures from 2009 and

today suggests the cracks haven’t appreciably changed.

• The cracks do create the potential for

moisture to penetrate the exterior and cause damage to the building interior.

BUILDING DEVELOPMENT PROJECT

Building Exterior

• Deterioration of brick, sills and

lintels in some areas.

• Drainage issues.
• Poor exit area lighting.
• Old, inefficient windows on the

2nd floor.

BUILDING DEVELOPMENT PROJECT

HVAC

• Our primary heating/cooling units are

near the end of their expected life.

• In 2015 replacement cost was

estimated at ≈ $46K.

• We also have energy saving
• pportunities.

BUILDING DEVELOPMENT PROJECT

Marquee

• The roof of the marquee needs re-

surfacing and drainage improvements.

• Marquee wiring needs updating.

BUILDING DEVELOPMENT PROJECT FUNDING

We have identified approximately 40 issues.

• Some relatively minor – others more significant.
• We will be developing a schedule to deal with these issues over time.

Funding

• Grants
• We recently applied for a grant from the Parrott Foundation to

assist with some issues.

• We will seek other grants.

Some capital project fund raising will also be required.

BUILDING DEVELOPMENT PROJECT

Additional Revenue Generation

• We’re investigating ways to generate more

income from use of the 2nd floor.

• Approximately 3200 sq. ft.
• Prime location of office space rental if the

space is modernized.

• Does the lot at the back of our property have

value?

• Maximizing revenue from our street level

spaces.

THE REGENT THEATRE FOUNDATION Election of Directors

RETIRING DIR IRECTORS

The following individuals have resigned from the Board during the past year.

• Julia Aitken
• Mike Amos
• Christophe Doussot
• Angie Driscoll

The Board wishes to thank them for their service and contribution to The Regent.

ELECTION OF DIR IRECT CTORS

Name Tenure Term Bob Cooke 2017 1 Year Kelly Huff New 2019 2 Years Louise MacDonald 2018 1 Year Evva Massey 2018 1 Year Bruce Nicholson New 2018 2 Years Ryan J. Noth 2016 2 Years Derek Smith New 2019 2 Years Jeff Sniderman New 2019 1 Year Nicholas Sorbara 2018 1 Year Rick Szabo 2016 2 Years Benjamin Carter Thornton New 2019 2 Years

CLOSING MESSAGES

• We’re making progress on the financial front
• There have been “bumps” along the way.
• The Development Projects are important.
• Protect our greatest asset – our wonderful

heritage building.

• Build capability and income.
• Give the film side of our programming the attention

and support that it deserves.

• We have a strong entertainment program for the

coming year and expect to add more events.

• Get better at developing and recognizing the

important contribution of Volunteer Team.

• We need your help! Encourage your friends and

neighbours to become Members, Patrons and Volunteers.

• Come out and enjoy your theatre!

Questions or Comments

THE REGENT THEATRE FOUNDATION

Close of Meeting

IN INVESTING IN IN VIBR IBRANT COMMUNITY TH THEATRES IS IS GOOD BUSI SINESS

Municipality Venue Period Amount Census Population Per Cap City of Brockville Brockville Arts Center 2018 Operating Budget $152,534 21,854 $6.98 City of Coburg Cobourg Concert Hall 2018 Operating Budget $150,874 19,440 $7.76 City of Port Hope Capitol Theatre 2018 Community Grant See Note 1 $45,000 16,214 $2.78 Town of Collingwood Simcoe Street Theatre Partnership Arrangement See Note 2 $20,000 21,793 $0.92

Notes 1. The Municipality of Port Hope also provides a no payment / no interest mortgage to The Capitol Theatre Heritage Foundation (balance Dec 31/17

• f $650,000).

2. The City of Collingwood is investing $20,000 / year in a partnership arrangement with the “for-profit” owners of the small Simcoe St. Theatre (100) seats.

Like The County, other municipal governments recognize that investing in their local theatres is good

• business. It generates cultural and tourism benefits.

Some municipalities accomplish this through direct control of theatre operations. Others provide grant support or enter into partnership arrangements.