Welcome Regent Theatre Foundation Annual General Meeting The The ent enter ertainm nment ent hea heartbea eat of Pr Princ nce e Edward Count unty The entertainment heartbeat of Prince Edward County
WELCOME Regent Theatre Foundation Annual General Meeting March 24, 2018 The entertainment heartbeat of Prince Edward County
AGENDA • Approval of Agenda • Approval of Minutes • Financial Information – Auditor’s Report for Year Ending September 30, 2017 – Financial Situation – Appointment of the Accountant for the current year • The County’s Entertainment Centre • We’re Entertaining • Election of Directors • Questions & Comments • Meeting Close The entertainment heartbeat of Prince Edward County
APPROVAL OF MINUTES Annual General Meeting Saturday January 20, 2017 The entertainment heartbeat of Prince Edward County
Fina Fi nanc ncial Info nformation The The ent enter ertainm nment ent hea heartbea eat of Pr Princ nce e Edward Count unty The entertainment heartbeat of Prince Edward County
AUDITOR’S REPORT • Report from our Auditor (Wilkinson & Company LLP) for the Year Ending September 30, 2017 • Approval of the Audit Report The entertainment heartbeat of Prince Edward County
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FINANCIAL SITUATION - HISTORY 2016/2017 2015/2016 2014/2015 2013/2014 Overhead Administration $174,857 $177,775 $190,629 $145,903 Premises $78,261 $71,247 $78,325 $83,480 Interest & Bank Charges $25,362 $21,689 $22,227 $28,389 Amortization $31,826 $30,199 $31,592 $28,033 $310,306 $300,910 $322,773 $285,805 Entertainment Revenue $361,149 $376,460 $312,655 $281,704 Expenses -$277,546 -$295,510 -$232,318 -$215,614 Building Improvement Fees $24,150 $25,978 $25,465 $23,759 $107,753 $106,928 $105,802 $89,849 Other Memberships & Donations $46,322 $48,137 $45,684 $41,422 Sponsorships $46,308 $48,911 $47,550 $44,068 PEC County Grant $35,000 $38,000 $40,000 $40,000 Other Grant $7,882 $3,826 $6,683 $22,615 Nevada Revenue $11,114 $11,072 $15,376 $16,894 Rents $21,662 $20,162 $18,978 $13,502 Other $1,368 $2,878 $910 $3,933 $169,656 $172,986 $175,181 $182,434 EXCESS OF EXPENSES OVER REVENUE -$32,897 -$20,996 -$41,790 -$13,522 Note: In 2013/2014 there was a "one-time" extraordinary revenue item ($26.4K Debt Forgiveness) that has been removed for comparison purposes. 13 The entertainment heartbeat of Prince Edward County
FINANCIAL SITUATION - DEBT In October 2013 the Foundation borrowed approximately $336K from RBC. • – We make a monthly loan payment of $2,839. We have never missed a payment. – The current balance is approximately $280K. The Loan Terms • – The interest rate on the loan is 5.39%. – It is an “On Demand” loan meaning RBC can require payment in full at any time. – The loan comes up for renewal in October 2018. There is a financial “test” associated with the loan (debt service coverage • ratio of not less than 1.25:1). – We have failed this test for the past 3 years. – We will fail again this year if we have a loss of anymore than a few thousand dollars. RBC has been monitoring our financial results as part of their “due • diligence” in connection with the renewal of the loan. If our financial results do not improve there is no guarantee that we will • have continued access to this financing. 14 The entertainment heartbeat of Prince Edward County
FINANCIAL SITUATION - CURRENT YEAR CHALLENGES PLUSES Grant from PEC drops to $25K We’re benefitting from improved • • from $35K. management of Live Events. Increase in the Ontario minimum – Last year we lost money on 6 of 11 • live music events – close to $10K. wage will cost approximately $6K. YTD we’ve had strong movie • Membership & Patron revenues • attendance. are about $7500 below last year. Our YTD results are significantly • We need to increase this revenue better than last year but not yet source. where they need to be. We need to replace last years’ • best fundraising event – The Fashion Show. 15 The entertainment heartbeat of Prince Edward County
FINANCIAL SITUATION - BUDGET Fiscal 2015/2016 Fiscal 2016/2017 Working Budget for This Year REVENUE Entertainment $377,536 $362,476 $312,046 Sponsorship Revenue $48,271 $46,308 $50,331 Fundraising Revenue $58,833 $57,436 $72,597 Grants $38,000 $38,897 $37,000 Building Improvement Fund (BIF) $25,978 $24,150 $27,900 Total Interest & Misc. Earned $26,805 $25,688 $41,126 TOTAL REVENUE $575,423 $554,955 $540,999 EXPENSE Entertainment Costs $139,522 $123,954 $68,670 Movie Costs $89,935 $96,031 $98,640 Concession & Bar Costs $38,029 $31,182 $32,911 Box Office $346 $0 $2,464 Marketing Expenses $29,174 $26,379 $20,800 Administrative Expenses $220,042 $209,756 $232,659 Fundraising $7,884 $6,406 $12,400 Other $55,524 $94,144 $62,638 Building Maintenance $15,962 $0 $21,153 Not Good TOTAL EXPENSE $596,419 $587,852 $552,335 Enough! NET INCOME -$20,996 -$32,897 -$11,336 16 The entertainment heartbeat of Prince Edward County
APPOINTMENT OF THE FOUNDATION’S ACCOUNTANT • Appointment of Wilkinson & Company LLP for the Fiscal Year ending September 30, 2018. The entertainment heartbeat of Prince Edward County
Th The Co County’s s Ent Enter ertai ainment nment Centre Cent The ent The enter ertainm nment ent hea heartbea eat of Pr Princ nce e Edward Count unty The entertainment heartbeat of Prince Edward County
OVERVIEW As a community not for profit theatre, The Regent benefits from the generous time and financial contributions of many members of our community. 4500+ 71 COMMUNITY BUSINESS VOLUNTEER SPONSORS HOURS 536 PRINCE $ FOUNDATIONS EDWARD MEMBERS COUNTY 19 The entertainment heartbeat of Prince Edward County
WE CONTRIBUTE TO ARTS IN THE COUNTY A wide variety of community groups rely on the Regent to support their events and activities. In the past year this has included groups such as….. Prince Edward County Prince Edward County Prince Edward County Jazz Festival Hospice Fundraiser Youth Centre’s ROC’n Revue Cinefest Sponsorland Film Prince Edward County Docs Hollywood North and Collegiate Institute Comedy Country Motorcycle Film Annual Sports Awards Festivals Whattam’s Family Various local business Movies meetings and social events The entertainment heartbeat of Prince Edward County
MAKING IT HAPPEN 2017 2016 2015 2014 ATTENDANCE MOVIES 19,227 19,654 21,896 23,497 LIVE EVENTS 7,466 11,248 8,055 7,516 HD PRESENTATIONS 1,730 1,996 2,174 1,956 TOTAL 28, 28,423 423 32,898 32, 898 32,125 32, 125 32, 32,969 969 ACTIVITY MOVIES SCREENINGS 440 434 484 426 LIVE EVENTS 36 50 42 42 HD PRESENTATIONS 33 33 34 35 CINEFEST 38 39 42 41 SCREENINGS HD Presentations include music, dance and theatre events from around the world. Cinefest includes highly acclaimed independent movies & documentaries The entertainment heartbeat of Prince Edward County
Improve Our Be The Financial Position Entertainment Heartbeat of the County! STRATEGIC GOALS Develop Partner Celebrate The Relationships And Regent’s Heritage Offerings 22 The entertainment heartbeat of Prince Edward County
IMPROVE OUR FINANCIAL POSITION • Better selection and management of live events to reduce risk. • Expand current and develop new revenue sources. – Improve concession operations to better suit the tastes of audiences for various events. – Activate underused building spaces (e.g. Box Office, Loft, offices). – Encourage non-traditional uses of the building, creating a cultural hub for the community. 23 The entertainment heartbeat of Prince Edward County
BE THE ENTERTAINMENT HEARTBEAT OF THE COUNTY! • Increase the diversity of our entertainment events to attract an even broader spectrum of County residents and visitors. – Program entertainment events that fit the interest and tastes of both our current and future audiences. – Continue to provide programs like Cinefest, County Docs, and HD events that our customers want. – Work with agents and managers to bring new talent and unique events to the Regent. • Partner with local event producers to provide the stage for top-flight County grown entertainment such as the Jazz Festival, Festival Players, and Comedy Country. • Articulate and establish our position as a cultural hub for The County’s arts and entertainment. 24 The entertainment heartbeat of Prince Edward County
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