Welcome Regent Theatre Foundation Annual General Meeting The The - - PowerPoint PPT Presentation

The entertainment heartbeat of Prince Edward County

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

Fi Fina 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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The entertainment heartbeat of Prince Edward County

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The entertainment heartbeat of Prince Edward County

FINANCIAL SITUATION - HISTORY

13 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.

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.

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The entertainment heartbeat of Prince Edward County

FINANCIAL SITUATION - CURRENT YEAR

CHALLENGES

• Grant from PEC drops to $25K

from $35K.

• Increase in the Ontario minimum

wage will cost approximately $6K.

• Membership & Patron revenues

are about $7500 below last year. We need to increase this revenue source.

• We need to replace last years’

best fundraising event – The Fashion Show. PLUSES

• We’re benefitting from improved

management of Live Events.

– Last year we lost money on 6 of 11 live music events – close to $10K.

• YTD we’ve had strong movie

attendance.

• Our YTD results are significantly

better than last year but not yet where they need to be.

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The entertainment heartbeat of Prince Edward County

FINANCIAL SITUATION - BUDGET

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Not Good Enough!

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 TOTAL EXPENSE $596,419 $587,852 $552,335 NET INCOME

• $20,996
• $32,897
• $11,336

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 Cent Centre

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

OVERVIEW

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BUSINESS SPONSORS As a community not for profit theatre, The Regent benefits from the generous time and financial contributions of many members of our community.

4500+

COMMUNITY VOLUNTEER HOURS

536

FOUNDATIONS MEMBERS

$

PRINCE EDWARD COUNTY

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 Jazz Festival Cinefest County Docs Comedy Country Whattam’s Family Movies Prince Edward County Hospice Fundraiser Sponsorland Film Hollywood North and Motorcycle Film Festivals Prince Edward County Youth Centre’s ROC’n Revue Prince Edward Collegiate Institute Annual Sports Awards Various local business 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, 32,898 898 32, 32,125 125 32, 32,969 969

ACTIVITY MOVIES SCREENINGS

440 434 484 426

LIVE EVENTS

36 50 42 42

HD PRESENTATIONS

33 33 34 35

CINEFEST SCREENINGS

38 39 42 41

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

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Improve Our Financial Position Be The Entertainment Heartbeat of the County! Develop Partner Relationships And Offerings Celebrate The Regent’s Heritage STRATEGIC GOALS

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,

• ffices).

– Encourage non-traditional uses of the building, creating a cultural hub for the community.

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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

• ur 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.

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The entertainment heartbeat of Prince Edward County

DEVELOP OUR PARTNER RELATIONSHIPS

• Grow our Volunteer support and better recognize their vital

contribution to the operations of the Regent.

• Broaden and deepen our relationships with our Members,

Patrons, and Sponsors. Ensure there is a strong link between the Board and each of these important groups.

• Cultivate Donors to fund future investments in our building

and programming.

• Work co-operatively with other arts and entertainment

groups to pursue shared interests and goals for the benefit of cultural life in the County.

• Use our event management capabilities to support the

activities and events of other community organizations.

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The entertainment heartbeat of Prince Edward County

100 YEARS YOUNG THE REGENT CELEBRATES ITS CENTENNIAL IN 2018

The entertainment heartbeat of Prince Edward County

CELEBRATE THE REGENT’S HERITAGE

• Use the 100th Anniversary (Nov. 2018) to launch the

theatre into the next 100 years.

– Work with our community partners to present 100th anniversary celebrations and fundraising activities.

• Continue to attract new Volunteers, Members,

Patrons, and Sponsors and gain their support to put the Regent on a solid footing going forward.

• Establish plan to develop our historic building with

today and tomorrow’s uses in mind.

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The entertainment heartbeat of Prince Edward County

We We’re Entertaining

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

EVENT DEVELOPMENT

• Reduce our entertainment event risk

– For the time being focus on rental and shared risk events. – Experiment with event-specific “presentation” sponsorships to offset event expenses.

• Execute better marketing plans for all shows.
• Develop relationships with event funding organizations such as Dept of

Canadian Heritage.

• Leverage our participation in an Ontario theatre network to…

– Gain access to a better selection of acts – Establish The Regent within tour cycle rather than outside – Bulk-buy discounts

• Further develop relationships with local and regional event producers

– Increase the number, diversity and quality of events – Partnership approach with local producers

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The entertainment heartbeat of Prince Edward County

We’re Entertaining

Period Major Events October – December 17 9 January – March 18 6 April – June 18 12 July – September 18 23 Total 50

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The The ent enter ertainm nment ent hea heartbea eat of Pr Princ nce e Edward Co County is is beatin ing STRONGLY!!!

The entertainment heartbeat of Prince Edward County

On The Books - 8 HD Satellite events + these 29 Live Events:

March 24-25 “Constellations” (Live Theatre: Shatterbox & Regent Theatre Presents) April 7 Jack DeKeyzer (Concert: Rental) 15 PEC Jazz “Swing Into Spring” (Concert: Rental) May 6 Only Yesterday: The Carpenters Story (Concert: Rental) 17 ROC N Revue (Community Rental) June 10 Art of Dance (2 shows - Community Rental) 15 The Good Brothers In Concert (Rental – On Sale Soon) July 6 Brent Carver & The Art of Time Ensemble (Concert: Festival Players & Regent Theatre Presents) 14 Classic Albums Live: Pink Floyd Dark Side of the Moon (Rental) 19 David Frum & Friends (Spoken Word; PEC Library & Regent Theatre Presents - On Sale Soon) 21 Motown Gold (Concert: Rental) August 12 Ultimate Beach Party (Concert: Rental) 16-19 PEC Jazz Festival (4 shows – Rental - On Sale Soon) 22-31 “Blind Date” (Live Theatre: Festival Players & Regent Theatre Presents) September 1-2 “Blind Date” (Live Theatre: Festival Players & Regent Theatre Presents) 22 Comedy Country (Rental - On Sale Soon) 23 Legends of Folk (Concert: Rental)

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The entertainment heartbeat of Prince Edward County

El Elect ection of

• n of

Di Direct ector

• rs

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

RETIRING DIRECTORS

• Tim Bankier
• Steve Blakely
• Treat Hull
• Tim Smythe-Bishop
• Marilyn Toombs
• Thank-You For Your Excellent Service

The entertainment heartbeat of Prince Edward County

ELECTION OF DIRECTORS

Name Position Tenure Julia Aitken New Mike Amos New Dale Boyd Secretary Returning Bob Cooke Treasurer Returning Christophe Doussot New Louise MacDonald New Evva Massey-Henry New Ryan Noth Returning Nicholas Sorbara New Rick Szabo Returning

The entertainment heartbeat of Prince Edward County

KEY MESSAGES

• The Regent is making progress towards financial stability.
• This year’s Live Entertainment line-up is on track to be

stronger than ever.

• We are working to develop and grow our Volunteer Team

– Volunteers are critical to our survival and success.

• We’ve made a commitment to more and better

communication with our Members and other key stakeholders.

• We need your help! Encourage your friends and

neighbours to become Members, Patrons and Volunteers.

• Come out and enjoy your theatre!

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The entertainment heartbeat of Prince Edward County

Questions or Comments

The entertainment heartbeat of Prince Edward County

100 YEARS YOUNG THE REGENT CELEBRATES ITS CENTENNIAL IN 2018