Regent Theatre Foundation Annual General Meeting · 3/23/2018 · 24-25 “Constellations” (Live Theatre: Shatterbox& Regent Theatre Presents) April 7 Jack DeKeyzer(Concert: Rental)

The entertainment heartbeat of Prince Edward County

WelcomeRegent Theatre FoundationAnnual General Meeting



WELCOME

RegentTheatreFoundationAnnualGeneralMeeting

March24,2018


AGENDA

• ApprovalofAgenda• ApprovalofMinutes• FinancialInformation

– Auditor’sReportforYearEndingSeptember30,2017– FinancialSituation– AppointmentoftheAccountantforthecurrentyear

• TheCounty’sEntertainmentCentre• We’reEntertaining• ElectionofDirectors• Questions&Comments• MeetingClose


APPROVAL OF MINUTES

AnnualGeneralMeetingSaturdayJanuary20,2017


Financial Information



AUDITOR’S REPORT

• ReportfromourAuditor(Wilkinson&CompanyLLP)fortheYearEndingSeptember30,2017

• ApprovaloftheAuditReport

The entertainment heartbeat of Prince Edward County7







FINANCIAL SITUATION - HISTORY

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2016/2017 2015/2016 2014/2015 2013/2014

OverheadAdministration $174,857 $177,775 $190,629 $145,903Premises $78,261 $71,247 $78,325 $83,480Interest&BankCharges $25,362 $21,689 $22,227 $28,389Amortization $31,826 $30,199 $31,592 $28,033

$310,306 $300,910 $322,773 $285,805

EntertainmentRevenue $361,149 $376,460 $312,655 $281,704Expenses -$277,546 -$295,510 -$232,318 -$215,614BuildingImprovementFees $24,150 $25,978 $25,465 $23,759

$107,753 $106,928 $105,802 $89,849

OtherMemberships&Donations $46,322 $48,137 $45,684 $41,422Sponsorships $46,308 $48,911 $47,550 $44,068PECCountyGrant $35,000 $38,000 $40,000 $40,000OtherGrant $7,882 $3,826 $6,683 $22,615NevadaRevenue $11,114 $11,072 $15,376 $16,894Rents $21,662 $20,162 $18,978 $13,502Other $1,368 $2,878 $910 $3,933

$169,656 $172,986 $175,181 $182,434

EXCESSOFEXPENSESOVERREVENUE -$32,897 -$20,996 -$41,790 -$13,522

Note:In2013/2014therewasa"one-time"extraordinaryrevenueitem($26.4KDebtForgiveness)thathasbeenremovedforcomparisonpurposes.


FINANCIAL SITUATION - DEBT

• InOctober2013theFoundationborrowedapproximately$336KfromRBC.– Wemakeamonthlyloanpaymentof$2,839.Wehavenevermissedapayment.– Thecurrentbalanceisapproximately$280K.

• TheLoanTerms– Theinterestrateontheloanis5.39%.– Itisan“OnDemand”loanmeaningRBCcanrequirepaymentinfullatanytime.– TheloancomesupforrenewalinOctober2018.

• Thereisafinancial“test”associatedwiththeloan(debtservicecoverageratioofnotlessthan1.25:1).– Wehavefailedthistestforthepast3years.– Wewillfailagainthisyearifwehavealossofanymorethanafewthousand

dollars.• RBChasbeenmonitoringourfinancialresultsaspartoftheir“due

diligence”inconnectionwiththerenewaloftheloan.• Ifourfinancialresultsdonotimprovethereisnoguaranteethatwewill

havecontinuedaccesstothisfinancing.

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FINANCIAL SITUATION - CURRENT YEAR

CHALLENGES• GrantfromPECdropsto$25K

from$35K.• IncreaseintheOntariominimum

wagewillcostapproximately$6K.• Membership&Patronrevenues

areabout$7500belowlastyear.Weneedtoincreasethisrevenuesource.

• Weneedtoreplacelastyears’bestfundraisingevent– TheFashionShow.

PLUSES• We’rebenefittingfromimproved

managementofLiveEvents.– Lastyearwelostmoneyon6of11

livemusicevents– closeto$10K.• YTDwe’vehadstrongmovie

attendance.• OurYTDresultsaresignificantly

betterthanlastyearbutnotyetwheretheyneedtobe.

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FINANCIAL SITUATION - BUDGET

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NotGoodEnough!

Fiscal2015/2016 Fiscal2016/2017 WorkingBudgetforThisYear

REVENUE

Entertainment $377,536 $362,476 $312,046SponsorshipRevenue $48,271 $46,308 $50,331FundraisingRevenue $58,833 $57,436 $72,597Grants $38,000 $38,897 $37,000BuildingImprovementFund(BIF) $25,978 $24,150 $27,900TotalInterest&Misc.Earned $26,805 $25,688 $41,126

TOTALREVENUE $575,423 $554,955 $540,999

EXPENSE

EntertainmentCosts $139,522 $123,954 $68,670MovieCosts $89,935 $96,031 $98,640Concession&BarCosts $38,029 $31,182 $32,911BoxOffice $346 $0 $2,464MarketingExpenses $29,174 $26,379 $20,800AdministrativeExpenses $220,042 $209,756 $232,659Fundraising $7,884 $6,406 $12,400Other $55,524 $94,144 $62,638BuildingMaintenance $15,962 $0 $21,153

TOTALEXPENSE $596,419 $587,852 $552,335NETINCOME -$20,996 -$32,897 -$11,336


APPOINTMENT OF THE FOUNDATION’S ACCOUNTANT

• AppointmentofWilkinson&CompanyLLPfortheFiscalYearendingSeptember30,2018.


The County’s Entertainment

Centre



OVERVIEW

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71 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$

PRINCEEDWARDCOUNTY


WE CONTRIBUTE TO ARTS IN THE COUNTYAwidevarietyofcommunitygroupsrelyontheRegenttosupporttheireventsandactivities.Inthepastyearthishasincludedgroupssuchas…..

PrinceEdwardCountyJazzFestivalCinefestCountyDocsComedyCountryWhattam’s FamilyMovies

PrinceEdwardCountyHospiceFundraiserSponsorland FilmHollywoodNorthandMotorcycleFilmFestivals

PrinceEdwardCountyYouthCentre’sROC’nRevuePrinceEdwardCollegiateInstituteAnnualSportsAwardsVariouslocalbusinessmeetingsandsocialevents


MAKING IT HAPPEN

2017 2016 2015 2014ATTENDANCE

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 28,423 32,898 32,125 32,969

ACTIVITYMOVIES 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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ImproveOurFinancialPosition

BeTheEntertainmentHeartbeatofthe

County!

DevelopPartnerRelationshipsAnd

Offerings

CelebrateTheRegent’sHeritage

STRATEGICGOALS


IMPROVE OUR FINANCIAL POSITION

• Betterselectionandmanagementofliveeventstoreducerisk.

• Expandcurrentanddevelopnewrevenuesources.– Improveconcessionoperationstobettersuitthetastesofaudiencesforvariousevents.

– Activateunderusedbuildingspaces(e.g.BoxOffice,Loft,offices).

– Encouragenon-traditionalusesofthebuilding,creatingaculturalhubforthecommunity.

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BE THE ENTERTAINMENT HEARTBEAT OF THE COUNTY!

• IncreasethediversityofourentertainmenteventstoattractanevenbroaderspectrumofCountyresidentsandvisitors.– Programentertainmenteventsthatfittheinterestandtastesofboth

ourcurrentandfutureaudiences.– ContinuetoprovideprogramslikeCinefest,CountyDocs,andHD

eventsthatourcustomerswant.– Workwithagentsandmanagerstobringnewtalentandunique

eventstotheRegent.• Partnerwithlocaleventproducerstoprovidethestagefor

top-flightCountygrownentertainmentsuchastheJazzFestival,FestivalPlayers,andComedyCountry.

• ArticulateandestablishourpositionasaculturalhubforTheCounty’sartsandentertainment.

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DEVELOP OUR PARTNER RELATIONSHIPS

• GrowourVolunteersupportandbetterrecognizetheirvitalcontributiontotheoperationsoftheRegent.

• BroadenanddeepenourrelationshipswithourMembers,Patrons,andSponsors.EnsurethereisastronglinkbetweentheBoardandeachoftheseimportantgroups.

• CultivateDonorstofundfutureinvestmentsinourbuildingandprogramming.

• Workco-operativelywithotherartsandentertainmentgroupstopursuesharedinterestsandgoalsforthebenefitofculturallifeintheCounty.

• Useoureventmanagementcapabilitiestosupporttheactivitiesandeventsofothercommunityorganizations.

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100 YEARS YOUNG

THE REGENT CELEBRATES ITS CENTENNIAL IN 2018


CELEBRATE THE REGENT’S HERITAGE

• Usethe100thAnniversary(Nov.2018)tolaunchthetheatreintothenext100years.– Workwithourcommunitypartnerstopresent100thanniversarycelebrationsandfundraisingactivities.

• ContinuetoattractnewVolunteers,Members,Patrons,andSponsorsandgaintheirsupporttoputtheRegentonasolidfootinggoingforward.

• Establishplantodevelopourhistoricbuildingwithtodayandtomorrow’susesinmind.

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We’re Entertaining



EVENTDEVELOPMENT

• Reduceourentertainmenteventrisk– Forthetimebeingfocusonrentalandsharedriskevents.– Experimentwithevent-specific“presentation”sponsorshipstooffsetevent

expenses.• Executebettermarketingplansforallshows.• DeveloprelationshipswitheventfundingorganizationssuchasDeptof

CanadianHeritage.• LeverageourparticipationinanOntariotheatrenetworkto…

– Gainaccesstoabetterselectionofacts– EstablishTheRegentwithintourcycleratherthanoutside– Bulk-buydiscounts

• Furtherdeveloprelationshipswithlocalandregionaleventproducers– Increasethenumber,diversityandqualityofevents– Partnershipapproachwithlocalproducers

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We’reEntertaining

Period MajorEventsOctober– December17 9January– March18 6April– June18 12July– September18 23Total 50

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The entertainment heartbeat of Prince Edward County is beating STRONGLY!!!


OnTheBooks- 8 HDSatelliteevents+these29 LiveEvents:March24-25 “Constellations”(LiveTheatre:Shatterbox &RegentTheatrePresents)April7 JackDeKeyzer (Concert:Rental)15 PECJazz“SwingIntoSpring”(Concert:Rental)May6 OnlyYesterday:TheCarpentersStory(Concert:Rental)17 ROCNRevue(CommunityRental)June10 ArtofDance(2shows- CommunityRental)15 TheGoodBrothersInConcert (Rental– OnSaleSoon)July6 BrentCarver&TheArtofTimeEnsemble(Concert:FestivalPlayers&RegentTheatrePresents)14 ClassicAlbumsLive:PinkFloydDarkSideoftheMoon (Rental)19 DavidFrum&Friends (SpokenWord;PECLibrary&RegentTheatrePresents- OnSaleSoon)21 MotownGold(Concert:Rental)August12 UltimateBeachParty(Concert:Rental)16-19 PECJazzFestival(4shows– Rental- OnSaleSoon)22-31 “BlindDate” (LiveTheatre:FestivalPlayers&RegentTheatrePresents)September1-2 “BlindDate”(LiveTheatre:FestivalPlayers&RegentTheatrePresents)22 ComedyCountry(Rental- OnSaleSoon)23 LegendsofFolk(Concert:Rental)31


Election of Directors



RETIRING DIRECTORS

• TimBankier• SteveBlakely• TreatHull• TimSmythe-Bishop• MarilynToombs

• Thank-YouForYourExcellentService


ELECTION OF DIRECTORSName Position Tenure

JuliaAitken NewMikeAmos NewDaleBoyd Secretary ReturningBobCooke Treasurer ReturningChristopheDoussot NewLouiseMacDonald NewEvvaMassey-Henry NewRyanNoth ReturningNicholasSorbara NewRickSzabo Returning


KEY MESSAGES

• TheRegentismakingprogresstowardsfinancialstability.• Thisyear’sLiveEntertainmentline-upisontracktobe

strongerthanever.• WeareworkingtodevelopandgrowourVolunteerTeam

– Volunteersarecriticaltooursurvivalandsuccess.• We’vemadeacommitmenttomoreandbetter

communicationwithourMembersandotherkeystakeholders.

• Weneedyourhelp!EncourageyourfriendsandneighbourstobecomeMembers,PatronsandVolunteers.

• Comeoutandenjoyyourtheatre!

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Questions or Comments


100 YEARS YOUNG

THE REGENT CELEBRATES ITS CENTENNIAL IN 2018

Documents

Regent Theatre Foundation Annual General Meeting · 3/23/2018 · 24-25 “Constellations” (Live Theatre: Shatterbox& Regent Theatre Presents) April 7 Jack DeKeyzer(Concert: Rental)