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 Bruce Nicholson • Discussion of the Financial Statements for the Year Ended September 30, 2019 • Receipt of the Auditor’s Report • Re-Appointment of the Auditor 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 C URRENT P ROPOSED The current by-laws stipulate that the To provide some flexibility there could be up to 12 Board will have 10 directors. directors. Currently all directors are elected each Going forward directors will serve a two year term. year. The terms of directors will be staggered. Each year, one-half of the directors would complete their terms and retire or stand for re-election. Currently there is no provision for a A Vice-Chair will be appointed to assume the Vice-Chair. responsibilities of the Chair when the Chair is absent or unable to act. The current by-laws stipulate that 6 At certain times of the year it is difficult to meet the current directors are required to establish a quorum requirement. The number of directors required to quorum and transact business. establish a quorum would change to 5. Currently all directors are appointed as The requirement that all directors be signing officers is signing officers. 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+ 91 COMMUNITY BUSINESS VOLUNTEER SPONSORS HOURS PRINCE EDWARD 502 COUNTY $35K GRANT SUPPORT FOUNDATIONS (2019) MEMBERS
OVERVIEW OUR BUSIN INESS SPONSORS • Our Sponsorship Committee turned in a record year! • Over 90 Sponsors and approximately $87,000 in sales.
# Membership Level OVERVIEW Members* Strong Foundation Of Regent Patron - $1000 3 Supporting Members Regent Patron - $500 11 • 502 Members invested in The Regent Patron - Own Price 3 Regent during Fiscal 17/18. • Total revenue from Regent Patron - $250 77 Memberships sales totalled $52K. Regent Supporter - Own Price 4 • Accounting rules mean some of this revenue was not Regent Supporter - $100 193 recognized in Fiscal 17/18. 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 Festival Players Prince Edward Collegiate Institute Bahai Belleville/Picton Heritage Week Prince Edward County Jazz Cinefest Picton/County Docs Hospice Prince Edward Festival Fundraising Comedy Country Shatterbox Theatre PEC Chamber of Commerce County School of Dance The ROC PEC Free Methodist Church Emmanuel Baptist Church White Pines Project PEC Library Fundraising Campaign 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 For 2018/2019 Our PEC Community Grant increased to $35K. 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.
ORGANIZATION CHANGE General Manager, Neil Shorthouse will be leaving the theatre at the end of April.
2017/2018 2018/2019 REVENUE ACTUAL BUDGET Events $110,450 $121,495 LOOKING FORWARD 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 2018/2019 BUDGET 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 3 rd Quarter 2019 Website Redesign More engaging Improve event marketing Easier to navigate & find info 3 rd Quarter 2019 Upgrade Concession / Wine Bar Area Improve service, merchandising & profitability 2 nd Quarter 2019 Outsource Bookkeeping Free up staff time to improve theatre operations Better division of responsibility Assess Feasibility of a Film Festival Celebrate film in The County Complete Business Plan by 3 rd Quarter New annual “pillar” event 2019 Building Development Maintain our wonderful heritage Ongoing building.
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 of 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.
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