Stage Door News
Stage Door News
On April 21, 2016, Soulpepper celebrated its 2015 season at its AGM, and made updates to its five-year strategic initiative to expand the scope of the company’s mission as a National Civic Theatre.
Soulpepper operates in a highly dynamic environment with a philosophy that encourages continuous organizational growth and reinvestment while maintaining sound fiscal responsibility. Soulpepper’s budgeting and programming decisions are guided by this philosophy.
During fiscal 2015, Soulpepper announced a five-year strategic initiative to expand the scope of the organization’s mission to build a National Civic Theatre -
a place of belonging for artists and audiences of all ages and backgrounds. As this expanded mandate was adopted, Management and the Board agreed to draw down on the accumulated surplus to fund these mission driven imperatives. Soulpepper began the year with an accumulated surplus of $782,000 (representing revenues earned and raised in prior years but not spent). With this anticipated increased activity and investment, Soulpepper reported a planned deficit of $309,000
in 2015, and a closing accumulated surplus of $473,000.
2015 FINANCIAL HIGHlIGHTS:
• Performance revenues decreased by $624,000 due to a summer performance hiatus while the Pan/ParaPan Am Games used the Young Centre facilities and due to reduced touring activities throughout the year
• Expanded programming of the second annual Soulpepper Family Holiday Festival and residency at Toronto’s St Lawrence Centre for the Performing Arts increased audiences and community engagement.
• Fundraising increased by $53,000
• Government grants increased by $432,000, with the Toronto Arts Council annual operating grant increasing by $85,000 (30%) and an incremental $255,000 recognized from the Province of Ontario’s $1.5 million grant in support of touring over four years.
• Operating expenses, including artistic and production grew by 3%
• $6.3 million of the annual budget provided work for 255 artists and 66 full-time and part-time staff
• The combined market value of Soulpepper’s externally held endowments totaled $7.9 million reflecting growth of 1.3%
• The Soulpepper endowment, managed by the Ontario Arts Foundation distributed an incremental $7,000, contributing to a total annual distribution rate of 4.5%
• Additional endowment income was received from the Baillie Artistic Fellowship Fund.
• The expanded Soulpepper Academy saw its 4th graduating class.
Soulpepper accounts for its 50% investment in the Young Centre using the equity method. Because the Young Centre’s annual operating shortfalls are covered by equal contributions from Soulpepper and George Brown College, the Young Centre has no accumulated surplus or deficit, and consequently
Soulpepper’s investment in the Young Centre is reflected as $nil. Since inception in 2003, Soulpepper has contributed over $11.6 million to develop, start up and operate this unique facility.
2015 was a year of [significant growth and] foundational infrastructure investment at Soulpepper, building the platform for our future. This was made possible by careful expense management and growth of our short and longer-term government and public support, both achieved thanks to the extraordinary efforts of the whole Soulpepper team.
Our goals for 2016 and beyond are ambitious.
To achieve them, we will require continued growth in funding. In that endeavour, we are fortunate to be
able to draw on the consistent dedication of our artists, staff, sponsors, donors, funders and patrons. We could not have enjoyed such a successful year or developed our plans for 2016 and beyond without them. Our deepest thanks to our many supporters.
The summarized financial statements in this Annual Report present Soulpepper’s financial position as at December 31, 2015 and the results of its operations for the year then ended.
From: “A Message from the Chair of Finance”, Deborah Barrett, CPA, CA
Photo: Scene from Marat/Sade, Stuart Hughes (centre) as Marat. ©2015 Cylla von Tiedemann.
2016-07-07
Toronto: Soulpepper ended its 2015 with a surplus