2015 2016 57 th Annual Report
ent-nts.ca
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TABLE OF CONTENTS
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Mission and Vision Statements
Board of Directors, Members of the Corporation and Management Committee
6 8 10
Message from the Chair
Message from the CEO
Programs, Candidates, Students and 2016 Graduates
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Update from the Development Office
21
List of Donors, Sponsors, Public Partners and Special Funds
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Message from the Minister of Canadian Heritage Annual Report 2015-2016 Coordination: Stéphanie Brody — Translation: Analogos — Copy Editing: Heather Macdougall — Photos: Maxime Côté (exception Christine Bourgier, p. 6) — Graphic Integration: Norman Terrault
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Financial Statements
Theatre brings people together and allows them to imagine, think, and feel collectively. / Theatre is an act of community building, a catalyst for empathy, creativity, debate, and well-being that allows us to better engage with the complexities of our times.
The Mission of The National Theatre School of Canada / The National Theatre School of Canada (NTS) offers incomparable training for actors, directors, designers, writers, production specialists, and artists of all kinds to create work that matters.
A National School with Global Reach / “To meet the needs of Canada’s theatre, this country must train its own artists and workers.” With these words, a plan was launched in 1960 for the establishment of the National Theatre School of Canada to prepare actors, directors, playwrights, designers, and production specialists for the professional theatre. Today, NTS offers training programs to over 160 students from across the country and beyond in all aspects of theatre making in both French and English. The School is one of the cornerstones of the performing arts sector and has graduated some 2000 artists who have made incalculable contributions to our collective identity. Some of this country’s most important theatre, performance, film, and television artists are among their ranks, and the School’s influence is felt from coast to coast to coast and across the globe. / The achievements of NTS graduates, in theatre as well as in film, television, opera, and other performing arts, both in Canada and abroad, are a testament to the strength and impact of their work. Alumni who have been recognized for their key contributions in recent years include Chris Abraham, Dominic Champagne, Julia Course, Henry Czerny, Claudia Dey, Leah Doz, Ted Dykstra, Jake Epstein, Colm Feore, Carole Fréchette, Allan Hawco, Brendan Healy, Martha Henry, Eda Holmes, Diana Leblanc, Ann-Marie MacDonald, Anita Majumdar, Seana McKenna, Hannah Moscovitch, Wajdi Mouawad, Sandra Oh, Kristin Pellerin, Adam Pettle, Gareth Potter, Michael Rubenfeld, Judith Thompson, and Kenneth Welsh, to name just a few.
Vision / Inspired by the excellence of its core programs, the National Theatre School of Canada will create new pathways to the School to take a leading role in strengthening the cultural sector and contributing to a healthier, more compassionate and resilient society.
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PATRON
Under the distinguished patronage of His Excellency the Right Honourable David Johnston, C.C., C.M.M., C.O.M., C.D., Governor General of Canada
BOARD OF DIRECTORS
Chair Bernard Amyot, QC Treasurer Simon Dupéré, QC
AS OF JULY 31, 2016
Secretary Linda Caty, QC
MEMBERS OF THE CORPORATION AS OF JULY 31, 2016
EXECUTIVE MANAGEMENT COMMITTEE
Members Alan Bleviss*, USA Richard Brott, ON Kathryn Brownlie, ON Alberta Cefis, ON David J. Daniels, ON Terrie-Lynne Devonish, ON Camilla Holland, MB J. Edward Johnson, QC Brenda Jones Kinsella, BC Myriane Le François, QC Du-Yi Leu, ON Jill Matus, ON Joan Richardson, MB Jodi White, ON
Members Herbert C. Auerbach*, BC Jean Pol Britte* Tullio Cedraschi, QC Gil Desautels, QC Kaaren Hawkins, MB Gordon P. Jones, NL Marie Lambert*, C.M., QC Robert E. Landry, C.M., QC D’Arcy Levesque, AB Sheila Martin, QC
Margaret Martinello Magner, PE Monique Mercure*, C.C., G.O.Q, QC Guy Mignault, ON Patricia M. Moore, AB Caroline Mulroney-Lapham, ON Marissa Nuss, QC Paul Robillard, QC Eleanore Romanow, SK Nalini Stewart, ON Yvon Turcot*, QC
CEO Gideon Arthurs
Artistic Director of the English Section Alisa Palmer
*Life Governor
Artistic Director of the French Section Denise Guilbault
Public Funders from August 1, 2015 to July 31, 2016 THE NATIONAL THEATRE SCHOOL THANKS ITS PUBLIC AND PRIVATE PARTNERS AS WELL AS ITS GENEROUS DONORS.
National Theatre School of Canada 5030 Saint-Denis Street, Montréal, Quebec, H2J 2L8 514 842-7954 or 1 866 547-7328 (Canada & USA) info@ent-nts.ca — ent-nts.ca
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Message from the chair A Year of Transformation Since its inception in 1960, NTS has been a pioneer in training generations of artists who have made an invaluable contribution to our collective identity. As it approaches its 60th anniversary, this unique institution embarks on a major transformation to reassert its leadership in the cultural sector and contribute to a more resilient society. In June 2016, the NTS Board of Directors gathered in Banff, Alberta, to adopt a historic action plan to realize this new vision for the School’s future, a vision that incorporates the promising themes identified in the Strategic Plan – Horizon 2020 and the 2016-2018 business plan. The new vision centres on key priorities that will build on the excellent training offered at NTS and open new pathways to its expertise and its substantial human and physical resources, so that as many people as possible can benefit.
Bernard Amyot, Ad. E. Chair of the Board of Directors
I want to underscore the remarkable work done by NTS CEO Gideon Arthurs, who is directing this transformation with an expert hand, as well as the collaboration of the Board members, who have shown openness and foresight during this demanding exercise. NTS’s teaching and administrative teams are currently developing a series of new programs to be announced shortly. Initiatives will also reposition the Monument-National as a dedicated centre for creativity, learning, and performance. Already, a number of pilot projects have achieved undeniable success. To support the new initiatives, the Board of Directors has set up a number of ad hoc committees, including the Diversity and Inclusion Committee, which will ensure that issue remains a focus in all of the School’s areas of activity, and the Property Development Committee, which will oversee development of facilities at the Michel and Suria Saint-Denis Pavilion and Monument-National campuses. The Board has also established a committee to help plan for NTS’s 60th anniversary. I am delighted to welcome several new directors to the Board, including Jill Matus, Professor at the University of Toronto, and Myriane Le François, Partner at Borden Ladner Gervais. I also welcome Camilla Holland, General Manager of the Royal Manitoba Theatre Centre, and Terrie-Lynne Devonish, Chief Compliance Officer, North America, at Aon, whose arrival I announced in last year’s message. On behalf of the Board, I would like to thank outgoing directors Jean-Hugues Lafleur, Paul Robillard, Linda Caty and Alan Bleviss for their invaluable contribution to the School’s governance. Mr. Lafleur provided crucial input on the sponsorship agreement reached between NTS and Hydro-Québec, while Mr. Robillard ably directed the NTS Finance and Investment Committee for a number of years, among other things. For her part, Ms. Caty acted as Board Secretary for several years, while financially supporting initiatives connected with NTS student welfare.
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Message from the chair
I would like to take a moment to pay particular tribute to Alan Bleviss, who has been awarded the title of NTS Life Governor. A graduate of the Acting Program in 1966, this loyal friend of the School has worked tirelessly and with exceptional generosity towards the development of his alma mater. Always available and involved, he sat on the Board for 26 years! Alan’s velvety voice allowed him to build an impressive career in voiceover in Canada and the United States. He readily shared his success with the School and is one of our most diligent donors. Alan, thank you from the bottom of my heart for everything you do for NTS. Due to unforeseen circumstances, our financial results for the year 2015-2016 are not as positive as expected. However, we are certain that we will regain our usual financial stability next year. I would like to thank the Department of Canadian Heritage, which last May renewed NTS’s operating grant until 2018, and I take this opportunity to commend Canadian Heritage Minister Mélanie Joly for the vision she has shown in championing artistic innovation and making the first of what I hope will be a series of major historic investments in the arts and culture sector. Thank you as well to the provinces of Québec, Ontario, New Brunswick and Manitoba for their continued support. In January 2016, we mourned the loss of François Barbeau, a formidable costume designer who taught at NTS for over 50 years and, at one time, headed its Set and Costume Design program. I was touched to see a number of his former students, actors and designers alike, contribute generously to the Memorial Fund established by NTS in their mentor’s name. This year, the School also established the Jenepher Margaret Hooper Fund, using the bequest of over $2 million from the estate of set and costume designer Jenepher Margaret Hooper, who passed away in 2015. Notably, the Fund will support activities and initiatives for the NTS Set and Costume Design program, from which Ms. Hooper graduated. In November 2015, Denise Guilbault, Artistic Director of the French section and Director of the Interprétation program, announced she would be leaving after over 15 years of dedicated service to NTS. I have personally expressed and now reiterate our immense gratitude for the exceptional quality of her contribution to the School and her students, which went far beyond simple professional duty. Generations of actors and artists trained by Denise, as well as her colleagues over the years, will be forever in her debt. We wish her continued health and success. I now extend the warmest of welcomes to Frédéric Dubois, who takes over as Artistic Director of the French Section and Director of the Interprétation program in early December 2016. A talented director and artistic leader, Mr. Dubois has a reputation for dynamism and openness that augurs wonderfully for the development of the French section. Proud of its remarkable history, NTS tackles this new cycle of change enthusiastically and the future is more certain than ever. Thank you to everyone who supports the School and contributes tirelessly to its success.
Bernard Amyot, Ad. E.
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Message from the CEO Bravely Forging New Possibilities As I begin my third year as CEO of the National Theatre School, I am proud to present to you an annual report that reflects an institution in a moment of profound transformation. Thanks to the work of my colleagues and our Board of Directors, I am convinced that this venerable institution can and will remain committed to its founding values while bravely forging new possibilities for its future. In 1960, the National Theatre School of Canada was born from a radical proposal: that we should train our own artists here in Canada if we wanted a theatre that reflected who we were. The goal was to both build an industry and create a training model that would continually provoke new practices. Close to 2000 graduates later, it would be difficult to say that we had not accomplished some part of our founding mission. Canadian and Quebecois theatre is renowned across the world, and our industry, filled with homegrown artists, is a major contributor to this country’s economy, and more importantly its social fabric. Gideon Arthurs Chief Executive Officer
As our country has matured, as technology radically transforms our relationship to the world, as we become an increasingly diverse and complicated society, it is interesting to think how far we have come. Training opportunities of many kinds exist across the country now, with thousands of people every year seeking to create their own journey into the world of the performing arts. As one of the cornerstones of that training, the School must continually ask itself what distinguishes it from these other opportunities and how it can work to provoke the transformation its sector requires to remain vital. We humbly re-embark on that journey of self-reflection with a new Action Plan, drafted over the course of the past year. It proposes a bold expansion of the School’s programs to better meet the needs of our students and the many communities we serve as a national organization. The plan begins with a declaration on the power of theatre today. At NTS, we believe that theatre brings people together and allows them to imagine, think, and feel collectively. We believe that theatre is an act of community building, that it is a catalyst for empathy, creativity, debate and well-being, and that it allows us to better engage with the complexities of our times. The plan proposes that we create new pathways to the School, inspired by our founding values, and that the work we do contributes to a healthier, more compassionate and resilient society. This bridging of rigorous practice and social engagement strengthens the role of the School as a leader in our sector and helps us to reaffirm the relevancy of our institution. The Action Plan is a roadmap for the next three years, and we are working over the coming months to build consensus, interest and support for what could be a truly transformative evolution of NTS’s training model. We will be announcing details and new programs shortly. Before we look too far to the future however, we should say a few words on the year that has come to a close.
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Message from the CEO
Capturing the totality of our accomplishments and challenges from this year would be an impossible task, but here are three important points that illustrate our experiences in 2015-2016:
1.
The School’s team continues to evolve at an extraordinary pace. This year, we were delighted to welcome Jean Suzette Stutsman to the team as Director of Development. Her vast experience working with educational institutions has already begun to pay important dividends. We were also excited to announce Sandra O’Connor as the Director of the Monument-National, where she is tasked with rediscovering the artistic soul of that magnificent facility and building a centre for creation, learning and performance. Replacing Ms. O’Connor as Director of Marketing and Communications is Michel Rafie, who rounds out the team with sharp analytical strategic tools developed at the Old Port of Montréal.
2.
We are disappointed to post a deficit this fiscal year, despite the very best efforts of our team. We firmly believe that this deficit was caused by a perfect storm of unforeseen circumstances. They include the bankruptcy of a third party supplier, an unusual number of transition periods due to staffing changes (several retirements and maternity leaves), and the impact of new accounting practices on our pension fund that reflect the volatility of the financial markets this year. Given these extraordinary circumstances, I would like to congratulate my team on their response to the financial limitations imposed on them and reassure our stakeholders that we are back on course to return to a balanced financial situation in 2016-2017.
3. Over the School’s history, we have been served by some extraordinary artists. Added to the pantheon of NTS legends this year is Denise Guilbault, who is retiring after more than 15 years as Artistic Director of the French Section and Director of the Interprétation program. Ms. Guilbault has been a tireless advocate for this School. She has literally shaped francophone theatre in this country by training a generation of artists who know that her uncompromising commitment to rigour and excellence is only exceeded by her compassion and kindness. Denise Guilbault is an incredible woman, and we wish her all the best as she begins a new adventure. Frédéric Dubois will take over from Denise Guilbault later this fall. Like his predecessor, Mr. Dubois is driven and determined. His practice is deeply rooted in tradition so as to better instigate innovation—we must know where we are from to know what we want to change. His energy is already spreading across the School and we are looking forward to having him amongst us. A final thank you also goes to Louise Roussel, outgoing Director of the Production program (French section), who has left us to become the Production Manager of the Festival TransAmériques. Louise has singlehandedly transformed how her program works. She is an astonishing collaborator with infinite energy to share with her students. If there is something good to say about her departure, it is that it reminds us all that we have the very best working with us at the School, sought out to fill the most exciting positions in the world. I wish to conclude this word on a note of gratitude to the NTS family. Thanks to our program directors, led by Denise and her counterpart Alisa Palmer, for the commitment they make every day to their students. Thanks to our students for their constant creativity and openness. Thanks to our administrative team for their solidity and ability to adapt and to our Board of Directors for their guidance and support. Thanks as well to our donors, funders and partners who allow us to carry on the tradition of this School, and to the vast community of artists who inspire us day in and day out.
Gideon Arthurs 9
InterprĂŠtation program (French section)
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PROGRAMS, CANDIDATES, AND 2016 GRADUATES Acting Under the direction of Alisa Palmer
/ The Acting program integrates voice, movement, and text work to holistically expand the actor’s range. Classical techniques form the basis of a training that exposes the young artist to a wide array of texts, forms, and styles ranging from devised theatre to acting for the screen (TV, film, and web). In an intimate and personalized setting, students are guided by influential figures of contemporary Canadian and international theatre who are actively engaged in their communities. / In January 2016, 315 candidates applied to the Acting program. In September 2016, 38 students were registered in the Acting program. 2016 Graduates Erik Berg
Winnipeg
Manitoba
Eliza Bulchak-Healy
Ottawa
Ontario
Mark Correia
Oakville
Ontario
Tim Dowler-Coltman
Edmonton
Alberta
Douglas Ennenberg
Vancouver
British Columbia
Christina Fox
St. Catharines
Ontario
Nicholas Nahwegahbow
Ottawa
Ontario
Alice Snaden
London
Ontario
Benjamin Sutherland
Victoria
British Columbia
Maddalena Vallecchi Williams
Toronto
Ontario
Shayna Virginillo
Vancouver
British Columbia
Interprétation (Acting program, French section) Under the direction of Denise Guilbault Marie-Ève Bérubé
Québec City
Quebec
Sofia Blondin
Montréal
Quebec
Nicolas Centeno
Montréal
Quebec
Mathieu Grignon
Brossard
Quebec
Sandrine Lemieux
Gatineau
Quebec
Marie-Andrée Lemieux
Saint-Hyacinthe
Quebec
Maxim Paré-Fortin
Sainte-Marie
Quebec
Pierre-Antoine Pellerin
Laval
Quebec
Hilaire Saint-Laurent Sénécal
Montréal
Quebec
Rébecca Vachon
Montréal
Quebec
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Écriture dramatique program (French section)
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PROGRAMS, CANDIDATES, AND 2016 GRADUATES Playwriting Under the direction of Brian Drader
/ T he Playwriting program reveals each writer’s unique voice, while developing their imagination, craft, intellect, and creative process. An array of writing projects, exercises, workshops, and classes allow students to discover the rhythms, tone, and style that best serve their plays. Through class work, discussion, critical analysis, and exposure to a broad variety of styles and forms, both classical and contemporary, the Playwriting program works to deepen the student’s understanding of the inner workings of a story, in theatre and other mediums. / In January 2016, 15 candidates applied to the Playwriting program. In September 2016, 6 students were registered in the Playwriting program. 2016 Graduates Rachel Ganz
Toronto
Ontario
Michaela Jeffery
Calgary
Alberta
Écriture dramatique (Playwriting, French section) Under the direction of Diane Pavlovic Mario Laframboise
Brownsburg-Chatham
Quebec
Pascale St-Onge
Saint-Eustache
Quebec
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Directing program
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PROGRAMS, CANDIDATES, AND 2016 GRADUATES Directing Under the artistic direction of Alisa Palmer and the associate direction of Rose Plotek
/ NTS’s training for directors is rigorous and immersive. It supports individual growth through exposure to a diversity of professional practices and theatre styles, including a thorough examination of current Canadian and Quebec theatre practices. The program offers an exceptional opportunity for involvement in core theatre disciplines, including acting, design, production, and new play development. Directors work with experienced Canadian and international directors, actors, playwrights, and designers, developing their individual practices through hands-on training. / In January 2016, 54 candidates applied to the Directing program. In September 2016, 2 students were registered in the Directing program. 2016 Graduates Carly Chamberlain
Toronto
Ontario
Tanya Rintoul
Toronto
Ontario
Mise en scène (Directing program, French section) Under the direction of Robert Bellefeuille Solène Paré
Québec City
Quebec
Frédéric Sasseville-Painchaud
Gatineau
Quebec
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Set and Costume Design program
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PROGRAMS, CANDIDATES, AND 2016 GRADUATES Set and Costume Design – Scénographie Under the direction of François St-Aubin
/ The Set and Costume Design program trains costume and set designers with the skills to work not only in theatre, but also dance, opera, or the circus arts. In this bilingual program, students from across Canada collaborate on productions staged by both the English and French sections of NTS. As a result, they experience a wide range of theatrical practices and leave the School as professionals who offer invaluable artistic versatility. / In January 2016, 23 English-speaking candidates and 17 French-speaking candidates applied to the Set and Costume Design – Scénographie program. In September 2016, 7 English-speaking students and 14 French-speaking students were registered in the Set and Costume Design – Scénographie program. 2016 Graduates Adriana Bogaard
Nelson
British Columbia
Sonia Doyle Gosselin
Québec City
Quebec
Camille Jutras-Paquette
Montréal
Quebec
Oleksandra Lykova
Odessa
Ukraine
Gillian Nasser
Halifax
Nova Scotia
Camille Pelletier
Montréal
Quebec
Renée Sawtelle
Leesburg
United States
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Production program
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PROGRAMS, CANDIDATES, AND 2016 GRADUATES Production Under the direction of Andrea Lundy
/ T he Production program trains students in Production Management, Technical Direction, Stage Management, Stage Electrics/Lighting Design, Sound Systems/Sound Design, and Video Systems/Projection Design. They learn their craft from seasoned professionals in a stimulating environment, complete with up-to-date technology and professional equipment. Core elements include working with the design teams, dialoguing with directors, finding innovative solutions, excelling in technical and management skills, and creating a rigorous and collaborative working environment. / In January 2016, 31 candidates applied to the Production program. In September 2016, 24 students were registered in the Production program. 2016 Graduates Brooklyne Alexander
Calgary
Alberta
Lucia Corak
Ottawa
Ontario
David Costello
Toronto
Ontario
Thomas Geddes
Calgary
Alberta
Kate Hennigar
Wolfville
Nova Scotia
Jessie Paynter
Scarborough
Ontario
Steven Smits
North Bay
Ontario
Production (Production program, French section) Under the direction of Louise Roussel Hugues Caillères
Montréal
Quebec
Charlotte Cohen
Paris
France
Jeanne Gosselin
Lévis
Quebec
Antonin Gougeon Moisan
Montréal
Quebec
Chantal Labonté
Windsor
Ontario
Andrée-Anne Pellerin
Arthabaska
Quebec
Laura-Rose R. Grenier
Vianney
Quebec
Philippe Saucier
Montréal
Quebec
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UPDATE FROM THE DEVELOPMENT OFFICE
he 2015-2016 year has been one of transition and exciting changes. Having joined the NTS team T late in the Fall as the new Director of Development, I was joined by Andreea Bargoveanu in a newly defined position as Coordinator of Public and Private Donations. Together we are using our energy and passion to transform the Development Office (DO). We look forward to presenting opportunities to match interests between our donors and artists, in service to both the School and the art form that brings people together to think and feel collectively. ll fundraising—Philanthropic, Public, and Sponsorship—for both campuses of the School will now A be centralized within the DO. Philanthropic giving is expanding beyond traditional Annual and Capital campaigning to embrace many forms of Planned Giving, Tribute Giving, and enhanced Volunteering Opportunities for alumni and friends of the NTS. ur Tribute Giving program was launched following the death of beloved NTS teacher and theatre O design master, François Barbeau. The DO took on the responsibility of gathering together alumni, colleagues, and friends at a reception at the Monument-National and undertaking a bursary initiative in his name. Although memorial donations are still coming in, we are proud to announce formally that we have raised enough funds to create a permanently endowed fund in his name! s reported last year, we are working to build capacity for a revitalized theatre training model. A We proudly announce our first major donor to our Leadership Residency Program: The Birks Family Foundation. They will be working closely with us to form the next generation of Arts Leaders. TS continues to honour and value all of our donors, alumni, and friends. We have expanded our N gratitude to all of you by reorganizing the way we thank you. Your ongoing support and feedback is always appreciated. ll gifts noted in the following pages were received within the School’s fiscal year of August 1, 2015 A through July 31, 2016, and are listed with the donor’s consent.
Jean S. Stutsman
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UPDATE FROM THE DEVELOPMENT OFFICE Planned Giving
/ NTS wishes to recognize the following individuals for having made planned gifts to the School either through their estates, life insurance policies, annuities, or other means. Should you be interested in doing the same please contact Jean S. Stutsman at 514 842-7954 (ext. 141). Realized Planned Gifts Estate of François Barbeau – In-kind donations from his atelier Estate of Jenepher Margaret Hooper (Set and Costume Design, 1967) Future Planned Gifts on File Alan Bleviss (Acting, 1966)
Major Giving
/ NTS wishes to recognize the following individuals, foundations, associations, and corporations for continuing to fulfill their philanthropic pledges to past and present Major Giving Solicitations. Revealing Talent Anonymous (1) Bernard Amyot Mary & Herb Auerbach BMO Financial Group Alberta G. Cefis CIBC Cirque du Soleil Desjardins Jean-Hugues Lafleur Fondation Céline et Jacques Lamarre Fondation Sandra et Alain Bouchard Norman and Margaret Jewison Charitable Foundation Power Corporation of Canada RBC Emerging Artists Project Roasters Foundation Scotiabank
The Future is Now Cogeco Cole Foundation Corus Entertainment Inc. Fern Densem Slaight Family Foundation Alan Bleviss (Acting, 1966) Monumental Transitions, Phase I Birks Family Foundation
All gifts noted in pages 21 to 29 were received within the NTS’s fiscal year of August 1, 2015 through July 31, 2016, and are listed with the donor’s consent. 21
UPDATE FROM THE DEVELOPMENT OFFICE Annual Giving
/ NTS wishes to recognize the following individuals, foundations, associations and corporations for contributing philanthropically to the ongoing annual needs of our institution. This list includes those who made tribute gifts. Donations Anonymous (14) Agence Goodwin Louis Allen (Set and Costume Design, 1983) Gideon Arthurs & Erin Shields Mary & Herb Auerbach Martine Beaulne Marc Bellier Pierre Bernard Alan Bleviss (Acting, 1966) Josée Boisvert (Scénographie, 1984) Kathryn & Brian Brownlie Anne-Marie Cadieux Alberta G. Cefis Dominic Champagne Denyse Clermont Costello Family Margaret & Ron Dacey David Daniels & Kate Alexander Daniels Louison Danis Michael & Kim Davidman Gil Desautels Terrie-Lynne Devonish Hélène Duceppe Louise Duceppe Monique Duceppe Simon Dupéré Roy Dupuis (Interprétation, 1986) Francine Duquet Marjorie Eldred Lucien Forget (Interprétation, 1968) Marie-Thérèse Fortin Kathleen Gagnon Monique G. - Amyot John Hay (Set and Costume Design, 1977) Hay Foundation Camilla Holland & Colin Viebrock IODE Canada Yves Jacques Louise Jobin J. Edward Johnson & Sharon Vance
Gordon P. Jones Michael Joy (Set and Costume Design, 1978) Andrée Lachapelle Richard Lacroix Robert E. Landry Carolyn Leu D’Arcy Levesque Bidyut K. Majumdar Sheila Martin Margaret Martinello Magner Marilyn Meikle Guy Mignault Nancy Morrison Caroline Mulroney Lapham Guy Nadon (Interprétation, 1974) Marissa Nuss Aubert Pallascio Luc Pelletier Yves Pépin Luc Plamondon Gérard Poirier Fernand Rainville Joan Richardson Peter Roberts Eleanore Romanow Louise Rousseau Monty Schnieder (Production, 1975) Reena Schellenberg Linda Sorgini Francette Sorignet François St-Aubin (Scénographie, 1984) Nalini & Tim Stewart Stratford Festival Jean S. Stutsman Yvon Turcot Hélène Trépanier Robert Walter (Acting, 1977) & Jill Calder Jodi White Hans Winkler (Scénographie, 1985)
All gifts noted in pages 21 to 29 were received within the NTS’s fiscal year of August 1, 2015 through July 31, 2016, and are listed with the donor’s consent. 22
UPDATE FROM THE DEVELOPMENT OFFICE Giftsin-Kind
/ In-kind donations include materials, documents and books of high value to the Bleviss Family Library, telecommunications equipment, high-quality vintage fabrics and tools to our Costume Atelier, paints and properties, and gratefully consumed beverages. Anonymous (2) Estate of François Barbeau Marie-Sylvie Deveau Grolsch Canada Estate of Jenepher Margaret Hooper (Set and Costume Design, 1967)
Tribute Giving
/ NTS accepts two types of tributes: those memorializing deceased individuals and those honoring individuals celebrating special life events. Note that donors to this program are listed under the Annual Giving heading. The School recognizes the following individuals for whom tributes were paid this year. In Memoriam: François Barbeau Yves-Étienne Banville (Écriture dramatique, 1982) Joseph Bleviss Peter Dwyer Victor Goldbloom Kevin Ryan (Production, 1993) August Schellenberg (Acting, 1966) Francine Émond (Production, 1976)
Sponsorship Giving
Public Grant Giving
Pauline Langlois Nothing but Nature Inc. Peter Roberts Lise Roy François St-Aubin (Scénographie, 1984) Michel Vaïs
In Honorarium: Gideon Arthurs’ Birthday Leo Ciceri Nonnie Griffin Andrea Lundy and the Production Class of 2016 Peggy Mahon Maria Violini for her outstanding work with Trafalgar School theatre students
/ NTS is proud to be affiliated with the following sponsors and partners. Behr Bell Media Complexe Desjardins Fauchois Fleurs
Hydro-Québec Nothing but Nature Inc. Montréal en lumières Partenariat du Quartier des spectacles
/ NTS recognizes the following granting bodies for their loyal support and confidence in our mission. Canadian Heritage Ministère de la Culture et des Communications Ontario Ministry of Tourism, Culture and Sport Conseil des arts de Montréal Ville de Montréal
Consulat général de France à Québec Department of Culture, Tourism and Healthy Living of New Brunswick Manitoba Arts Council
All gifts noted in pages 21 to 29 were received within the NTS’s fiscal year of August 1, 2015 through July 31, 2016, and are listed with the donor’s consent. 23
Special Funds
Endowed Funds held in Community Foundations
Market Value as of Dec. 31, 2015 ($)
Payout to NTS 2015-2016 ($)
Greater Montreal Foundation
3,618,400
121,180
Edmonton Community Foundation
1,453,660
55,918
955,814
32,526
Vancouver Foundation
414,422
16,907
Fondation Québec Philanthrope
214,344
3,601
Community Foundation of Newfoundland and Labrador
205,092
10,663
Winnipeg Foundation
138,856
4,605
93,892
3,486
7,094,480
248,886
Toronto Foundation
South Saskatchewan Community Foundation Total
Direct Bursary Funds held in Community Foundations
Allocated Bursaries in 2015-2016 ($)
Greater Montreal Foundation
46,320 1,704
Toronto Foundation
1,680
Vancouver Foundation Total
NTS Endowed Funds
Jenepher Margaret Hooper
49,704
Accumulated Donations as of July 31, 2016 ($)
Bursaries and Funds Allocated in 2015-2016 ($)
2,430,329
8,000
Joseph Bleviss Memorial
315,873
11,600
Cirque du Soleil
260,125
8,500
National Bank
200,000
6,800
Honourable Pauline-McGibbon
189,343
6,400
Power Corporation of Canada
175,000
5,500
Canada Mortgage and Housing Corporation
150,000
5,100
TransCanada PipeLines
140,000
4,700
Alumni
132,419
4,500
Eric Steiner
125,650
4,200
Québec
118,340
4,000
Bruno Gerussi
106,745
3,600
Barbara & John Poole
100,000
3,400
RBC Royal Bank
100,000
3,400
Hydro-Québec
96,000
3,200
Enbridge
91,200
3,100
TD Bank Group
90,000
3,000
Cogeco
77,500
2,300
All gifts noted in pages 21 to 29 were received within the NTS’s fiscal year of August 1, 2015 through July 31, 2016, and are listed with the donor’s consent. 24
Special Funds
NTS Endowed Funds
Carol & David Appel
Accumulated Donations as of July 31, 2016 ($)
Bursaries and Funds Allocated in 2015-2016 ($)
63,205
2,100 2,100
Simon Brault & Louise Sicuro
62,357
Michel & Suria Saint-Denis
62,000
2,100
Rogers Communications
60,000
2,000
Alberta
59,950
1,100
Walter Carsen
58,000
2,000
Kahanoff Foundation
55,000
1,900
Bram & Bluma Appel
51,323
1,700
Barrick Heart of Gold
50,000
1,700
Caisse centrale Desjardins
50,000
1,700
CIBC
50,000
1,700
Cliff Minshull
50,000
1,700
Onex Corporation
50,000
1,700
Solomon Jack Safian
50,000
1,700 1,600
Eaton Foundation
46,141
Ada Slaight
45,357
1,500
Nova Scotia
36,000
1,200
Burrowes Family
35,000
1,200
Norman & Margaret Jewison Charitable Foundation
35,000
1,000
Robert E. Landry
34,300
1,100
Michel Tremblay
34,078
1,200
Nalini Stewart & Family
31,018
1,000
Donald & Murray Davis
30,000
1,000
Arthur & Esther Gelber
29,700
1,000
Imperial Tobacco Canada Ltd.
29,000
1,000
Monique Mercure
28,898
1,000
S.M. Blair Family Foundation
27,950
900
American Express
25,500
900
Bernard A. Roy
25,000
800
Craig Foundation
25,000
800
Rio Tinto Alcan
25,000
800
Seagram Company Ltd.
25,000
800
Saskatchewan
24,706
800
Patricia & David Rubin Family
24,200
Jodi White
23,535
800
25th Anniversary Gala
22,500
800
Petro-Canada
22,500
800
Birks Family Foundation
22,000
700
George Wesley
22,000
700
All gifts noted in pages 21 to 29 were received within the NTS’s fiscal year of August 1, 2015 through July 31, 2016, and are listed with the donor’s consent. 25
Special Funds
NTS Endowed Funds
Sam Sniderman & Janet Mays
Accumulated Donations as of July 31, 2016 ($)
Bursaries and Funds Allocated in 2015-2016 ($)
21,650
700
Brenda Jones Kinsella
21,620
700
Manitoba
21,000
-
Desjardins
20,743
700
Allard Foundation
20,000
700
Axor Monument-National
20,000
700
Chawkers Foundation
20,000
700
J.A. DeSève
20,000
700
Luc Plamondon
19,976
800 600
Patricia M. Moore
19,100
Britte-Moreno
18,675
600
Cleather Family
18,600
1,200
Jean Besré
17,844
600
Somer Alberg
17,150
600
Gil Desautels
17,110
1,161
J. Edward Johnson & Sharon Vance Family
16,940
500
TNM - Jean-Louis Roux
16,520
600
Peter & Shelagh Godsoe
15,427
500
Fednav Ltd.
15,000
500
Donald Sutherland & Francine Racette
15,000
500
J. Armand Bombardier Foundation
15,000
500
Metro
15,000
500
Paterson Foundation
15,000
500
Pratt & Whitney Canada
15,000
500
SNC-Lavalin
15,000
500
Tecolote Foundation
15,000
500
Adrian Merchant Macdonald & Donald S. Macdonald
14,640
-
Yvon Turcot
14,600
500
Eleanore Romanow
14,400
-
Rothmans Benson & Hedges Inc.
13,000
400
Jacqueline & Derek Oland
12,200
400
Johanna & Cameron Mitchell
12,200
400
Tom Carew
11,830
400
Kaaren & Kerry Hawkins
11,800
400
Hayden/Sime
11,700
400
Jean-Claude & Penelope Baudinet
11,500
400
Mary & Herb Auerbach
11,500
400
New Brunswick
11,049
-
Paul Robillard
10,974
300
D’Arcy Levesque
10,900
300
All gifts noted in pages 21 to 29 were received within the NTS’s fiscal year of August 1, 2015 through July 31, 2016, and are listed with the donor’s consent. 26
Special Funds
NTS Endowed Funds
Assia De-Vreeze
Accumulated Donations as of July 31, 2016 ($) 10,825
Bursaries and Funds Allocated in 2015-2016 ($) 400
IPSCO
10,700
400
Kathryn & Brian Brownlie
10,660
300
Yves-Étienne-Banville
10,400
300
Francine Émond & Charles Maher
10,350
387
August-Schellenberg
10,126
-
John Codner
10,107
300
Alvin Segal
10,000
300
Atomic Energy of Canada Ltd.
10,000
300
Bell Mobility
10,000
300
Bernard G. Côté
10,000
300
Canadian Pacific
10,000
300 300
Canadian National
10,000
David Peacock
10,000
300
Diana & Irving Schwartz
10,000
300
Emera
10,000
300
Empire Life Insurance Company
10,000
300 300
Ernst & Young
10,000
George Cedric Metcalf Charitable Foundation
10,000
300
Hamber Foundation
10,000
300
Henry White Kinnear Foundation
10,000
300
Hunt Oil Company
10,000
300
J.D. Irving Ltd.
10,000
300
John Labatt Foundation
10,000
300
Kayla Shoctor
10,000
300 300
Lévesque Beaubien Geoffrion
10,000
Luba Goy
10,000
300
McLean Foundation
10,000
300
Moosehead
10,000
300
Nancy G. Power
10,000
300
Nova Chemicals
10,000
300
Productions Benoit Brière inc.
10,000
300
RSA
10,000
300
Shaw Communications
10,000
300
Sunwapta Broadcasting
10,000
300
Universal Studios Canada
10,000
300
Velan Inc.
10,000
300
G.R.A.-Rice
500
-
7,408,058
171,348
Sub-total - Bursary Funds
All gifts noted in pages 21 to 29 were received within the NTS’s fiscal year of August 1, 2015 through July 31, 2016, and are listed with the donor’s consent. 27
Special Funds
Award Funds
Accumulated Donations as of July 31, 2016 ($)
Bursaries and Funds Allocated in 2015-2016 ($)
Donor Restricted Tullio Cedraschi Fund Bernard Amyot Fund Sims Family Fund Sub-Total - Award Funds Interfund Transfer Sub-Total
105,400 17,900 11,100 134,400 (8,610) 7,533,848
NTS Restricted NTS Governors and members
726,975
17,821
National Theatre School of Canada
504,257
17,000
1,231,232
34,821
Sub-Total - Bursary Funds Interfund Transfer
8,611
Sub-Total
1,239,843
TOTAL
8,773,691
Awards
206,169
Awarded ($)
Tullio Cedraschi Award (for graduates)
8,000
Ada Slaight Prize (for a graduate)
5,000
Bernard Amyot Prizes for Teaching
1,000
Sims Family Prize for Teaching Excellence
400
Total distributed AWARDS Other Endowed Funds
14,400
Accumulated Donations as of July 31, 2015 ($)
Accumulated Donations as of July 31, 2016 ($)
Creation and Technology Fund
1,551,099
1,815,099
Directing Chair Fund
1,167,000
1,167,000
Community Engagement and Student Program’s Fund
529,000
529,000
Suzanne-Grossman Fund
244,936
244,936
Playwriting Chair Fund
178,051
178,051
Philippe-Casgrain Fund TOTAL
114,200
114,500
3,784,286
4,048,586
All gifts noted in pages 21 to 29 were received within the NTS’s fiscal year of August 1, 2015 through July 31, 2016, and are listed with the donor’s consent. 28
Special Funds
Volunteers
/ NTS is grateful for the contribution of the following volunteers and interns who assisted on a variety of projects and programs at the school. Board of Directors 2015-2016 (see list of names on page 5) Governors (see list of names on page 5) Anonymous interns (2) Stéphanie Amundala
Nassira Belkadi Samra Hebbadj Charles Maher (Production, 1976) Imane Mifdal Fariba Nikpour
All gifts noted in pages 21 to 29 were received within the NTS’s fiscal year of August 1, 2015 through July 31, 2016, and are listed with the donor’s consent. 29
32
National Theatre School of Canada Financial Statements July 31, 2016
Independent Auditor's Report
2-3
Financial Statements Operations
4
Changes in Fund Balances
5
Cash Flows
6
Financial Position
7
Notes to Financial Statements
8 - 27
Independent Auditor's Report Raymond Chabot Grant Thornton LLP Suite 2000 National Bank Tower 600 De La Gauchetière Street West Montréal, Quebec H3B 4L8
To the Board of Directors of National Theatre School of Canada
Telephone: 514-878-2691 Fax: 514-878-2127 www.rcgt.com
We have audited the accompanying financial statements of National Theatre School of Canada, which comprise the statement of financial position as at July 31, 2016 and the statements of operations, changes in fund balances and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Management’s responsibility for the financial statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian accounting standards for not-for-profit organizations and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
Member of Grant Thornton International Ltd
3
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of National Theatre School of Canada as at July 31, 2016 and the results of its operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations.
MontrĂŠal September 26, 2016
1
CPA auditor, CA public accountancy permit no. A117472
$
$
110,361 30,668 7,745,498
110,361 28,401 7,743,231
213,205 40,043 99,095 391,438 29,831 253,951 1,513,403 683,981 204,942 70,965
423,000 8,000,739
213,205 40,043 99,095
391,438 29,831 253,951 1,513,403
683,981 204,942 70,965
423,000 8,000,739 (255,241)
52,457 58,930
52,457 58,930
2,267
72,718 428,277 28,255 1,547 267,523
72,718 428,277 28,255 1,547 267,523
(257,508)
2,990,586 176,592
2,990,586 176,592
–
5,113,000 517,799 1,973,670
$
Total
22,551
347,000 7,589,026
620,545 193,416 68,051
321,861 26,084 227,602 1,346,994
211,133 41,297 111,536
50,576 98,586
120,777 458,736 35,981 6,218 285,428
2,877,665 139,540
90,922 55,262 7,611,577
5,114,000 457,409 1,893,984
$
Total
2015
General Administration
2016
5,113,000 517,799 1,973,670
2,267 2,267
Loan Fund
General Fund
The accompanying notes are an integral part of the financial statements.
Excess (deficiency) of revenues over expenses
Expenses Teaching staff Salaries and employee benefits Allowances Building Salaries and employee benefits Operating expenses Teaching equipment Special projects Public performances Stores Salaries and employee benefits Supplies Library Salaries and employee benefits Books and supplies Training initiatives Auditions and communications Salaries and employee benefits Audition tours Communications Monument-National (Note 9) Administrative Salaries and employee benefits Other Other Amortization of buildings Amortization of furniture, equipment, automotive equipment and computer equipment Bursaries and funds allocated Pension plan expense (Notes 20 and 21)
Revenues Grants (Note 4) Private donations (Note 5) Self-generated revenue (Note 6) Investment income from community foundations (Note 7) Net investment income (Note 8)
Year ended July 31, 2016
National Theatre School of Canada Operations
4,550
502 502
$
81,680
11,678 56,984
45,306
$
9,329
1,383 1,383
$
8,140
2,344 2,344
$
49,704 296,711 1,956,437
1,500,000 110,022
$
Total
827,657
722,864
(1,844)
323,969
(11,009)
14,294
(34,350)
53,643
(4,048)
4,550
(24,696)
81,680
(7,946)
9,329
(5,796)
8,140
737,968
1,218,469
160,397 495,605 53,643
19,293 19,293
$
Directing Chair Fund
160,397 14,294
3,285 3,285
$
Playwriting Chair Fund
SuzanneGrossmann Fund
562,467
323,969
49,704 207,705 322,125
64,716
$
Bursary Fund
Creation and Technology Fund
2016
562,467
50,521 1,550,521
1,500,000
$
Capital Assets Fund
PhilippeCasgrain Fund
Community Engagement and Student Programs Fund
718,121
1,184,404
160,689 464,239
559,476
46,986 1,563,038 1,902,525
150,000 142,501
$
Total
2015
Restricted
1,750,907
–
1,750,907
1,750,907
$
Total
2016
1,418,928
–
1,418,928
1,418,928
$
Total
2015
Endowment (Note 19)
4
$
–
(891,000) 1,148,508
(257,508)
$
Unrestricted
845,097
(1,148,508)
1,993,605
General Fund Restricted (Note 20)
The accompanying notes are an integral part of the financial statements.
Fund balances, beginning of year Excess (deficiency) of revenues over expenses Remeasurements and other items (employee future benefits) Interfund transfer Fund balances, end of year
Year ended July 31, 2016
National Theatre School of Canada Changes in Fund Balances
208,572
2,267
206,305
$
Loan Fund
1,053,669
(891,000)
(255,241)
2,199,910
$
Total
2,199,910
183,000
22,551
1,994,359
$
Total
2015
General Administration
2016
24,285,060
827,657
23,457,403
$
Capital Assets Fund
3,920,340
(1,844)
3,922,184
$
Bursary Fund
181,324
(11,009)
192,333
$
Playwriting Chair Fund
1,370,329
(34,350)
1,404,679
$
Directing Chair Fund
36,355
(4,048)
40,403
$
PhilippeCasgrain Fund
357,623
(24,696)
382,319
$
Creation and Technology Fund
47,147
(7,946)
55,093
$
SuzanneGrossmann Fund
(5,796)
(5,796)
$
Community Engagement and Student Programs Fund
30,192,382
737,968
29,454,414
$
Total
2016
29,454,414
718,121
28,736,293
$
Total
2015
Restricted
12,822,277
1,750,907
11,071,370
$
Total
2016
11,071,370
1,418,928
9,652,442
$
Total
2015
Endowment (Note 19)
5
6
National Theatre School of Canada Cash Flows Year ended July 31, 2016
2016 $ OPERATING ACTIVITIES Excess of revenues over expenses of the general administration and restricted funds Non-cash items Remeasurements and other items (employee future benefits) Employee future benefit liability Employee future benefit asset Amortization of tangible capital assets Net change in fair value of investments Net change in working capital items (Note 3) Cash flows from operating activities INVESTING ACTIVITIES Disposal of investments Investments Investments receivable Acquisition of tangible capital assets Cash flows from investing activities FINANCING ACTIVITIES Net change in bank loan Long-term debt Repayment of long-term debt Private donations to endowment Government grants receivable Cash flows from financing activities Net increase in cash Cash, beginning of year Cash, end of year
The accompanying notes are an integral part of the financial statements.
2015 $
482,727
740,672
(891,000) 1,006,000 45,000 722,864 315,557 (41,910) 1,639,238
183,000 (99,000) (45,000) 720,165 (987,434) 666,126 1,178,529
12,173,331 (13,838,098)
13,392,326 (16,125,271) 353,560 (1,673,989) (4,053,374)
(154,424) (1,819,191) (1,500,000) 1,500,000 (68,252) 1,750,907 (1,475,820) 206,835 26,882 78,657 105,539
1,180,562 (43,820) 1,418,928 358,517 2,914,187 39,342 39,315 78,657
Director
On behalf of the Board,
The accompanying notes are an integral part of the financial statements.
FUND BALANCES Invested in tangible capital assets Externally restricted Internally restricted (Notes 19 and 20)
Long-term Long-term debt (Note 18) Employee future benefit liability (Note 21)
LIABILITIES Current Bank loan (Note 14) Trade payables and other operating liabilities (Note 15) Refundable deposits Government grants received in advance (Note 16) Advance from General Fund, without interest Advance from Bursary Fund, without interest Advance from Creation and Technology Fund, without interest Advance from Endowment Fund, without interest Contributions and deferred revenues (Note 17) Current portion of long-term debt
Long-term Investments (Note 12) Tangible capital assets (Note 13) Government grants receivable (Note 11) Employee future benefit asset (Note 21)
ASSETS Current Cash Trade and other receivables (Note 10) Prepaid expenses Advance to General Fund, without interest Advance to Loan Fund, without interest Advance to Capital Assets Fund, without interest Advance to Playwriting Chair Fund, without interest Advance to Directing Chair Fund, without interest Advance to Philippe-Casgrain Fund, without interest Advance to Suzanne-Grossmann Fund, without interest Advance to Community Engagement and Student Programs Fund, without interest Current portion of government grants receivable (note 11)
July 31, 2016
National Theatre School of Canada Financial Position
208,572 208,572 208,644
3,593,510
72
72
845,097 845,097
1,006,000 2,748,413
1,742,413
2,627 18,900 887,829
3,804
72
208,644
3,593,510
400,550 21,953 406,750
208,644
3,095,463
837 194,072 498,047
72 2,645 2,066 779 4,604 2,581
–
$
$
105,539 170,594 14,258
Loan Fund
General Fund
General Administration
25,894,733
24,285,060
19,549,060 4,736,000
1,609,673
1,512,812
94,216 96,861
2,645
25,894,733
4,727,838 19,549,060 1,512,812
94,216 105,023
10,807
$
Capital Assets Fund
3,920,340
3,299,189 621,151 3,920,340
–
–
3,920,340
3,883,128
37,212
3,804
33,408
$
Bursary Fund
183,390
181,324
181,324
2,066
2,066
2,066
183,390
183,390
–
$
Playwriting Chair Fund
1,371,108
1,370,329
1,370,329
779
779
779
1,371,108
1,365,357
5,751
5,751
$
Directing Chair Fund
Director
40,959
36,355
36,355
4,604
4,604
4,604
40,959
40,959
–
$
PhilippeCasgrain Fund
357,623
357,623
357,623
–
–
357,623
354,996
2,627
2,627
$
Creation and Technology Fund
49,728
47,147
47,147
2,581
2,581
2,581
49,728
49,728
–
$
SuzanneGrossmann Fund
(4,959)
(5,796)
(5,796)
837
837
837
(4,959)
(4,959)
–
$
Restricted Community Engagement and Student Programs Fund
12,822,277
11,282,434 1,539,843 12,822,277
–
–
12,822,277
12,803,377
18,900
18,900
$
Endowment Fund
48,398,438
19,549,060 21,304,605 3,214,663 44,068,328
1,512,812 1,006,000 4,330,110
887,829 94,216 1,811,298
400,550 21,953 406,750
48,398,438
26,707,921 19,549,060 1,512,812
288,288 628,645
105,539 220,560 14,258
$
Total
2016
$
Total
2015
46,162,874
18,617,500 19,733,630 4,374,564 42,725,694
3,437,180
131,460
754,399 43,820 3,305,720
1,500,000 367,564 21,375 618,562
46,162,874
25,358,711 20,120,535 131,460 45,000
193,820 507,168
78,657 205,917 28,774
7
8
National Theatre School of Canada Notes to Financial Statements July 31, 2016
1 - GOVERNING STATUTES AND PURPOSE OF THE ORGANIZATION National Theatre School of Canada, incorporated under Part III of the Companies Act (Quebec), offers professional training in English and French in theatre arts: acting, directing, playwriting, set and costume design and technical production. The Organization is a non-profit organization under the Income Tax Act. 2 - SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The Organization's financial statements are prepared in accordance with Canadian accounting standards for not-for-profit organizations. Accounting estimates The preparation of financial statements requires management to make estimates and assumptions that affect the amounts recorded in the financial statements and notes to financial statements. These estimates are based on management's knowledge of current events and actions that the Organization may undertake in the future. Actual results may differ from these estimates. Financial assets and liabilities Initial measurement Upon initial measurement, the Organization's financial assets and liabilities are measured at fair value, which, in the case of financial assets or financial liabilities that will be measured subsequently at amortized cost, is increased or decreased by the amount of the related financing fees and transaction costs. Transaction costs relating to financial assets and liabilities that will be measured subsequently at fair value are recognized in operations in the year they are incurred. Subsequent measurement At each reporting date, the Organization measures its financial assets and liabilities at amortized cost (including any impairment in the case of financial assets), except for common shares, mutual funds and limited partnership shares which are measured at fair value and bonds, money market securities and Treasury bills which the Organization has elected to measure at fair value by designating that fair value measurement shall apply. With respect to financial assets measured at amortized cost, the Organization assesses whether there are any indications of impairment. When there is an indication of impairment, and if the Organization determines that during the year there was a significant adverse change in the expected timing or amount of future cash flows from a financial asset, it will then recognize a reduction as an impairment loss in operations. The reversal of a previously recognized impairment loss on a financial asset measured at amortized cost is recognized in operations in the year the reversal occurs.
9
National Theatre School of Canada Notes to Financial Statements July 31, 2016
2 - SIGNIFICANT ACCOUNTING POLICIES (Continued) Fund accounting Assets, liabilities, revenues and expenses relating to the Organization's general activities are reported in the General Fund. Assets, liabilities, revenues and expenses to provide financial assistance through emergency loans to students of the Organization who need short-term financial support are reported in the Loan Fund. These loans are without interest and payable in 90 days. Assets, liabilities, revenues and expenses relating to capital assets are reported in the Capital Assets Fund. Assets, liabilities, revenues and expenses to provide financial assistance through bursaries to students who are facing financial difficulties which could jeopardize the completion of their training at the Organization are reported in the Bursary Fund. This financial assistance is complementary to the government assistance programs. Assets, liabilities, revenues and expenses relating to invited playwrights in residence at the Organization in order to promote the development of new English-language plays are reported in the Playwriting Chair Fund. Assets, liabilities, revenues and expenses relating to support activities of research, production and training in the area of directing are reported in the Directing Chair Fund. Assets, liabilities, revenues and expenses relating to enrich the teaching and voice coaching for the students through the recruitment of specialists who will provide vocal technique and diction master classes and intensive workshops are reported in the Philippe-Casgrain Fund. Assets, liabilities, revenues and expenses relating to invited specialists, partnerships or purchases and rentals required for an increasingly advanced integration of new stage technologies for training students in show production are reported in the Creation and Technology Fund. Assets, liabilities, revenues and expenses relating to the cultural and theatre outings offered to the students, namely, visits to the Stratford Shakespeare Festival and the Shaw Festival, are reported in the Suzanne-Grossmann Fund. Assets, liabilities, revenues and expenses relating to support pilot programs and partnership opportunities to create the Artistic Residency program and the Engagement program, are reported in the Community Engagement and Student Programs Fund. The Endowment Fund presents resources received as endowments.
10
National Theatre School of Canada Notes to Financial Statements July 31, 2016
2 - SIGNIFICANT ACCOUNTING POLICIES (Continued) Revenue recognition Contributions The Organization follows the restricted fund method of accounting for contributions. Contributions restricted for operating activities are recognized as revenue of the General Fund, using the deferral method, in the year in which the related expenses are incurred. Restricted contributions for which the Organization does not have a related restricted fund are recognized in the General Fund using the deferral method. All other restricted contributions are recognized as revenue of the appropriate restricted fund. Unrestricted contributions are recognized as revenue of the General Fund when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. Contributions received as endowments are recognized as revenue in the Endowment Fund. Self-generated revenue Self-generated revenue is recognized when there is an agreement between the parties, the amount of the transaction is determinable, collection is reasonably assured and the services have been rendered. The liability related to the portion of self-generated revenue that is invoiced but not rendered is recognized as deferred revenues. Net investment income Investment transactions are recorded on the transaction date and resulting revenues are recognized using the accrual method of accounting. Net investment income includes interest income, dividends, income from the interest in net income of mutual funds and limited partnership shares and changes in fair value. Interest income is recognized on a time apportionment basis. Dividend income is recognized when it is acquired. Income from the interest in net income of mutual funds and limited partnership shares is recognized upon distribution. Changes in fair value are recognized when they occur. With respect to investments measured at fair value, the Organization has elected to include in changes in fair value interest income (including amortization of bond investment premiums and discounts), interest in net income of mutual funds and limited partnership shares and dividends. Net investment income that is not subject to externally imposed restrictions is recognized in the statement of operations under Net investment income of the General Fund.
11
National Theatre School of Canada Notes to Financial Statements July 31, 2016
2 - SIGNIFICANT ACCOUNTING POLICIES (Continued) Investment income from Endowment Fund resources is presented in the Bursary Fund, the Playwriting Chair Fund, the Directing Chair Fund, the Philippe-Casgrain Fund, the Creation and Technology Fund, the Suzanne-Grossmann Fund or the Community Engagement and Student Programs Fund according to the nature of the donor designation. Investment income from fund resources is recognized in the related funds. Investment income from community foundations that is externally restricted is presented in the Bursary Fund, the Playwriting Chair Fund, the Directing Chair Fund, the Philippe-Casgrain Fund, the Creation and Technology Fund, the Suzanne-Grossmann Fund or the Community Engagement and Student Programs Fund according to the nature of the donor designation. Tangible capital assets Tangible capital assets acquired are recorded at cost. Amortization Tangible capital assets are amortized on a straight-line basis over their estimated useful lives at the following annual rates: Rates Buildings Furniture, equipment and automotive equipment Computer equipment
2% 25% 50%
Write-down When the Organization recognizes that a tangible capital asset no longer has any long-term service potential, the excess of net carrying amount of the tangible capital asset over its residual value is recognized as an expense in the statement of operations. Employee future benefits The Organization accrues its obligations under the defined benefit pension plan as the employees render the services necessary to earn the pension benefits. More specifically, the Organization recognizes its obligations under the defined benefit plan in the statement of financial position, net of the fair value of plan assets. The Organization determines the defined benefit obligation using a separate actuarial valuation prepared for accounting purposes, which is determined using the projected benefit method prorated on services and management's best estimates at the date of the complete actuarial valuation. The obligation balance is based on the most recent complete actuarial valuation which is extrapolated to the Organization's year end. The total defined benefit plan cost includes current service cost and finance cost and is recognized in the statement of operations under Pension plan expense.
12
National Theatre School of Canada Notes to Financial Statements July 31, 2016
2 - SIGNIFICANT ACCOUNTING POLICIES (Continued) Remeasurements and other items, including the actuarial gains and losses related to the obligation, the difference between the actual return on plan assets and interest income reduced by the financial cost and the cost of past services, are recorded separately in the statement of changes in fund balances. Remeasurements and other items are not reclassified in the statement of operations at a subsequent year. Foreign currency translation The Organization uses the temporal method to translate transactions denominated in a foreign currency. Under this method, monetary assets and liabilities are translated at the exchange rate in effect at the financial position date. Non-monetary assets and liabilities are translated at historical exchange rates, with the exception of those recognized at fair value, which are translated at the exchange rate in effect at the financial position date. Revenues and expenses are translated at the exchange rate in effect on the date they are recognized. The related exchange gains and losses are accounted for in the operations for the year. 3 - INFORMATION INCLUDED IN CASH FLOWS The net change in working capital items is detailed as follows:
Trade and other receivables Prepaid expenses Trade payables and other operating liabilities Refundable deposits Government grants received in advance Contributions and deferred revenues
2016 $ (14,644) 14,517 36,021 578 (211,812) 133,430
2015 $ 101,984 65,153 (17,358) 2,193 489,562 24,592
(41,910)
666,126
4 - GRANTS 2016 $ General Fund Department of Canadian Heritage Ministère de la Culture et des Communications du Québec Ontario Ministry of Culture Conseil des arts de Montréal Department of Culture, Tourism and Healthy Living of New Brunswick Manitoba Arts Council Prince Edward Island Ministry of Tourism and Culture
2015 $
4,600,000 440,000 50,000 20,000
4,600,000 440,000 50,000 20,000
2,000 1,000
2,000 1,000 1,000 5,114,000
5,113,000
13
National Theatre School of Canada Notes to Financial Statements July 31, 2016
4 - GRANTS (Continued) 2016 $ Capital Assets Fund Department of Canadian Heritage Ministère de la Culture et des Communications du Québec
2015 $ 150,000
1,500,000 1,500,000
150,000
6,613,000
5,264,000
5 - PRIVATE DONATIONS NOT AFFECTED TO ENDOWMENT 2016 $ General Fund Individuals Businesses Foundations Public organizations and other Bursary Fund Individuals Businesses Foundations Creation and Technology Fund Individuals Businesses
2015 $
170,695 258,764 54,600 33,740 517,799
172,095 188,430 88,884 8,000 457,409
34,700 7,000 23,016 64,716
37,550 18,000 18,951 74,501
500 44,806 45,306
68,000 68,000
627,821
599,910
2016 $ 1,050,986 795,550 48,180 29,353 21,118 28,483
2015 $ 993,318 784,381 43,320 28,465 21,194 23,306
6 - SELF-GENERATED REVENUE
Monument-National (Note 9) Student fees Audition fees Library subscriptions Rentals Other
1,973,670
1,893,984
14
National Theatre School of Canada Notes to Financial Statements July 31, 2016
7 - COMMUNITY FOUNDATIONS As of July 31, 2016, various community foundations were managing endowment funds which benefit the Organization. These funds, which include donations, are provided directly to a community foundation in the name of the Organization, or come from donations that the Organization has transferred to the community foundation with the agreement of the donors. Investments in endowments held in community foundations allow for the possibility of realizing the matching of endowment funding through government sources. The Organization recognized $160,065 ($137,908 in 2015) as investment income from these endowment funds managed by the community foundations to benefit the Organization. These funds transferred by the Organization are held at community foundations in perpetuity. The assets belong to the community foundations and the fund capital is kept permanently and increased in accordance with each community foundation's investment policies. Income from the Endowment Fund of these foundations will be paid to the Organization at least once a year. Should the Organization discontinue its operations, ownership of the fund will remain with the community foundation which will use the fund to benefit other charitable organizations with similar objectives. These funds have not been presented in the Organization’s financial statements because ownership lies with the community foundations. The Organization is only entitled to the investment income that is accounted for annually in the statement of operations. The fair value of investments held by the community foundations as at December 31 is as follows:
Fondation du Grand Montréal Edmonton Community Foundation Toronto Community Foundation Vancouver Foundation Community Foundation of Newfoundland and Labrador South Saskatchewan Community Foundation Winnipeg Foundation Fondation Québec Philanthrope
2015-12-31 $ 3,618,400 1,453,660 955,814 414,422 205,092 93,892 138,856 214,344 7,094,480
2014-12-31 $ 3,632,271 1,397,954 865,831 474,078 208,047 99,601 135,600 206,550 7,019,932
15
National Theatre School of Canada Notes to Financial Statements July 31, 2016
8 - NET INVESTMENT INCOME 2016 $ General Fund Investments measured at fair value Changes in fair value from unrestricted resources Loan Fund Investments measured at fair value Changes in fair value from internally restricted resources Transaction costs Capital Assets Fund Investments measured at fair value Changes in fair value from restricted resources (a) Transaction costs Bursary Fund Investments measured at fair value Changes in fair value Earned on resources held for endowment and restricted for bursary purposes (a) Transaction costs Playwriting Chair Fund Investments measured at fair value Changes in fair value Earned on resources held for endowment and restricted for playwriting purposes (a) Transaction costs Directing Chair Fund Investments measured at fair value Changes in fair value Earned on resources held for endowment and restricted for directing purposes (a) Transaction costs Philippe-Casgrain Fund Investments measured at fair value Changes in fair value Earned on resources held for endowment and restricted for teaching and voice coaching purposes (a) Transaction costs
2015 $
28,401
42,829
3,358 (1,091) 2,267
13,558 (1,125) 12,433
73,606 (23,085) 50,521
343,981 (23,214) 320,767
264,126 (56,421) 207,705
909,736 (52,572) 857,164
5,167 (1,882) 3,285
24,755 (1,973) 22,782
31,561 (12,268) 19,293
227,115 (12,600) 214,515
1,364 (862) 502
11,222 (884) 10,338
16
National Theatre School of Canada Notes to Financial Statements July 31, 2016
8 - NET INVESTMENT INCOME (Continued)
Creation and Technology Fund Investments measured at fair value Changes in fair value Earned on resources held for endowment and restricted for technology purposes (a) Transaction costs Suzanne-Grossmann Fund Investments measured at fair value Changes in fair value Earned on resources held for endowment and restricted for theatre and cultural outing purposes (a) Transaction costs Community Engagement and Student Programs Fund Investments measured at fair value Changes in fair value Earned on resources held for endowment and restricted for theatre and cultural outing purposes (a) Transaction costs
2016 $
2015 $
20,884 (9,206) 11,678
126,280 (8,460) 117,820
2,931 (1,548) 1,383
21,294 (1,642) 19,652
4,450 (2,106) 2,344
–
327,379
1,618,300
(a) Investment income on $23,403,814 is externally restricted for different purposes. investment income on the remaining $3,304,107 is unrestricted. The total amount of net Investment income from resources held for endowment purposes and restricted to specific funds is $404,089 for the year ended July 31, 2016 ($1,664,383 for the year ended July 31, 2015).
17
National Theatre School of Canada Notes to Financial Statements July 31, 2016
9 - MONUMENT-NATIONAL 2016 $ Revenues Rental of theatres and sales of goods and services Sponsorships Expenses Buildings Salaries Operating expenses Operations Salaries Events and front of house Services to the public Services to the producers Deficiency of revenues over expenses before amortization (a)
2015 $
983,156 67,830 1,050,986
924,818 68,500 993,318
119,961 401,585
121,421 380,398
497,854 118,709 89,786 285,508 1,513,403
401,287 53,733 82,241 307,914 1,346,994
(462,417)
(353,676)
(a) This deficiency of revenues over expenses before amortization represents the cost for the use of the Monument-National for training purposes. The expenses of the Monument-National are included in the General Fund expenses. 10 - TRADE AND OTHER RECEIVABLES 2016 $ General Fund Accounts receivable of the Monument-National (a) Accrued interest Student loans, without interest Sales taxes receivable Other Capital Assets Fund Accrued interest Bursary Fund Accrued interest Directing Chair Fund Accrued interest
2015 $
131,165 2,887 2,200 6,419 27,923 170,594
115,778 4,056 300 17,319 23,404 160,857
10,807
10,429
33,408
29,035
5,751
5,596
220,560
205,917
(a) Amounts owing from one customer represent 24% of total accounts receivable (two customers represented respectively 61% and 27% in 2015).
18
National Theatre School of Canada Notes to Financial Statements July 31, 2016
11 - GOVERNMENT GRANTS RECEIVABLE Current portion
General Fund Department of Canadian Heritage Capital Assets Fund Department of Canadian Heritage Ministère de la Culture et des Communications du Québec (a)
Current portion
194,072
2016 $ 194,072
2015 $ – 150,000
94,216 94,216 288,288
1,607,028 1,607,028 1,801,100 (288,288) 1,512,812
175,280 325,280 325,280 (193,820) 131,460
(a) The grants receivable are related to the long-term debt described in Note 18 to the financial statements.
General and administration fund Restricted fund Endowment fund
Other investments Equity funds Bond funds Limited partnership shares
Common shares Canadian public companies American public companies Foreign public companies
Bonds Other federal institutions Provincial Other provincial institutions Municipal Other municipal institutions Corporate
Money market securities maturing in September 2016
Treasury bills
Cash
12 - INVESTMENTS
July 31, 2016
208,644
208,644
3,095,463
208,644
208,409
116,542 91,867
–
–
–
3,095,463
3,095,463
–
–
303,310 303,310
2,788,659
–
$ 235
$ 3,494
–
Loan Fund
General Fund
General Administration
National Theatre School of Canada Notes to Financial Statements
4,727,838
4,727,838 12,651,917
3,883,128 8,768,789
12,651,917
31,950 483,587
14,378 275,794 4,727,838
451,637
3,172,435 1,757,418 1,435,844 6,365,697
689,622 2,891,501 910,168 118,255 65,197 620,715 5,295,458
–
174,790
$ 332,385
Bursary Fund
261,416
902,162 896,227 796,537 2,594,926
142,700 1,548,686
66,774 952,862 342,856 43,494
79,925
89,905
$ 138,602
Capital Assets Fund
361,441
183,390 178,051
361,441
358,585
190,851 167,734
–
–
–
–
$ 2,856
Playwriting Chair Fund
2,532,357
1,365,357 1,167,000
2,532,357
6,390 108,480
102,090
419,992 422,713 348,601 1,191,306
188,971 572,425 131,046 16,550 26,484 102,756 1,038,232
39,960
74,914
$ 79,465
Directing Chair Fund
155,459
40,959 114,500
155,459
153,753
113,510 40,243
–
–
–
–
$ 1,706
PhilippeCasgrain Fund
2,156,096
354,996 1,801,100
2,156,096
1,952,435
1,445,783 506,652
–
–
–
–
$ 203,661
Creation and Technology Fund
294,665
49,728 244,937
294,665
292,819
216,412 76,407
–
–
–
–
$ 1,846
524,041
(4,959) 529,000
524,041
522,278
389,848 132,430
–
–
–
–
$ 1,763
Restricted and endowed Community SuzanneEngagement Grossmann and Student Fund Programs Fund
26,707,921
3,304,107 10,600,437 12,803,377
26,707,921
3,288,089 1,015,333 52,718 4,356,140
4,494,589 3,076,358 2,580,982 10,151,929
945,367 4,416,788 1,384,070 178,299 91,681 1,169,481 8,185,686
2,908,544
339,609
$ 766,013
Total
2016
Total
2015
25,358,711
3,624,992 10,674,459 11,059,260
25,358,711
3,138,726 1,032,221 43,874 4,214,821
2,930,429 3,330,932 3,129,085 9,390,446
1,095,828 3,736,184 1,518,150 94,162 83,468 1,856,912 8,384,704
1,680,456
379,807
$ 1,308,477
19
20
National Theatre School of Canada Notes to Financial Statements July 31, 2016
12 - INVESTMENTS (Continued) Shares Allocation by industry segment
Finances Telecommunications Energy Industries Consumer discretionary Material Information technology Health Consumer goods Community service Other
$ 2,353,254 1,604,144 1,286,777 1,247,427 971,013 789,154 735,868 656,336 377,082 119,519 11,355 10,151,929
2016 % 23.18 15.80 12.68 12.29 9.56 7.77 7.25 6.47 3.71 1.18 0.11 100.00
$ 2,090,591 1,239,528 1,280,727 1,240,520 950,933 449,687 682,685 753,673 679,211 11,883 11,008 9,390,446
2015 % 22.26 13.20 13.64 13.21 10.13 4.79 7.27 8.03 7.23 0.12 0.12 100.00
Allocation by geographic sector
Canada United States United Kingdom France Other
$ 4,494,590 3,076,358 378,453 598,491 1,604,037 10,151,929
2016 % 44.27 30.30 3.73 5.90 15.80 100.00
$ 2,930,429 3,330,932 470,320 700,592 1,958,173 9,390,446
2015 % 31.21 35.47 5.01 7.46 20.85 100.00
13 - TANGIBLE CAPITAL ASSETS
Capital Assets Fund Land School buildings Monument-National building Furniture and equipment Automotive equipment Computer equipment
2016
2015
Cost
Accumulated amortization
Net carrying amount
Net carrying amount
$
$
$
$
2,968,676 9,204,813 18,918,556 2,691,181 22,595 614,956
2,896,435 8,886,048 2,469,076 22,595 597,563
34,420,777
14,871,717
2,968,676 6,308,378 10,032,508 222,105
2,968,676 6,392,290 10,410,880 302,468
17,393
46,221
19,549,060
20,120,535
As at July 31, 2016, there was no trade payables and other operating liabilities for the acquisition of tangible capital assets ($3,035 as at July 31, 2015).
21
National Theatre School of Canada Notes to Financial Statements July 31, 2016
14 - BANK LOAN The bank loan, for an authorized amount of $300,000 ($300,000 in 2015), is unsecured, bears interest at prime rate plus 1.5% (prime rate plus 1.5% in 2015) (4.2%; 4.2% in 2015) and is negotiable in March 2017. The bank loan is unused as at July 31, 2016 and 2015. 15 - TRADE PAYABLES AND OTHER OPERATING LIABILITIES 2016 $ General Fund Trade payables Salaries payable Vacations payable Benefits payable Other
2015 $
187,707 71,386 64,250 66,924 10,283
146,640 35,947 58,036 117,298 9,643
400,550
367,564
Government remittances total $47,155 as at July 31, 2016 ($82,718 as at July 31, 2015). 16 - GOVERNMENT GRANTS RECEIVED IN ADVANCE Government grants received in advance represent unused resources which, as a result of external restrictions, are intended to cover the General Fund's operating expenses for the coming year. 2016 2015 $ $ Balance, beginning of year 618,562 129,000 Amount recognized as revenue (618,562) (129,000) Amount received relating to the following year Ministère de la Culture et des Communications du Québec 330,000 330,000 Ontario Ministry of Culture 33,750 33,750 Ville de Montréal 25,000 Conseil des arts de Montréal 18,000 18,000 Department of Canadian Heritage 236,812 Balance, end of year
406,750
618,562
22
National Theatre School of Canada Notes to Financial Statements July 31, 2016
17 - CONTRIBUTIONS AND DEFERRED REVENUES Contributions and deferred revenues are unexpended resources to be used to cover operating expenses in the coming year. Changes in the balance of these contributions and deferred revenues are as follows: 2016 2015 $ $ Deferred revenues Tuition fees Balance, beginning of year 24,440 22,226 Amount received during the year 13,020 24,440 Amount recognized as revenue (24,440) (22,226) Balance, end of year 24,440 13,020 Deferred contributions Balance, beginning of year Amount received during the year Amount recognized as revenue Balance, end of year Total deferred revenues and contributions
729,959 980,295 (835,445) 874,809
707,581 563,844 (541,466) 729,959
887,829
754,399
18 - LONG-TERM DEBT 2016 $ Capital Assets Fund Ministère de la Culture et des Communications du Québec "Aide aux immobilisations" program (a) Ministère de la Culture et des Communications du Québec "Aide aux immobilisations" program (b) Current portion of long-term debt
2015 $
131,460
175,280
1,475,568 1,607,028 (94,216)
175,280 (43,820)
1,512,812
131,460
(a) A grant from the Ministère de la Culture et des Communications du Québec was obtained during the year ended July 31, 2009 under the "Aide aux immobilisations" program relating to the financing of a portion of the costs to increase the population's access to the property, services and activities in the cultural field, through the implementation of quality cultural equipment that complies with current professionalism criteria. This grant is by way of undertaking of payment of capital and interest of a term loan of an original amount of $438,200. This loan, contracted by the Organization, is secured by a comfort letter signed by the Ministère de la Culture et des Communications du Québec, bears interest at a rate of 5.61% and is repayable in biannual instalments of $21,910 from January 2015 to July 2019. As at July 31, 2016, the balance of this term loan and the grant by way of undertaking of payment total $131,460 ($175,280 in 2015).
23
National Theatre School of Canada Notes to Financial Statements July 31, 2016
18 - LONG-TERM DEBT (Continued) (b) A grant from the Ministère de la Culture et des Communications du Québec was obtained during the year ended July 31, 2016 under the "Aide aux immobilisations" program relating to the financing of a portion of the costs to increase the population's access to the property, services and activities in the cultural field, through the implementation of quality cultural equipment that complies with current professionalism criteria. This grant is by way of undertaking of payment of capital and interest of a term loan of an original amount of $1,500,000. This loan, contracted by the Organization, is secured by a comfort letter signed by the Ministère de la Culture et des Communications du Québec, bears interest at a rate of 4.15% and is repayable in biannual instalments of $55,557 (capital and interest) from March 2016 to September 2025 and a final payment of $902,000. As at July 31, 2016, the balance of this term loan and the grant by way of undertaking of payment total $1,475,568. The instalments on long-term debt for the next five years are $94,216 in 2017, $96,329 in 2018, $98,531 in 2019, $57,005 in 2020 and $59,396 in 2021. These instalments are covered by subsidies from the Ministère de la Culture et des Communications du Québec.
1,232,343 3,600 1,235,943 7,287,084
Total
$
Internally restricted Balance, beginning of year Donations Balance, end of year
$
Bursary Fund
5,444,613 1,135,528 (529,000) 6,051,141
Directing Chair Fund
Playwriting Chair Fund
Externally restricted Balance, beginning of year Donations Interfund transfer Balance, end of year
1,167,000
178,051
8,773,691
178,051
–
867,000
178,051
1,167,000
300,000
300,000
867,000
$
300,000
178,051
–
867,000
178,051
300,000
867,000
178,051
Total
$
1,235,943 3,900 1,239,843
$
Internally restricted Balance, beginning of year Donations Balance, end of year
$
Bursary Fund
Directing Chair Fund
6,051,141 1,482,707 7,533,848
Playwriting Chair Fund
Externally restricted Balance, beginning of year Donations Balance, end of year
19 - ENDOWMENT FUND
July 31, 2016
National Theatre School of Canada Notes to Financial Statements
114,200
–
114,200
112,400 1,800
$
PhilippeCasgrain Fund
114,500
–
114,200 300 114,500
$
PhilippeCasgrain Fund
1,551,099
–
1,551,099
1,273,099 278,000
244,936
–
244,936
244,936
$
SuzanneGrossmann Fund
Creation and Technology Fund
$
244,936
–
244,936
244,936
$
SuzanneGrossmann Fund
1,815,099
–
1,551,099 264,000 1,815,099
$
Creation and Technology Fund
529,000
–
529,000 529,000
$
Community Engagement and Student Programs Fund
529,000
–
529,000
529,000
$
Community Engagement and Student Programs Fund
11,071,370
1,532,343 3,600 1,535,943
9,535,427
8,120,099 1,415,328
$
Total
2015
12,822,277
1,535,943 3,900 1,539,843
9,535,427 1,747,007 11,282,434
$
Total
2016
24
25
National Theatre School of Canada Notes to Financial Statements July 31, 2016
20 - INTERNAL RESTRICTION Pursuant to resolutions of the Board of Directors, an amount of $845,097 of the balance of unrestricted funds in the General Fund was internally restricted. This amount is restricted to the repayment of the actuarial deficit of the defined benefit pension plan and risks. 21 - PENSION PLAN The Organization measures its defined benefit obligation and the fair value of the plan assets on July 31 of each year for accounting purposes. The most recent actuarial valuation of the pension plan for funding purposes was done on January 1, 2014 and extrapolated for accounting purposes as at July 31, 2016. The funded status of the pension plan is as follows:
Fair value of plan assets Defined benefit obligation Funded status – defined benefit asset (liability)
2016 $ 9,319,000 10,325,000 (1,006,000)
2015 $ 9,121,000 9,076,000 45,000
22 - FINANCIAL INSTRUMENTS Financial risks The Organization's main financial risk exposure is detailed as follows. Credit risk The Organization is exposed to credit risk regarding the financial assets recognized in the statement of financial position, other than investments in common shares of public companies and limited partnership shares. The Organization has determined that the financial assets with more credit risk exposure are government grants receivable, trade and other receivables, with the exception of sales taxes receivable, and mutual fund units since failure of any of these parties to fulfil their obligations could result in significant financial losses for the Organization. Additionally, some mutual funds also indirectly expose the Organization to credit risk. The credit risk regarding cash, money market securities and Treasury bills is considered to be negligible because they are held by a reputable financial institution with an investment grade external credit rating. The credit risk related to bond investments is also considered negligible.
26
National Theatre School of Canada Notes to Financial Statements July 31, 2016
22 - FINANCIAL INSTRUMENTS (Continued) Market risk The Organization's financial instruments expose it to market risk, in particular, currency risk, interest rate risk and other price risk, resulting from both its investing and financing activities: – Currency risk: Currency risk is the risk that the fair value or future cash flows of the financial instruments will fluctuate because of changes in foreign exchange rates. The Organization is exposed to currency risk as a result of investments, amounts receivable on disposal of investments, interest and dividends receivable, cash and amounts payable on acquisition of investments denominated in foreign currencies. Fluctuations of the Canadian dollar compared to these currencies could have a positive or negative impact on the fair value of these assets and liabilities. The assets and liabilities denominated in foreign currencies are as follows:
U.S. dollar Euro Yen Australian dollar Pound sterling Swiss franc Danish krone Norwegian krone
2016 $ 4,073,791 1,240,891 404,659 46,465 211,181 47,954 107,853 14,390
2015 $ 4,432,174 1,580,518 372,557 77,645 291,207 72,944 136,072 15,507
6,147,184
6,978,624
Mutual fund units are also exposed, although indirectly, to currency risk as they can include currency investments; – Interest rate risk: The Organization is exposed to interest rate risk with respect to financial assets and liabilities bearing fixed and variable interest rates. Bond investments, money market securities, Treasury bills and long-term debt bear interest at a fixed rate and the Organization is, therefore, exposed to the risk of changes in fair value resulting from interest rate fluctuations. The bank loan bears interest at a variable rate and the Organization is, therefore, exposed to the cash flow risk resulting from interest rate fluctuations.
27
National Theatre School of Canada Notes to Financial Statements July 31, 2016
22 - FINANCIAL INSTRUMENTS (Continued) Additionally, some mutual funds also indirectly expose the Organization to interest rate risk; – Other price risk: The Organization is exposed to other price risk due to investments in common shares of public companies, limited partnership shares and mutual fund units since changes in market prices could result in changes in fair value or cash flows of these instruments. Additionally, some mutual funds also indirectly expose the Organization to other price risk. Liquidity risk The Organization's liquidity risk represents the risk that the Organization could encounter difficulty in meeting obligations associated with its financial liabilities. The Organization is, therefore, exposed to liquidity risk with respect to all of the financial liabilities recognized in the statement of financial position. Carrying amount of financial assets by category The carrying amount of the Organization's financial assets that are measured at amortized cost totals $2,886,792 ($1,901,012 as at July 31, 2015), whereas the carrying amount of financial assets measured at fair value totals $25,941,908 ($24,050,234 as at July 31, 2015). Guaranteed financial liabilities As at July 31, 2016, the carrying amount of guaranteed financial liabilities is $1,607,028. 23 - COMMITMENTS The Organization entered into long-term lease agreements expiring until September 2019, which call for lease payments of $273,038 for the rental of equipment and maintenance services and for the rental of a storage space. Minimum lease payments for the next years are $190,113 in 2017, $64,944 in 2018 and $17,981 in 2019. 24 - COMPARATIVE FIGURES Certain comparative figures have been reclassified to conform with the presentation adopted in the current year.