Soundstreams has officially released their annual report this week, which is quick progress, considering their fiscal year ended on August 31.
It has been a busy year for Toronto’s intrepid contemporary classical music presenter. They moved offices across town, and also welcomed well-known arts manager, Susan Worthington as their new Executive Director effective September 1st 2014. It is yet to be seen what she will bring to this dynamic organization, but according to the report, she has a fairly healthy slate to work with.
Soundstreams understandably comes to the table with a significantly smaller budget than its larger counterparts at the Toronto Symphony Orchestra and Canadian Opera Company (both released their reports last month). What’s interesting to note is how well a smaller organization can respond to changing market conditions. Despite having faced significant cuts in Government grants this past year – a 32%, or $260,000 reduction – and relatively flat income from other revenue sources, the organization managed to squeak an in-year surplus just $10,000 lower than last year.
From the wording in their annual report, the in-year surplus was a win, since their deficit reduction schedule has been accelerated thanks to this feat. Had it not been for the 2011-12 loss of $83K they would have been as good as clear of a deficit by now.
So how did they do it? According the report “diligent fiscal stewardship and judicious use of resources has swiftly addressed the organizational deficit.” Hands on, resources were judiciously used in two principal areas: production and marketing, with reductions of just under 50% and 32%, respectively.
As with any small organization that had significant impact on income, the balance sheet looks very different this year. Balancing at just over $125K this year over last year’s $493K, the organization has less cash on hand, prepaid expenses and on the bright side, deferred revenue.
What is not shown in the report is what plans the organization has for its short-term future… well, not really. The focus seems to be on their digital delivery: “Digital innovation remains a priority as we create barrier-free access to our presentations and reach a new generation of music lovers.”
And then there is reference to an audience survey: “In the summer of 2014, Soundstreams tabulated an extensive season-long audience survey. The results have provided valuable insights about our position in the ecology of Canadian arts presenters, and a clearer profile of our patrons.” Whether this will result in a shift in programming remains to be seen, but it seems that they are content with the initiatives they have going on.
Perhaps, in her first year as ED, Worthington will stay the course; see what works and what doesn’t before making a move. Why rock a ship that seems to be steered in the right direction?
Mylene Vincent