2025 Skate Ontario Annual General Meeting

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00:51:19It's been a great year.

00:51:20It's been a great year and I feel very lucky to have this opportunity to give you some

00:51:23of the wrap up of these great activities.

00:51:25So thank you.

00:51:33Thank you, Lisa, for this great summary of the last year.

00:51:37It's really important for our members to see and understand just how much goes on in

00:51:44skating across the province every year.

00:51:47So I would like to take this moment now to open up the floor for questions.

00:51:53If you would like to ask a question related to Lisa's presentation, please email mtimmins

00:51:59at skateontario.org.

00:52:00As I see, there are no questions.

00:52:01We will move on.

00:52:02I would like to introduce Derek Ventnor to present the fiscal

00:52:07topic.

00:52:08As I see, there are no questions.

00:52:09We will move on.

00:52:10I would like to introduce Derek Ventnor to present the fiscal 2024-2025 audited financial statements.

00:52:36Good morning, everybody.

00:52:45You will now see the first page of the audited statements on your screen.

00:52:49The Board of Directors approved the audited statements on September 3rd and they were posted

00:52:54to the website on September 5th along with the annual report.

00:52:58On September 15th, we hosted a webinar that did a detailed overview of the statements.

00:53:07And this morning, I'm just going to highlight some key items for the membership and we'll

00:53:12also take any questions that you might have.

00:53:15So if we go to the next page, please.

00:53:19On page one of the auditors report, the first two pages of the package are the report of

00:53:26the auditor.

00:53:27The most important part of this report for the membership is under the opinion section,

00:53:32the second paragraph that confirms that this is an unqualified report, or in other words,

00:53:40a clean audit.

00:53:41So once again, going through the process this year, our auditors found everything in order

00:53:47as far as all of our internal controls, our reporting processes and our accounting processes.

00:53:54If we go on to the statement of financial position, one more right there.

00:54:02So this you see before you now is the statement of financial position or others will know it

00:54:08a little better as the balance sheet.

00:54:11And so what you see this year is there's three things on this item or sorry, on this sheet

00:54:17that I'm going to speak to slightly more detail when we go to the notes.

00:54:20The first item under the assets is the note.

00:54:23They'll speak to note three under the investment.

00:54:26So you'll see that there's a significant increase in the value of the investment portfolio over one

00:54:32year previous.

00:54:33So the statement of financial position is our, our positioning on a specific date in

00:54:38this case, June 30th, 2025.

00:54:41So I'll speak a little further to that, but we've seen very healthy growth again this year

00:54:47in the 12 months ending June in our portfolio.

00:54:50And I'll speak very briefly to how we're investing some of that back into our programs in the year

00:54:55that would have started July 1st.

00:54:59Note five under the liabilities.

00:55:01You'll see, uh, we've made a note of the HST payable a year ago.

00:55:07There is an outstanding amount or a contingency amount actually at that time of $231,000.

00:55:13That is now clear.

00:55:14I will, that is a very material item.

00:55:16And I will speak to that in the notes in just a couple of minutes.

00:55:20Finally on this page, you'll see.

00:55:23At the bottom of the net assets section, you'll see internally restricted accounts.

00:55:29There's three of them there that did not appear on last year's statements.

00:55:35We created some internal, internally restricted funds with our, our overall retained earnings,

00:55:41uh, in the fall of 2024.

00:55:42Uh, and I'll speak to those slightly a little bit more to give the membership a full understanding

00:55:48of the purpose of those funds when we get to the notes next page before you, you now see

00:55:55the statement of operations.

00:55:56Again, many of you will, we'll see it more or refer to it as the income statement.

00:56:03There's everything is pretty boilerplate this year on, on this particular statement.

00:56:09So this is for the operations for the period of 12 months ending June 30th, you'll see

00:56:14that there was at the end of the day and net surplus of $1,035,000, which includes, uh,

00:56:22298,000 in the HST recovery.

00:56:26And also, uh, a significant piece to make note of there is the investment portfolio that generated,

00:56:32uh, just over $280,000.

00:56:35So a couple of those things are, sorry, the HST recovery is a one-off, um, the investment

00:56:41portfolio.

00:56:42Again, we've had a very successful year, but as those of you who have personal portfolios

00:56:48or in your businesses, those, those are subject to change every year.

00:56:53Um, and it's especially in today's, uh, global economic environment, it's there's, there's

00:56:59ups and downs almost on a daily basis.

00:57:02The one final comment I'll make on this, um, particular statement is I'll draw your attention

00:57:08to the events revenue and also the expenses, cause it's very important for the membership

00:57:13to remember something.

00:57:15And that is these numbers, the events revenue is gross.

00:57:18So that means it's basically all of the entry fees plus the other, um, uh, revenues that events

00:57:25generate primarily admissions gates, some sponsorship, but not a lot with the events down below under

00:57:33the events expenses that includes that $2.5 million also includes, uh, the profit shares

00:57:40that go back to our, our partner club.

00:57:43So with the 45 ish, uh, events that we host across the province, uh, throughout the season,

00:57:49um, we have profit share agreements with each of our clubs, depending on the series, the

00:57:56agreement might be a little different, but it's really important for the membership to

00:58:00be aware that when these events do better, it's not just skate Ontario that benefits, but

00:58:05it's each and every, um, local organizing committee also shares in the financial success of those

00:58:13events.

00:58:15Now if we'll scroll ahead, uh, to the notes page seven, yes.

00:58:25Uh, the screen you see before the information you see before you on your screen, I'm only

00:58:30going to highlight a couple of the notes, almost all of these notes in this year's statements

00:58:35are boilerplate.

00:58:36Um, they're there because audit standards require them to be, but there's no real specifics

00:58:42to skate Ontario, other than at a very high level, the notes confirm how we, how we operate

00:58:48from a financial perspective and some of the standards that we have to meet.

00:58:52If we can scroll ahead to note number three, please.

00:59:04Keep going.

00:59:10Next page.

00:59:12Next page.

00:59:15Right there.

00:59:17Note number three speaks to the investments, a little more detail around our investments portfolio.

00:59:21So you can see here that, um, it is a very conservative portfolio.

00:59:27We take, we minimize to the absolute ability, our ability of investment, um, any risk.

00:59:34So these are all very safe investment vehicles so that we're not playing fast and loose, if

00:59:40you will, with, with membership money.

00:59:42And we also, uh, do our best to while remaining conservative, um, use vehicles that get us some

00:59:50return, uh, over the longer term.

00:59:53This year we were very successful.

00:59:55You can see the basic breakdown of the income of the $280,000 that was, uh, reported on the

01:00:01statement of operations, which is generally a combination of investments and, uh, sorry,

01:00:07interest and dividends, as well as some realized and unrealized gains.

01:00:11So all in all, the, um, the, um, portfolio did very, very well.

01:00:17It's always a bit of a, an unknown as to how it will go.

01:00:20And particularly this, this year and our current climate, some of the unknowns of the longer

01:00:26term impacts of some of the tariff issues, as well as some of the, um, more global issues.

01:00:31We're, we're just not sure how much that will impact our portfolio.

01:00:35Um, but we monitor and we, we have quarterly meetings with our investment management company

01:00:40on these things to, to make sure we're as secure and safe as we possibly can.

01:00:48Next page, please.

01:00:51Note number five is a very significant note.

01:00:54And hopefully it'll be the last time we talk about this particular item.

01:00:57For those of you who've joined previous AGMs or, um, reviewed other audited statements for

01:01:03Skate Ontario, the HST file on this, this item has been carried for three or four years.

01:01:11And I'm very pleased to report that we've now done a full, um, closure of this file with

01:01:16the CRA Skate Ontario has been found to be completely on side.

01:01:21And with the contingent, the contingency that we'd set aside a few years ago, that is now

01:01:26all been resolved and brought into income.

01:01:28Uh, so we're very, we're very pleased with how that, uh, file resolved itself.

01:01:33I was, uh, done over a certain, certainly a significant period of time, but this note basically

01:01:40discloses what has happened, what the CRA findings, and we've now drawn that into income.

01:01:48Final note I'd like to speak to on this year's statements is note eight.

01:01:53And as you'll see the bottom two thirds of what's on your screen right now, um, at the

01:01:59recommendation of the finance committee, Skate Ontario has established some internally restricted

01:02:04funds that provides for specific investment in future, future items.

01:02:10So, um, the notes here explain exactly what these funds are.

01:02:15I draw your attention, especially to the special opportunities fund.

01:02:19That is funding that we will continue to grow and set aside.

01:02:23But at certain times when certain projects or other grant opportunities present themselves,

01:02:28we will be able to access those funds at the, um, decision of the board, um, to really

01:02:34invest significantly back into key programs or other initiatives for the membership.

01:02:42That covers, at a very high level, uh, this year's audited statements, um, I will pause very briefly

01:02:49for any questions.

01:02:51If you have any questions on statements, please email mtimmins at skateontario.org.

01:03:00And we'll, uh, wait just a moment.

01:03:20Seeing no questions, I'm going to turn the chair back over to, uh, Andrea Derby.

01:03:25Thank you very much.

01:03:32Thank you so much, Derek.

01:03:33And, uh, thank you for all of your hard work on this and, uh, to your team as well.

01:03:39I would like to now present the motion that the accounting firm of Hillborne LLP be confirmed

01:03:45as the auditors for Skate Ontario for the fiscal year ending June 30th, 2026.

01:03:52Seconded by Erin Northway, Nepean Skating Club, seconded by Kim Savoy, Sioux Lookout Skating

01:03:58Club.

01:03:59Please open your Simply Voting window now.

01:04:04Voting is now open.

01:04:09Seconded by Lee LLP, Monday persone, you, you, you, you, you, you, you, you, you.

01:04:23You, you, you, you, you, you.

01:04:30I, you.

01:04:30You.

01:04:34Motion is carried.

01:04:51Voting is now closed.

01:04:54Motion is carried.

01:04:57And let's move on to our next item, the board election.

01:05:01I would now like to introduce Mary Rose Weir, Chair of the Skate Ontario Nominating Committee.

01:05:08Good morning, excuse me, good morning.

01:05:16To start, I would like to sincerely thank each of the candidates for their interest and continued

01:05:21interest in Skate Ontario and its board of directors.

01:05:25I trust that the membership has read the nominations report and discovered the exceptional and varied

01:05:30experiences and skills the candidates bring to the table.

01:05:35I would also like to thank my fellow members of the Nominating Committee, Andrea Derby, Sharon

01:05:39Bollenbeck and Brandt Brandom for their valuable contributions and to Lisa Alexander for her

01:05:46support.

01:05:49Skate Ontario's approach to governance is in alignment with the principles of an engaged

01:05:54policy board of directors, which clearly define and delineate the authority and accountability

01:06:01of the board's policymaking strategic role and the operational role of Skate Ontario management.

01:06:10To assist with the understanding of these rules, the responsibilities of the of the board

01:06:16and the individual board members are posted on the Skate Ontario website.

01:06:21The Skate Ontario bylaws indicate that the positions available for election at the 2025 annual

01:06:28general meeting are five directors, each to be elected for a two year term.

01:06:35In addition, one director will be will not be completing their current term.

01:06:43So there's also one director position available for a one year term.

01:06:48In accordance with our mandate to ensure that a full complement of qualified individuals will

01:06:53be available for election to the board, the Nominating Committee presented a recommended list

01:06:58of candidates in the call for nominations.

01:07:02As well, additional individuals were invited to submit applications to be assessed against

01:07:08the same set of published criteria and competencies as those proposed candidates.

01:07:15We thank those who submitted additional applications for our consideration.

01:07:22As a result of our review, the following candidates will be elected by acclamation.

01:07:28I am pleased, therefore, to present the following motion.

01:07:33That the six individuals nominated as directors be elected by acclamation as follows.

01:07:39Each for a two year term, Lenny Faustino, Rachel Islam, Clark Merchant, Alison Sims, Claudia Stanek.

01:07:51For a one year term, Jordan Deroshi.

01:07:56The motion is moved by Julia Mullins, Thunder Bay Skating Academy, and seconded by Roxanne Danil,

01:08:03Kenora Skating Academy.

01:08:06Please open your Simply Voting window now.

01:08:11The motion is now open.

01:08:12The motion is now open.

01:08:18The motion is now open.

01:08:29The motion is now JSON.

01:08:39.

01:09:09Voting is now closed.

01:09:36And the motion is carried.

01:09:48I'd like to present the 2025-2026 Gate Ontario Board of Directors.

01:09:55Jordan Deroshi, Lenny Faustino, Maggie Head, Rachel Islam, Margie Lambert, Amanda Manti,

01:10:05Clark Merchant, Alison Sims, Claudia Stanek.

01:10:12Thank you to everyone and wishing you all well in the coming season.

01:10:20Thank you so much, Mary Rose, for all of the work you have done in the past and continue

01:10:28to do for Skate Ontario.

01:10:30And congratulations to our new and returning board members.

01:10:34I have so much confidence in the work you will do moving forward.

01:10:40And I know that Skate Ontario is in very good hands.

01:10:43So thank you.

01:10:44And as we wrap up, before we finish the meeting, I just want to make a few closing comments.

01:10:52As the outgoing chair of Skate Ontario, I want to take a moment to reflect on the past four years

01:10:58and to recognize some of those who have contributed to our organization's success.

01:11:05First and foremost, I want to extend my gratitude to Lisa Alexander, our executive director.

01:11:11Lisa, your leadership and vision have been instrumental in guiding Skate Ontario through both challenges and triumphs.

01:11:20And your dedication to our organization has not only helped us grow, but has also inspired all of us to strive for excellence.

01:11:28Thank you for your wonderful service.

01:11:30I'd also like to take a moment to express my deep appreciation to all of the team at Skate Ontario.

01:11:37Your commitment and passion for our mission have not gone unnoticed.

01:11:42And you work tirelessly behind the scenes, ensuring that our events run smoothly and that our members receive the support they need.

01:11:51You're the backbone of this organization, and I am truly grateful for everything you do.

01:11:56And to our members, thank you for your support and trust over these last four years.

01:12:02Your involvement and engagement are what fuel this organization.

01:12:06It's your enthusiasm for skating that drives us to create better opportunities and experiences for everyone.

01:12:14Together, we've built a strong community.

01:12:17And although I'm leaving as chair, I look forward to continuing this with all of you in different roles.

01:12:26And lastly, I want to thank the Skate Ontario board members for your unwavering support and commitment.

01:12:33Your insights, your experience, your guidance and shared vision have been invaluable.

01:12:40It's your dedication that ensures we stay true to our core values and continue to advance our organization's mission.

01:12:49As we look ahead, let's continue to work together to foster a positive and inspiring environment for skaters in Ontario.

01:12:58Thank you all for being here today and for being an essential part of the Skate Ontario family.

01:13:03And with that, I would like to make a motion that the 2025 Skate Ontario Annual General Meeting be terminated.

01:13:12And that is moved by Natasha Mitchell of the Gloucester Skating Club.

01:13:17Thank you everybody and have a wonderful 2025-2026 skating season.

01:13:23Take care.

01:13:47Take care.

01:13:53I am.

01:13:55I am.

01:13:56I am.

01:13:57I am.

01:13:58I am.

01:14:00I am.

01:14:03I am.

01:14:04I am.

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