Canterbury Theatre and Festival Trust Charity Accounts

COMPANY REGISTRATION NUMBER: 01480595

CHARITY REGISTRATION NUMBER: 279714

Canterbury Theatre and Festival Trust

Company Limited by Guarantee

Unaudited Financial Statements

31 March 2026

Canterbury Theatre and Festival Trust

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2026

	Page

Trustees' annual report (incorporating the director's report)	1

Independent examiner's report to the trustees	10

Statement of financial activities (including income and expenditure account)	12

Statement of financial position	13

Statement of cash flows	14

Notes to the financial statements	15

Canterbury Theatre and Festival Trust

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 March 2026

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2026 .

Chair's report

The Board of the Canterbury Theatre and Festival Trust presents its report for the year ending 31 March 2026, which includes the 2025 Festival.

The Canterbury Festival is an internationally respected annual two-week extravaganza of music, performance, talks, comedy, family events, science and more. The Festival showcases Canterbury as a diverse and dynamic centre of culture and welcomes both loyal and new audiences of all ages and backgrounds to be inspired and delighted in a celebration of creativity. Our Festival is amplified by a vibrant year-round programme, with creative opportunities, particularly for young people, performances, and events, all of which contribute towards making Canterbury an exciting place to live, work, learn and play.

It has often been said that running an Arts organisation is like riding a bicycle - you have to keep moving otherwise you fall off. In 2024-5 we seemed to move forward very uncertainly while we appointed a new Festival Director and Chief Executive, but with the arrival of Susannah Stevenson on 1 November 2024 we felt we were starting to move forward more confidently.

Although some Festival events are many years in the planning, we can regard the 2025 Festival as Susannah's first, and a very successful one too. Audience demand remained strong: we increased our ticket income by 5% (on 2024 figures), our tickets sold by 12%, our website visitors by 39%, our Festival Friends by 15%, and 36% of bookers for the Festival were booking for the first time. We created a more coherent and navigable Festival offer by introducing a new chronological brochure layout, and integrated our former Umbrella events into the core programme, giving the feeling that more was happening (even though there were actually fewer events). Most importantly, post-Festival feedback from audience members was very positive indeed, and across a range of artforms.

Artistically, the Festival was rich and wide-ranging. Many headline events drew large and appreciative audiences, and six events sold out entirely (one within 21 hours of tickets going on sale). New curated strands - Women's Voices, Made in Kent, Let's Play, Gibbons 400 and Public Engagement - added depth and narrative shape across artforms.

2025 also saw a pilot of the Festival's first Family Takeover, a new initiative animating the entire Malthouse Theatre complex with a range of both free and paid-for events across a wide variety of artforms in a single day. It attracted 1000 children and their grown-ups, 300 of whom simply came to take part in the free activities. We also piloted discounted tickets for under-30s and although the take-up was small, we shall seek to develop this further in 2026.

Beyond the 2025 Festival, we engaged nearly 12,000 people in our public engagement initiatives (10% more than in 2024), of which nearly 3,000 were school pupils or students. We were able to increase our free offer this year, and increased participation levels within our partner schools.

Financially there were, of course, challenges. We set ambitious targets for box office income and sponsorship, of which we only achieved 92%. This was in part due to the unfortunate timing of a meningitis outbreak in Canterbury just before our Step into Spring weekend. It also reflects a wider national climate of economic uncertainty, cost of living challenges, and the implications of tax changes on key income streams, including universities and private schools. Once again, we acknowledge with gratitude the steadfast support of our Key Partner (Kent College), our Headline Supporters (Canterbury Christ Church University, Paul Roberts, and South Canterbury), and over 25 corporate sponsors, as well as support from Trusts, individual Supporters, Vice-Presidents, Corporate Members and Friends.

Yet in all the above, the sense of starting to move forward again is palpable, and this sense of moving forward encouraged us to make another key change by refreshing our corporate governance structure. I here pay tribute to our long-standing Trustee, Friend and Treasurer Hugh Summerfield who unexpectedly passed away in September 2025, leaving a large hole in our Board and many other local Boards too. Several other Trustees, who have given generously of their time, talents and treasure over many years, also decided that it was time to step down. In a departure from past practice, we produced a specification for the Trustee role, and advertised widely for expressions of interest, with the aim of appointing the smallest number of Trustees with the widest range of knowledge and experience, to form a smaller Trustee Board. Four new Trustees joined the Board on 1 January 2026, giving us a Board of ten members (which may reduce further over the coming year or so). To ensure that our key audiences, stakeholders and the community in Canterbury remain deeply involved in the Festival, we also formed a separate Advisory Board, to provide feedback, advice and recommendations on a variety of issues, and to provide a forum for discussing multi-organisation projects and funding opportunities that will animate Canterbury.

The new Trustee Board is emboldened to move forward decisively in 2026-7, to spend some of our reserves (which we know we can only do once) to ensure that the Canterbury Festival delivers moments that can only happen in a Festival: performances of the highest quality that create a real and unique sense of place using the many wonderful venues available to us. In doing so we want - to return to the cycling metaphor - to go up a gear or two.

We believe we can do this, with the enthusiastic commitment of those who continue to buy tickets for the Festival, with those who donate to keep the Festival alive, and with the phenomenal support of our volunteers, including the Trustees themselves, that provide help and lively and professional support each year.

Doubtless 2026-7 will bring new unforeseen challenges, but we hope that calm perseverance will again help us to continue to sustain our Festival well into the future.

Professor Keith Mander

Chairman

Reference and administrative details

Registered charity name	Canterbury Theatre and Festival Trust

Charity registration number	279714

Company registration number	01480595

Principal office and registered	8 Orange Street
office	Canterbury
	Kent
	CT1 2JA
	United Kingdom

The trustees

	Dr Kate Neales	(Resigned 15 October 2025)
	Colin Carmichael OBE	(Resigned 31 December 2025)
	Peter Hermitage QPM	(Resigned 15 October 2025)
	Professor Dan Lloyd
	Prof Keith Mander
	Air Marshall Chris Nickols
	Hilary Riva OBE	(Resigned 22 April 2026)
	Hugh Summerfield	(Died 15 October 2025)
	Camilla Swire
	Tony Walder	(Resigned 31 December 2025)
	Professor Alastair Borthwick	(Resigned 31 December 2025)
	Simon Ludden
	Professor Becky Huxley-Binns	(Appointed 1 January 2026)
	Louise Provan	(Appointed 1 January 2026)

	Jessica Barry ACA	(Appointed 1 January 2026)
	Deborah Shaw	(Appointed 1 January 2026)

Independent examiner	Andrew Collyer
	Camburgh House
	27 New Dover Road
	Canterbury
	Kent
	CT1 3DN

Structure, governance and management

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new Trustees

As set out in the Articles of Association, the Trustees retire by rotation one third each year but shall be eligible for re-election. The Articles allow for the board to appoint Trustees during the year, such Trustees shall retain their office only until the next AGM but shall then be eligible for re-election. When considering co-opting a Trustee (new appointment), the Board has regard to the requirements of any specialist skills needed and in order to provide necessary academic, professional and commercial knowledge required with respect to a charitable arts company.

Induction and training new Trustees

New Trustees are offered training to brief them on their legal obligations under charity and company law, the contents of the Memorandum and Articles of Association, the committee and decision-making process, the business plan and current financial performance of the charity. From time to time trustees are encouraged to attend appropriate external training events, where these will facilitate the understanding of their role.

Organisational structure

The charity is governed by the Board of Trustees, which meets at least five times a year and is responsible for making strategic and governance decisions regarding the Trust. The Festival Director has delegated authority, within terms approved by the Trustees, for operational matters including finance, employment and artistic performance related activity. At each board meeting, detailed written reports are submitted by the officers and sub-committees for open discussion.

Related parties

The Canterbury Festival Foundation was incorporated in 2002 as a charitable company limited by guarantee, in order to promote and support the charitable objects of the Canterbury Theatre and Festival Trust (the charity). The aim of the organisation is to raise endowment funds which can be invested, and income used for the benefit of Canterbury Theatre and Festival Trust . The Canterbury Theatre and Festival Trust has the power to appoint a minimum of 60% the Trustees to the Canterbury Festival Foundation.

Each year the Canterbury Festival Foundation offers a Bursary to a young musician which is presented at a concert held during the Canterbury Festival. The costs with respect to individual grant making are borne by the Trust, on behalf of the Foundation. The work is carried out on an in-kind basis by employees of the charity as part of their normal duties and the cost of staging the concert is met by the charity as part of its general expenditure on production.

The Friends of Canterbury Festival is an organisation incorporated as from June 2004 within the Canterbury Festival Foundation which raises funds for Canterbury Theatre and Festival Trust. In 2025/26, the Friends donated a total of £nil (2024/25: £30,000) to the charity.

In anticipation of the intended closure of the Canterbury Festival Foundation which has been decided by its own Board of Trustees, the Canterbury Theatre and Festival Trust agreed to take on its responsibilities and assets, with the majority of its activities and costs incorporated into the Trust's activity from April 2025. The Trust has therefore not received a donation from the Friends, having received the funds directly, and has incurred greater governance costs than in previous years.

Risk management

The charity's risk management strategy includes:

1. A bi-annual review of the risks and opportunities the charity may face.

2. The establishment of systems and procedures to mitigate those risks identified in the delivery of the Festival's Strategic Plan 2026 - 2034, currently in development.

3. The implementation of procedures designed to minimise any potential impact on the charity, should these risks materialise.

The charity maintains a Risk Register which identifies the principal risks as non-financial issues arising from artistic excellence, competition and public perception, together with management of the specific risks concerning the loss of core income or failure to reach fundraising targets. The Trustees are satisfied that adequate steps are taken to mitigate these risks and others identified within the Risk Register.

A further key element in the management of financial risk is the setting of a reserve policy and its regular review by Trustees.

Reserve policy

1. The Festival's financial objectives require the organisation to maintain a free cash reserve equivalent to 6 months of core operating costs equating to £150,000 .

2. The Trustees and senior management recognise the risks associated with future ticket sales and accordingly, a designated reserve of £20,000 p/a is maintained to cover any shortfall.

3. The Festival continues to be heavily reliant upon fund raising, sponsorship and grant support. The full impact of the current economic climate upon supporters is unknown, however it is considered appropriate to designate up to £25,000 p/a against any shortfall.

Overall, a cash total reserve of £195,000 is required to meet these objectives.

4. The Festival recognises the need to invest in its artistic output to ensure its ongoing relevance and reputation and prioritises its remaining reserves in support of future artistic endeavours.

Investment policy and objectives

Under the Memorandum and Articles of Association the charity has the power to invest in any way the Trustees feel appropriate.

In the year 2015 the Trustees invested £300,000 of the unrestricted reserve with Rathbone's Investments.

The Trust's investment policy statement with Rathbones was updated in December 2025 to outline:

1. The objective of the investment is to obtain a sustainable balance of growth and income over the medium to longer term. An acceptable level of income to be decided from time to time by the Trust's trustees but likely to be within the range 3-4%.

2. A balanced approach between capital and growth with the emphasis on producing a total return although income or capital may be withdrawn from time to time.

3. The risk investment strategy to be adopted, including capacity for loss will be:

- The investments will be managed on a medium risk strategy in line with the investment managers understanding of such a strategy over the medium to long term. It is important that the

portfolio is sustainable and suitably diverse.

- Performance of the funds will be looked at long and medium term.

- The managers will not commit the Trustees to any obligations that could result in any personal liability for the Trustees or their successors in title.

- The investments should be marketable, and the Trustees will not without specific authorisation wish to acquire investments in markets where marketability is limited.

4. We would include the following investment restrictions:

a. Whilst we would not require this portfolio to be managed in an expressly ethical manner, we would expect the investment managers to avoid investing in areas that might be regarded as unethical if at all possible, such as gambling, tobacco and armaments. However, we would not wish the investment managers to be unduly restricted by this requirement and any particular investment that the manager wishes to make could be discussed with the trustees prior to investing.

5. The policy statement will be reviewed in approximately 2 years

Objectives and activities

The principal objects of the charity as stated in the Memorandum of Association is to promote, maintain, improve and advance the education of the public in the arts, including the arts of drama, mime, dance, singing, opera and music, ballet, cinema, concert, stage performances and the visual arts generally. The charity promotes the arts in East Kent and in particular organises and runs the Canterbury Festival.

Strategies employed to achieve the charity's objectives are:

1. To engage national and international performing artists covering the range of activities noted as specified in the Articles of Association.

2. Supporting Kent-based artists and performers by promoting their activities.

3. To engage, promote and further develop an educational and outreach programme.

4. Fostering a greater sense of ownership of the Festival in the region through partnerships.

5. Additional creative projects to further develop arts in East Kent.

6. To play a strategically important year-round role supporting and developing the arts in the region.

7. To seek future funding and good financial controls to ensure the sustainability of the Festival.

Strategic report

The following sections for achievements and performance and financial review form the strategic report of the charity.

Achievements and performance

Charitable activities

The Trustees believe the trust activities, including the 2026 Festival, have met the charity's objectives in full.

Public benefit

The Trustees confirm that they have complied with the duties set out in the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. In particular, the Trustees consider how planned activities will contribute to the aims and objectives of the Charity.

Who used and benefited from our services

There were 140 festival (i.e. Canterbury Festival) events (18 of which were free, +50% vs 2024/2025), a further 18 talks and walks as part of "Step into Spring" and a Christmas fundraising concert and talk. 14,424 tickets were sold for the festival, plus 498 for Step into Spring and 275 for our Christmas activities, a total of 14,699 tickets. Ticket sales for festival events were up 12% compared to last year, with several events completely sold out.

As ever, our volunteers were great festival ambassadors and they, together with performers and walk-leaders all contributed to the festival's exciting atmosphere and well-managed range of events offered to audiences.

Festival Public Engagement delivers a free year-round community arts programme, focused on addressing a need for inclusive creative arts projects for all ages. Through a combination of projects listed below we provided approx. 40 free workshops, masterclasses and performance opportunities for almost 3,000 children, young people and older adults to develop artistic ambition, nurture appreciation and enjoyment of the arts in a creative learning context. In 2025/2026 approx. 12,000 people participated in in the public engagement programme with its activities more prominently highlighted within the festival programme.

- Provided 39 x workshops/masterclasses (Schools' Poetry, nu:chorus, Open Clay, Hearts& Minds, Youth Orchestra, CCCU Digital Media Creative Industries Project, CCCU Arts & Culture Professional Skills/FOH & ASM, Canterbury College Media Studies Professional Skills Placements, Canterbury College Visual Arts Professional Skills Placements, University of Creative Arts Creative Practice).

- Programmed/produced 16 x project events during Festival: Schools' Poetry Showcase, nu:chorus/The King's Singers, Open Clay Freewheeling 2, Beautiful Noise, Eco-Bot, Reading Room, Youth Music Ambassador Lunchtime Recital, The Big Draw, Young Musicians' Bursary Final, Canterbury Academy Showcase, Canterbury Festival Youth Orchestra, Contraband, BRIT Kids Showcase, Professional Skills & Creative Industries placements (CCCU Stage Management & Employability, Canterbury College Media Studies, Canterbury College Ceramics).

- Collaborated with 6 x Visual Arts Partner Exhibitions: Colour Connect/Rock Paper Scissors, East Kent Open Houses, Travels with Bowie/Lilford Gallery, What Remains?/The Beaney House of Art & Knowledge, Bog Body/CCCU and How We Visualise Canterbury Castle/CCCU.

- Collaborative Creative Partnerships: Beaney House of Art & Knowledge, Bright Shadow, BRIT Kids UK, Canterbury Cantata Trust, Canterbury Cathedral (Music), Canterbury College (Visual Arts/Ceramics & Music Department), Catching Lives, Clayground Collective, Canterbury Christ Church University, Eastbridge Hospital & Franciscan Gardens, East Kent Open Houses, Forget-me-Nots, Lilford Gallery, NHS Medway & Kent, Simon Langton Grammar School for Boys, Streets Ahead, The Big Draw UK, The Canterbury Voices, University of Creative Arts, University of Kent (bOing!, Gulbenkian Arts Centre/iCCi, Extra-Curricular Music/Dan Harding).

2025/2026 Total Schools' Participants = 2,938 from 45 schools across Kent. 2025/2026 Total Public Engagement Programme Participants: 11,940

Fundraising activities

A total of £217,973 (2025: £234,526) excluding box office and programme receipts was raised from Vice Presidents' donations and subscriptions, Gift Aid, general donation, corporate membership, special fundraising and sponsorship. A total of £3,318 (2025: £12,010) was raised from grants during the period.

Financial review

The statement of financial activity reflects the Festival's aspirations to become a year-round arts promoting organisation and develop its position as the major promoter of international work within East Kent.

The financial results for the period were unsatisfactory. The unrestricted Funds before accounting for transfers shows a deficit of £58,541.

Gross income was £579,363 (2025: £611,833).

Total resources expended in the year were £676,697, compared with £740,344 in the prior year.

There were gains on investments of £38,793 (2025: £9,419).

The total reserves, comprising Restricted and Unrestricted Funds, carried forward at the end of the year were £363,686, compared with £422,227 in the prior year.

The trustees' annual report and the strategic report were approved on 17 June 2026 and signed on behalf of the board of trustees by:

Prof Keith Mander

Trustee

Canterbury Theatre and Festival Trust

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Canterbury Theatre and Festival Trust

Year ended 31 March 2026

I report to the trustees on my examination of the financial statements of Canterbury Theatre and Festival Trust ('the charity') for the year ended 31 March 2026.

Responsibilities and basis of report

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2. the financial statements do not accord with those records; or

3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or

4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Andrew Collyer Independent Examiner

Camburgh House 27 New Dover Road Canterbury Kent CT1 3DN

Canterbury Theatre and Festival Trust

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 March 2026

	2026			2025
	Unrestricted funds	Restricted funds	Total funds	Total funds
Note	£	£	£	£

Income and endowments

Donations and legacies	5	110,658	25,000	135,658	120,961
Charitable activities	6	352,457	–	352,457	360,872
Fundraising income	7	90,435	–	90,435	127,545
Investment income	8	813	–	813	2,455
		---------	--------	---------	---------
Total income		554,363	25,000	579,363	611,833
		---------	--------	---------	---------

Expenditure

Expenditure on raising funds:

	Costs of other trading activities		9	3,273	–	3,273	7,735
Expenditure on charitable activities		10,11		640,652	25,000	665,652	718,347
Other expenditure			12	7,772	–	7,772	14,262
				---------	--------	---------	---------
Total expenditure				651,697	25,000	676,697	740,344
				---------	--------	---------	---------

Net gains/losses on investments	14	( 38,793)	–	( 38,793)	( 9,419)

	---------	--------	---------	---------
Net expenditure and net movement in funds	( 58,541)	–	( 58,541)	( 119,092)
	---------	--------	---------	---------

Reconciliation of funds

Total funds brought forward	422,227	–	422,227	541,319
	---------	--------	---------	---------
Total funds carried forward	363,686	–	363,686	422,227
	---------	--------	---------	---------

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

Canterbury Theatre and Festival Trust

Company Limited by Guarantee

Statement of Financial Position

31 March 2026

	2026	2025
Note	£	£

Fixed assets

Investments	21	390,799	402,006

Current assets

Debtors	22	11,853	18,340
Cash at bank and in hand		32,476	43,185
		--------	--------
		44,329	61,525

Creditors: amounts falling due within one year	23	46,442	41,304
		--------	--------
Net current liabilities		( 2,113)	20,221
		---------	---------
Total assets less current liabilities		388,686	422,227

Creditors: amounts falling due after more than one year	24	25,000	–
		---------	---------
Net assets		363,686	422,227
		---------	---------

Funds of the charity

Unrestricted funds		363,686	422,227
		---------	---------
Total charity funds	27	363,686	422,227
		---------	---------

For the year ending 31 March 2026 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 17 June 2026 , and are signed on behalf of the board by:

Prof Keith Mander

Trustee

Canterbury Theatre and Festival Trust

Company Limited by Guarantee

Statement of Cash Flows

Year ended 31 March 2026

	2026	2025
	£	£

Cash flows from operating activities

Net expenditure	(58,541)	(119,092)

Adjustments for:
Net gains/losses on investments	(38,793)	(9,419)
Other interest receivable and similar income	( 813)	( 2,455)
Accrued expenses/(income)	6,151	( 7,273)

Changes in:
Trade and other debtors	6,487	788
Trade and other creditors	( 1,013)	( 5,439)
	--------	---------
Cash generated from operations	( 86,522)	( 142,890)

Interest received	813	2,455
	--------	---------
Net cash used in operating activities	( 85,709)	( 140,435)
	--------	---------

Cash flows from investing activities

Proceeds from sale of other investments	50,000	–
	--------	---------
Net cash from investing activities	50,000	–
	--------	---------

Cash flows from financing activities

Proceeds from borrowings	25,000	–
	--------	---------
Net cash from financing activities	25,000	–
	--------	---------

Net decrease in cash and cash equivalents	( 10,709)	( 140,435)
Cash and cash equivalents at beginning of year	43,185	183,620
	--------	---------
Cash and cash equivalents at end of year	32,476	43,185
	--------	---------

Canterbury Theatre and Festival Trust

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2026

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 8 Orange Street, Canterbury, Kent, CT1 2JA, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Investment valuations: Investment valuations are obtained by trustees from the investment managers, who utilise the closing quoted market price information available at the balance sheet date.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold improvement	-	Over the remaining term of the lease
Fixtures and fittings	-	25% straight line
Marketing & promotional equipment	-	33.33% and 20% straight line
Computer Equipment	-	25% straight line

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transactions value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Limited by guarantee

The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

5. Donations and legacies

Unrestricted Funds	Restricted Funds	Total Funds 2026
£	£	£

Donations

Donations	97,942	25,000	122,942
Gift Aid	12,716	–	12,716
	---------	--------	---------
	110,658	25,000	135,658
	---------	--------	---------

Unrestricted Funds	Restricted Funds	Total Funds 2025
£	£	£

Donations

Donations	89,464	25,000	114,464
Gift Aid	6,497	–	6,497
	--------	--------	---------
	95,961	25,000	120,961
	--------	--------	---------

6. Charitable activities

	Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
	£	£	£	£
Box office/other events	349,139	349,139	348,862	348,862
Grants	3,318	3,318	12,010	12,010
	---------	---------	---------	---------
	352,457	352,457	360,872	360,872
	---------	---------	---------	---------

7. Fundraising income

	Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
	£	£	£	£
Fundraising	3,315	3,315	14,598	14,598
Sponsorship	69,950	69,950	88,100	88,100
Subscriptions	9,050	9,050	10,867	10,867
Advertising	3,120	3,120	8,980	8,980
Rental & other income	5,000	5,000	5,000	5,000
	--------	--------	---------	---------
	90,435	90,435	127,545	127,545
	--------	--------	---------	---------

8. Investment income

	Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
	£	£	£	£
Bank interest receivable	813	813	2,455	2,455
	----	----	-------	-------

9. Costs of other trading activities

	Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
	£	£	£	£
Fundraising costs	3,273	3,273	7,735	7,735
	-------	-------	-------	-------

10. Expenditure on charitable activities by fund type

	Unrestricted Funds	Restricted Funds	Total Funds 2026
	£	£	£
Promotion of the arts	630,804	25,000	655,804
Support costs	9,848	–	9,848
	---------	--------	---------
	640,652	25,000	665,652
	---------	--------	---------

	Unrestricted Funds	Restricted Funds	Total Funds 2025
	£	£	£
Promotion of the arts	687,668	25,000	712,668
Support costs	5,679	–	5,679
	---------	--------	---------
	693,347	25,000	718,347
	---------	--------	---------

11. Expenditure on charitable activities by activity type

	Activities undertaken directly	Support costs	Total funds 2026	Total fund 2025
	£	£	£	£
Promotion of the arts	655,804	–	655,804	712,668
Governance costs	–	9,848	9,848	5,679
	---------	-------	---------	---------
	655,804	9,848	665,652	718,347
	---------	-------	---------	---------

12. Other expenditure

	Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
	£	£	£	£
Unrecoverable VAT	6,854	6,854	12,112	12,112
Bank and finance charges	918	918	2,150	2,150
	-------	-------	--------	--------
	7,772	7,772	14,262	14,262
	-------	-------	--------	--------

13. Taxation

The Canterbury Theatre and Festival trust is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation is respect of income or capital gains received within the categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

14. Net gains/losses on investments

	Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
	£	£	£	£
Gains/(losses) on investments	38,793	38,793	9,419	9,419
	--------	--------	-------	-------

15. Auditors remuneration

	2026	2025
	£	£
Fees payable for the audit of the financial statements	–	7,250
	----	-------

16. Independent examination fees

	2026	2025
	£	£

Fees payable to the independent examiner for:

Independent examination of the financial statements	2,000	–
	-------	----

17. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

	2026	2025
	£	£
Wages and salaries	238,793	232,139
Social security costs	20,281	13,640
Employer contributions to pension plans	9,375	10,395
	---------	---------
	268,449	256,174
	---------	---------

The average head count of employees during the year was 6 (2025: 6 ). The average number of full-time equivalent employees during the year is analysed as follows:

	2026	2025
	No.	No.
Administration	5	5
Marketing	1	1
	----	----
	6	6
	----	----

The number of employees whose remuneration for the year fell within the following bands, were:

	2026	2025
	No.	No.
£60,000 to £69,999	1	–
	----	----

18. Trustee remuneration and expenses

The Trustees and certain other senior employees who have authority and responsibility for planning, directing and controlling the activities of the charity, are considered to be key management personnel. No Trustees received remuneration during the period (2025: £Nil) and the total salaries received by key management personnel during the year was £237,526 (2025: £118,823). In addition, employer pension contributions amount to £9,357 (2025: £6,118) and employer national insurance contributions amount to to £20,280 (2025: £13,364).

19. Trustee indemnity insurance

During the year the Charity paid £646 (2025: £636) for Trustee Liability Insurance as part of a complete insurance policy to cover neglect of defaults of its Trustees and Officers.

20. Tangible fixed assets

	Leasehold improvements	Fixtures and fittings	Marketing & promotional equipment	Computer equipment	Total
	£	£	£	£	£
Cost
At 1 April 2025 and 31 March 2026	45,284	2,116	6,500	20,399	74,299
	--------	-------	-------	--------	--------
Depreciation
At 1 April 2025 and 31 March 2026	45,284	2,116	6,500	20,399	74,299
	--------	-------	-------	--------	--------
Carrying amount
At 31 March 2026	–	–	–	–	–
	--------	-------	-------	--------	--------
At 31 March 2025	–	–	–	–	–
	--------	-------	-------	--------	--------

21. Investments

	Listed investments
	£
Cost or valuation
At 1 April 2025	402,006
Additions	–
Disposals	(50,000)
Fair value movements	38,793
	---------
At 31 March 2026	390,799
	---------
Impairment
At 1 April 2025 and 31 March 2026
Carrying amount
At 31 March 2026	390,799
	---------
At 31 March 2025	402,006
	---------

All investments shown above are held at valuation.

Financial assets held at fair value

Financial assets are measured at fair value on the date of the balance sheet.

22. Debtors

	2026	2025
	£	£
Trade debtors	2,455	17,429
Other debtors	9,398	911
	--------	--------
	11,853	18,340
	--------	--------

23. Creditors: amounts falling due within one year

	2026	2025
	£	£
Trade creditors	1,283	3,825
Accruals and deferred income	29,431	27,429
Social security and other taxes	6,761	6,386
Other creditors	8,967	3,664
	--------	--------
	46,442	41,304
	--------	--------

24. Creditors: amounts falling due after more than one year

	2026	2025
	£	£
Bank loans and overdrafts	25,000	–
	--------	----

25. Deferred income

	2026	2025
	£	£
At 1 April 2025	5,679	6,812
Amount released to income	(5,679)	(6,812)
Amount deferred in year	1,530	5,679
	-------	-------
At 31 March 2026	1,530	5,679
	-------	-------

26. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 9,375 (2025: £ 10,395 ).

27. Analysis of charitable funds

Unrestricted funds

	At 1 April 2025	Income	Expenditure	Gains and losses	At 31 March 2026
	£	£	£	£	£
General funds	419,227	554,363	(651,697)	38,793	360,686
Designated funds - Grants	3,000	–	–	–	3,000
	---------	---------	---------	--------	---------
	422,227	554,363	(651,697)	38,793	363,686
	---------	---------	---------	--------	---------

	At 1 April 2024	Income	Expenditure	Gains and losses	At 31 March 2025
	£	£	£	£	£
General funds	538,319	586,833	(715,344)	9,419	419,227
Designated funds - Grants	3,000	–	–	–	3,000
	---------	---------	---------	-------	---------
	541,319	586,833	(715,344)	9,419	422,227
	---------	---------	---------	-------	---------

Designated funds

Grants

The board has designated the grants that it had received for specific projects.

Restricted funds

	At 1 April 2025	Income	Expenditure	Gains and losses	At 31 March 2026
	£	£	£	£	£
Restricted funds	–	25,000	(25,000)	–	–
	----	--------	--------	----	----

	At 1 April 2024	Income	Expenditure	Gains and losses	At 31 March 2025
	£	£	£	£	£
Restricted funds	–	25,000	(25,000)	–	–
	----	--------	--------	----	----

Restricted funds

Restricted funds are in respect of a grant from The John Swire 1899 Charitable Trust which was spent on the role of Public Engagement Manager.

28. Analysis of net assets between funds

	Unrestricted Funds	Total Funds 2026
	£	£
Investments	390,799	390,799
Current assets	44,329	44,329
Creditors less than 1 year	(46,442)	(46,442)
Creditors greater than 1 year	(25,000)	(25,000)
	---------	---------
Net assets	363,686	363,686
	---------	---------

	Unrestricted Funds	Total Funds 2025
	£	£
Investments	402,006	402,006
Current assets	61,525	61,525
Creditors less than 1 year	(41,304)	(41,304)
Creditors greater than 1 year	–	–
	---------	---------
Net assets	422,227	422,227
	---------	---------

29. Analysis of changes in net debt

	At 1 Apr 2025	Cash flows	At 31 Mar 2026
	£	£	£
Cash at bank and in hand	43,185	(10,709)	32,476
Debt due after one year	–	(25,000)	(25,000)
	--------	--------	--------
	43,185	( 35,709)	7,476
	--------	--------	--------

Canterbury Theatre and Festival Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2026

30. Related parties

i) During the year, the trustees and related parties donated £2,728 (2025: £2,458) to the charity. ii) As noted in the Report of the Trustees, Canterbury Theatre and Festival Trust has a close relationship with Canterbury Festival Foundation. The Canterbury Festival Foundation was incorporated in 2002 as a charitable company limited by guarantee, in order to promote and support the charitable objects of the Canterbury Theatre and Festival Trust . From the cumulative excess of income over expenditure the Foundation (Friends) made a donation totalling £nil (2025: £30,000) to the Canterbury Theatre and Festival Trust in order to support its charitable activities for the year to March 2026. iii) The registered office of the Canterbury Theatre and Festival Trust is 8 Orange Street, Canterbury, Kent, CT1 2JA. This building is owned by the Canterbury Festival Foundation, a charity set up in order to aid and support the Canterbury Theatre and Festival Trust in carrying out its charitable activities. No rent is charged for the occupation or use of the building.

31. Controlling party

The charity is a company limited by guarantee and was controlled throughout the year by the Trustees.