COMPANY REGISTRATION NUMBER.. 04504231 CHARITY REGISTRATION NUMBER: 1097824 The Canterbury Festival Foundation Company Limited by Guarantee Unaudited Financial Statements 31 March 2022 BURGESS HODGSON LLP Chartered accountants Camburgh House 27 New Dover Road Canterbury Kent CT13DN
The Canterbury Festival Foundation Company Limiled by Guarantee Financial Statements Year ended 31 March 2022 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) statement of finanGial position Statement of cash flows Notes to the financial statements
The Canterbury Festival Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2022 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial slalements of the charity for the year ended 31 March 2022. Referènce and administratlvo dotslls Registerad charity name The Canterbury Festival Foundation Charlty registration number 1097824 Company registration number 04504231 Prlnclpal offlce and reglstered Festival House office 8 Orange Street Canterbury Kent CT12JA United Kingdom The trustees F Gerth C Glynn Williams A Hewitt MLee S Ludden Prof K C Mander Dr K E Neale8 Air Marshall C M Nickols AWPratt H J E Summerfield A S Walder P Williams {Resigned 7 September 2022} (Resigned 27 April 20211 (Died 10 June 2021) Independent examlner Andrew Collyer Camburgh House 27 New Dover Road Canterbury Kent CT1 3DN
The Canterbury Festival Foundation Company Limited by Guarantee Trustees. Annual Report {InGorporating the Directorfs Report) (¢oft)tlnu8d) Year ended 31 fvlarch 2022 structurei governance and management Governlng document The Canterbury Festival Foundalion {"Ihe Foundalion'l is a company limited by guarantee and a registered charity Iwilh the Charity Commission of England and Wales) govemed by ils Memorandum and Articles of Association dated 15 July 2002. Recruitment and appointment of new trustees As sel oul in the Articles of Association, the Truslees (other than the nominated Iruslees and the Iruslee nominated by the Friends) retire by rolalion one third each year bul shall be eligible for re-election. The Articles allow for the Board lo appoint Iruslees during the year, such Iruslees shall retain their office only until the next AGM bul shall then b8 eligible for re-eloclion. Whon considering co-opting a trustee {new appoinlmenll, the Board has regard lo the requirements of any spectalisl skills needed and in order to provide necessary academic, professlonal and commerclal knowledge required with respect lo the charity. Organisational structura The Foundation is governed by the Board of Trustees consisting of no less than six and no more than twelve trustees who meet quartedy and administer the Foundation. A Foundation Secretary is 8ppoinled by the trustees to manage the day-to-day operation of the charity. At each Board meeting, a detailed report is received for discussion. The Friends of Canterbury Festival {'Ihe Friends") is a separate class of membershlp of the Foundation. Induction and training of new Iruslees.. Iruslees undergo training lo brief them on their legal obligations under chartty and company law, the contents of the Memorandum and Articles of Association, the committee and decision-making process and current financial performance of the charity. Wider notwork The Foundation has a close relationship wilh the Canterbury Theatre and Festival Trust I'the Trust") and the Trust has the power lo nominate two thirds of the Foundation's Iruslees (see above regarding nominated tr(Jsteesl. Thè Friends is a separate class of the membership of th8 Foundation. Ils membors pay an annual subscription in support of the Trust and help organise fundraising activili&s. Related parties The Foundation w88 incorporated in 2002 as a charitable company limited by guarantee, in order to promote and support th8 Gharilable objects of the Trust. The airn of the organisation is to raise funds, which can be invested, and income used, to satisfy and be compliant with the objects of the Twsl. The Friends is an organisation integrated as from June 2004 within the Foundation, which raises funds for the Trust. In 2022, the Friends donated a lolal of £45,000 lo the Canterbury Theatre and Festival Trust, (see note 7112020121.. £45.0001 and transferred £NIL to the Foundation {2020121'. £NIL). Public Beneflt The Iruslees confirm that they have complied with the duties in Secllon 4 of the Charities Act 2011 to have due regard lo the Chartty Commission's general guidance on public benefit. The Foundation has referred lo the guidance in the Charity Commission general guidance on public benefit when reviewing its aims and objectives and in planning future activities. In particular, the trustees consider how planned aclwilles will contribute to the aims and objectives of the charitable company.
The Canterbury Festival Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnuedj Year ended 31 March 2022 This rewrt has bean prepared in accordance with th8 special provisions of Part 15 of the Companies Act 2006 relating lo small companies. Objectives and actlvltles Objectlves and alms The objectives of The Canterbury Festival Foundation are lo promote and support th8 ch8ri18ble purpose5 of the Canterbury Theatre and Festival Trusl, and lo apply the income and. 8t the discretion of the trustees. the capital of the Foundation, lo or for the benefit of the Trust. The alms of The Canterbury FestDial Foundation are lo build a permanent fund to support the Canterbury Theatre and Festival Trust, to solicit funds by legacies and otherwise, to secure a long-term home for the Trust and deliver a significant bursary scheme for young musicians in Kent, this work is underpinned by a slralegy that includes pursuing the Building for the Future Appeal launched in September 2010 which was completed successfully in 2015. Strateglc report The following sections for achievements and performance and financial review form the slralggic report of the charty. Achlevements and performance Charitabla activitios As noted above, the trustees of the Foundation wish lo develop the concept of a long-term capitsl fund to support the Trust. The Board is pleas6d lo confirtn Ihere have been indications that a number of legacies have been pledged for the fulufa, though the sums are not quantifiable nor gu8ranleed. During the eighth year of the Foundation Young Muslcians, Bursary Scheme £1,000 was awarded in 202212020121: £2,000). The aim of the scheme is lo support and nurture the development of young musicians in Kent and to reward the exceptional talent. potential and commitment of a young musician who would benefit significantly from the financial award. The fundraising activities undertaken by, for, and on behalf of The Frlends of Canterbury Festival were varied and enjoyable. The number of Friends, memberships stands al aroLJnd 561 12020121.. 5561 which, when taking Family and Joint membershlps Into account, amounts lo approximately 914 {2020121.' 8951 members. Flnancial revlow Principal funding sources The Friends raised £18,214 (2020121.. £19.569) through subscriptions plus £6,934 {2020121'. £3,338) Gift Aid rebate on the 2020121 subscriptions. A further nel income of £7,87512020121- £6,906) was raised through Foundation and Friends events. During the year the Foundation donated £45,000 {2020121'. £45,000) lo the Trust, in accordance with our charitable objectives. The Balance Sheet reports the sum of £383.18812020121= £404,393)., of this £370,772 relates lo the Foundation {2020121.' £395.765) and £13.656 12020121.. £8,628) relates to the Friends. £347,083 12020121.. £347,083) represents the nel book value of freehold property. £1,420 {2020121'. £2,420) represenls donations restricted lo the Young Musicians Bursary Scheme. The resources expended are in the main charitable activities and fundraising costs of £2.839 12020121.. £3,142). A further £1,000 12020121.. £2,0001 was awarded through the Young Musicians, Bursary Scheme.
The Canterbury Festival Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporaling the Directorfs Report) (contlnuèd) Year ended 31 March 2022 The nel deficit for the year is £19,965 {2020121'. £21,984). When added lo the lunds brought forward, the total reserve comprlsing unreslrieled and reslricled funds is £383,18812020121'. £404,393). It is this sum which is noted within the Balance Sheet. As of 31 March 2022, the cash position was £39,86412020121.' £58,429). Investment policy and objectives Under the Memorandum and Articles of Association, the charity has the power to invest the monies of the Foundation not immediately required for its purposes. Having regard to the aims and objectives of the Foundation and the Friends, the Truslees have generally maintained a policy of keeping available funds in interest bearing short-term deposit accounts with interest paid thereon. Reserves policy The trustees are mindful to balance the level of charilable donation lo the T¥usl whilst complying with the Collpl lo maintain a free revenue base in order lo support short and long-lem) capital projects on behalf of thè Trust, specific events or overheads. The balan between these two ideals is being achieved. 21 the year end, by maintsining unreslricled funds of £383,18812020121'. £402,153). Plans for future periods The main objectives of the Foundation are-_ 1. To continue lo build the reserves of the Foundation and maintain our assets. 2. To develop further the Foundation's eXlIent Bursary scheme and aim lo involve more schools in Kenl as well as exploring the potential for further inilialives to develop young people in the Arts. 3. Enhance the profile of the Festwal providing financial support for specific projects. The Trustees are aware that the Foundation's Cash position is declining with each year that a cash donation is made lo the Canterbury Theatre and Festival Trusl, and is recharging ils efforts to increase the Foundation's cash position. This includes the greater provision of fund-raising events. and the promotion of the Friends, scheme to increase membership. The Young Musiclans, Bursary Scheme, initiated in 2011, will continue to be developed lo ensure greater promotion and an increase in applicants. The Iruslees, annual reptsrt and the str8leglc report were approved on on beha5f of the board of trustees by= and signed Prof K C Mander Trustee
The Canterbury Festival Foundation Company Limited by Guarantee Independent Examiner's R8POrt to the Trustees of The Canterbury Festival Foundation Year ended 31 March 2022 I report to the trustees on my examination of the financial slal8menls of The Canl8rbury Festival Foundation Ixhe Chaty,1 for the year ended 31 March 2022. Responsibilities and basis of report As the Iruslees of the company land also ils directors for the purposes of company lawl you are responsible for the preparation of the financial slalemenls in accordance with the requirements of the Companies Act 20061'lhe 2006 Acl'l. Having satisfied myself that the accounts of the company are not requlred lo 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'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{51(bl of the 2011 Act. Independent examlner's statèment I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause to believe.. accounting records were not kept in respeot of the oharity as required by section 386 of the 2a06 Act.. or the financial statements do nol accord with those records,. or the financial slalemenls do not comply wrth the accounting requirements of section 396 of the 2006 Act other than any requirement that the aGcounts give a 'lrue and fai¢ view which is not a maller considered as part of an independent examination,. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practi for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the LIK and Republic of Ireland {FRS 1021. I have no concems and have come aeross no other mallers in connection with (he 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 CT13DN 7 September 2022
The Canterbury Festival Foundation Company Limited by Guarantee statement of Financial Activities (including income and expenditure account) Year ended 31 March 2022 Period from 1Jan20to 31 Mar 21 Yearto 31 Mar 22 Unrestricted Restricted funds funds Total funds Total funds Note Income and endowments Donations and legacies Charitable activities Other trading activities Investment income 7,284 18,214 7,875 7,284 18,214 7,875 4,737 19,569 6,906 717 Total Income 33,380 33,380 31,929 Expenditure Expenditure on raising funds.. Costs of other trading activities Expenditure on charitable activities Total expendlturè 2,839 49,506 2,839 50,506 3,142 50,771 10.11 1,000 52,345 1,000 53,345 53,913 Net expenditure and net movement In funds 118,9651 11,0001 (19,9651 121,9841 Reconciliation of funds Total fund5 brought forward Total funds carried fotward 402.153 2,240 404,393 384,428 426,377 383,188 1,240 404,393 The slalemenl of financial activities includes all gains and losses recognised in the year. All Sncome and expenditure derive from continuing aclivilies. The notes on pages 9 to 16 fomi part of these flnanclal statements.
The Canterbury Festival Foundation Company Llmited by Guarantee statement of Financial Position (contlnued) 31 March 2022 2022 2021 Note Fixed assets Tangible fixed assets 15 347.083 347.083 Current assets stocks Debtors Cash at bank and in hand 16 17 81 50 39,864 39,914 58,429 58,510 Credltors: amounts falling due within one year Net current assets 18 2,569 1,200 57,310 37,345 Total assets less current Ilabllltles 384,428 404,393 Net asset5 384,428 404,393 Funds of the charity Restricted funds Unreslricled funds 1,240 383,188 2,240 402,153 Total charity funds 20 384,428 404,393 For the year 6nding 31 March 2022 the charity was enlilled lo 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 audlt of its flnanclal statements for the year in question in accordance with section 476-, The directors acknowledge Iheir SponSibl11t1eS for complying with the requirements of the Act with respect to 8ccounling records and the preparation of financial stalemenls. These financial slalements have been prepared in accordance with the provisions applicable lo companies subject lo the small companies. regime. These financial slalemenls were approved by the board of Iruslees and authorised for issue on and are signed on behalf of the board by.. Prof K C Mander Trustee The notes on pagès g to 18 form part of these flnanclal statements.
The Canterbury Festival Foundation Company Limited by Guarantee statement of Cash Flows Year ended 31 March 2022 2022 2021 Cash flows from operating actlvltles Net expenditure 119,9651 {21,9841 Adjustments for.- Other interest receivable and similar income Other operating cash flow adjustment {71 {7171 {1801 Changes in.. Stocks Trade and other debtors Trade and other creditors 81 {50) 1.369 Cash generated from operations 118.5721 122,6811 Interest reiVed 717 Net cash used in operating activities 118,565) 122,164) Net decrease In eash and cash equivalents Cash and cash equlvalents at beglnning of year Cash and Cash equlvalents at end of year {18.5651 58,429 122,164} 80.593 39.864 58,429 The notes on pages 9 to 16 form part of these financlal statemants.
The Canterbury Festival Foundation Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2022 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 Festival House. 8 Orange Street, Canlerbury, Kent, GT1 2JA, United Kingdom. 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 Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 {Charilies SORP IFRS 10211 and the Companies Acl 2006. Accountlng pollcles Basls of preparatlon The financial slalemenls have been prepared on the historical cost basls. as modified by the revaluation of certain financial assols and liabilities and investment properties measured at falr value through income or expenditure. The financial slalemenls are prepared in sterling, which is the functional currency of thè entity. Going concern There are no material uncertainties about Ihe charity's ability to continue. Judgements and key sources of estlmation uncertainty Freehold propety The trustees consider the residual value of the property equal to ils cost. Accordingly a charge in respecl of depreciation has not been made. Fund accountlng Unrestricted funds are available for use al Iho discretion of the Iruslees to furthar 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 tem)8 of an appeal, and fall into one of two sub-classes= restricted income funds or endowment funds.
The Canterbury Festival Foundation Company Limited by Guarantee Notes to the Financial Statements (cots¢lnuÈdJ Year ended 31 March 2022 Accounting policies (Conllnugdl Incoming resources All incoming resources are include(S in the slalemenl of financial activities when entillemenl has passed lo the charity., il is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably mèasured. The following specific policies are applied to particular categories of income- income fmm donations or grants is recognised when there is evidence of enlillemenl lo the gift, reIpl is probable and its amount can be measured reliably. legacy income is recognised when roceipl is probable and enlitlemenl is established. income from donated goods is measured at the fair value of the goods unless this is impractical lo measure reliably, in which case the value is derived from the cost lo 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 classilied 8s unreslricled funds unless Ihere is a contractual requirement for it lo be spent on a partlcul8r purpose and returned if unspent, in which case it may be regarded as reslricled. Resources expended Expenditure is rècognised on an accruals basis as a liability is incurred. Expenditure includes any VAT whlch 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 actSvlties, events. non-charilable trading aclivilies. and the sale of donated goods. expenditure on charitable aclivllies includes all costs incurred by a chartly in undertaking activities Ihal further ils charitable aims for the ben8fil of its benefiuari65, including those support costs and costs rèlating lo the governance of the charity apportioned to charitable aclivilios. other expendilure includes all expenditure that is neither rel8led to raising funds for the charity nor part of its expenditure on charitable aclivilies. All costs are allocated to expenditure calegories reflecting the use of the resource. Direct costs allribulable lo a single activity are allocated directly lo that activity. Shared costs are apportioned belween tha aclivities they contribute lo on a reasonable, justifiable and consistent basis. Tanglble assets Tangible assets are initially recorded at Cost, and subsequently slated al cost less any accumulated depreciation and impairment losses. Any tangible assets carried al revalued amounts are recorded al the fair value al the dale of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 10
The Canterbury Festival Foundation Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 March 2022 Accountlng pollcles (contlnuedl Depreciation Depreciation is calculated so as lo write off the cost or valuation of an asset, less ils residual value. over the useful economic life of that asset as follows.. Freehold propety 20h on cost The Trustees consider the residual value of the property to equal ils cost. Accordingly 8 charge in respect of depreciation has not btsen made. Impalrment of flxed assets A review for indicators of impairment is carried out al each reporting dale, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset Is Impaired accordingly. Prior impalrments 2re also revlewed for possible reversal at each reportlng dale. StoGk$ Stocks are measured at the lower of cost and eslimaled selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in brir)ging the stock to ils present location and condition. Financlal instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instrurnenls are initially recognised al transactions value and subsequently measured al their setuemenl value with the expIlon of bank loans which are subsequently measured at amortised cost using Ihe effective interest method. Llmlted by guarantee The charity 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 limilod lo £1 per member of the charity. Donations and legacies Unrestricted Total Fund$ Unreslricled Total Funds Funds 2022 Funds 2021 Donatlons Donations Gift Aid 350 6.934 350 6.934 1,399 3,338 4,737 1,399 3.338 7,284 7,284 4,737
The Canterbury Festival Foundation Company Limited by Guarantee Notes to the Financial Statements (¢on¢inuedJ Year ended 31 March 2022 Charitable activities Unreslri¢led Total Funds Unreslri¢led Total Funds Funds 2022 Funds 2021 Subscriptions 18.214 18,214 19,569 19,569 other tradlng actlvities Unreslrlcted Total Funds Unreslricled Total Funds Funds 2022 Fund8 2021 Fundraising events 7.875 7,875 6,906 6,906 Investment income Unreslricled Total Funds Unrestricted Tot81 Funds Funds 2022 Funds 2021 Bank interest 717 717 Costs of other tradTng activities Unreslricled Total Funds Unreslricled Total Funds Funds 2022 Funds 2021 Fundraising costs 2,839 2.839 3,142 3,142 10. Expenditure on charitable activitles by fund type Unrestricted Funds Reslricled Total Funds Funds 2022 Charitable activities Support costs 47.398 2.108 1,000 48,398 2,108 49.506 1,000 50.506 Unreslricled Funds Restricted Total Funds Funds 2021 Charitable activities Support costs 46,657 2,114 2,000 48,657 2,114 48,771 2,000 50,771 12
The Canterbury Festival Foundation Company Limiled by Guarantee Notos to the Financial Statements (conllnuedj Year ended 31 March 2022 11. Expenditure on charitablg activities by activity type Activities undertaken directly Support Total funds costs 2022 Total fund 2021 Charitable activities Govemance costs 48,398 48,398 2,108 50.506 48.657 2,114 2,108 2,108 48,398 50,771 12. Independent examlnatlon fees Period from 1Jan2010 31 Mar21 Year to 31 Mar 22 Fees payable to the independent examiner for.. Other assurance services 1,200 1.000 13. Staff costs The averag6 head count of employees during the year was Nil (2021.. Nil). No employee received employee benefits of more than £60,000 during the year (2021.. Nill. 14. Trustee remuneratlon and expenses During the year, no Trustees received any remuneration 12020121 £Nill During the year, no Trustees received any benefits in kind {2020121 - £Nill During the year, no Trustees received any reimbursement of expenses12020121- £Nil) 13
The Canterbury Festival Foundation Company Limited by Guarantee Notes to the Financial Statements Icontlnu8dJ Year ended 31 March 2022 15. Tangible fixed assets Froohold property Cost At 1 Aprll 2021 and 31 March 2022 Depreciation At 1 April 2021 and 31 March 2022 Carrylng amount At 31 March 2022 350,000 2.917 347,083 Al 31 March 2021 347,083 16. Stocks 2022 2021 Finished goods and goods for resale 81 17. Debtors 2022 2021 Prepayments and accrued income 18. Creditors: amounts falling due within ong ygar 2022 2021 Accruals and deferred income Other creditors 1.890 679 1,200 2.569 1,200 19. Deferred Income 2022 2021 Amount deferred in year 690 14
The Canterbury Festival Foundation Company Llmited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2022 20. Analysis of charltable funds Unrestricted funds Al 1 April 2021 At Income Expenditure 31 March 2022 General funds Freehold property 55,070 347,083 33.380 {52,3451 36,105 347,083 383,188 402,153 33,380 152,3451 Al 1 January 2020 At Income Expenditure 31 March 2021 General funds Freehold propety 75,054 347,083 31.929 151,9131 55,070 347,083 422,137 31,929 151,913) 402,153 Bursary Scheme Each year The Canterbury Feslival Foundation offers a Bursary lo a young musician which is presented al a concert held during the Canterbury Festival. 8ursary payments of £1,000 12020121= £2,000) were awarded lo individuals in the period. The costs incurred in the year with respect to individual grant making were borne by the CanleFbury Theatre and Festival Trust Ithe Trusll. The work was carried out on an in-kind basis by employees of the Trusl as parl of their normal duties and the cosl of staging the concert was mel by the Trust as parts of ils general expenditure on production. Designated Funds In the previous period, a transfer was made from reslricled funds to designated funds, as the restrictions have ceased with r6oard to the Freehold Property which was purchased in 2014 with reslricled donations. Restricted funds At 1 April 2021 At Income Expendillrro 31 March 2022 Building and bursary appeal 2.240 11,0001 1,240 At 1 Janu8ry 2020 At Income Expenditure 31 March 2021 Building and bursary appeal 4.240 12,0001 2,240 15
The Canterbury Festival Foundation Company Limited by Guarantee Notes to the Financial Statement5 (continued) Year ended 31 March 2022 21. Analysis of nel assets between funds Unreslricled Funds Reslricled Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Net assets 347.083 38,774 12.5691 383,288 347,083 39,914 12,569) 384,428 1,140 1,140 Unreslricled Funds Reslricled Total Funds Funds 2021 Tangible fixed assets Currenl assets Creditors less than 1 year Net assets 347,083 56.270 11.2001 402,153 347,083 58,510 11,200) 404,393 2,240 2.240 22. Analysls of changes In net debt At Al f Apr 2021 Cash flows 31 Mar 2022 Cash at bank and in hand 58,429 118,5651 39,864 23. Related partles As noted in the Trustees, Report, The Canterbury Festival Foundation has a close relationship with the Trust. The Foundation was incorporated in 2002 as a charitable company limited by guarantee in order lo promote and support the charitable objectives of the Trust. From a trading surplus, the Foundation made a donation of £45,000 {2020121.. £45,000) lo the Trust. in order lo support its charitable activities for the year lo March 2022. The donation complies with the Foundation's Charitable Status and Memorandum and Articles of Association. 24. Controlling party The Trustees consider the ultimate controller party the Canterbury Theatre and Festival Tnjst. 16