The Creaiion Works CIO Trustees Report and Financial Slatements for the Year endlng 31 July 2025 Charlty Number 1209557 The Trustees are pleased to present their annual report, together with the consolidated financial statements of the charity, for the year ending 31 July 2025. The financial statements comply with the Charities Act 2011 and the Gharities SORP (FRS 102) Prlnclpal Address and Reglstered Offlce.. The Creatlon Works 13a Moorland Rd Par PL24 2PA Reglstered Charlty In England & Wala8'. 1209557 Names of Ihe Charity Trustees who manage the charlty Elizabeth Davies (Chair) Sally Jean Wood Susan Grace West Kiki Gale MBE Adrienne Dove Armstong Alison Dures Simon Crick Professlonal advlser8: Mark Leville Bankers . The Cooperatlve Bank Llmlted Audltor: Wesicotts {SW) LLP Plym House, 3 Longbridge Road Plymouth Marsh Mills Devon PL6 8LT Structure, Governance and Management The charity was registered in 2024 in England and Wales. It is constituted as a Charitable Incorporated Organisation (CIO) and is governed by a deed. New trustees are selected by the current trustees ol the charily. The day-to-day management of the charity is undertaken by two Co-Directors who are paid from the CIO'S own funds. Page l of 21 The Creauon Works CIO Financial Statements 2025
th a temporary events license in place we held an opening celebration.. The Opening PAR-feee, on 24th May, combinlng a programme of professlonal and community performance with the chance for the public to explore the buildin£. Circus. dance. theatre* puppetry. live music and stoyelling acts were accompanied by 3 communlty dance companles, and a rdnge of'have-a-go. workshop5 including pottery and paper lantern maknng. Partner oryanisatlons Sncluded Frlends of Par Beach, The Wildlife Trust's Tor-to-shore project. and the Cornwall Community Flood Forum. all of whom delivered fvrther acrivioes. The event wds free to the communlty and attrarted hundreds of locals to join the celebration. Further snagging continued with sign off from Building Control achleved on the 30th Jun< at whlch polnt we were able to 5tsrt operatlng the building a$ intended. A¢hlevement$ and Perfomianc• In the flrst 2 months after openln& the bulldlng hosted rhe flrst rehearsals from a new all-female. multi- generatlonal theatre company'Hot Me55'. rehearsals for The Urban Playground Team's outdoor show Zoo Humans. preparation of a communlty dance teachlng programme for People Danclng . The Foundatlon For Community Dance, and recordlng se551ons for a local oral hlstory project run by The Time & Tlde Bell organisatlon. The flrst 3 resldencles by Ylsltlng companles were booked in {to begln fr¢Jm September 202S) with a programme of public events alongside. The CIO'S managers loined the national steerlng commlttee of the Creative Civic Change NerOrk. an organlsatlon funded by Esmee Falrbalrn to Improve communlty arts practices across the UK. The CIO vns also successful In winnlng Get Involved Avrdrd from The Universty of Plymouth. Thls wlll allow the organlsatlon to create a baseline survey of atdtudes and behavlors around Ilve art and culture In the Par Bay area. The basellne is a flr5t nece55Jry Step for our intended longltudlnal research measurlng the Impact of the organlsatlon. It will also allow us to create a tailored programme of activlry based on the specific data Idenrlfying what barrlers to partlclpatlon exlst In thls area. Our alm of removing such barriers wlll be Informed by thi5. In March we successful with Arr5 Council National Lottery Prolect Grant of £70,000 ¢0 support the flrst year of actlvlty, dellvering partlclpatory an programme5 In the communlty and extending the management team with admin and Marken8 supporL Flnan¢es The Creatlon Works CIO VAS funded largely through grants funding the building of a creatNe space. Future Income Is expetted to be from grnnts funding to help keep the space In operation. In additlon from small donations in use of the space to cover the overheads whlle In use. Page 3 of 21 The Creauon Works CIO Financial Statements 2025
Marketlng Oyer the course of the last year the CIO'S managers promoted the organisaÉion through regular 50clal media posts, with severdl appearances on BBC Radio Cornvnll. wlth regular articles in the lo1 'PL24 Myine, and. with support from Cornwall Council's Good Growth team. through press releases to local and rrdtional medla announclng the opening of the bulldlng. The opening event VRS further advertised through posters and distribution of flyers across the local area. Throughout we have also used a Llnkedln account for the CIO to develop a professlonal network. With the awdrd of the ACE gran( the CIO was able to appoint a designer to begin the work of building a webslte (which has come onllne in October 2025). Trusts¢$ The governance of the charity ha5 been overseen by a board of 51x trustees, One of our advlsory board members. Slmon Cricl vns appoinod a full trustee on the 12 May maklng seven In total. The remalning advlsory board member. Mark Lavlll& was appolnted as the elghth full trustee at the December AGM. Both were hugely Important throughout the capltal prolect. The Board of trustees meet 4 tlmes per year. though durfng the Capltal Bulld programme thls vns Increased to 6 Meetlngs. All are held where possib5e in person or virtually. Trustees have 3 year tenures (except the original trusree5 appolnted on 4. 3, and 2 year terms In order to stagger reappolntment) wSth standard trustee5 able to be reappolnted for three consecutive trrnis and Officers (Chalr. treasurer. secretary and deputy chalr) able to be reappolnted up to three tlmes subject to board skills l experience needs being met and unanimous Yote from the rest of the board. Rlsk Management The trust malntalned Its rlsk re$ter whlch reviewed regularly at tru$t¢e meetlngs. l. Untll the planned admlnlstrntlve producer role has been recrulted. the CIO relies on the 2 managers for all day-to4ay management of the charlty and the Creatlon Works bulldins. Itls onsldered essentlal that le8acy planning Incorpornting the new administrative- producer role mltigate5 the implied r4$k of over-rellance. 2. The buslness plan needs to be refreshed. It must Include an income & investmen¢ plan Informed by rhp rhangin8 arrs-fiindin8 landwpe (NPO susn$10n) and diver51fylng In¢ome streams to mlugate reliance on gnnt fundlng. The CIO has a duty to report business development Including the creation of new full-time eguivalent roles paid at Real Uvlng Wage to CornvRII Council. Securlng the Income that protects and grows these role5 requires increased and 5tabilized income. Page 4 of 21 The Creatlon Wort%s CIO Financlal Statements 2025
- The success of The Creation Works organi5ation depends on ensuring increased avnrenes$ of the building and increasing bookings. Currentty we have slow and steady growth In this refdrd. Y must ensure that the building continues to satisfy the needs of a diverse user base. and that every channel15 used to promote avArenes5 Qf the organi5ation. Flnanclal Revlew Results for the year The Charity ended the year 31 July 2025 with an overnll surplus of £938.018 {2024 £154.660), However majority of this VAS due to the valuatlon of the completed buildlng as a restrlcred fund. Withln the operation of the charlty there Yfd5 a small unrestricted loss of £3.144. Total funds at 31 July 2025 were £1,097.67812024 £159,660) of which £1,098,209 relaw ro the fixed asset reserve, WSth unrestricted negative £53112024 £1613>. Income In 2025 £1.014,022. Of thls £ 1,011,587 vrds related to grants recelved In bullding the space. wlth the remaSnlng £2.435 unrestrlcted income relatin8 to a launch event and small value of donations received. Expendlture for 2025 was malnly on capltal Spend In bulldlng the venue. Wlth remalnlng value spent on a launch event to promote the space in the local community. Flnance, Inve¥tm¢ntJ Jnd Reserv It is the duty of the Trustees to mana8e the charlty'5 reserves. The reserves pollcy Is revlewed annually by the Trustees. The Trustees have agreed to maln¢ain an unre$trlcted reserve fund to cover three month5 of operaring costs of the space which Includes running costs and operational overheads whith Is £9.000. As at 31 July 2025, due to recently completlng the bulld project wlth mlnlmal unrestricted income belng generdted the charity had unrestrlcted fursds of nega¢lve £531. The trus*e5 have developed a budget co help Increase reserves as the bullding and charity operations contlnue into the foreseeable. All restrlcted fvnds are used for thelr speclflc purposes. Flnanclal Controls The following contro15 are in place to ensure that we continue to operate wlth posltlve worklng capltal and generate a financlal surplus. Plannlng $urplu& Use of the hirable space will at¢ract donations from the community and users of the building. Careful budget and occupancy use will help deliver a planned Surplus per the budget setting. Flnanclal revlew- Monthly management accounts are produced showing income and expenditur Page 5 of 21 The Croatlon Works CIO Finanrial Stalernents 2025
Board revlew: The Board receives management accounts each quarter and these are discussed in detail, together with future business plans, at quarterly Board meetings. Perforniance check polnts . A forecast of financial performance for the year is prepared on a six monthly basis for the Board and presented and discussed alongside the sales pipeline of 8rnnt funding bids and use of space. Buslnes$ Plan & Golng Concern The CIO has applled to The Reach Fund for business planning support and expects a decision imminently. If successful the trustees and management team will be working with the followlng experts to revlew the business plan, as follows: Workshop with Suzie West (frustee and progrdmme manager of Creative UK Cornvnll & Devon's Create Growth business development team) Including trustees and communlry panel to create a Theory of Change document for the chancy. Work with Catherine Johns to refresh the tharity buslness plan, Sncludlng the creation of an Income and inYe$tment plan focused on diver51fyin8 income 5tream5 and reducing reliance on grdnt Income. Work wlth Léa Guzzo to develop our Equallty, Diverslty and Inclusion pollcy Into a comprehenslve plan of action wlth measurable oufcomes, Work wlth James Woodhams to develop a research plan focused on turning the 'Creatlve Census for Par Bal Get Involved Award fvnded baseline survey into a lon8ltudinal research plece, and developlng partnerships wlth research Instiwdons Includlng accesslng research fundlng. Durlng the tlme of the capltal projec¢ Arts Councll England (ACE) announced a suspenslon of thelr National Portfolio (NPOI. The Creation Works was about to apply for NPO statu$. It is currently understood that ACE are Ilkely to reopen appllcatlons In 2026, and the work deralled above wlll, as well as 5UPPOrtlng the charlty's development generally. also fomi the IAsl$ of that NPO appllcatlon. Currenrlyp in agreent wlth ACE, the CIO is collectlng accurnte reporting of all usage of the space in order to understand the detall of all operating costs as we host many different types of projec¢ each 'for the first tlme, here. Thls VAII Infom) our buslness plannlng further, allowlng us to determine the rlght balance of work going forvr4rd. We wlll create a suggested donation rate based on thi5 accurate reportlng to ensure that wherever possible, users of the space are able to cover running costs. Where the space Ss used by regularly funded organisafions andlor projects that are funded, we will ask u5er5 to consider a further donation to support the work of the charlty year round. Including maklng the space aydllable for free to those with no 5upporL In line wlth ACE'S decislon. Cornwall Council has extended its currenr culture settlement for a further year. The work derailed above wlll also secure the CIO'5 position for when rhe next applicatlon process opens. In the meantlme the LIU IS focuied on d¥llvgi Iiig Llie i esEai'ih pre*je so that we are data-lnformed as we open a programme of acdylty to the community'5 benefit In the new year (2026) funded by donations and the ACE project grant detailed above. Pag8 6 of21 The Creatlgn Works CIO Financlal Statements 2025
Statsment of TrusteesTr Responsibilities The trustees are responslble for preparing the Trustees. Report and the financial statements In accordance with applicable law and regulations. Company law requires the trustees to prepare financial 5ratements for each financial year in accordance with Unld Kingdom Generally Accepted Accounting Prnc¢ice (United Kingdom Accounting Standards) and applicable law. Under company law the trustees must not approve the financi statements unless they are satisfied that they give a true and fair view of the state of affalrs of the charltable company and of its net incomingloutgoing resources for that perlod. In preparlng these financial statements, the trustees are required to.. Select 5ultable accounting policles and then apply them consistently: make judgments and estlmates that are reasonable and prudent; state whether applicable accounting standards have been followed, sublect to any materlal departures disclosed and explained In the financial Statements: prepare the financlal stamentS on the golng contern basls unless It Is Inappropriate to presume that (he charity will contlnue to operate. The trustees are responslble for keeping proper acCounn8 records that are sufflclent to show and explaln the charltable company's trnnsactions and disclose with reasonable accuracy at any tlme the financlal position of the charitable company and enable them to ensure that the financlal statements comply wlth rhe Companies Act 2006. the Charlrles and Trustee Investment (Scotland) Act 200S and regulatlons 6 and 8 of the Chariues Accounts (Scotland). They are also respon51ble for safeguardlng the assets of the chariry and hence for taklng reasonable steps for the prevention and detertion of fraud and other Irre8ularlUe$. In so far as each of the trustees of the charitable company at rhe date of approval of thls report Is avrdre, there Is no relevant audSt 5nforniation (Informatlon needed by the charltable companys audltor in connection with preparing the audlt report) of whlch the charitable company's auditor is unaware. Each trustee has taken all of the steps that helshe should have raken as a trustee In order to make hlmselflherself aNrdre of any rnlevant aud1¢ Inforniation and to establlsh that the companls audltor Is adre of that Informatlon. Auditors.. Westcotts, {SW) LLP has Indicated Its willingne55 to be appointed as statutory audltor. Thls report has been prepared tsklng advantsge of the exemptions avallable under the provisions of the Companles Act 2006 appllcable to small companies. Approved by the 8oard of Trustees on 0110212026 and SIed on Its behalf by.. Ellzabeth Davles (Chalr) Alison Dure5 (fru5tee) 0310Y2026 0310212026 Page 7 of 21 The CroalSon Works CIO Financi81 Stat8m8nts 2025
ent audltor s re ort to the The Creation Works C Oplnlon We have audited the financial ststements of The Creation Works CIO (rhe'chari¢y'> for the year ended 30 June 2025, which comprise the Statsment of Financlal Activr(ies, Balance Sheei Statement of Cash Flows. and Note5 to the Financial Ststements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation Is Unlted Kingdom Accountlng Standards, comprislng Charities 50RP - FRS 102 'The Financial Reportlng Standard appllcable in the UK and Republlc of Ireland, and applicable law (United Kingdom Generdlly Accepted Accounong Practice). In our oplnlon the flnanclal statements• give a true and fair view of the state of the chariry's affairs as at 31 July 2025 and of Its incomlng resources and appllcatlon of resources. including its Income and expenditure, for the year then ended; have been properly prepared In accordance with Unlted Kingdom Generdlly Accepted Accountlng Practice: ar¢d have been prepared In accordance wth the reqUirents of the Companles Att 2006. Basls for oplnlon We conducted our audit in accordance wlth International Standards ori Audityng (UK) IISAS (UK)) and applicable law. Our responslbllities under those 5tandard5 are further descrlbed In the audlcor respon51bllltle5 for the audir of the financial statements section of our reporc. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK Includlng the FRC's Ethical 5randard, and we have fulfllled our other ethlcal re5ponslbllities In accordance with these requlrements. We believe rhar the audit evldence we have obtalned Is sufficient and approprlate to provide a ba51s for our opinion. Con¢141$1on$ r•latlng to golng concern In auditlng the financial statements, we have concluded that the trustees use of the 8oln8 concern ba51s of accounting in the preparation of the financial $raments Is approprlate. Based on the work we have perfomed, we have not Identffied any materlal unterjlntles relatlng to events or conditions that, Individually or collectively. may cast Sl8nificant doubt on the charity's abllity co continue as a going concern for a perlod of at least rAelve months from when the olnal financlal statements were authorlsed for Issue. Our re5pon51bilities and the responsiblllt6es of the trustees vAth respect to going concern are descrlbed in the rdevanr sectlons of this reporL Other Inft•rmatlon The trustees are responsible for the other inforniation. The other Information comprlses the information Included In the annual repor¢ other than the financlal s¢atements and our audltor's report thereon. Our opinlon on the financial Statements does not cover the other infomiatlon and, except to the extent otherwise explicidy stated in our repor4 we do not expre55 any forni of assurance concluslon thereon. Page 8 of 21 The CrealSon Wot*s CIO Financial Statements 2025
Independent AudAtorf$ Report to the Members ol creation Work$ CIO. In connection with our audit of the financial staternents. our responsibility is to read the other Inforrnacion and, in dolng so, consider whether the other Informaon Is materlally Inconslstent with the financial statements or our knowledge obtained in the audit or otheiSe appears to be materially misstated. If we identify such material inconsistencie5 or apparent material mi5Statements, we are required to determine whether there is a material m155tatement in the financial statements or a matrrial misstatement of the other infomiation. If. based on the work we have perfornied, we conclude that there is a material misstatement of this other inlorniation, we are required to report that facL We have nothing to report in thls regard. Oplnlon on other matter pres¢vlbed by the Companles A¢t 2006 In our opinion, based on the work undertaken in the course of the audiL' the Informatlon glven In (he Trustees, Report for the flnanclal year lor whlch the flnanclal ststements are prepared is consistent with the financial statements; and the Trustees, Repor¢ has been prepared In accordance with applicable legal requlrements. Matters on whl¢h we Are requlrnd to report by oxceptlon In the light of our knowledge and understanding of the charity and its envlronment obtalned In the course of the aud1¢ we have not Identffied material mlsstatement5 In the Trustees, Report. We have nothing to reFX>rt In respect of the followlng matters where the Companie5 Act 2006 requlres us to report w you If. In our oplnlon.. adequate accountlng records have not been kepL or return5 adequate for our audlt have not been received from branches not visited by us., or the financlal statements are not in agreement wlth the accounting records and returns; or certaln di5c105ure5 of trustee5 remuneratlon 5peclfied by law are not made,. or we have not received all the Informatlon and explanatlons we requlre for our audlL Résponslbllltles of trustees As explained more fully in the Statement of trustees. responslbllities. the trustees are responsible for the prepardtlon of the financial statements and for being satisfied that they give a true and fair view, and for such Internal control as the trustees determlne Is necessary to enable the preparatlon of financial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statement5. the trustees are responsible for as5essin8 the charity's ability to contlnue as a going concern. disclosing, as applicable, matters related to going contern and uslng the going concern basls of accounting unless the trustees elther Intend to liquldate the charfty or to Cease operdcions or have no reallstic alternatSve buc tt> do so. Audltor rnsponslbllltles lor the audlt of the flnanclal statements Our objectlves are to obtaln reasonable assurance about whether the financlal statements as a whole are free from materlal mlsstatemenl whether due to fraud or error. and to Issue an audStor's report that includes our opinion. Reasonable assurdnce is a high level of assurnnce, but is noc 3 guarantee that an aud[¢ conducted in accordance wlth ISAS {UK) will always detect a material misstatement vthen it ex15ES. Mlsstatements can arise from frnud or error and are considered material If. individually or In the regate. they could reasonably be expected to Influence the economlc declsions of users taken on the basls of these financlal statements. Page 9 of 21 The Creation Works CIO Flnancral S&218mgnts 2025
The extent to which our procedures are capable of deterting irregularities, including fraud is detailed below,. We identified areas of laws and regulations that could reasonably be expected to have a material effecc on the financial statements from our genernl commercial and sector experienee and through di5CU5sicn with the directors and other management. We communicated identified laws and regulations throughout our team. and remained alert to any indications of non- compliance throughout the audiL The company is subjecc to law and regulations tha¢ govern the preparation of the financial statements. including financial reporting legislation, and other companies legislation. The company is also subjett to other laws and regulations where the consequences of non- compliance could have a material impatt on the amounts or disclosures wtthin the financial statements, including employrnen( anti-bribery. anti-money laundering and certain aspects of companles leglslation. Owing to the Inherent limitatlons of an audit. there Is an unavoldable rlsk that we may not have detected some materlal mlsstatements In the financlal statements, even though we have properly planned and performed our audit in accordance wlth auditlng standards. In any audlL there remalns a hlgher rlsk of non-detectlon of Irregularltles, as these may Involve collusion, forgery, intentional omissions, mi$represen¢ation5, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non- compliance with all laws and reguladons. As part of an audlt In accordance wlth ISAS (UK), we exercise professlonal judgment and malntaln professlonal steptieism throughout the audit. we also: Identify and assess the rlsks of material mlsstatement of the flnanelal statements. vthether due to fraud or error, design and perform audit procedure5 re5pon5ive to those ri5k5, and obtain audit evldence that Is sufflclenr and approprlate to provlde a basis for our oplnlon. The risk of not detectlng a materlal mlsstatement resultlng from fraud Is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omission5. misrepresentation5. or the ¢)verrlde of Internal control. Obtaln an understanding of internal control relevant to Ehe audlt In order to deslgn audlt procedure5 that are approprlate In the clrcum5tances. but not for the purpose of expresslng an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accoundng pollcles used and the reasonableness of accounong estlmates and related dlsclosures made by the dlrectors. Conclude on the appropriateness of the direcror5 Use of the going concern basis of accountlng and, based on the audlt evidence obtalned, whether a material uncertainry exists related to events or corbditions that may cast Significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncer¢aln¢y exists, we are required to draw attéiitiuii iii UUI dudiior'5 report io the related disclosures in the financial statements or. If such disclosures are inadequate, to modify our opinion. Our conclusions are based on the aud evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to contlnue as a golng concern. Pag8 10 of21 The creaOn Works CIO Financial Statements 2025
Evaluate the overall presentation. strutture and content of the financlal statements, including the disc105ure5, and whether the financial Statements represent the underlying transacrions and events In a manner that achieves fair presentation. We communlcate with those charged wirh governance regarding, among other matters, the planned scope and timing of the audit and 5ignrficant audit findlngs, Including any significant deficiencies in internal control. A further description of our responsibilities is available on the Financial Reporting Council's website aL' www.frc.org.uklaudltorsresponslbilitles. This description foms part of our audltor's reporL Use of our report Thi5 report is made solely to the d)arltable company's trustees, as a bo(ty, in accordance wth Chapter 3 of Part 16 of the Companles Act 2W6. Our audlt work has been under¢aken 50 that we mlght state to the charirfs trustees rh05e matters we are requlred to state to them In an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibiliry to anyone other than the charitable company and Its trustees as a bodyp for our audlt worl for th15 repor¢ or for the opSnlons we have formed. Audltor Each of th8 persons who Is trustee at the date of approval of this report confims that.. so far as they are aware, there is no relevant audit infomiation of whlch the charity's auditor is unaware: and they have tsken all steps that they ought to have taken as trustee to make themselves aware of any relevanl audit Informatlon and to establish that the charity's auditor is awaré of that Information. Adam Cronoy CSLUJ L LJI Senior Statutory For and on behalf of West¢otts (SW) LLP, Statutory Auditor. Plym House, 3 Longbridge Road, Plymouth, Devon, PL6 8LT Date: Wosl¢otts (Sw) LLP 1$ ellgiblg to act as an audltor in terms of seclion 1212 of tht Comp8nles Act 2¢JO6. Page11 of21 The Creation Wryk5 CIO Financial Statements 2025
The Creation Work$ CIO ststement of Flnanclal Artlvltles for the Year endlng J lt July 2025 Far th• year end5n8 3 1st July 2025 UTrr•rtrltted Restrlcttsd R•5trlcted Flxed Funds Funds Asset Fund 1025 Tod 2024 Donatl¢)n5 and legacl•s Inc¢ne from Charitable aCdY1È1 9,585 1050 9.585 1.013.437 80,0 931,587 216.413 Total 11.435 80.000 931,S87 1.023,021 21&413 Expendlthv• on: Cosu ratslngfund¥ Expenditur¢ en thirftable ardv5d•$ 14.S79 34035 51J.614 61.753 Tot41 14.579 36.035 50.014 53.786 Net In£omel(Expendlturt) Transfers between funds P.144) 43,965 1163,6431 931.587 183,643 971408 154,660 Net Pfv)v•ment In Fund5 Fund balances brouthr Igrward 2,613 157,047 159,660 Fund Bal•n¢es (531) 17.369 ,iJs,uo .132.068 IS9.6 The notes on pa8es 15 to 21 forni part of these account& Page 12 of21 The Crgaknon Works CIO Financlal Statements 2025
The Creatlon Work$ CIO Balance sh••t as at 31 rt July 2025 Notes 2025 2024 Fix¢d a$5ets: Tangible assets Current asset ,115.230 Deb¢ors Prepayments Cash at bank and in hand 1.7 45,129 46.829 191,964 191,964 Liabllitie*. Credltor& Amounts falllng due wlthln one year Net current as%et$ (4,991) 41,838 17,3041 184.600 Non Current Llablllt•s Credltor5'. Amounts falllng due after more than one yeir 125.000} Q5,0()1 Total a$5ets less current liabilities Funds Unrertricted funds Gcneral Funds Total Unrestrlcted funds (531) 53 2,613 161 157.047 Rertrlcted funds Re5trl¢ted Flxed Amet Funds 17,369 ,115,230 ,131068 Total 159.660 The accounts have been prepared in accordance with the provisions applicable to companie5 subject to the small companles regime. The financ5al statements were approved and authorlsed for issue by the Board of Trustees on 1511212026 and were slgned on Irs behalf by: Elknabeth Davles Chair The rte$ on pages 15 to 21 forni part of these account& Page 13 of21 The Creation Works CIO Financyal Statements 2025
The Creatlon Works CIO Statement of Cash flows for the year ended J 1st July 2025 2025 2024 Cash Ilows from operatln8 Xtivltle&' N•t cash provided by operatlng actlvltl¢s 96&395 161.964 C•sh flow5 from Investlng artlvltle&' Interest received Purchase of tangible ted assets Net cash provld•d by {used In) Investlnz actIvIt8 (1,115,230) (1.115.230) Net cath u*d In flnanclnz artlvltles Change In ush and cath •qulval•nts In the reportlnz p•rlod (146,835) 161,964 Cash and cash equivalents at the be8lnnlng of the repordng perl¢)d Cash and cash ¢qylvalents at the end of the reportlng perlod 191.964 30,000 45,129 191,964 2025 2024 Net Inconm for the reportlng porlod Adlurtments for; Deprèciation charges Intere$t recelved Ilncreasel I docrèasè in deb¢ors Increase l (decreas•) In creditors Net cash provided by op•ratlng artivitiei 9n.408 154,660 {1,7001 (2,3131 7,304 968,395 161,964 Pag8 14of21 The Crgatlon Works CIO Financld Stataments 2025
Notes to the Accounts for the year ended 31 rt July 2025 I. ACCOUNTING POLICIES Charlty Inforniatlon The Charity 15 a charitable incorporated company, which 15 incorporated and domiciled in the UK and is a public benefit entity. The address of the registsred office 15 The Creation Work& 13a Moorland Rd. Par, PL24 2PA. The Charity is registered in England and Wales (registered number 1209557) Basls ol Preparatlon The Charity constitutes a public benefit entiry as defined by FRS 102. The accounts (financial statements) have been prepared In accordance wlth the Charltles SORP (FRSI 02) 2pplicable to charities preparing their accounts in accordance with FRS102 the Financial Reportlng Standard appllcable In the UK and Republlc of Ireland. the Companles Act 2006, the Charitle5 and Trustee Investment {Scotland) Act 2005, the Charltles Accounts (kotlandl Regulations 2006 and UK Genernlly Accepted Pracrice. The financlal statements have been prepared under the h15torlcal c05t convendon. The princlpal acdvlry of the charlry Is the to advance the educatSon of the public In the performlng arts, and In particular theatre. dance and outdoor arts. In addition to malntaln and provlde accesslble facilltles for the creatlon of and partlelpatlon In dance, theatre, and outdoor arrs. In¢om• All income resources are included on the Statement of Financial Accivities when the charity Ss legally entltled the Income and the amount can be guantlfied with reasonable accurary. Donatlons and grants r•celvabl• Donarlons and grdnt5 receivabl< Including capital grants, are brought into the accounts on receipt or when receivable. where the Chariry has probability of receipt. Income is deferred only when: the Charity has still to fulfil slgnlficant conditions before becoming entltled to the income,. or the donor has speclffted that the Income is to be expended in a future perlod. Donated servl¢•s Donated servlces comprise donated servlees and facllltles and are Included In Income where such donatlons are financially quantifiable, at an estimate of the value of the benefit to the Charity. Expendlturn Expenditure is accounred for on an accrual basls and has been classified under headlngs that aggregate all c05t related to the category. Where costs cannot be direcdy attributed to particular headings, they have been allocated to actlvlties on a basls consistent vhth the use of resources. Grants offered subject to condluons whlch have not been met at the year end date are noted as a commitment bur not accrued as expenditure. Page 15 of21 The Crgotlon Wotts CIO Fin8n¢id Statam8nts 2025
Golng Concern The Trustees have considered the Charlty's ability to continue as a going concern for the foreseeable future. The Creation Works CIO is dependen¢ on unsecured income to meet Its future commitments. The Creation Works CIO'S plannlng process and financial projections have taken irto considerdtion the issues and risks around income generation and re5er¥es as set out in the trustees, repoffj as well a5 the current economlc climate and its potential Impact on Income and planned experbditure. The Creatlon Works CIO are confident that any further Income shortfall can be managed. and the Charity continue as a going concern lor the foreseeable future. Tanglblo flxed assets Depreciation is used to write off each asset over its estimated useful life. FLxed assets are depreclated as follows.'- Building 5% per annum Furniture & Flttlngs 25% per annum Items wlth cost prlce of £500 and above wlll be Included In fixed assets. Taxatlon The charlty is exempt from corporatlon tax on Its charltable ac¢ivioes. Fund accountlng The unrestrScted fijnd has arisen through general fundraSsln& unrestrltted donarlon5 and surplus from pursuing the charlty's oblecrlves. Restritted funds can onty be used for partlcular restrlcted purposes wlthln the objects of the harity. Reserictlons arise when speclfled by the donor or when fund are raised for particular re5rrlcred purposes. The cost of rdlsing and administering such funds are charged against the specific fund. Further explanatlon of the nature and purpose of each fund is Includ*d In the notes to the financial ststements. Restrfrted fixed asset funds are resources whlch are to be applied to spec5fic capital purposes Imposed by the funders where the asset acqulred or created Is held for a specific purpose. Page 16of21 The Creatlon Works CIO Financlal Statements 2025
Notes to the Accounts for the year ended 31 July 2025 (ntInued) 2 Donatlons and Le8acle5 2025 2024 Dona6ons Donated Serylces 9.lJOO 9.585 3 Income from Charltable A¢tlvitleg 2015 Unrestrletsd Rstrkt•d ftestrlcted TOTAL 2025 TOTAL Funds Funds Flxed At 2024 Futtd •nts and reh•aN space Gr•nts rec•lv•d Arts Councll Corthl1 Countll. GtsDd Growth Ftsyl• FtyjndaOTh The CIHre Mlln? Trust I,0 1.150 35,OlJO 5qOOO 88lJ87 15,000 881,587 25,000 20.000 16&413 25.000 20,000 Total Gr¢ In¢<M Tottl Ineom from chrltabl• It¥1$ 1.850 80.000 931.587 .013.437 216.413 4 Total Exptndltur• Analyjls ol•yndltur¢ ¢Jn ¢h•rl¢obl• •(tfvs 2025 Rertrlct•d FSx•d TOTAL Amet Fund 1015 Unrertrlet•d R•rtrlLt•d TOTAL Fund8 Fund# 2024 Capltal Costs Foyle F0vnd•n Clart Miln¢ Prol•rt Evqnt Costs 21.606 21,606 61,650 2,888 2,888 842 842 4.331 4.331 4,33 1 25J36 29,667 61,650 Soff Costs Supp¢xt Costs Gov¢rnarK• I699 11.860 9,087 9,087 103 Total Expen 14,579 36.035 $0.614 61.753 Page 17 of21 The Creation Works CIO Financid Statem?nts 2025
Notes to the Ac¢ounts for the year ended 31 July 1025 (contlnued) 4. Analysis of sUPPOrt and governance Costs Restrlcted Prlor ar B3SiS G¢Nertl projects 2025 2024 Marketing& Publlclty Deprec[0 Administradon Training Total •xpendltur¢ 929 2.090 87 9.770 9,857 9.000 103 9.017 10,699 20.947 103 5 Staff Co$ts The charity had Nll Employee during the year ended 31 July 2025. (2024 NII) 6 Tanglble flxed assets Furnlture & Not• Total Flttln Bulldlny Coit At start of year Additions Di5P0S$ At the end of year 10 26.059 1,089,171 .115.230 26,059 ,089.171 1,115,230 Depr¢¢iation At start of year Charge for year Dlsposals In y•ar At the end of yar NÉt ¥u• at End of 2024 Nèt book value at year •nd 2025 26.059 1,089,171 I,IIS,230 The bulldln8 Yia5 in active use from July 2025 available for hlres and future perforniances, Page 18 of21 Th8 Croion Works CIO Flnandal Statemènts 2025
Notes to the Accounts for the year ended 31 July 2025 (Contlnued) 7 Creditors 2025 2024 Trade Creditors Accrued Expenses 191 5.000 7,304 4,991 7.304 8 R•strlrted Funds lrt August 24 Ineomè Eyndbtur• Translers 31rt}uly IQIS Restrltt¢d fund¥ Foyle Fwndatlc Thé Ckn Mllne Tnj 13,2361 14.233 128,5661 1.7641 115,76T) 1128,4811 20,10 CorThwl Councll Good Gr•%Yth 157.0¢7 Art Clxnell Tot•1 R•strl¢t¢d funJ 35,C#JO 17.369 157,047 136,0351 1183,6431 17,369 Flx•d Fund Arts Councll- C¥ld bjlld Cornwall COU11 Gwd Gro so,(bx) 881,587 ,000 1,06S,130 183,643 Totsl Flxqd Amet Fund 931,587 183.643 Unr•rtdrt*d fund• 2.613 114,5791 Totali 159.660 1,013.022 {SO.414) 1,131068 Prlor Year Comparatlv•i l Auwrt IJ Int•m• Exp•hdltyf• TpKn•f• JlrtJuly24 knstrlct•d funth Arts Counell. &lld (5QOW} Cornyrtll Council- Gi)od Growth Total Restrlcted fund• 166,413 2,387 157.047 214413 161.7S31 2.3B7 157.047 Unrestrlcted funds J87) 2,613 159.660 Totals 5,orx) 216.413 161.7531 Pago 19 of 21 The Cxeation Works CIO Financial Statements 2025
Notes to the Accounts for the year ended 31 July 2025 (continued) Net a55ets by fvnd Restrr¢ted Fund Restricted Tot1 2025 Unrwtyi¢¢ed funds Flxed Asg¢t Fund Tanlble assets Current assets Curr6nt Liabllldes NOTr Current LIabili9$ Net Assets .115,230 5,000 {s.(h)o) 1,115.230 46.829 14,9911 125,OCQI 1.13Z¢M8 24.460 17,369 (25.OWI 17.369 .115.230 Prlor yèar ¢ompartlv• 9b N•t assets by fund Utsrtsrtrktod R•¥trlct•d funds Fund TotAI 2024 TanOb]e 3$5ets Current a$5ets Current Uabllltl•s Non Curr•nt Llabllkl•i Net Auety 27,613 164.351 7,304) 191.964 (7.3041 125,0001 159.660 125.000) 1613 157.047 l O Analysls oe Flx•d asset reltrlcted funds capltal expendltur• Total Ilertrlcted Fund- •xpendltur• Construcdon P4Jildlng stryl¢es Surveyors & Structural englneer5 Llghdng & FUrnIre 1,057,896 31,275 26,059 15,230 Page 20 of 21 The Creation Works CIO Finanal Statements 2025
Notes to the Accounts for the year ended 31 July Z025 (contlnued) I l Trustee Informatlon Trustees remunerdtlon and expenses The trustees receNed no remuneration or paymenrs reladng to expenses. 12 Pensions The Charity had nil wnployees for the year and as such no pension scheme vns operated by the charity. 13 Related party transactlonl Durlng the year the Chartty recelved pro-bono governance trdlnlng suppor¢ valued at £9.000, from Creative UK . Susan Grace West is a Creation works Trustee, is a lead programme manager at Creatfve UK. Thls sum Is included as part of the totsl of donated 5ervice5 In rte 2 above. (2024 NII) Page 21 of 21 The Creation Works CIO Finarri81 statents 2025