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 Ner￿Ork. 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 Marke￿n8 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 lo￿1 '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 sus￿n$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

3. 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 agre￿ent 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 Unl￿d 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 sta￿mentS 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 acCoun￿n8 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
a￿dre 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 SI￿ed 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 reqUir￿￿ents 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 $ra*ments 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 o*lnal 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 Informa￿on Is materlally Inconslstent with
the financial statements or our knowledge obtained in the audit or othe￿iSe 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 crea￿On 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 l*t 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 aCdY1￿È1
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$5ets less current liabilities
Funds
Unrertricted funds
Gcneral Funds
Total Unrestrlcted funds
(531)
53
2,613
161
157.047
Rertrlcted funds
Re5trl¢ted Flxed Amet Funds
17,369
,115,230
,131068
Total
159.660
The accounts have been prepared in accordance with the provisions applicable to companie5 subject
to the small companles regime.
The financ5al statements were approved and authorlsed for issue by the Board of Trustees on
1511212026 and were slgned on Irs behalf by:
Elknabeth Davles
Chair
The r￿te$ 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 t￿ed assets
Net cash provld•d by {used In) Investlnz actIvIt￿8
(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 R*strkt•d ftestrlcted TOTAL 2025
TOTAL
Funds
Funds
Flxed A**t
2024
Futtd
•nts and reh•aN￿ space
Gr•nts rec•lv•d
Arts Councll
Corth￿l1 Countll. GtsDd Growth
Ftsyl• Ftyjnda￿OTh
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 ch*rltabl• 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•
I￿699
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 y*ar
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 Cro*ion 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
20,1￿0
CorThw￿l Councll Good Gr•%Yth
157.0¢7
Art Clxnell
Tot•1 R•strl¢t¢d fun*J*
35,C#JO
17.369
157,047
136,0351
1183,6431
17,369
Flx•d Fund
Arts Councll- C¥ld bjlld
Cornwall COU￿11 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
Tot*1 2025
Unrwtyi¢¢ed
funds
Flxed Asg¢t
Fund
Tanlble assets
Current assets
Curr6nt Liabllldes
NOTr Current LIabili￿9$
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 ¢ompar*tlv•
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 & FUrnI￿re
1,057,896
31,275
26,059
15,230
Page 20 of 21
The Creation Works CIO
Finan￿al 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 r￿te 2 above. (2024 NII)
Page 21 of 21
The Creation Works CIO
Finarri81 state￿nts 2025