2025-03-31-accounts

Company Re8iStratlon No. 01727731 (England and Wales) tharlty No. 292138 Creatlve Kernow Lirnlted Trusteeg report and financlal statements for the year ended 31 March 2025

Creatlve Kernow Limited Company Information Trustees Tamara Bedford Amanda Berry Jonathan Bray Ireslgned 7 May 20251 Paul Brookes Ajay Chhabra Hannah Irwin James Sculthorp-wrlght Paul Springer Claudia Alvila de Oldroyd lappointed 21 October 20241 Sam Jone5 lappointed 21 October 20241 Sovay Alice 8erriman (appointed 21 October 20241 Lisa Telfer Brunton (appointed 21 October 2024 Company Secretary. Sophie NoNill lappointed 19 September 20251 Tonia Yu lappointed 31 March 2024 and resigned 19 September 20251 Fiona Wooten Iresigned 31 March 20251 Company number 01727731 Charity number 292138 Registered offlce Krowji West Park Redruth Cornwall TR15 3AJ Independent audltors Westcotts LLP 8ankers CAF Bank Limited PO Box 289 WEST MALLING Kent M19 47A Lloyds Bank PIC 7 Boscawen Street TRURO Cornwall TRI 2QT

Creatlve Kernow Limited Contents Pa8e Trustees, report Independent auditor< report 12-15 Consolidated statement of flnancial attivities 16 Balance sheets 17 Consolidated statement of cash flows 18 Notes to the accounts 1942

Creative Kernow Umited Trustee< report Forthe year ended 31 March 2025 The Trustee5 (who are also Directors of the Company) present their report, together with the audited financial statements of the charitable company, for the year ended 31 March 2025. TRUSTEES AND ADMINISTRATIVE DETAILS Twstees: The Trustees of the charitable company are it5 trustees for the purpose of charity law and throughout this report are collertively referred to as the Trustees. The Trustees who served during the year and Since the year-end were as follows- Tamara Bedford Amanda Berry Jonathan Bray Paul Brookes Ajay Chhabra Hanrbah Irwin Eleanor Jubb James Sculthorp-wright Paul Springer Claudia Alvila de Oldroyd Sam Jones Sovay Alice Berriman Lisa Telfer 8runton (appointed 21 October 20241 appointed 21 October 20241 appointed 21 October 20241 (appointed 21 October 20241 All director5 Qf the company are also trustees of the charity and there are no other trustee5. The Board has the power to appoint additional trustees as it considers fit to do so. Although no specific training Is required for new trustees, they are made aware of the useful guidance offered by the Charity Commission and others. Policy decisions are made by the Board at regular meetlngs. STRucfuRE, GOVERNANCE AND MANAGEMENT Governing Document Creative Kernow Limited is a charity registered in England and Wales (charity number 2921381 and is a company limited by guarantee Icompany number 017277311. It has no share capital. On appointment as a trustee you are automatically made a member. Membership ends when you cease to be a trustee. The liability of each member in the event of winding-up is limited to £5. The governing documents are the Memorandum and Articles of A550ciation. Appolntment of Trustees, training and inductlon All directors of the company are also trustees of the charity and there are no other trustees. The Board has the power to appoint additional trustees as It considers fit to do 50. Although no specific training is required for new trustees, they are made aware of the useful guidance offered by the Charity Commission and others. Policy decisions are made by the Board at regular meetings.

Creative Kernow Limited Trustees, report Forthe year ended 31 March 2025 Organisation Durine 2024125 Creative Kernow Ltd had three wholly-owned subsidiary companles in the year which gift-aid any profits to the charity each year. Their activities during the year are covered as part of the report below. Krowji Ltd 15 a company limited by shares, number 05420248, and wholly owned by Creative Kernow. It has a board of directors-Greg Oldrieve Ichairl, Jonathan Bray, Katie Treggiden Iresigned 301041241, Anna Brown and Matthew Brown. It was established In 2LK15 and its main role is to operate the creative workspace cluster at Krowji in Redruth the freehold of the property is held by Creative Kernow and Krowji Ltd has a long leasehold interest. Creative Kernow Enterpri5e5 Llmited, which changed its name on June 2025 from Cornwall Arts Marketing Limited is a company limited by shares. number 04346555, and wholly owned by Creative Kernow Limited. It has a board of directors- Paul Brookes Ichairl and Hannah Irwin. Its main role is to operate the Comwall 365 What's On listings service and printed guide, box office and consultancy services. In June 2025. the board of directors agreed to a resolutlon to change the company name to Creative Kernow Enterprises Ltd, a more appropriate name for carrying out all Enterprlse activitie5 for the charity group. The name change is in progress at this time of writing. Screen Cornwall Limited is a company limited by shares, number 11881973. and wholly owned by Creative Kernow. It has a board of directors - Phillippa Giles (Chairl. Simon Harvey, Mandy Berry, Amanda Pyne, Francesca Gilpin and Alex Smith. It was set up to drive the development of the screen industries in Cornwall and the Isles of Scilly, working with incoming film & TV productiorbs, businesses, and individual freelancers to build a strong and thriving produrtion sector. This company wa5 converted to a Community Interest Company on 3 January 2025. On Il, March 2025 Creative Kernow Limited sold a 86% share of the company and therefore at the year end it Wa5 no longer part of the group. All three subsidiary companies were established to carry on activities which are directly in pursuit of Creative Kemows charitable objects and so could legitimately be carried on by the charity itself, but which the trustees judged to be more prudently carried on in a subsidlary company for reason5 of financial efficiency and to reduce the risk to the charit￿5 core assets. Related Partle5 The charity had three wholly owned subsidiary companies in the year. There are no other related parties. Risk Management The Trustees have identified the major risks to which the charity is exposed, and systems have been estsblished to mitigate these risks. The main procedures in plate for identifying, evaluating and managin8 risk5 are- A comprehensive budgeting and planning system with an annual budget and strategic plan- Regular management account5 analysing performance against budgets; An annual review of risk and strategies to mitigate those risks.

CreativE Kernow Limited Trustees. report For the year ended 31 March 2025 Publlc benefit staternent The Trustees confirm that they have complied with the requirements of section 17 of the Charitie5 Act 2011 to have due regard to the public benefit guidan￿ published by the Charity Commission. OBJEcfivES AND AcfiviTIES The objectives of the charity are to provide exhibitions Df the arts of dance and drama. to provide training in the arts and arts management and to further the public appreciation of the aforesaid. The board resolved to adopt the Charity Commission model articles of association in March 2025. ACHIEVEMENTS AND PERFORMANCE This group report covers the financial year from April 2024 to March 2025. It reviews our objectives, activities, and governance; our achievements and financial performance during the year; our work with other agencies and organisations- and our future plans for the organisation and its subsidiary companies. Creative Kernow 15 the cultural and creative sector support organisation for Cornwall and the Isles of Scilly. We ore a charity with a mission to champion creativity as a force for positive change in Cornwall and the Isles of Scilly. We do this through enriching and energising creative communities of place ond prattice through the production, distribution and promotion of artistic work, networks, and knowledge. Our core programmes deliver activity in three dynamiolly interdependent areas: Creative Communities Investing In high quality cultural and treative experiences which are accessible to all and which contribute to placemaking, confidence, connertion and health. Our activity includes: FEAST grant fund for co-created community led arts projecls Carn to Cove- touring live performance to a netwo￿ of rural venue5 C Fylm- community film clubs Arts Lab- creative health programme for young people These progrumme5form our ortivityfunded by Arts Council Englond Creative Enter Supporting creative businesses to grow and play a crucial role for the wider economy to flourish and succeed rise Development of our trading companies and enterprise services Creative Hubs Providlng affordable professlonal workspace for the creative industries at Krowji in Redruth Exploring options for expansion into other location5.

Creatlve Kernow Limited Tru5tees' report For the year ended 31 March 2025 Our tr3dln We extend the work of the charity and generate additional commeraal income through our three trading companles.. Creative Kernow Enterprlses Limited (Formally known as Comwall Arts Marketlng Limited) business Creotive consultancy marketing Publishing- Cornwall 365 guide and event listings website Provislon of box office serwice5 to local productions Developing an offer for paid for business support services particularly community engagement, placemaking and event Krowjl Cornwall's leading creative hub providing affordable creative workspace. Currently on two sites in Redruth with plans to expand. Screen Comwall Screen agency and film office for Cornwall providing skills and talent development, production consultancy and lobbying for a Cornish Public Service Media. Creative Kernow Is a well-established charity and social enterprise with an experienced board of trustees and a strong staff team. Our finances are broadly based with a variety of income sources including long-term grant support from Arts Council England and Cornwall Council. Following Brexit and the end of the European funding programmes we have succeeded in securing fundingthrough the succession streams Communty Renewal and the Shared Prosperity Fund. Earned income from commissions and contracts, box office income from events and rental Income from our workspace cluster in Redruth are also significant revenue streams. Creative Kernow contribute5 Significantly to developing and delivering effective models for creative and cultural practice, sector, community and audience engagement, clusters and networks and leadership development in our rural reglon. We continually develop new projects and partnership5, seeking opportunities to enhance our sustainability as an organisation, supporting other initiatives and playing an active role in advocary and leadership for the sector and for Cornwall. Creative Kernow has a good track record of developing innovative projects, investing in our staff, being willing to take risks and planning for the longer term. PERFORMANCE This section provides a summary of artlvity between April 2024 and March 2025, and it is divided into our programme delivery strand5- Creative Communities, Creative Enterprise, and Creative Hub Development.

Creative Kemow Lirnited Trustees, report Forthe year ended 31 March 2025 Creative Communities 86 projects received funding from FEAST in 24125, receiving in totsl around £141,500, engaging with over 1,5(Kl artists acros5 the length and breadth of Cornwall. The combined live audience for FEAST- funded events was over 651,1)00, with 12,600 participants. The FEAST team continues to provide important advice and guidance for those developing arts and cultural project in Cornwall. responding to a high volume of calls and emails. offering over 650 engagements. enquiry response and advice sessions this year. FEAST programme in 24125 was further enhanced by Shared Prosperity Fund ISPFI to expand on its workwith community-led festivals in Cornwall- providing festival enhancement grants as well as skills development and networking sessions. We overachieved on all our outputs for SPF, including 116 orEani5ations attending networking events/training sessions. enabling 65 new programmes and 786 volunteer opportunities through our the festival enhancement grant. Carn to Cove Our rural touring scheme. Carn to Cove, delivered two successful seasons. Engaged 52 artists to present work in 78 venues, totalling 97 events in locations across Cornwall, reaching an audience of 4,￿1. 4 menu parties were held for over ICKJ promotors to selert performances showcased. A survey in the final quarter of 2024125 indicated that 28% of the audience were first time Carn to Cove attendees. The performances supported income generation for village halls where performances took place, as well as generatlng some earned income for the charity- totalling £32,790. Art5 Lab Arts Lab, the collaborative project between Creative Kernow, Arts Well and Headstart Kernow, continued to work with young people across Cornwall to deliver bespoke projects co-designed by young people and artists. In 24125, Arts Lab worked with 32 schools and youth settings, benefiting 1161 young people, 98 teacher5, and provided employmentlCPD for 97 artists. Additional funding has also beers secured thi5 year for additional activity with Cornwall Resettlement Service to include tralning, CPD and work with 9 schools across Comwall supporting refugees and young people. All Arts Lab projects are carefully evaluated. 100% of teachers and youth workers feeding back report positive impact on young people'5 wellbeing as a consequence of the Arts Lab project. Further funding for Arts Lab to contlnue until July 2026 has been secured. Flamm 24125 is an inbetween year for Flamm. our contemporary art festival. Following on its suctess in Redruth in 2023, Flamm has been planned to take place in Bodmin In 25126. This finantial year saw Flamm continue to provide opportunities for artists outside of the festival, including a symposium on creatives working in remote places in partnership with Visual Art South West taking place in Bodmin in July 2024, well attended by over40creatives from both Cornwall and Devon. Flamm also showcased a group of 18 visual artists at Manchester Contemporary art fair in November 2024, linking with Creative Kernow Associates programme. At the time of writing this report, some funding has been secured for Flamm to take place in February 2026 in Bodmin.

Creative Kernow Limited Trustees, report For the year ended 31 March 2025 C Fylm In the financial year there were 64 screenings in 24 venues, welcoming over 12CIJ audience members. Recent feedback from volunteers has highlighted 43% of audiences are walking to their events, praise for screenings that are "affordable and friendly," and for the role C Fylm plays in 5UStaining village halls and community venues. Creative Enterprlse Cross Or8anlsation Enterprise Work The year to 31 March 2025 Saw significant growth in our enterprlse work, especially in areas of Research and Consultation. and Business Development. We were appointed as the lead consultant for Cornwall Council's Local Plan internal consultation, an delivered over 20 workshops with 30 internal consultee5 and 40 public consultees. This piece of work not only provides slgnificant unrestricted income for the group IE88k by 31 March 20251, it also fvlfils our aim of putting creativity front and centre in the future of Cornwall. Further contracts around the local plan (valued over E127,0001 of both internal and public consultation were secured in May 2025. In 24125, we secured a contract to deliver a business development programme for SMES in and around Newquay as part of the Experience Newquay programme- a separate contract to commissioning work we started in 2023124 via FEAST. Over 104 businesses were engaged, we ran 8 group sessions and 33 1-2-1 mentoring sessions. This brought in £20k to the charity group and is identified as a key area of growth. Comwall 365 Networkl What'son The Cornwall 365 team delivered four printed Whavs On guide5 during 2024125 as well as a range of other seThices from online listings to promotional partnerships. Advertising Income fell due to staff availabilities, but this has since recovered. Activityfunded through the Good Growth programme 5aWthe launch of the What's On App an exciting digitsl solution to enable user5 to discover events and access Cornwall'5 rich cultural and heritage scene. This means the over 40CK) events listed on exi5tin8 C365 platform are now also on the apps. Box Office continue to thrive. We saw 275 events listed attratting 12,700 tickets salesthrough our Box Office, generating an income of over £17k.

Creatlve Kernow Umited Trustee5' Teport For the year ended 31 March 2025 Creative Kernow Associates Followlng the legacy of Cultivator, Creatlve Kernow Associates ICKAI was set up as a membership scheme for the creative and cultural sertor in Cornwall. Utilising some underspend of Cornwall Council's match funding for Cultivator programme1£44kl. and funding from Innovation Fund through Immersive Innovation programme with Screen Cornwall, CKA wa5 launched in October 2024 at a well- attended event in Liskeard. The pilot programme con5i5ted of three key areas.. Develop, Connect and Showcase. In its first 6 months. it ran 3 mentoring groups, over So 1-2-1 mentoring sessions and 4 skills workshops; 5 fully- booked creative-led networking events and two national showcases IManche5ter Contemporary and Top Drawer). benefiting over 40 creative businesses in Cornwall. By 31 March 2025. CKA has over 140 members, and recognised as a key support mechanism for creatives by Comwall Council, Creative UK and other sector bodies. In February 2025, the board agreed to reinvest £17,000 of the programme's surplus into 25126, allowing the programme to grow. Since then, further income and funding has been secured to enhance the pro8ramme. Creatlve Hubs Phase 3 capital prolect The small-scale capital project to build 19 new container studios and carry out Site wide improvements to environmental sustainability and accessibility was successfully completed in March 2025. Although the build was completed in December 2024 there was unfortunately a four month delay due to complications With the electricity which have now been resolved. As part of the site wi(le improvements, three new solar PV arrays have been installed with combined Co2 savings of approx. 19 tonnes peryearand electricity savings of approK. £32k peryear. Other works include a 5-10 year maintenance plan, accessible WC upgrades. new handrails and nosings and new signage. Occupancy and income The impact of the cost-of-livlng crisis has been more noticeable this year resulting in a drop in occupancvl however, we achieved our KPI tsrget of 95% and are confident we can increase on this in 2025126. In light of this, the decision was taken to prioritise maintaining and increasing occupanry by limiting the annual rent increase to 2.5%. Rental income was also significantly impacted by roof and window leak5 and the delay on opening the container studios. The remaining repair works have been scheduled and the container studi05 are filing up, with all new tenants sharing highly posltive feedback meeting our aims for the project.

CreatNe Kernow Limited Trustee5' report For the year ended 31 March 2025 Marketing and Events Approx. 20 tenants took part in Open Studios Cornwall and we held a launch event in November 2024 with 60 participants as part of our Christmas Open Studios. Towards the end of 2024 we began working with our Cornwall 365 colleagues to develop a marketing campaign for 2025126, to reinvigorate the Krowji brand and launch a new annual event called the Krowji Summer Showcase, which will further seNe our creative community and reach new audiences. Fundra151ng Pollcv Creative Kernow Limited's fundraising from voluntary donations is very small scale and currently not an active part of our income generating strategies. As a result of this the charity is not a member of any fundraising regulator. There were no complaints in the year12024'. nil) relating to fundraisinE activity. Risk Management The trustees have a risk management strategy whlch comprise5: A quarterly review of the principal risks and uncertainties that the charity and its sub5idlaries face which is reviewed in the event of any serious incident or change of senior staff; the establishment of policies, systems and procedures to mitigate those risks identified in the annual review,. and the implementation of procedures desiBned to minimi5e or manage any potential impad on the charity should those risks materialise. In terms of risks relating to our activities and our built environment, close attention is always given to office-based activity and the safety of our premises at Krowji, with strong and regularly reviewed policies and procedures in respect of health and safety, fire and other such risks. Key Staff undertake appropriate training ond awareness raising across these operational areas. The directors and senior staff continue to believe that the Creative Kernow group is operating safely and with appropriate measures in place. Key personnel and Chlef Executlve Our Chief Executive officer since 2021, Dr Fiona Wotton, left her post on the 31st of March due to family circumstances. DrTonia Lu, who has been the Director of Creative Enterprise, held the position of Interim Chief Executive until 31" August 2025. In July 2025 the Board were able to appoint a replacement CEO, Gregg Whelan. Whilst we await Gregg commencing his role in January 2026 our Finance Director, Sophie NoNill, and our Director of Creative Communities, Rachael Woodhead, are acting as Joint Interim CEOS. In the year 2024125 the key management personnel was defined as the Chief Executive offi￿r. Board Development Under Paul Brooks leadership, the board have recruited four new trustees who joined the board at the October 2024 meeting. The board is looking to welcome new trustees joining the CK board from the Krowji board in the meetin8 in September 2025.

Creatlve Kernow Llmited Trustee5' report For the year ended 31 March 2025 The Board is firmly committed to the principle5 of public benefit, widening access, diversity and equal opportunitie5. We hove worked closely with our funders- especially Arts Council England- on issue5 of governance, diversity and transparency a5 part of our funding agreements. The directors and staff will regularly monitor the charity'5 actions on equal opportunitie5 and their impact on staff. partner organisations and the public. Trustees have tonsidered the Charity Commission's guidance on public benefit and the importance of demonstrating that Creative Kernow fulfils its charitable purpose5 for the widergood of soclety. They believe that this report shows clearly that the charity offers a very wide range of support. activities and servites to all the communities of Cornwall. Sustalnability Sustainability is at the heart of our proErammes and proce55es, and our organisational priority, of addressing the climate emergency is embedded in our work. As an ACE NPO we report annually on our envlronmental practice through the Julie's Bicycle climate tools and our ACE Investment Principle. Envi ronmental Responsibility, includes climate pledges on carbon literacy, sustainable procurement, and staff training . We are proud of our cross departmentsl environmental staff taskforce CLASH who act as a critical friend to our organisation helping us to improve our environmental impact- feeding ideas and concerns to leadershlp and the board. Our Creative Communities programmes have environmental KPIS including any projects that are successful through our delegated grants programme FEAST having to include environmental 5UStainability on their application. We are signed up to the Theatre Green Book and the Cornwall Creative Sustainability Action plan. Through the SUPPOrt of the Good Growth SPF funding we have invested in our Krowji site to improve its sustainability including the installation of solar pane15 and use green waste management. FINANCIAL REVIEW In the financial year ended 31 March 2025, the Creative Kernow Eroup made a loss of £67.93612024.' £80,853). The last few years have been challenging for the group with reductions in funding meaning there 15 less available to support core attivitie5. The charity itself made an operational deficit of £167,71812024-1£172,0001 resulting from the end of several projects and the charity being less able to sustain its core costs. Its overall deficit of £710,278 which was largely the result of the payment of £575,700 to Krowji Limited as compensation for the fire damage which occurred in 2021. The insurance was received and shown in income in the charity in 2022123 and therefore was a payment made out of reserves brought forward. At 31 March 2025 the charity had unrestricted reserves of £492.37212024: £1,097,433). Krowji Limited made a profit In the year of £532,726 12024: 1£2,82311 after grants receivable of £109,231 and the insurance compensation of £575,700 paid by Creative Kernow. Creative Kernow Enterprises Limited made a proflt of £78,17512024-.1£26.76111. A deficit of £45.658 wa5 included in the profit and loss account of the group a5 a result of the activitles of Screen Cornwall Limited until its sale on Il, March 2025. Unrestrirted reseNes were £l,IX17.771 at 31 Marth 2025 12024: £1,129,873). Of this £320,569 is deemed to be free reseNe5. This difference is due to the expenditure on the containers at the Krowji site which were built to replace the fire damaged Section and were capitalised and shown in assets in the course of construrtion at the year end and therefore removed from the free reserves talculation.

Creative Kernow Limited Trustees. report For the year ended 31 March 2025 The focus currently is to ensure financial stability and to enable the charity to be adequately funded to support its costs and to strive to simplify and strengthen the financial structure of the group. A kev focus is on financial re5illence and ensuring the trading subsidiaries contribute significantly to the group positlon. ReseNes Policy The charity's policy on the level of reserves is that they should provide at least three months, operating costs for Creative Kernow'5 core team,. the reserves continue to be adequate for that purpose. In the previous year a designated fund was established to provide a fund in the unlikely event of the charity being unable to continue. A focus on financial stability and clarity has allowed the Board to focus on financial consolidation and therefore removed the requirement for this fund. The Trustee5 agreed to release this fund to unrestricted reserves at the year end. At 31 March 2025 the group position was unrestricted reserves of £1,007,771 of which net current 355ets or free reserve5 were £320,569. Thi5 amounted to 3 and a half months of the current years forecast salaries and core operational costs. Golng concern The financial statements have been prepared on a going concern basis. The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or condition5 that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustee5 make this asse55ment in respect of a period of one year from the date of approval of the financial statements. The Trustees believe that the group is well-placed to make the most of the opportunities and challenges that lie ahead and will continue to take a lead afflongst their partners in CornwalS in helping the sector to go forward. Whilst the funding landscape has been challenging and the ability to secure funding Is uncertain, substantial grant funding is secured until March 2027. The Trustees are satisfied that the charity and group will be able to operate continue as a going concern for the foreseeable future, being a period no le55 than 12 months from the date of approval of these financial statements. PLANS FOR THE FUTURE Following two years of a challenging financial situation and deficits, Creative Kernow knmited is in a consolidation phase whilst it awaits the appointment of the new Chief Executive Officer. During this period there has been and continues to be a review of the financial and operational structure to ensure that cost savings are made acr055 the group where efficiencies are p055ible and to look at the best ways our trading subsidiaries can support our charitable objectives and financial stability. The Senior Management Team are focused on ensuring a breakeven budget in the year ended 31 March 2Q26 which is challenging in the turrent climate. The creative hub at Krowji has had extensive building work over the last few years as the result of a substantial fire in 2021 and 15 now working hard to improve occupancy and look to ensure that this faclllty supports the creative community across the whole of Cornwall whilst ensuring financlal stability. io

Creathye Kemow Llmited Trustees. report For the year ended 31 Marth Z025 TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Trustees Iwho are also dirertors of Creative Kernow Limited for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial 5tstements In accordance with applicable law and United Klngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustee5 to prepare flnancial statements for each financial year which give a true and fair vlew of the state of affair5 of the charita ble company and the group and of the incoming resources and application of resources, including the income and expenditure. of the charitable group for that period. In preparlng these financial ststements. the trustees ore required to.. select Sultable accounting policies and then apply them consistentlvi ObSe￿e the methods and principles in the Charities SORP IFRS 1021,. make judgemerbt5 and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in busines5. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accurary at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In 50 far as the Trustee5 a￿ aware.. there is no relevant audit Information of which the charitable company's auditor is unaware: and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establlsh that the auditor is aware of that information. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the reparation and dissemination offinancial ststements may differ from legislation in other jurisdlctions. AUDITORS Westcotts LLP were appointed as auditors. A resolution was passed at the Annual General Meeting that Westcotts LLP continue as auditors to the charlty for the ensuing year. BY ORDER OF THE TRUSTEES Paul Brookes, Chair of the Trustees IW December 2025 li

Creatlve Kemow Limited Independent auditors, reportto the mernber5 Forthe year ended 31 March 2025 Opinlon We have audited the financial statements of Creative Kernow Limited Ithe'charitable parent company'l and it5 subsidiaries Ithe'group'l for the year ended 31 March 2025, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flow5 and Notes to the Financial statements, including a summary of significant accounting policie5. The financial feporting framework that has been applied in their preparation is United KinEdom Accounting Standards, comprising Charitie5 SORP- FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law Iunited Kin8dom Generally Accepted Accounting Practlcel. In our opinion the financial statements: give a true and fair view of the state of the group's and parent charity's affair5 as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordante with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance wlth the requirements of the Companies Act 2(K)6. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicoble law. Our responsibilities under those Standards are further described in the auditor responsibilities for the aLsdit of the financial ststements sertion of our report. We are independent of the group In accordan￿ with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden￿ we have obtained 15 sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concem In auditing the financial statements. we have concluded that the trustees use of the going concern basi5 of accounting in the preparation of the financial Statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a goin8 concern for a period of at least twelve months from when the original financial statements were authorised for issue. Our responsibillties and the re5ponsibilitie5 of the trustees with respert to going concern are described in the relevant sections of this report. 12

Creatlve Kemow Limlted Independent auditors. report to the members (continued) Forthe yearended 31 March 2025 Other Infotmatlon The trustees are responsible for the other information. The other informatlon comprises the information included in the annual report, other than the financial statements and our auditols report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent othernise explicltly stated in our report. we do not express any fom of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility 15 to read the other information and, in doing so. consider whether the other information Is materially inconslstent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatement5, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this Other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit- the information given in the and Trustees, Report for the financial year for which the financial ststements are prepared is consistent with the financial statements- and the trustees. report have been prepared in accordance with applicable legal requirements. Matter5 on which we are required to report by ex￿ptIOn In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtalned in the course of the audit, we have not identified material misststements in the and the Trustees, Report. We have nothing to report in respect of the following matters where the Companies Act 21x16 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the parent charitable company, or return5 adequate for our audit have not been received from branches not Vi51ted by u5; or the parent charitable company financial statements are not in a8reement with the accounting records and returns- or certain disclosures of trustees remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. 13

Creative Kemow Limited Independent audltors, report to the members (continued) Fortheyearended 31 March 2025 Respon5ibilltles of trustees As explained more fully in the Statement of trustees, responsibilities Iset out on page xx), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material mi55tatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability to continue as a going concem, disclosin& a5 applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor responsiblllties for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detert a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discuss1011 With the trustees and other management. We communicated identified laws and regulations throughout our team, and remained alert to any indications of non-compliance throu8hout the audit. The charity is subject to laws and regulations that govern the preparation of the financial Statements, including financial reporting legislation, and other companie5 legislation. The company 15 also subject to other laws and regulations where the consequences of non-compliance could have a material impact on the amounts of disclosures within the financial statements, including employment, anti-briberyi anti-money laundering and certain aspects of companies legislation. OwinE to the inherent limitatlons of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing Standards. In any audit, there remains higher risk of non-detection of irregularities, as these may involve tollusion, forgeryi intentional omission5, misrepresentations, or the override of intemal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As port of an audit In accordance with ISAS IUKI. we exercise pmfessional judgement and maintain professional sceptlC15m throughout the audit. We also: Identify and asse5S the risks of material misstatement of the financial statement5, whether due to fraud or error, design and perform audit procedure5 responsive to those risks, and obtain audlt evidence that 15 sufficient and appropriate to provide a basis for our opinion. The risk of not detertlng a materlal mi55tatement resulting from fraud 15 higher than for one resulting from error, as fraud may involve collusion, forgery. intentional omi55ions, misrepresentstions, or the override of internal control. 14

C￿atIve Kernow Limited Independent auditors, report to the members Icontinuedl Forthe yearended 31 March 2025 Obtain an understanding of internal control relevantto the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. Evaluate the appropriateness of accounting pollcie5 used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees use of the going concern basis of actounting and, based on the audit evidence obtained, whether a material uncertainty exists reloted to events or conditions that may cast significant doubt on the group's or the parent charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However, future events or conditions may cause the group or the parent charitable company to cease to continue as a golng concern. Evaluate the overall presentation, structure and content of the financial statements. including the disclosures, and whether the financial Statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with govemance regarding* among other matters, the planned scope and timing of the audit and significant audit findings, including any Significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charitable parent company's trustees, a5 a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group's trustees those matters we are required to state to them In an auditorf5 report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitsble parent company and its trustees Catherine Williams FCA OChA (Senior statutory Auditorl For and on behalf of We5tcottS (SW} LLP, Statutory Auditor 47 Boutport Street Barn51aple Devon EX31 ISQ 15

Creative Kernow Umiied Consolldated ststement of flnancial artivlties (Incorporatlng an Income and expenditure atcountl Forthe yearended 31 Marth 2025 Unrestrlrted Funds Restrirted Funds 2025 Total 2024 Notes Income: Donations and legacies Charitable activities Trading activities Other income Investment income 281,589 120,574 705,170 29,610 15,287 309,044 590,633 120,574 1.603.434 29,610 15,287 1,751,717 73,824 1,078,838 151,130 17,187 898,264 T¢)tsl income 1.152,230 1.207,308 2.359,538 3,072,696 Expenditure on: Trading costs Charitable attivities 850.510 423,822 805,881 347,261 1,656,391 771,083 1.114,256 2.039,293 Tt)tsl expendlture 1,274.332 1,153.142 2,427,474 3,153,549 Net income / (expenditure) for the year 1122.1021 54,166 167,9361 180.8531 Net movements in funds {122,1021 54,166 167,9361 180,8531 Total fund5 brought forward 1,129.873 3.696,701 4,826,574 4,907,427 Totsl Funds carried io 1,007,771 3,750,867 4,758,638 4,826,574 forward The Statement of Financial Activities contsins all recognised gains and losses In the year. All activities ￿late to continuing operations. The notes on page5 19 to 42 form part of these financial statements 16

Creative Kernow 2025 Balance sheets As at 31 March 2025 Note The Group The Charity 2025 2024 2025 2024 Fixed assets Tangible fixed a55et5 Investments 13 14 5,601.012 14 4,926,348 271,051 115 275,290 201 5,601.026 4.926,348 271,166 275,491 Current assets Debtors Cash 15 174,399 480.291 460,659 1,126.431 750,476 55,546 844.681 701,889 654.690 1,587,090 806,022 1,546,570 Credltor5: amounts falling due In le5S than one year 16 1282,7221 1402,8261 191,3551 1126.0501 Net Current 355ets 371,968 1.184,264 714,667 1,420,520 Total assets less current liabllities 5,972,994 6,110.612 985,834 1,696.011 Creditors: amounts falllng due after more than one year 17 11,165,656) 11,228,538) 1442.0221 1442.022} Provi51ons 18 148,7001 155,5001 Net assets 4.758,638 4,826.574 543.811 1,253,989 Funds Restricted Designated Unrestricted 3,750,867 3,696,701 67,000 1,062,873 51,339 89,556 67,000 1,097,433 I.CK)7,771 492,372 Total 4,758,638 4,826,574 543,811 1,253,989 As permitted by s408 Companies Act 20)6, the charity has not presented its own profit and loss account and related notes. The charity's loss a5 defined by the Companie5 Act 2006 for the year was £710,27812024- £172,000). The financial ststements have been prepared in accordance with the special provisions appliable to companies subject to the small companies regirne. The notes on pages 17 to 40form part ofthese financial ststements The financial statements were approved by the Board on Iyh December 2025 and slgned on their behalf by- /-* Paul Brookes, Chalr 17

Creatlve Kernow 2025 Consolklated ststement of cash flows Fortheyear ended 31 March 2025 2025 2024 Note Cash flows from operatlng actlvities Net cash provided by operating attivitie5 Depreciation Increase in investments Decreaselllncreasel in debtors (Decreaselllncrease in creditors Increase in provision5 Investment income Loss on disposal of fixed a55ets Cash generated by operating actlvltles 167,9361 139,511 1141 286.260 1128,8121 16,81J)} {12.9331 2,421 211,697 184,304 136,421 207,794 166,5411 4,670 117,1871 184,304 Cash flows from Investing actlvitie5 Interest received and similar income Rentsl income Purchase of intangible fixed assets Purchase of tangible fixed a55ets 12,933 14,460 2,727 12,0811 1816,5961 Net cash used In Inv¢stin8 activities 1803,6631 15.106 Cash flows from financing activities Issue of new loans 400,OCKI Repayment of loan5 and borrowings Net cash flows from/lused by) investing activities 154.1741 154.1741 1447,1401 147.1401 Net increase In cash and cash equivalents (646,140) 152,270 Cash and equivalents brought foNard 1,126,431 974,161 Cash and cash equlvalents brought forward 480,291 1,126.431 18

Creative Kernow Limited Note5 to the financial statements (continued) For the year ended 31 March Z025 Accounting policies Summary of significant accounting politles and key accountlng estimates The principal accounting policie5 applied in the preparation of these financial statements are set out below. These poliaes have been consistently applied to all the years presented, unless otherwise Stated. Statement of ￿MplIance The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 ~ (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 21x16. Basis of preparatlon Creative Kernow Limited meets the definition of a public benefit entity under FRS 102. A55ets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The figures in the financial statements have been rounded to the nearest pound sterling. Basis of consolidatlon The consolidated financial statements consolidate the financial statements of the charity and its two wholly owned subsidiary undertakings, Krowji Limited and Creative Kernow Enterprises Limited Iformally known as Cornwall Arts Marketing Limited), on a line by line basis, drawn up to 31 March 2025. Screen Cornwall Limited is included up until the date of Sale on 9, March 2025 and the remaining holding of 14 shares is shown as an investment on the balance sheet on 31, March 2025. No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2(X)6. A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to 8overn the financial and operating policies of an entity so as to obtain benefits from its activities. Inter-company transadions, balances and unrealised gains on transactions between the charity and its subsidiaries, which are related parties, are eliminated in full. Intra-group105ses are also eliminated but may indicate an impairment that requires recognition In financial Statements. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the 8roup. Fund Structure Unrestricted income funds are available for use at the discretion of the Trustees in furtherantt of the general activities of the charity. Restricted Income funds are subjected to restrictions on thelr expenditure imposed by the donor. 19

Creative Kernow Llmited Note5 to the flnancial statements (￿ntInued) Forthe yearended 31 March 2025 Golng concern The financial statements have been prepared on a going concern basis. The Trustees asse55 whether the ongoin8 use of going concern is appropriate i.e. whether there are any materlal uncertainties relating to event5 or conditions that may cast Significant doubt on the ability of the charity to continue as a going concern. The Trustees make thls assessment in respert of a period of one year from the date of approval of the financial statements. The Trustees believe Creative Kernow is well placed to make the most of the opportunities and challenges which lie ahead and will continue to take a lead amongst their partners in Cornwall In helping the cultural and creative sectors to thrive and grow. Funding has been secured for the next two years which provides sufficient time to research and implement new income generation strategies. Atthe year end the group held unrestricted resetve5 of £l,Th)7,771 and cash of £480,291. Of these reserve5, £307,186 were free reserves and available for use as Trustees wish. This is sufficient to cover experted working capital movements as well as any additional costs not budgeted for. The Trustees are therefore satisfied that the group will be able to operate within their available facilities and continue as a going concern for the foreseeable future, being 12 months from the date of approval of these financial statements. Income and endowments All income is recognised once the charity has entitlement to the income, it Is probable that the income will be receNe and the amount of income receivable can be measured reliablv. Oonatlons and legacles Voluntary income including donatlons, gifts. legacies and grants that provide core funding or are of a general nature are recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliabilitv. Grants receivable Grant5, including government grants. are recognised when the group has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be Teleased. Deferred Income Deferred income represents amounts received for future periods and is released to incoming resources in the period for which it has been received. Such income is only deferred when.. The donor specifies that the grant or donation must only be used in future accountin8 periods: or The donor has imposed condltions which must be met before the charity has unconditional entitlement. 20

Creatlve Kemow Limited Notes to the flnancial statements {contlnuedl Forthe year ended 31 March 2025 Investment income Investment income is included when receNable. Charitsble actlvlties Income from charitable activities includes income recognised as earned las the related goods or services are provided) under contract. Expendlture All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliabty. Expenditure include5 any VAT which cannot be recovered, and is reported as part of the expendlture to which it ￿lates.._ Charitsble expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly so such artivities and those costs of an indirect nature necessary to support them. Governance costs include those costs a550Ciated with meeting constitutional and statutory requirements of the Charity and include the audit fee and costs linked to the strategic management ofthe Charity. All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular adivity are allocated directly, others are apportioned on an appropriate basis per Note 7. Expenditure on commercial trading operations comprise5 the costs incurred by the three tradin8 subsidiarie5 of the Charity, Krowji Limited and Cornwall Arts Marketing Limited. Taxatlon The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly. the charity 15 Potentially exempt from taxation in respect of Income or capital gains received within categories tovered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gain5 are applied exclusively to charitable purposes. Tangible fixed assets Expenditure on tangible fixed assets is capitalised. The costs of minor additions or those below £500 are not capitalised. Tangible flxed a55ets are initially measured at cost and subsequently measured at cost, net of depreclation and any impaimient losses. Own labour costs which are considered to be directly attributsble to the construction of the property are included in the cost of construrtion. 21

Creatfve Kemow Limited Notes to the flnancial ststements (contlnued) Fortheyear ended 31 March 2025 Depreclatlon Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their experted useful economic life as follows.. Asset class Freehold buildings Equipment Plant and machlnery Leasehold land and buildings Depreciation method and rare Straight line basis over 50 year Straight line basis over 4 years Straight line basis over 10 years Strnight line over the life of the lease, apart from Percy Williams Building (phase i & 21 which are depreciated over 50 years from dates of completion No provision is made in respect of freehold land. Impairnient of flxed assets Intangible and tangible fixed assets are reviewed for impairment when changes in circumstances or events indlcate that the carrying value of the fixed assets may not be recoverable. An Impairmentloss is recognised where the recoverable amount 15 less than the carrying value. Recoverable amount IS the higher of fair value le55 Costs to sell, value In use and replacement cost. Debtors Trade and other debtors are recognised initially at the settlement amount due. A provision for the impaimient of trade debtors Is established when there is objertive evidence that the charity will not be able to collect all amounts due according to the original terrns of the receivables. Prepayments are valued at the amount prepaid. Cash and cash equivalents Cash at bank and in hand includes cash and short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Creditors and provisions Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are cla55ified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting (late. they are presented as non- current liabilities. Trade creditors are recognised initially at the transaction price. Provisions are recognised when the charity has an obligation at the reporting date as a result of a Past event, it Is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. 22

Creatlve Kernow Limited Notes to the flnanclal Statements Icontlnued) For the year ended 31 March Z025 Leased assets Rental income from operating leases Is recognised on a straight line basis over the term of the lease. Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest beari[)8 borrowings are subsequently carried at amortised cost. with the difference between the proceeds, net of transaction costs, and the amount due on redemption being reco8ni5ed 35 a charge to the Ststement of Financial Activities over the period of the relevant borrowing. Interest expense Is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Pen51ons and other p05t-retirement obllgatlons The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee seNice in the current and prior periods. Contributions to defined contribution plans are recognised in the Ststement of Financial Activities when they are due. If contribution payments exceed the contribution due for Se￿iCe, the excess is recognised as a prepayment. Employee benerts The c05t of short-term employee benefit5 are recognised as a liability and an expense, unless those costs are required to be recognised a5 part of the cost of stock or fixed a55ets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are Tecognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Flnancial Instruments Clqsslflcation Financial asset5 are classified into either basic or other financial assets. Financial liabilities are classified into either basic or other financlal liabilities. These classifications depend on certain criteria determined at the tlme of reco8nition. The charity holds only basic financial instruments. 23

Creative Kemow Llmited Notes to the financlal Statements Icontlnued} For the year ended 31 March 2025 Recognitlon and measurement Financial instruments are recogni5ed when the charity becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to Cash flows from the assets expire or substantially all the risk5 and rewards of ownership are transferred to another party, or in the case of liabilities, when the charity's obligations are discharged, expire or are cancelled. Basic financial assets, which include trade and other debtors. cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at mortised cost using the effective interest method, unless the arrangement tonstitutes a financing transaction, where the transaction is initially measured at the present value of the future receipts discounted at a market rate of interest and subsequently held at amortised cost. Basic financial liabilities, includin8 trade and other payables are Initially measured at transaction price, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. They are subsequently measured at amort15ed cost using the effective interest method, with interest expense recognised on an effective yield basis. The effective interest method Is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate discounts estimated future cash payment5 through the experted life of the financial liability to the net carrying amount on initial recognition. Impairment Basic financial a55ets are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objeclive evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the statement of financial activitie5. Charity 5tstus The charity is a charity limited by guarantee and consequently does not have share capital. Each of the Trustees is liable to contribute an amount not exceeding £5 towards the assets of the charity In the event of liquidation. The charity is incorporated in England and Wales. The addres5 of Its regislered office is.. Krowji West Park REDRUTH Cornwall TR15 3AJ 24

Creative Kernow Limited Notes to the financial statements {¢ontinuedl For the year ended 31 March 2025 2. Income from donations and legacles Unrestrirted Restricted Total 2025 Total 2024 Grants: Arts Council British Film Institute Cornwall Council Cultivator Shared Prosperity Fund Other Donatlons: Other 216,588 216,588 7,400 59,784 216,588 59,784 84.425 1,116,303 161,597 162,734 165,903 135.741 165,903 135,741 5,217 5.217 10,070 Total donations and legacies 281,589 309,044 590,633 1,751,717 Total 2024 49 751 Income from charitsble actSvltles Unrestrirted Restrirted Totsl 2025 Totsl 2024 FEAST Carn to Cove 2,662 48,294 41,196 41,196 Creative Kernow A550Clates 5.290 5,290 C Flymn 13.988 13,988 Grants 60.1(KI 60,100 MIs￿lIaneDU5 22,868 Total Income from charitable actlvitle5 Total 2024 120,574 120,574 73,824 71.162 2.662 73,824 2S

Creative Kernow Limited Notes to the financial statements (contlnued) For the year ended 31 March 2025 Tradlng Income Unreslrlcted Restrirted Total 2025 Totsl 2024 Rental income Consultsncy Printing, distribution Box office income Management charge from associated company Open studios income Other trading income Grant income Capital Revenue 441,319 77,392 114.273 441,319 77,392 114,273 427,441 15,562 70,585 advertising and 18,026 5.OCY) 18,026 5,0(XJ 5,798 26.148 23.012 26,148 23,012 21,760 382,819 515.445 382,819 515,445 537,692 Total tradlng Incorne 705.170 898,264 1,603,434 1,078,838 Total 2024 541,146 537,692 1,078,838 Other income Unrestrkted Restrlcted Total 2025 Total 2024 Insurante proceed5 Feed In Tariff Management charge associated company Release of deferred tax provision 3,880 13,930 3,880 13,930 139,122 12,008 from 5.000 6,800 5,000 6,8CKJ Total other income 29,610 29,610 151,130 Totsl 2024 151.130 151,130 26

Creatfve Kemow Umited Notes to the flnancial statements Icontinued) For the year ended 31 Marth 2025 Investment income Unrestricted Restricted Totsl 2025 Total 2024 Interest re￿Ived from bank deposits Sale of shares in associated 12.933 12,933 14,460 2,354 2,354 companv Rent receivable 2,727 Total investment income 15.287 15,287 17,187 Total 2024 15,660 1,527 17,187 Expenditure on charitable artlvities Dirert costs 2025 Support costs 2025 Total 2025 Total 2024 Charltable Aciivitles FEAST Arts Lab Carn to Cove Cfylm Creative Kernow Associate5 Governance 178,007 134.453 143,446 52,651 137,986 27.456 25.250 19,072 20.638 8,657 19,573 3,894 203,257 153,525 164,084 61,308 157,559 31,350 165.067 106,099 164,688 25,364 1,139,732 Cultivator Other projects 438,343 Total costs 673.999 97,084 771,083 2,039,293 Support costs Premises Legal and professional Consultanry Office expenses Bank charges and interest Depreciation Administrative Staff costs Total sUPPOrt costs 5.114 10,291 23,612 29,210 13,818 47.872 696 4,693 11.609 39 1,235 68.796 97,084 119,901 27

Creatlve Kernow Limited Notes to the financial statements (continued) For the year ended 31 March 2025 Govemment grants Government grants recognised in the financial Statements are made up of funds from Cornwall Council and the British Film Institute. The amount of grants recognised In the financial staternents was £309,136. Additional government grants of £898.264 are recognised in the consolidated financial statement, received by trading subsidiaries. Net incomingloutgoing resoiif¢es 2025 2024 Operating lease rentals Auditors, remuneration other accountancy ServI￿S Depreciation of fixed assets Profit on sale of subsidiary 513 21,750 16,850 136,421 12,600 4,000 139,511 2,268 io. Trustee￿ remuneratlon No Trustees, nor any persons connected wlth them, have received any remuneration from the Broup during the year. No Trustees have recelved any reimbursed expenses the charlty during the year. 28

c￿ative Kernow Limited Notes to the financial statements {contlnuedl For the year ended 31 March 2025 ii. Group staff costs 2025 2024 Wages and salarie5 Social security costs Pension costs 713,111 58,911 18.657 864,650 61.639 21,807 790,679 948.096 The monthly average number of persons (including senior management team) employed by the group durlng the year was as follows: 2025 2024 Commercial trading activities Charitable activities 13 16 29 13 23 36 No employee recelved remuneration amounting to more than £60,OCX) in either year. The Key management personnel of Creative Kernow Limited tomprises of the Chief Executive Officer only. The totsl employee benefits of the key management personnel ofthe Charitywas £46.811. 29

Creative Kernow Limited Notes to the financial statements (continued) For the year ended 31 March 2025 12. Fixed Assets- Group Leasehold Assets in the land and course Bulldings constructlon Freehold Plant and Equlpment Property Machinery Total Cost At l April 2024 50.OCMJ 5,551,268 196,133 128,145 5,925,546 556 816,596 15,5841 15.5841 123,117 6,736,558 Additions Disposals As at 31 March 2025 664.911 151,129 50,000 664,911 5,702,397 196,133 Depreciation At l April 2024 5.1)49 751,783 173,416 68,950 999,198 Charge for the year 511 107,799 19,613 11.588 139.511 Eliminated disposal on 13,1631 13,1631 At 31 Marrh 2025 5,560 859,582 193,029 77.375 1,135.546 At 31 March 2025 44,440 664.911 4,842,81S 3,104 45,742 5,601,012 At 31 March 2024 44,951 4,799,485 22.717 59,195 4,926.348

Creative Kernow iimlted Notes to the financial statements (continued) Forthe year ended 31 March 2025 13. Fixed Assets- Charity Freehold Property Equlpment Total Cost At l April 2024and 31 March 2025 303,142 50,539 353.681 Depreclatlon At l April 2024 Charge for the year 33.561 44,830 78,381 1,149 3.177 4,326 At 31 March 2025 34,710 48,007 82,717 At 31 March 2025 268,519 2,532 271,051 At 31 March 2024 269,581 5,709 275,290 14k Fixed asset investments Detalls of undertaking5 Details of the investments In which the group holds 20% or more of the nominal value of any clas5 or share capital are as follows: Krowji Limited United Kin8don Ordinary loo% Receives rental income from a property it leases from the charity Cornwall Arts Marketing Limited United Kingdon Ordinary loo% Receives income from the publishing of website and magazlne listings within Cornwall Subsidiaries The profit for the financial period of Krowji Limited was £532,72512024= loss of £2,823) and the aggregate amount of capital and reserves at the end of the period was £489.64812024.'1£43,0771. The profit for the financial period of Creative Kernow Enterprises Limited (Previously known as Cornwall Arts Marketing Limited) was £78,17512024.. loss of £26,761) and the aggregate amount of capital and reseNes at the end of the period was £31,86512024:1£46,31011. 31

Creative Kernow Limited Notes to the financial ststements (contlnued) Forthe yearended 31 March 2025 The profit for the period until the date of sale of Screen Cornwall Limited and included in the consolidated financial statements was £45,64812024: profit of £33.1401 and the aggregate amount of capital and reserves at the end of the period was £nil12024: £55,037) as the charity ceased to hold a controlling share on 9, March 2025. The addre55 of the registered Offi￿ for all subsidiarles is: Krowji, West ParK REDRUTH. Cornwall, TRIS 3AJ. Charity 2025 2024 Shares In group undertakings and participating interests 115 201 15. Debtors Charity 2025 2024 Trade debtors Grants receivable Due from group undertakings Prepayments and accrued income Other debtors 67,934 15,752 663,540 67,(XTrl 182,861 575,021 19.563 235 3,250 750,476 844.681 Group 2025 2024 Trade debtors Grants receivable Due from group undertakings Prepayments and accrued income Other debtors 124,110 15,572 108.673 247,081 15,073 19,644 91.056 13,849 174,399 460,659 32

Creative Kernow Limited Notss to the Ilnancial statements lcontinued) Forthe year ended 31 March 2025 16. Creditors: amounts falllng due wlthln one year Charlty 2025 2024 Trade creditors Other taxation and social security Accruals Deferred income Other creditor5 28,982 6,463 49,483 1,723 4,704 78,451 6,004 26,813 11,884 2,898 91,355 126,OSO Group 2025 2024 Bank loan5 Trade creditors Corporation tax Other taxation and social security Accruals Deferred income Other creditors 61.694 67,460 1,716 18,097 64,021 20,057 49,677 52,986 132,095 986 11,744 81,816 58,344 64,855 282,722 402,826 Credltors due wlthln one year Includes the following liabilities on which securlty has been given by the Group: Group 2025 2024 Bank loans 61.694 52,986 Included in creditors are the following amount5 due after more than five years 2025 2024 After more than five years by instalments 870,837 969,529 33

Creative Kernow Limited Notes to the financial statements Icontinued) Forthe year ended 31 March 2025 16. Creditors: amounts fallinE due wlthln one year {rontinued) Borrowlngs due after f•ve year5 The amounts due after more than five years by instalments relate to the bank loan5. The bank loans are made up of three separate loans with Triodos Bank. Two of the bank loans have a nominal interest rate of 2.5% over the UK base rate, and the final instalments are due on 7 July 2036. The carrying amount at year end of these two loans is £840,84612024'. £886,6801- The third bank loan has a nominal interest rate of 3.4% over the UK base rate and the final Instalment 15 due on 21 July 2043. The carrying amount at year end 15 £386,28412024: £394,844). Repayments are made monthly. 17. Creditots: amuntsfallinE due after more ihan one year Group 2025 2024 Bank loans 1,165,656 1,228,538 Charity 2025 2024 Property lease 442.022 442,022 18. Provislons Group Deferred taxatlon Total At l April 2024 Charged to the statement of recognised gains and losses 55,500 16.8001 55,500 16.8001 At 31 March 2025 48.700 48,700 Provision5 are made up of deferred taxation. provided for at 25%12024:25%1. The deferred tax liability set out above relates to accelerated capital allowances.

Creative Kemow Limited Notes to the flnancial statements Icontinued) For the year ended 31 March 2025 19. Obligations under leases Total future minlmum lease payments under non-cancellable leases are as follows: Land and building5 Group 2025 Group 20Z5 Charity 2025 Charity 2024 Wlthin one year Between one and five years 3,500 7,OCKI 3,500 Other Group 2025 Group 2025 Charity 2025 Charlty 2024 Within one year Between one and five years 256 256 513 513 513 256 513 256 Capltal commltments Group Amounts contracted for but not provided in the financial statements 2025 2024 Costs in relation to the acquisitlon of tangible assets 17,486 23,920 At 31 March 2025 17,486 23,920 35

Creatlve Kemow Limited Notes to the flnancial statements (continued) Forthe year ended 31 March 2025 21. Funds Group Balance at l Aprfl 2024 Income Expenditure Transfers Balance at 31 March 2025 Designated funds 67.0(XJ 167,OCK)I Unrestricte(I funds Restricted funds 1,062,873 1,152,230 1,274.332 67,IXKI I,CQ7,771 Arts Lab FEAST Consultsncv Good Growth NFASP G7 Watershed 45,088 8,5CO 13,Q911 21,059 18,OC(J 98,261 133,350 8,5C(I 162,812 2,719 9.999 165.903 18,340 18,C((I 4CO British Film Institute 7,400 Cornwall Foundation Community lo,￿0 5,0 Tehidy Residency Fun Palaces Compass 12,700 13,617 763 12,700 13,617 763 Krowji tirnited SPF capital development ERDF capital fund 382,819 18,789 92,028 364,030 3,335,498 3.427,526 Creotive Kernow Enterprises Limited SPFAPP development 34,619 106,405 141,024 Screen Cornwoll ￿rnited Cornwall council SPF Innovation BFI Education grants BFI Network Other small grants 145.CQO 121,068 249,821 21,200 3.200 13.751 266,068 249,821 21,2CM) 3,200 13,751 Total restricted Fund5 3.696,701 1.207,308 1,153.142 3.750,867 Totsl funds 4,826,574 2.359.538 2,427.474 4.758.638

CreatNe Kernow Umited Notes to the financial ststements {contlnuedl For the year ended 31 March 2025 22. Funds (Continued) Group- Prioryear Balance at l Aprll 2023 Income EJ(penditure Transfers Balance at 31 March 2024 Designated funds 67,0(K) 67,0 Unrestrirted fund5 Restricted fijnds 1.164,173 1,034,256 1,108,683 {26.8731 1,062,873 Arts Lab FEAST FEAST Consultancy Good Growth NFASP G7 30,449 ,450 139,916 69.845 10,8 161,597 125,277 160,132 2,300 164,688 45,088 {1621 8,5C(J 13,0911 21,059 18.OCM) 21,059 18.OCKI Cultivator Fun Palaces COVID emergency fund 128 1826 9,969 1.116.303 2,287 1,139,733 450 2,185 23,302 13.6631 17,7841 Krowjl tsmited ERDF capital fund 3,519,554 92,028 3,427.526 Creative Kernow Enterprises Limited 51,809 97,603 62,984 151,8201 34.618 Screen Cornw(Jll Llmlted 440,089 295,089 145.000 Total restricted Funds 3,696,701 1,207,308 1.157,025 3,746,984 Totsl funds 4,826,574 2,352,738 2,440,996 4,738,396 37

Creatlve Kernow Limlted Notesto the financial statements (continued) Forthe year ended 31 March 2025 23. Funds {Contlnuedl Charlty Balan￿ at l April 2024 Income Expenditure Trnn5fer5 Balance at 31 March 2025 Designated funds 67,000 167,0001 Unrestricted funds 1,097,433 555,629 11,226,590) 67,( 492,472 Restricted funds Arts Lab 45,088 98,261 133,350 9,999 FEAST Consultancy Good Growth NFASP G7 Watershed 8,500 13,0911 21,059 18,000 8,500 162,812 2,719 165,903 18,340 18,000 400 400 British Film Institute 7,400 Cornwall Foundation Communitv io,cw)o 5,000 s,(￿0 Tehidy Residency Fun Palaces Compass 12,700 13,617 763 12,7CKS 13,617 763 Total restricted Funds 89,556 309,044 347,261 51,339 Total funds 1.253,989 864,012 11,574,190) 543.811 38

Creative Kernow Limited Notes to the financlal ststements (continued) For the year ended 31 March 2025 24. Fund5 {Contlnued) The specific purposes for which the funds are to be applied are a5 follows- 8FI C-Fylm Grant- we received a grnnt from the British Film Institute to run a week of film 5creenin8S to raise awareness of climate emergency. Cornwall Community Foundation has granted FEAST additional funds to add to the total FEAST grants pot. Every El of CCF grant Is matched by FEAST and put towards supporting a creative project in the cornmunity. Tehidy Residency- to deliver the Tehidy Residencies programme on behalf of Cornwall Council. Arts Lab- commissioning artist5 to deliver art projects In schools and alternative education settinES to tackle mental wellbeing. Good Growth Creative Communities1Shared Prosperity Fundingl- this Is the EAEP programme supporting the creative communities programme through a festiwdls network and community skills development and trainin8. The NFASP funds relate to a Legacy Fund Agreement arisin8 from the winding up of the National Federation of Artists, Studio Providers Ltd in January 2018. The remainlng company funds were transferred to Creative Kernow to be managed as a restricted fund so that some of NFASP'S sector support role could continue. G7- funding from Cornwall Council to deliver the G7 summit cultural legacy programme. Included grants to artists and film screening equipment 5upplled to community centres. Krowji Good Growth Shared Prosperity Funding- to support the redevelopment of the site destroyed in the fire of 2021 and to improve the sustainability of the Krowji site and its buildings. Creative Kernow Enterprises Limited Good Growth Shared Prosperity Funding- this is for the development of a 365 app to information about what's on in Cornwall. All other re5tritted fund5 have been received for specific activities and projects and have been expended on the activitie5 for which they were received. Designated funds of £67,CW were put aside in 23124 to represent potential closure costs should the charitv cease to operate. This has been released in 24/25 as the Trustees have more certainty over the charities ablllty to continue for another year. 39

Creatlve Kernow Umited Notes to the financial statements (continued) For the year ended 31 March 2025 Analysis of net assets between fund5 Unrestricted funds Restritted fund5 2025 Total fund5 Group- current year Tangible fixed assets Net current assets Creditors due in more than one year Provisions 1,905,497 320,569 11,165,656) 148,7001 3,699,528 51,399 5,601,026 371,968 11,165,656) 148,71Jll 1,007,770 3,750,868 4.758,638 Unrestrlrted funds Restrirted lunds 2024 Total funds Group- prior year Tangible fixed assets Net current assets Creditors due in more than one year Provisions 1,498,822 915,089 11,228,538) 155,5LK)I 3,427,526 269,175 4,926,348 1.184.264 11.228.538) 155.5(M)I 1,129.873 3,696,701 4,826,574 26. Charges A first fixed char8e is held by Triodos Bank over the assets of the Group in respect of a mortga8e and loan in place with Krowji Limited for which security ha5 been given. The total amount of borrowings at 31 March 2025 is £1,227.35012024: £1,281,524). 27. Guarantees Creative Kernow Limited has provided a guarantee to Triodos Bank on the legal mortgage taken out by its subsidiary. Krowji Limited. If Krowji Limited were to default on the mortgage repayments, Creative Kernow Limited would be liable to pay the amounts on the sub5idiarfs behalf. Operatlng lease wlth subsldlary Creative Kernow Limited has leased land and property to its subsidiary, Krowji Limited, under a long leasehold agreement in October 2013. The lease is for 99 years. The lease was issued with a lease premium of £500,(XJO to be paid. and annual peppercorn rent.

Creatlve Kernow Llmited Notes to the flnancial ststements lcontinued) For the year ended 31 March 2025 29. Related party transartions Group Sovay Berryman, Trustee of Creative Kernow. received £1.920 in FEAST grant5 and was paid £115 as payment for good and services12024: E2,94011. She also paid £1.485 for rent and electric of a Studio at Krowji. These were all arms length transactions and the grants were given prior to her being appointed as a Trustee. Dr F C Wotton, the company secretary of Krowjl ￿Mited until 31 March 2025, had power of attorney for Krowji Limited during the year for the sole purpose of executing underleases and tenancies of part5 of the property of Krowji Limited. At the balance Sheet date the amount due tolfrom Dr F C Wotton wa5 ÉNII 12024.. £Nill. Mrs E A Harris, key employee of Krowji Limited had power of attorney for Krowji Limited during the year for the sole purpose of executing underleases and tenancies of parts of the property of Krowji Limited. At the balance sheet date the amount due tolfrom Mrs EA Harris was £NII12023: £Nill. A payment of £1,58812024- £nill was made to Vickery Holeman, the employer of Greg Oldrieve, Director of Krowji Limited, in respect of professional service. Charlty Durin8 the year the charity made the following related party transactions- Screen Cornwall CIC is a company which Creative Kernow Limited IC4)% owned until it sold 86% on 9 March 2025 retaining a 14% Shareholding at the year end., At the balance sheet date the amount due from Screen Cornwall Limited was £8,45812024: E8,4581. th 30. Control The group was controlled by the Trustees who are also the Directors throughout the current year. 41

Creative Kernow Limited Notes to the financial ststernents Icontinuedl For the year ended 31 March 2025 31. Charltv Staternent of flnancial actlvities (incorporating Income and expenditure account) 2025 2024 Total General Fund Restrirted Funds Note Income." Donations and legacies Charitable activities Trading activities Other income Investment income 281.589 120.573 45.214 32.625 41.488 309,044 590,633 120,573 45,214 32,625 41,488 1.751,717 73.824 15,500 50,502 Total Income 521,489 309,044 830,533 1,891,543 Expenditure on: Charitable artivities 650,890 347,261 998,151 2,063.543 Total expenditure 650,890 347,261 998.151 2,063,543 Net ineomel (expendlturel for the year Profit 1129,4011 138.2171 1167,6181 1172,CKJOI covenant from trading subsidiary Payment of compensation 33,140 33.140 1575,7001 1575,7001 Net movements in funds 1671,9611 138,217} 1710.1781 1172.0001 Total funds forward brought 1,164,433 89.556 1.186,989 1,42S,989 Totsl Funds carried 492,472 51.399 543.811 1,253.989 fO￿ard 42