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(A COMPANY LIMITED BY GUARANTEE)
FOR THE YEAR ENDED 31 MARCH 2025
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CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
COMPANY INFORMATION
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CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
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1
CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Creative Industries Federation is a not-for-profit organisation. The principal activity of the company is to support the UK's creative industries through its membership body and events programme.
Introduction
About: Creative Industries Federation is part of Creative UK Group. We exist to champion brilliance and support innovation by connecting and empowering creatives, advocating for the sector, and fighting for the opportunity for all to thrive in the creative economy.
Under Creative Industries Federation, we deliver the Membership function of Creative UK – representing world-leading organisations from sectors as diverse as advertising, animation, architecture, broadcasting, crafts, design, digital, education, fashion, games, heritage, museums, music, performing arts, photography, publishing, theatre, TV, visual art and more.
We use the insight and experience of our members, partners and the businesses we work with to help shape relevant government policy and advocate for meaningful social and economic change right across the UK, and have a dedicated EDI strand in our policy work.
Overview
The UK General Election in July 2024 set a new direction for the country, the creative industries, and our organisation. Against a backdrop of political and economic change, Creative Industries Federation focused on growing our membership, our profile and our networks – whilst prioritising our commitment to EDI, and responding flexibly to opportunities and challenges created in a difficult fiscal environment.
In summary, Financial Year 24/25 saw our Policy and Research team continue to strengthen our convening power – developing rich connections within the new UK Labour Government and actively strengthening our engagement across multiple departments in Whitehall.
Our activity this year was wide-reaching, including the launch of our manifesto, the delivery of our pre-election hustings, the organisation of the first ever Cultural and Creative Industries Pavilion at the Labour Party Conference ’24 and the publication of key papers including Unleashing Creativity and Forging Freelance Futures. As such, our status as industry experts has been elevated and strengthened.
The team, meanwhile, have worked hard to grow our membership – with representation now strong across a diverse range of subsectors. Our EDI work progressed, with several campaigns designed to support sectoral development in this key area.
24/25 Impact: Membership, Policy and Research
Creative UK is proud to represent the breadth of the Creative Industries – and in this financial year, our membership grew. We welcomed 107 new members, and as part of our clear objective to be known for championing the creative industries – we are pleased to represent organisations from a wide range of creative subsectors.
An important part of this function is the advocacy work we do with - and for - members. In FY 2024/25, this was best represented by our engagement around the UK General Election, and our positioning with the new UK Government.
In April, we published our Manifesto – Our Creative Future – which outlined the key policy areas we would want any future UK Government to address – from more investment in businesses to better support for creative education. This featured unique insights from a diverse cross section of members.
Page 1
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CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
In the summer, Labour announced that the creative industries would be a priority sector in the soon to be published Industrial Strategy – and some of the recommendations outlined in our Manifesto have now been adopted and incorporated by government. This includes proposals on the future of arts education; reform of apprenticeships; visibility of the challenges facing freelancers and access to finance and investment.
Our engagement with the new UK Government has been energetic and consistent. One of the biggest examples of this was our activity at the Labour Party Conference in September. In partnership with 40 of our members, we launched the first ever UK Cultural and Creative Industries Pavilion – which featured a programme of panels, fireside chats, performances and receptions designed to capture the attention of policymakers and shine a spotlight on the issues that matter to the sector. This activity was successful and resulted in press coverage of 1bn+, alongside engagement from key government representatives.
24/25 Impact: EDI
Creative UK has seen significant growth in our impact and reputation around EDI over the past year. 57% of respondents to our Brand Tracker survey (July 2024) agreed that Creative UK champions diversity and inclusion in the creative economy workforce – and we were pleased that this was one of the highest scoring responses.
In January, we launched a new campaign – Create Diversity. With around 40 case studies, this campaign is a hub of ideas, learning and inspiration that aims to encourage organisations across the creative and cultural sector, of all sizes and types, to embark on or deepen their own equality, diversity and inclusion (EDI) journey.
Separately to this, across the year we have directly engaged with more than 100 organisation and EDI leads from across the creative and cultural sector in raising the profile, impact and understanding of key EDI issues. We continue to work hard to convene the industry, and ensure that the sector continues to value, resource, and prioritise activity in this space despite reductions in EDI activity across the wider economy.
Financial position FY24–25 represents the second year of Creative UK’s current three-year Strategic Growth Plan, approved by the Board in February 2023. As outlined in the plan, reserves were intentionally utilised during Years 1 and 2 to support strategic investments in additional resource and capacity. Looking ahead, FY25–26 marks the final year of the growth plan. Current forecasts indicate a year-end surplus, positioning the organisation to begin replenishing Group reserves. This reflects the success of the investment strategy approved by the Board and marks a positive financial turning point following two years of planned reserve drawdown.
The directors who served during the year were:
C. Norbury
L. Carmona (resigned 14 February 2025)
C. Hinds
L. Turner-Laing (appointed 13 November 2024)
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CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CREATIVE INDUSTRIES FEDERATION
We have audited the financial statements of Creative Industries Federation (the 'Company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis 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 Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.
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CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CREATIVE INDUSTRIES FEDERATION (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
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CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CREATIVE INDUSTRIES FEDERATION (CONTINUED)
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 Auditors' 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 (UK) will always detect 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 taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities
∙We have considered the nature of the industry and sector, control environment, and business performance;
∙We have considered the results of enquiries with management and the directors in relation to their own identification and assessment of the risks of irregularities within the entity; and
∙We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating effectively, in line with documentation.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off.
In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or avoid a material penalty. These included data protection legislation, health and safety regulations, and employment law.
Our procedures to respond to risks identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Enquiring of management in relation to actual and potential claims or litigation;
∙Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Reviewing board meeting minutes;
∙Performing detailed transactional testing in relation to the recognition of revenue with a particular focus around the year-end cut off;
∙Performing walkthroughs to understand management's control environment; and
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.
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CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CREATIVE INDUSTRIES FEDERATION (CONTINUED)
We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.
As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in the financial statements or non-compliance with regulation, will be detected by us. This risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one off error, as this may involve intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as 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 Company's members those matters we are required to state to them in an Auditors' 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
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CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
Page 9
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CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
REGISTERED NUMBER:08793599
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 19 form part of these financial statements.
Page 10
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CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
Page 11
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CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Creative Industries Federation is a private company, incorporated in England and Wales. The registered office is Tomorrow Building 130 Broadway, Suite 7, 2nd Floor, MediaCityUk, Salford, England, M50 2AB.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
FY24-25 represents the second year of Creative UK's current three-year Strategic Growth Plan, approved by the Board in February 2023. As outlined in the plan, reserves were intentionally utilised during Years 1 and 2 to support strategic investments in additional resources and capacity.
Looking ahead, FY25-26 marks the final year of the growth plan. Current forecasts indicate a year-end surplus, poisitioning the organisation to begin replenishing Group reserves. This reflects the success of the investment strategy approved by the Board and marks a positive financial turning point following two years of planned reserve drawdown.
Page 12
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CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amouts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The directors have reviewed the asset lives and associated residual values of all fixed asset classes and have concluded that asset lives and residual values are appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors, such as technological innovation, product life cycles and maintenance programmes.
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CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 15
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CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 16
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CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 17
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CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
Page 18
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CREATIVE INDUSTRIES FEDERATION
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company contributes to a Group Personal Pension Plan. The pension charge for the year amounted to £19,818 (2024: £16,497). At 31 March 2025, there were contributions outstanding of £2,143 (2024: £2,386).
The ultimate controlling party undertaking is
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