**3 1 M A R C H 2 0 2 4**
## **T R U S T E E S ’ R E P O R T & U N A U D I T E D A C C O U N T S**
CHARITY NO. 1052704 COMPANY NO. 03294827
## **Company No. 03294827 Charity No. 1052704**
## **Registered Office**
Bon Marché Business Centre 241-251 Ferndale Road
London
SW9 8BJ
## **Directors and Trustees**
The Directors of the charitable company are its Trustees for the purposes of charity law.
The following Directors and Trustees served during the year:
- R. Carayol (Chair) appointed 1st September 2024)
- S. Sawyerr (Vice Chair)
- M. Claridge (resigned 15th April 2023)
- S. Ghosh (appointed 1st August 2024)
- L. Haughton
- M. Scarlett
- R. Slack (Treasurer)
- N. Best-Forbes
- A. Strachan
- T. Cook (appointed 18 October 2023)
- N. Boyd-Vaughan (Chair) (resigned 1st September 2024)
## **Independent Examiner**
Tom Wilcox
Counterculture Partnership LLP, Bank Chambers, Main Street Hawes, North Yorkshire DL8 3QL
www.pegasusoperacompany.org
## **Pegasus Opera Company**
##
Director’s Report **4** Pegasus Objectives and Activities **5** Significant Activities **6** Financial Review **9** Plans for future period **10** Structure, Governance and Management **11**
Statement of Trustee’s responsibility **12** Notes to the Financial Statements
**13**
**4**
## **DIRECTORS’ REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2024**
The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006 present their report with the unaudited financial statements of the charity for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice – Accounting and Reporting by Charities (SORP (FRS102), second edition issued in January 2019)”.
## **Memorandum and Articles**
The Trustees confirm that they complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the Charities Commission general guidance on public benefit “Charities and Public Benefit”. We have referred to the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our activities. In particular the trustees have considered how planned activities will contribute to the aims and objectives they have set. The objects of the charity, as set out in Pegasus Opera Company’s memorandum and articles of association, are:
The advancement of the arts, education and community development, for the public benefit, in particular, but not exclusively, by:
(a) the promotion of multicultural opera and musical drama; (b) the provision of performance opportunities to artists of diverse backgrounds;
(c) the promotion of artists of global majority heritage in the UK to opera and musical drama producers;
(d) the promotion of opera and music to young people in underserved communities; and
(e) the promotion of opera and musical education to members of culturally diverse communities of all ages.
**5**
## **OBJECTIVES AND ACTIVITIES**
Pegasus Opera Company has at its core a mission of promoting Harmony in Diversity - our organisation’s credo - indicating our belief that opera is for everyone, no matter their background.
Particularly important to our mission is the promotion of classical artists, composers and creatives of Global majority and other underrepresented ethnicities.
## **Our Three Core Pillars**
## **Artistic Programme**
We create innovative, inclusive and excellent contemporary opera and concerts for diverse audiences.
The organisation seeks to demystify opera by making it accessible to as wide an audience as possible, and actively involving a cross-section of the community. This includes programming an accessible range of works and touring to a variety of venues with the aim of reaching underserved communities.
## **Talent Development**
We support aspiring and emerging classical artists and support them with one-to-one mentoring with established professionals and masterclasses with trailblazing opera legends.
Pegasus creates opportunities for emerging singers from all backgrounds to develop and perform in high quality and innovative opera productions.
Pegasus Opera Company looks to commission and perform new works, and we collaborate with other arts organisations in order to develop initiatives in interdisciplinary activities.
## **Learning and Participation**
Our life changing education and outreach programmes work with children, young people, adults and elders delivering workshops, choirs and music mentoring programmes.
The company’s community and education programme develops new audiences through workshops and outreach programmes.
Pegasus are trailblazers for diversity and are agents for change in influencing ecosystem of opera in the United Kingdom.
**6**
## **SIGNIFICANT ACTIVITIES IN 23/24**
## **Windrush 75 Celebrations**
In June 2023, we proudly launched the Our Legacy and Hope: Windrush Anniversary Concert Series, an inspiring initiative that brought together diverse, intergenerational communities across London and Bedford to celebrate the profound legacy of the Windrush generation in celebration of the 75th Anniversary. Over four dynamic concerts, including a vibrant Opera Flash Mob during the Lambeth Procession festival we united professional artists, amateur performers, and community audiences in a heartfelt celebration of Caribbean musical heritage. This series not only showcased the artistic contributions of the Windrush generation but also deepened understanding of their historical significance through educational narratives and engaging performances. Audiences enjoyed an array of musical genres, from gospel to opera, featuring works by composers of Afro-Caribbean heritage and excerpts from the newly commissioned Windrush Opera.
Our collaborative approach fostered community cohesion, bridging social and generational divides, while empowering young talents from local schools through the Windrush Travelling Songbook programme. With a focus on accessibility and inclusivity, we reached over 1,000 attendees, enhancing pride in the rich contributions of Caribbean communities to the UK. The concert series not only provided a platform for artistic expression but also aimed to inspire a new generation of leaders, leaving a lasting positive impact on community well-being. Through our dedicated team and valued partnerships, we are committed to continuing this important work, celebrating the Windrush legacy and the shared identity that binds us all.
This programme was supported by the Windrush Day Grant and The Brixton Project.
**7**
## **Ruth and Six of Calais Opera Double Bill**
In April 2023, we performed to rave reviews an opera double bill, Ruth, based on the biblical story of Ruth, a central figure in the Bible who embodies resilience, loyalty and empowerment, making her a powerful symbol of strong female identity. We performed this alongside the opera Six of Calais which refers to a poignant historical episode where six leaders from Calais, France offer themselves as hostages to King Edward III of England to save the city from siege. The themes of the piece are sacrifice, loyalty and struggle between duty and survival. These themes link both operas.
‘Ruth canters and soars majestically and it is soprano Alison Buchanan in the titular role, however, who turns the piece from good to transcendent’ Last minute theatre, Mary Beer, April 2024
‘Because of high prices and a kind of ingrained elitist outlook, opera is not always open to a wider public. But here Pegasus have found a niche – a very welcome niche – of high-quality, accessible operas that are affordable, engrossing and thoroughly entertaining.’ London Theatre1 Peter Yates, April 2024
Last year, Pegasus Opera was given a vote of confidence by the Arts Council when it was declared a National Portfolio Organisation for Arts Council England. For three decades, the South London-based company has stayed true to its mission of high-quality performances for under-served communities, while providing opportunities for artists of African and Asian heritage. I am eager to see what it does next. The Stage, Inge Kjemtrup, April 2024
## **Opera Mentoring Programme**
We supported eight emerging and aspiring opera singers from Global Majority heritage on a year long mentoring programme in partnership with Glyndebourne. Pegasus Opera mentees have access to one-to-one opera mentoring on vocal technique and performance skills by established classical singers such as **Maureen Brathwaite and Ronald Samm** . Following this, we programmed two masterclasses, one with our Artistic Director **Alison Buchanan** and the second with award winning soprano **Danielle de Niese** . This programme was supported by the D’oyly Carte Charitable Trust and Glyndebourne.
**8**
## **Lift Up Lambeth Voices**
This programme supports 8 young people from disadvantaged backgrounds aged 16-30 who may never have considered opera but have a strong dramatic solo voice. We identify singers through our local Lambeth networks and provide performance opportunities and mentoring to give them a first experience as an opera singer. This programme culminates in a performance shared with the public and industry professionals. This programme is supported over 3 years by the Walcot Foundation.
## **Music Mentoring Programme**
This programme for secondary schools enables young people from Lambeth to access high quality music activities outside of school time, whilst working with a mentor to achieve their personal, social and academic goals. This programme was supported by the Greater London Authority.
## **Pegasus Community Choir**
The Community Choir performed in three concerts in the year. It had a regular attendance of up to 30 people, many of whom are based in Lambeth. The Choir welcomes opportunities to work with all members of the community, running singing and music activities to develop positive health, wellbeing and community cohesion, with 85% of our participants of global majority heritage. We successfully moved to an innovative hybrid inclusion model so participants can choose to join us in person or continue online. Through this bimodal approach, we are able to welcome participants from across the globe.
## **Make them Hear You Programme, Bedford**
This programme is designed to address the lack of diverse representation in classical music education in Primary and Secondary schools. This programme is accessible for non-music teachers, thereby helping to build their confidence in this subject. Teachers will become agents of change for the nationwide movement of decolonising the music curriculum.We will be working with 180 children and 6 teachers per year over 3 years. This programme is supported over 3 years by the Paul Hamlyn Foundation.
**9**
## **FINANCIAL REVIEW**
## **Principal Funding Sources**
The main funding of the charity during the year was from Arts Council England, Paul Hamlyn Foundation and the Heritage Lottery Fund We also received funds from Hagemann & Rosenthal associates to produce the double-bill opera production this year.
Income for 23/24 786,639 (22/23 £460,570) and expenditure for 23/24 £509,390 (22/23 is £337,056) The year end funds balance for 23/24 £600,286 (22/23 is 323,037)
## **Reserves Policy**
The Trustees have established the level of reserves the charity ought to have. Reserves are defined as unrestricted funds not designated for specific use. The minimum level is set at three months’ operating expenditure available at any time during the year. Reserves are needed to bridge any gap arising from the seasonal nature of incoming resources versus the more even expenditure throughout the year. They are also needed to cover emergency or unexpected costs or other unplanned or unexpected but required expenditure.
Finally, and significantly, they are required to ensure that sufficient cash flow in the charity if there is a significant drop in funding. This last criterion is so that the charity’s current activities can be maintained, whilst consideration is given to ways in which to address the nature of and solution to the ongoing funding situation. It is prudent to gradually increase the level of actual reserves over time, so that there are sufficient cash flows. Our level of free reserves is £75,000 in 23/24 to extend our operations in line with meeting our new activity plan. This will be achieved by enhancing and continuing cost control, as well as maintaining the existing discipline regarding granting and related monies, and prudently investing available funds as they arise.
Pegasus Opera will set aside £167,369 of designated funds for activities including: Taking productions on tour across the UK to increase audience development in 25/26 Support the development of Pegasus Talent in 24/25
- Support Development work of new opera commissions in 25/26
## **Investment Policy**
The Trustees intend to apply all funds that they raise to the principal aims and activities of the Company. The Trustees’ policy is to invest any surplus funds on bank deposit accounts to maximise the income but with no risk to capital.
**10**
## **PLANS FOR FUTURE PERIOD**
Pegasus Opera Company is thrilled to be selected as one of the new Arts Council England (ACE) National Portfolio Organisations (NPO).
Pegasus has expanded its staff by creating a Fundraising and Development Lead, a Programme and Marketing Coordinator and Talent Director. Through this investment in staff we are looking to develop our three pillars nationwide.
## 1. Artistic Programme
2. Talent Development
3. Learning and Participation
Pegasus Opera Company will be focusing on diversifying income streams and forging partnerships with collaborators to tour Windrush Opera in 2028.
Pegasus Opera will continue producing our education and outreach programmes and we are already making great strides to deliver work outside of London.
Pegasus Talent represents classical singers from Global Majority heritage for casting, corporate and other events, with Pegasus Talent taking a percentage commission fee for services. We now have 23 artists on our talent roster who have worked for all the major opera houses across the UK. We have established new partnerships across the UK with theatre venues, libraries, music services and museums.
We plan to grow our board of trustees by identifying individuals who can raise the profile of our organisation and contribute key skills such as business development, legal and HR.
Pegasus Opera Company has worked tirelessly to challenge the perceptions of opera in underrepresented communities and showcase talent from diverse backgrounds. Our company credo ‘Harmony in Diversity’ demonstrates our core aim, that opera stages should be representative of the multicultural society in which we live, and that everybody should have the opportunity to experience and perform opera, no matter their background. Through this support we will be able to expand our artistic, talent development and learning and participation work across the nation, enabling us to inspire many more people through our work.
**11**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The charity is a charitable company limited by guarantee and established under its Memorandum and Articles of Association updated on 14th January 2021 which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up every member of the charity undertakes to contribute such an amount as may be required (not exceeding £10).
The company’s directors are also a charity trustee for the purposes of charity law.
## **Organisational Structure**
Pegasus Opera Company has an Artistic Director, Executive Director, Talent Director, Learning and Participation Manager, Producer, Artist Manager, Fundraising and Development Lead, Marketing and Programmes Coordinator and Bookkeeper. Prospective trustees are subject to a board recruitment process, whereby they complete a skills audit and attend an initial meeting with the Chair or Vice Chair. If their skills are identified as adding value to the organisation, then they will be invited to meet the board and their appointment ratified by vote. The Board meets on a quarterly basis, with additional meetings as required. There are several smaller advisory committees which meet on a more regular basis, which include; Artistic Planning, HR and Remuneration, Development and Fundraising, and the Finance Committee, which oversees the annual reporting of accounts. These committees do not currently have devolved powers and report to the Board.
## **Risk Management**
The trustees have a risk management strategy that is reviewed every three months. The Board has an annual away day, at which it reviews the risks of the charity and the system and procedures to mitigate those risks. In our Pegasus action plan we have identified three key areas on which we continue to work:
1. Strengthening compliance
2. Developing clarity and definition
3. Building organisational excellence
We also have a risk register outlined in our business plan which identifies risk levels for the organisation and covers areas such as governance, operations, finance, external and legal issues. The risk register highlights how to mitigate these risks and ensures the long-term sustainability of the organisation.
**12**
## **STATEMENT OF TRUSTEES’ RESPONSBILITY**
The trustees, who are also the directors of Pegasus Opera Company for the purpose of company law, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select the most suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on a going concern basis unless it is not appropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Signed on behalf of the board:
René Carayol Chair of the Board Date: 1st November 2024
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6/11/24
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René Carayol Chair of the Board Date: 1st November 2024
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## **Pegasus Opera Company Ltd.**
## **Cashflow Statement For the period ended 31 March 2024**
|**Cash flow from operating activities**
Cash generated from operations
Dividends, interest and rent from investments
Purchase of tangible assets
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
**Cash generated from operations**
Net movement in funds
Adjustments for:
Depreciation and amortisation of fixed assets
Dividends, interest and rent from investments
Movement in working capital
(Increase)/decrease in debtors
Increase/(Decrease) in creditors
**Cash generated from operations**|261,917
-
-
-
261,917
523,336
785,253
277,249
-
-
(17,511)
2,179
261,917
**2024**|240,093
-
-
-
-
240,093
283,243
523,336
123,514
-
-
22,826
93,753
240,093
**2023**|240,093
-
-
-
-
240,093
283,243
523,336
123,514
-
-
22,826
93,753
240,093
**2023**|
|---|---|---|---|
||||240,093
283,243|
||||523,336|
||||123,514
-
-
22,826
93,753|
||||240,093|
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