**3 1** 

**M A R C H 2 0 2 6** 

## **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** 

**PEGASUS OPERA COMPANY LTD. CHARITY NO. 1052704 COMPANY NO. 03294827** 



## **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: 

- S. Sawyerr (Chair) 

- S. Ghosh (Vice Chair) 

- R. Slack (Treasurer) 

- L. Haughton 

- N. Best-Forbes 

- A. Strachan 

- T. Cook 

- K. Charles (appointed 25 th September 2025) 

- C. Fish (appointed 4 th September 2025) 

- S. Nakra (appointed 3 rd September 2025) 

## **Independent Examiner** 

Counterculture Partnership LLP 23 St Leonards Road Bexhill East Sussex TN40 1HH 



**Pegasus Opera Company** 

www.pegasusoperacompany.org 

## 

Trustees’ annual report including director’s report **4** Pegasus Objectives and Activities **5** Significant Activities **6** Financial Review **10** Structure, Governance and Management **12** Statement of Trustee’s responsibility **13** From the chair of Pegasus Opera 

**14** 



**4** 


## **TRUSTEES’ ANNUAL REPORT INCLUDING DIRECTOR’S REPORT** 

## **FOR THE YEAR ENDED 31 MARCH 2026** 

Pegasus Opera Company has at its core 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 Arts Council National Portfolio Organisation status acknowledges our leadership role within the sector, creating best practice in promoting artists of global majority heritage, and making opera accessible to wider audiences. Artistic Director and acclaimed soprano, Alison Buchanan, the only Black female Artistic Director of an opera company in the UK and Europe, leads a skilled team, supported by an experienced, diverse Board. 

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 2026. 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** 

The 2025–26 financial year represents one of the most significant and successful periods in Pegasus Opera Company's history. Across artistic programming, talent development and learning and participation, the organisation has demonstrated unprecedented growth in reach, strengthened its national profile and deepened its impact on artists, audiences and communities. Now in our 30th year, Pegasus has championed artists of global majority heritage, challenged assumptions about who opera is for and created opportunities for communities often underserved by the opera sector. This year saw those ambitions realised on a larger scale than ever before. 

## **Our Three Core Pillars** 

## **Artistic Programme** 

We create innovative, inclusive and contemporary opera and concerts for diverse audiences. 

During 2025/26, Pegasus Opera Company reached more people than ever before, bringing world-class opera out of traditional venues and into the heart of communities across London. Hundreds gathered on the lawn of Brockwell Park for the vibrant Brixton Opera Gala, while our Legacy & Hope concerts at Clapham Library and St Stephen's Church, Tooting celebrated Caribbean and South Asian music, community voices and emerging artists through powerful live performance. We produced our critically-acclaimed opera double bill, Opera Royale, and welcomed our largestever audience, demonstrating a growing appetite for diverse, high quality opera experiences. 

## **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. 12 exceptional artists were selected to take part. Pegasus Talent Agency roster grew to 29 singers with performers securing work at all the major UK opera companies 

## **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. 

Pegasus also played a key role in the Caribbean Takeover at the National Maritime Museum, Greenwich, placing opera at the centre of a major cultural celebration and engaging new audiences with Black British history and heritage. 






**6** 


## **SIGNIFICANT ACTIVITIES IN 25/26** 

Pegasus maintained its commitment to artistic excellence, with 100% of the audience surveyed in 25/26 rating the quality of work as good or very good and 71% reporting that their experience inspired them to attend more arts events in the future showing the far reaching influence of Pegasus on the UK arts landscape. 

The year was also marked by growing international recognition. Pegasus Opera Company was named a finalist in the International Opera Awards 2025, a significant acknowledgement of the company's contribution to the opera sector and its leadership in championing diversity, inclusion and artistic excellence. Critical acclaim continued throughout the year, with national publications such as Opera Now and The Stage recognising Pegasus as a company "going from strength to strength" and praising its role in breaking down barriers to participation and access. 

“From nurturing teenage talent in Brixton to forging trailblazing partnerships with Glyndebourne, Pegasus Opera Company has spent three decades championing artists of global-majority heritage, transforming lives and reshaping what opera can mean for its community.” **Opera Now, 2025** 

This year our total audiences across all our strands doubled from 6,000 to 12,000 people whilst delivering 46% more events demonstrating the company's growing reach, profile, and organisational capacity. 

At the same time, Pegasus has expanded its work into Bristol, Luton, Croydon, Wandsworth, Greenwich, Bexhill and Bedford, bringing opera, creativity and community engagement to new audiences across the country. 

This year we have supported emerging singers from global majority heritage through masterclasses with award-winning soprano Danielle de Niese and Sir Roderick Williams OBE, we have introduced babies and young families to opera for the first time and brought older community members from Caribbean heritage together through a new community choir. Pegasus continued to demonstrate the power of opera to connect people, tell stories and transform lives. 





**7** 


## **SIGNIFICANT ACTIVITIES IN 25/26** 

## **Artistic Programming** 

Throughout 2025–26, Pegasus delivered an ambitious programme of performances that combined artistic excellence with cultural relevance. Productions were characterised by high-quality artistic standards, innovative storytelling and a commitment to presenting work that reflected the breadth and diversity of contemporary Britain. 

The company's acclaimed double bill of Fête Galante by Smyth and The Dark Lady of the Sonnets by Hagemann exemplified this approach. Audiences described the productions as accessible, engaging and artistically outstanding, while national critics praised the company's imaginative programming and high production standards. Audience feedback demonstrated that Pegasus is successfully introducing new audiences to opera, with many attendees reporting that the experience had changed their perceptions of the art form. 

The organisation's artistic programme continued to provide opportunities for artists from global majority backgrounds at every stage of their careers. More than 50 singers from global majority heritages were engaged across the year, reinforcing Pegasus' position as one of the most important talent development organisations within the UK opera sector. 

## **Talent Development** 

Talent development remains central to Pegasus' mission and impact. The company continued to nurture emerging and established artists through mentoring, performance opportunities, professional development and industry partnerships with high profile organisations such as National Opera Studio and Glyndebourne. 

By creating meaningful pathways into the profession and supporting artists throughout their careers, Pegasus is helping to reshape the future workforce of opera in the United Kingdom. The organisation's long-standing commitment to representation and opportunity has never been more important, and this year demonstrated the continuing demand for programmes that support artists whose talent has historically been overlooked by the sector. 





**8** 


## **SIGNIFICANT ACTIVITIES IN 25/26** 

## **Learning and Participation** 

Learning and participation activity experienced exceptional growth during 2025–26. The company delivered over 200 sessions, workshops and performances across 70 different events, reaching more than 7,100 participants. 

Particularly significant was the engagement of more than 4,000 children and young people, representing substantial growth of 63% on the previous year. These programmes, which included Make them Hear you and Lift up London Voices, supported young people being introduced to opera for the first time and working with schools to diversify the music curriculum. 

The success of this work demonstrates the power of long-term community engagement. Pegasus continues to build meaningful relationships with schools, young people, families and community groups, ensuring that opera remains relevant, accessible and inspiring for audiences of all ages. 

## **Audience Impact** 

The organisation's commitment to collecting and analysing audience data has provided valuable evidence of impact and growth. More than half of audience members surveyed in 25/26 were attending a Pegasus event for the first time, demonstrating the company's continuing success in reaching new audiences. 

Audience diversity remains a defining strength. Across the year, 36% of surveyed audiences identified as being from global majority communities, significantly exceeding sector averages and reinforcing Pegasus' role as a leader in audience inclusion. 





**9** 

## **Looking Ahead** 

The achievements of 2025–26 provide a strong platform for the future. Increased audience reach, growing national recognition, stronger evaluation systems and continued artistic excellence demonstrate that Pegasus Opera Company is operating with confidence, ambition and purpose. 

As we look ahead, we do so from a position of strength: recognised nationally, valued by local communities, trusted by partners and increasingly influential within the cultural sector. 




**10** 


## **FINANCIAL REVIEW** 

The charity's total income for the year ended 31 March 2026 was £982,007 (2025: £603,342), with total expenditure of £729,969 (2025: £658,326), resulting in a net surplus of £252,038 (2025: net deficit of £54,984). 

At 31 March 2026, the charity held total funds of £797,340 (2025: £545,302), comprising £757,185 in unrestricted and designated funds designated by the Trustees for future strategic purposes, and £40,155 in restricted funds to be applied in accordance with funders' requirements in 26/27. 

The Trustees have designated a significant proportion of the charity's unrestricted funds to support future strategic priorities. Approximately half of the unrestricted reserves have been allocated towards the development and delivery of a major new opera planned for 2028. The remaining designated funds are intended to support future opera commissions, audience development initiatives and organisational development. These designated reserves reflect the long lead-in times associated with commissioning, fundraising and producing large-scale opera, and ensure that the charity has the financial resilience to deliver its charitable objectives over multiple years. 

The Trustees consider the level of unrestricted reserves to provide an appropriate level of financial resilience, enabling the charity to meet its ongoing commitments, manage cash flow effectively and support the delivery of its charitable objectives, while maintaining sufficient flexibility to respond to future opportunities and risks. The balance sheet also includes deferred income of £294,722, representing funding received in advance for concerts, productions and programmes to be delivered in future accounting periods. This reflects the timing of grant income and programme delivery and provides a secure financial foundation for planned activity in the forthcoming year. 




**11** 


## **FINANCIAL REVIEW** 

## **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. Our unrestricted reserves remain healthy. 

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 £219,620 on 25/26 to extend our operations in line with meeting our ambitious 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 £173,331 designated funds for activities including: 

- Taking productions on tour across the UK to increase audience development in 26/27 Support the development of Pegasus Talent in 26/27 

- Support Development work of new opera commissions in 27/28 

The remainder of the designated funds will be committed to ensure that Windrush Opera can deliver a nationwide tour in 2028. 

## **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. 





**12** 


## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

The charity is a charitable company limited by guarantee and established under its Memorandum and Articles of Association updated on 11 December 2019 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, Development Associates, Talent and Programmes Manager, Administration and Marketing Officer 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.  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. We also have a risk register outlined in our business plan which is reviewed quarterly by the board and 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. 



**13** 


## **STATEMENT OF RESPONSIBILITY** 

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. 

. 




**14** 


## **FROM THE CHAIR OF PEGASUS OPERA** 

It gives me enormous pleasure to add a postscript to this report. It is a privilege to be the Chair of Pegasus Opera Company at this pivotal moment in our history. To remind ourselves of our founder Lloyd Newton’s mission of harmony in diversity which is being increasingly realised through the creativity, innovation and excellence of all those within the family which is Pegasus Opera Company. 

We are very proud of the breadth and variety of our repertoire which has captured the imaginations of a new wave of opera goers. We celebrate our learning and participation work across the many strands which inspire both young and old; inviting new audiences and strengthening our community base of friends, artists and practitioners. 

As we look to the future we embrace the challenges that lie ahead. These include the completion and production of our first commissioned work Windrush, our next NPO application, securing new funding streams and the opportunity to tour our work nationally and internationally. 

Pegasus also wants to move towards a clearer long-term artistic strategy commissioning work from Global Majority composers, building audiences from the bottom up and expanding its staffing to cope with the many opportunities that present themselves. 

I would like to take this opportunity to thank our team of highly talented and committed staff, our trustees, patrons and many friends and benefactors who share our vision. 

Thank you, 


Sarah Sawyerr Chair of the Board Date: 29th July 2026 




Company registration number: 03294827 Charity registration number: 1052704 

**PEGASUS OPERA COMPANY LTD TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026** 

15 



## **Pegasus Opera Company Ltd Contents** 

||**Page**|
|---|---|
|Independent Examiner's Report|17|
|Statement of Financial Activities (including Income and Expenditure Account)|18|
|Comparative Statement of Financial Activities (including Income and Expenditure Account)|19|
|Statement of Financial Position|20|
|Statement of Cash Flows|21|
|Notes to the Statement of Cash Flows|22|
|Notes to the Financial Statements|23—30|



16 



## **Pegasus Opera Company Ltd Independent Examiner's Report to the Trustees of Pegasus Opera Company Ltd For The Year Ended 31 March 2026** 

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2026. 

## **Responsibilities and Basis of Report** 

As the charity trustees of the Company (and also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”). 

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. 

## **Independent Examiner's Statement** 

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 

1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or 

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 


Caroline Clarke ACA Date 29th July 2026 Counterculture Partnership LLP 23 St Leonards Road Bexhill East Sussex TN40 1HH 

17 



## **Pegasus Opera Company Ltd Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 March 2026** 

|**Notes**<br>**INCOME AND ENDOWMENTS FROM:**<br>Donations and legacies<br>**3**<br>Charitable activities:<br>Arts, Community and Education<br>Pegasus Talent<br>Other trading activities<br>**4**<br>Investments<br>**5**<br>Other<br>**6**<br>**EXPENDITURE ON:**<br>Raising funds<br>**7**<br>Charitable activities:<br>**7**<br>Arts, Community and Education<br>Pegasus Talent<br>Support costs<br>**NET INCOME/(EXPENDITURE)**<br>**NET MOVEMENT IN FUNDS**<br>**RECONCILIATION OF FUNDS:**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**<br>**16**|**Unrestricted**<br>**funds**<br>**£**<br>207,346<br>355,375<br>8,907<br>10,328<br>16,102<br>59,008|**Restricted**<br>**funds**<br>**£**<br>320,500<br>4,441<br>-<br>-<br>-<br>-|**2026**<br>**Total**<br>**funds**<br>**£**<br>527,846<br>359,816<br>8,907<br>10,328<br>16,102<br>59,008|**2025**<br>**Total**<br>**funds**<br>**£**<br>308,711<br>261,594<br>6,346<br>7,471<br>13,533<br>5,687|
|---|---|---|---|---|
||657,066|324,941|982,007|603,342|
||(40,000)<br>(39,855)<br>-<br>(275,812)|-<br>(374,302)<br>-<br>-|(40,000)<br>(414,157)<br>-<br>(275,812)|(40,181)<br>(464,900)<br>(3,454)<br>(149,791)|
||(355,667)|(374,302)|(729,969)|(658,326)|
||301,399|(49,361)|252,038|(54,984)|
||301,399<br>455,786|(49,361)<br>89,516|252,038<br>545,302|(54,984)<br>600,286|
||757,185|40,155|797,340|545,302|



The notes on pages 23 to 30 form part of these financial statements. 

18 



## **Pegasus Opera Company Ltd Comparative Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 March 2026** 

|**Notes**<br>**INCOME AND ENDOWMENTS FROM:**<br>Donations and legacies<br>**3**<br>Charitable activities:<br>Arts, Community and Education<br>Pegasus Talent<br>Other trading activities<br>**4**<br>Investments<br>**5**<br>Other<br>**6**<br>**EXPENDITURE ON:**<br>Raising funds<br>**7**<br>Charitable activities:<br>**7**<br>Arts, Community and Education<br>Pegasus Talent<br>Support costs<br>**16**<br>**NET EXPENDITURE**<br>**NET MOVEMENT IN FUNDS**<br>**RECONCILIATION OF FUNDS:**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**<br>**funds**<br>**£**<br>209,983<br>261,594<br>6,346<br>7,471<br>13,533<br>5,687|**Restricted**<br>**funds**<br>**£**<br>98,728<br>-<br>-<br>-<br>-<br>-|**2025**<br>**Total**<br>**funds**<br>**£**<br>308,711<br>261,594<br>6,346<br>7,471<br>13,533<br>5,687|
|---|---|---|---|
||504,614|98,728|603,342|
||(40,181)<br>(255,904)<br>(3,454)<br>(149,791)|-<br>(208,996)<br>-<br>-|(40,181)<br>(464,900)<br>(3,454)<br>(149,791)|
||(449,330)|(208,996)|(658,326)|
||55,284|(110,268)|(54,984)|
||55,284<br>400,502|(110,268)<br>199,784|(54,984)<br>600,286|
||455,786|89,516|545,302|



The notes on pages 23 to 30 form part of these financial statements. 

19 



## **Pegasus Opera Company Ltd Statement of Financial Position As At 31 March 2026** 

|**Notes**<br>**CURRENT ASSETS**<br>Debtors<br>**12**<br>Cash at bank and in hand<br>**Creditors: Amounts Falling Due Within One Year**<br>**13**<br>**NET CURRENT ASSETS (LIABILITIES)**<br>**TOTAL ASSETS LESS CURRENT LIABILITIES**<br>**NET ASSETS**<br>**FUNDS OF THE CHARITY**<br>Restricted Funds<br>Unrestricted Funds<br>**TOTAL FUNDS**<br>**16**|**Unrestricted**<br>**funds**<br>**£**<br>4,347<br>812,876|**Restricted**<br>**funds**<br>**£**<br>-<br>89,516|**2026**<br>**Total**<br>**funds**<br>**£**<br>4,347<br>853,031|**2025**<br>**Total**<br>**funds**<br>**£**<br>35,089<br>645,759|
|---|---|---|---|---|
||817,223<br>(60,038)|89,516<br>(49,361)|857,378<br>(60,038)|680,848<br>(135,546)|
||757,185|40,155|797,340|545,302|
||757,185|40,155|797,340|545,302|
||757,185|40,155|797,340|545,302|
||||40,155<br>757,185|89,516<br>455,786|
||||797,340|545,302|



On behalf of the board 


Sarah Sawyerr Chair of Trustees for Pegasus Opera Company 

29/07/2026 

The notes on pages 23 to 30 form part of these financial statements. 

20 



## **Pegasus Opera Company Ltd Statement of Cash Flows For The Year Ended 31 March 2026** 

|**Notes**<br>**Cash flows from operating activities**<br>Net cash generated from/(used in) operations<br>**1**<br>Net cash generated from/(used in) operating activities<br>**Cash flows from investing activities**<br>Interest received<br>Increase/(decrease) in cash and cash equivalents<br>Cash and cash equivalents at beginning of year<br>**2**<br>Cash and cash equivalents at end of year<br>**2**|**2026**<br>**£**<br>191,170<br>191,170<br>16,102<br>207,272<br>645,759<br>853,031|**2025**<br>**£**<br>(139,494)|
|---|---|---|
|||(139,494)|
|||13,533|
||||
|||(125,961)<br>-|
|||(125,961)|



21 



## **Pegasus Opera Company Ltd Notes to the Statement of Cash Flows For The Year Ended 31 March 2026** 

## 1. **Reconciliation of income/(expenditure) to cash generated from/(used in) operations** 

|Net income/(expenditure)<br>_Adjustments for:_<br>Interest income<br>_Movements in working capital:_<br>Decrease in trade and other debtors<br>Decrease in trade and other creditors<br>Net cash generated from/(used in) operations|**2026**<br>**£**<br>252,038<br>(16,102)<br>30,742<br>(75,508)<br>191,170|**2025**<br>**£**<br>(54,984)<br>-<br>23,077<br>(107,587)|
|---|---|---|
|||(139,494)|



## 2. **Cash and cash equivalents** 

|2.<br>**Cash and cash equivalents**|2.<br>**Cash and cash equivalents**|2.<br>**Cash and cash equivalents**|||
|---|---|---|---|---|
|Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following|||items in the Balance Sheet:||
||||**2026**|**2025**|
||||**£**|**£**|
|Cash at bank and in hand|||853,031|645,759|
|3.|**Analysis of changes in net funds**||||
|||**As at 1 April**|**Cash flows**|**As at 31**|
|||**2025**||**March 2026**|
|||**£**|**£**|**£**|
|Cash at bank and in hand||645,759|207,272|853,031|



22 



**Pegasus Opera Company Ltd Notes to the Financial Statements For The Year Ended 31 March 2026** 

## 1. **General Information** 

Pegasus Opera Company Ltd is a company limited by guarantee, incorporated in England & Wales, registered number 03294827 and registered charity number 1052704. The registered office is . 

## 2. **Accounting Policies** 

## 2.1. **Basis of Preparation of Financial Statements** 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "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 (FRS 102) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. 

The charitable company is a Public Benefit Entity as defined by FRS 102. 

## 2.2. **Fund Accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

Designated funds comprise unrestricted funds that have been set aside by the trustees for a specific purpose. 

Restricted funds are to be used for specific purposes as laid down by the donor. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

## 2.3. **Incoming Resources** 

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: 

- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. Grants of a general nature that are not conditional on delivering certain levels of service are included in donations and legacies. 

- income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. 

- cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 

## 2.4. **Resources Expended** 

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for its expenditure. All costs have been directly attributed or proportionally charged to the functional categories of resources expended in the SOFA. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates. 

Expenditure on charitable activities comprises the costs of artistic activities. These costs are classified as direct charitable expenses. 

Governance costs comprise costs related to the governance of the charity, to allow it to operate and to generate information for public accountability. Direct costs will include independent examination fees, legal advice and costs of trustees' meetings. 

All remaining costs are classified as support costs. Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office and admin costs and supporting marketing costs which are allocated in accordance with budgeted allocations of the relevant expenses to the charitable activity concerned in accordance with funding applications submitted. 

23 



## **Pegasus Opera Company Ltd Notes to the Financial Statements (continued) For The Year Ended 31 March 2026** 

## 2.5. **Cash and Cash Equivalents** 

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts. 

## 2.6. **Taxation** 

The charity is exempt from tax as all its income is charitable and applied for charitable purposes. 

## 3. **Income from Donations and Legacies** 

|Donations and gifts<br>Grants<br>Donations and gifts<br>Grants|**Unrestricted**<br>**funds**<br>**£**<br>4,126<br>203,220|**Restricted**<br>**funds**<br>**£**<br>-<br>320,500|**2026**<br>**Total**<br>**funds**<br>**£**<br>4,126<br>523,720|
|---|---|---|---|
||207,346|320,500|527,846|
||**Unrestricted**<br>**funds**<br>**£**<br>3,733<br>206,250|**Restricted**<br>**funds**<br>**£**<br>-<br>98,728|**2025**<br>**Total**<br>**funds**<br>**£**<br>3,733<br>304,978|
||209,983|98,728|308,711|



The following grants are included within the total income from donations and legacies above: 

|Arts Council England NPO<br>Arts Council England Projects<br>BBC Children in Need<br>Glyndebourne Productions<br>National Lottery Heritage Grant<br>Laidlaw Opera Trust<br>The Church Urban Fund<br>Walcot Foundation<br>Paul Hamlyn Foundation<br>D'Oyly Carte Charitable Trust<br>The Scops Arts Trust<br>Hedley Foundation<br>Thriplow Charitable Trust<br>Katie Bradford Arts Trust|**Unrestricted**<br>**funds**<br>**£**<br>200,000<br>3,220<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>15,000<br>-<br>10,000<br>200,000<br>15,000<br>15,000<br>50,000<br>5,000<br>5,000<br>2,500<br>2,000<br>1,000|**2026**<br>**Total**<br>**funds**<br>**£**<br>200,000<br>3,220<br>15,000<br>-<br>10,000<br>200,000<br>15,000<br>15,000<br>50,000<br>5,000<br>5,000<br>2,500<br>2,000<br>1,000|
|---|---|---|---|
||203,220|320,500|523,720|



24 



## **Pegasus Opera Company Ltd Notes to the Financial Statements (continued) For The Year Ended 31 March 2026** 

|Arts Council England NPO<br>Arts Council England Projects<br>BBC Children in Need<br>Glyndebourne Productions<br>National Lottery Heritage Grant<br>Laidlaw Opera Trust<br>The Church Urban Fund<br>Walcot Foundation<br>Paul Hamlyn Foundation<br>D'Oyly Carte Charitable Trust<br>The Scops Arts Trust<br>Hedley Foundation<br>Thriplow Charitable Trust<br>Katie Bradford Arts Trust<br>4.<br>**Income from Other Trading Activities**<br>Fundraising events<br>5.<br>**Investment Income**<br>Bank interest receivable<br>6.<br>**Other Income**<br>Other income<br>Theatre Tax Relief|**Unrestricted**<br>**funds**<br>**£**<br>200,000<br>-<br>-<br>6,250<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**Restricted**<br>**funds**<br>**£**<br>-<br>43,728<br>15,000<br>-<br>40,000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**2025**<br>**Total**<br>**funds**<br>**£**<br>200,000<br>43,728<br>15,000<br>6,250<br>40,000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|
|---|---|---|---|
||206,250|98,728|304,978|
|||**2026**<br>**Unrestricted**<br>**funds**<br>**£**<br>10,328|**2025**<br>**Unrestricted**<br>**funds**<br>**£**<br>7,471|
|||**2026**<br>**Unrestricted**<br>**funds**<br>**£**<br>16,102|**2025**<br>**Unrestricted**<br>**funds**<br>**£**<br>13,533|
|||**2026**<br>**Unrestricted**<br>**funds**<br>**£**<br>-<br>59,008|**2025**<br>**Unrestricted**<br>**funds**<br>**£**<br>5,687<br>-|
|||59,008|5,687|



25 



## **Pegasus Opera Company Ltd Notes to the Financial Statements (continued) For The Year Ended 31 March 2026** 

## 7. **Analysis of Expenditure** 

|.<br>**Analysis of Expenditure**||||
|---|---|---|---|
|Raising funds<br>Arts, Community and Education<br>Support costs<br>Raising funds<br>Arts, Community and Education<br>Pegasus Talent<br>Support costs|**Activities**<br>**undertaken**<br>**directly**<br>**£**<br>40,000<br>414,157<br>-|**Support**<br>**costs**<br>(see note 8)<br>**£**<br>-<br>-<br>275,812|**2026**<br>**Total**<br>**£**<br>40,000<br>414,157<br>275,812|
||454,157|275,812|729,969|
||**Activities**<br>**undertaken**<br>**directly**<br>**£**<br>40,181<br>464,900<br>3,454<br>-|**Support**<br>**costs**<br>(see note 8)<br>**£**<br>-<br>-<br>-<br>149,791|**2025**<br>**Total**<br>**£**<br>40,181<br>464,900<br>3,454<br>149,791|
||508,535|149,791|658,326|



## 8. **Support Costs** 

|Employee costs<br>Premises expenses<br>General administration<br>Governance costs<br>Employee costs<br>Premises expenses<br>General administration<br>Governance costs|**2026**<br>**Support**<br>**costs**<br>**£**<br>232,197<br>19,894<br>22,221<br>1,500|
|---|---|
||275,812|
||**2025**<br>**Support**<br>**costs**<br>**£**<br>110,224<br>13,634<br>24,433<br>1,500|
||149,791|



26 



## **Pegasus Opera Company Ltd Notes to the Financial Statements (continued) For The Year Ended 31 March 2026** 

## 9. **Independent Examiner's Remuneration** 

|9.<br>**Independent Examiner's Remuneration**|||
|---|---|---|
|Independent examination of the financial statements<br>10.<br>**Staff Costs**<br>Staff costs were as follows:<br>Wages and salaries<br>Social security costs<br>Other pension costs|**2026**<br>**£**<br>1,500<br>**2026**<br>**£**<br>211,356<br>16,477<br>4,364<br>232,197|**2025**<br>**£**<br>1,500|
|||**2025**<br>**£**<br>138,605<br>8,512<br>3,288|
|||150,405|



No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000. 

## 11. **Average Number of Employees** 

Average number of employees during the year was: 8 (2025: 6) 

## 12. **Debtors** 

|**Due within one year**<br>Trade debtors<br>Other debtors<br>13.<br>**Creditors: Amounts Falling Due Within One Year**<br>Trade creditors<br>Other creditors<br>Taxation and social security<br>Accruals and deferred income|**2026**<br>**£**<br>1,625<br>2,722<br>4,347<br>**2026**<br>**£**<br>5,287<br>-<br>6,253<br>48,498<br>60,038|**2025**<br>**£**<br>-<br>35,089|
|---|---|---|
|||35,089|
|||**2025**<br>**£**<br>10,029<br>158<br>-<br>125,359|
|||135,546|



## 13. **Creditors: Amounts Falling Due Within One Year** 

27 



## **Pegasus Opera Company Ltd Notes to the Financial Statements (continued) For The Year Ended 31 March 2026** 

## 14. **Deferred Income** 

Deferred income movements in the year were as follows: 

|Balance at the start of the period<br>Income deferred in the current period<br>Amounts released in income from previous periods<br>Balance at the end of the period|**2026**<br>**£**<br>123,861<br>47,000<br>(123,861)|**2025**<br>**£**<br>233,776<br>123,861<br>(233,776)|
|---|---|---|
||47,000|123,861|



Deferred income represents the funds received for concerts and programmes to be performed in the following year. 

## 15. **Pension Commitments** 

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. 

During the year the charge to the statement of financial activities in respect of defined contribution schemes was £4,364 (2025: £3,288). 

At the statement of financial position date contributions of £NIL were due to the fund and are included in creditors. 

## 16. **Movement in Funds** 

|**Unrestricted funds**<br>General:<br>General unrestricted fund<br>Designated:<br>Designated Funds<br>**Total unrestricted funds**<br>**Restricted funds**<br>Arts council England - Windrush<br>Anniversary Tour<br>Children in Need<br>Foyle Foundation<br>Heritage Lottery Fund<br>Make them Hear You - Paul Hamlyn<br>Foundation<br>Music Mentoring Programme - Greater<br>London Authority<br>Windrush Day Grant<br>Windrush Opera Research and<br>Development - ACE<br>Croydon Loves You 2025<br>D'Oyly Carte<br>Katie Bradford Arts Trust<br>Laidlaw Opera Trust<br>Hedley Foundation|**As at 1 April**<br>**2025**<br>**£**<br>380,786<br>75,000|**Income**<br>**£**<br>657,066<br>-|**Expenditure**<br>**£**<br>(355,667)<br>-|**Transfers**<br>**£**<br>(98,331)<br>98,331|**As at 31**<br>**March 2026**<br>**£**<br>583,854<br>173,331|
|---|---|---|---|---|---|
||455,786|657,066|(355,667)|-|757,185|
||11,748<br>14,980<br>4,041<br>-<br>50,140<br>5,764<br>-<br>2,843<br>-<br>-<br>-<br>-<br>-|-<br>15,000<br>-<br>10,000<br>50,000<br>-<br>15,000<br>-<br>4,441<br>5,000<br>1,000<br>200,000<br>2,500|(11,748)<br>(25,369)<br>(4,041)<br>(10,000)<br>(70,710)<br>(5,764)<br>(15,000)<br>(2,843)<br>(3,712)<br>(3,815)<br>(1,000)<br>(200,000)<br>(300)|-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|-<br>4,611<br>-<br>-<br>29,430<br>-<br>-<br>-<br>729<br>1,185<br>-<br>-<br>2,200<br>...CONTINUED|



28 



## **Pegasus Opera Company Ltd Notes to the Financial Statements (continued) For The Year Ended 31 March 2026** 

|Scops Art Trust<br>-<br>Thriplow Charitable Trust<br>-<br>Walcot Foundation<br>-<br>**Total restricted funds**<br>89,516<br>**Total funds**<br>545,302<br>**Unrestricted funds**<br>General:<br>General unrestricted fund<br>Designated:<br>Designated Funds<br>**Total unrestricted funds**<br>**Restricted funds**<br>Arts council England - Windrush Anniversary Tour<br>Children in Need<br>Foyle Foundation<br>Heritage Lottery Fund<br>Make them Hear You - Paul Hamlyn Foundation<br>Music Mentoring Programme - Greater London Authority<br>The Radcliffe Trust<br>Windrush Day Grant<br>Windrush Opera Research and Development - ACE<br>**Total restricted funds**<br>**Total funds**|-<br>-<br>-|5,000<br>2,000<br>15,000|(5,000)<br>-<br>(15,000)|-<br>-<br>-|-<br>2,000<br>-|
|---|---|---|---|---|---|
||89,516|324,941|(374,302)|-|40,155|
|||||||
||545,302|982,007|(729,969)|-|797,340|
|||**As at 1 April**<br>**2024**<br>**£**<br>325,502<br>75,000|**Income**<br>**£**<br>504,614<br>-|**Expenditure**<br>**£**<br>(449,330)<br>-|**As at 31**<br>**March 2025**<br>**£**<br>380,786<br>75,000|
|||400,502|504,614|(449,330)|455,786|
|||44,984<br>-<br>30,000<br>38,894<br>68,403<br>5,950<br>3,500<br>210<br>7,843|43,728<br>15,000<br>-<br>40,000<br>-<br>-<br>-<br>-<br>-|(76,964)<br>(20)<br>(25,959)<br>(78,894)<br>(18,263)<br>(186)<br>(3,500)<br>(210)<br>(5,000)|11,748<br>14,980<br>4,041<br>-<br>50,140<br>5,764<br>-<br>-<br>2,843|
|||199,784|98,728|(208,996)|89,516|
|||||||
|||600,286|603,342|(658,326)|545,302|



## 17. **Transactions with Trustees** 

None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year. 

No trustee expenses have been incurred. 

## 18. **Related Party Disclosures** 

Key management personnel (including directors) received compensation of £113,707 (2025: £44,938 

29 



## **Pegasus Opera Company Ltd Notes to the Financial Statements (continued) For The Year Ended 31 March 2026** 

## 19. **Company limited by guarantee** 

The company is limited by guarantee and has no share capital. 

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1. 

30