PEGASUS THEATRE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company No: 03038190 Charity No: 1055305 www.pegasuslheatre.org.uk
PEGASUS THEATRE TRUST Trustee5 Report and Financial Statements 31 Morch 2024 Report of Ihe Trustees The Trustees presenl their report and Ihe unaudited financial statemenls of the charity for the year ended 3151 March 2024. The Truslees hove odopled the provisions of the Slolemenl of Recommended Proclice ISORPI "Accounting and Reporting by Charities" IFRS 1021 in preparing the annual report ond linoncial statements of the charity. The directors of the charitable company are its Iruslees for the purposes of charity law. The trustees who have served during the year and since Ihe year end weTe as follows: J Coller lappointed 20 Oct 20231 R Jones lappoinled 20 Oct 20231 B J Joshua N Lloyd E MocDonold T Page R Price Reference and Administralive Detai15 Chief Execvlive Officer AH Cole Company Number Charlly Number 03038190 lo555 Reglstered Office & Buslness address Pegasus Theatre Trust Magdalen Road Oxford OX41RE Principol bonkers Co-operolive Bonk plc POBox250 Skelmeisdale WN8 6WT Independent exominers Joshuo Kingston Bsc ACA Burton Sweet Limited Chartered Accountant5 The Clock Tower 5 Fadeigh Court Old Weston Rood Flax Bourton Bristol BS48 1 UR www.pegasuslheatre.org.uk
PEGASUS THEATRE TRUST Trustee5 Report and Financial Statements 31 Morch 2024 Report ol the Trustees {contlnued) Objectlves and actlvltles The objects of the compony, os stoted in ils memorondum of ossociolion. ore to odvonce the educotion of the public in the practice and appreciation of the arts. in porticulor. but not exclusively, lor the benefit of children and young people. Mlsslon Young people are Ihe life force of Pegasu5. We provide the inspirotion for journeys filled with creotive opportunity. ospirolion and imoginolion. Through listening and responding to the needs. ideas and energy of all those who find a home within it. Pegasus is a pioneeiing force cieoting the present, chollenging and Shaping the future and making an enduring impacl on the vitolily ol the performing arts locolty, regionolly and nationally. Vision We will be recognised os a pioneering lorce in the performing orts with our work for, by ond with young people providing ou15tanding opportunities foT them to experience and create in Ihe present, chollenge and shape the fulure ond moke on enduring impoct on the vitolity of the pertoming orts locally, regionolly and nationally. The continual development of our artistic and orgonisationol ambition will be shaped by listening ond responding to the needs. ideas ond energy of all those who find a home wth us and informed by the creotivity, skills ond tolents we will nurture in young people ond sloff olike. Whi15t recogni5ing Ihe needs and expectalions ot each young person who engages with u5 will vary, we will provide the space and support to enable young people to embark on individuoljourneys of personal growth filled with creative opportunity. aspiration and imagination. We will be bold in our opproach to securing o sustainable future lor the orgonisotion, reach out to partners who can support us. be nimble and adaptable to the ever-changing environmenl Ihat surrounds us and ensure Ihe choices we make enable us to work in innovolive, vioble ond inspiring woy5. We will be ol Ihe hearl of Ihe communitieswe serve and fostera sense of belonging that encourages people of oll ages, backgrounds ond cultures to experience together outslonding cieolive experiences Ihot are vibranl. urgenl and excrting. Publlc Benefft Statement The Trustees consider thot, having poid due regard to the public benefit guidonce published by the Charity Commission, they have complied with the duty placed upon them in section 17151 ol the Charities Act 2011. Achievements ond perfomionce Conlinuing our focus on providing creolive opportunities for young people and Iheir lomilies we hove over the year worked with project partners with shared ambitions to bring on impoctful range of opportunities to our programme and positive changes in the inclusivity and diversity of the theatre. We have maintained our commilmenl lo providing inspiring and high-qualily projects for children. young people and their families. Our weekty closses. projects and young companies offer opportunilie5 foi young people lo creole and share their own work ond irFdeplh support helps their development in performance skills and creative thinking. in lum building confidence. selfesteem. problem solving and communication skills. In Ihe conlext ol shrinking opportunities foT Orts ond culture educotion in our schoots, this role hos never been more important. Our Iwo yeor-long young componies111-15 ond 1&251 hove PTovided skills developmenl, stoge croft and performance opportunitEs culminating in successful public productions. We have 0150 provided theatre technical skills development and Iroining for young people thTough a technical young company (14-1851 which worked alongside ourotheryoung componieson Iheironnuol productions. The 11-15 Young Compony worked throughoul the year towards their production of The Crossing with public performances in July 23. The 1 &25 Young Company presenled Memorio, in December. www.pegasuslheatre.org.uk
PEGASUS THEATRE TRUST Trustee5 Report and Financial Statements 31 Morch 2024 Report ol the Trustees {contlnued) This year commissioned wrilerTabby Lamb and undertaken R&D for a new touring project aiming lo of reoch more young people with limited opportunities lo engage wilh creative activity wilhin our local communities. TLiesday will be mounted and premier ot Pegosus in Moy 2024wilh the inlenlion to lour lo communityvenues and schools over the following 12 months. We relounched our Youlh Advisory Boord which will embed the process of young people informing decision- making across the organisation. reflecting the interests and enthusiasm ol young people, raising their confidence and 05piration. and deepening their undeT5tonding of the impact and cultural capital their voice con hove. The progromme will include Iroining, menloring sessions wilh Boord buddies ond up lo two self- delermined projects each yearwilh the remit of increasing relevance and widening our reach. for example digital/social media takeovers. open doy event5 and devising ond testing a new afterschool activity. We continued Io supporl parlicipalion by young people who are experiencing multiple disadvanlages and who hove little or no occess to the (yts. through our free to occess inclusion piogramme This progromme offers weekly creative and droma-based sessions for young people who have been referred from schools, sociol services and early intervention hub5- Ihe Looking Forward programme is geared to Ihe needs of vulnerable young women 111-185, two groups): ond the Acling Out progromme is offered lo children who are experiencing a range ol challenging life circumstances 18- 1 Isl- Building on 'Studio Saturday" pilot sessions in partnership with award-winning Oxford based leaming disability chaiify Yellow Submarine in Ihe previous year we have now established Studio Saturdays as o regular addition lo this programme with creative workshops foryoung people with leaining disabilities included music, dance. drama and puppetry. These projecls offered creolive oclivilies ond irFdeplh support to help participonls build confidence ond sell-esteem. positively interact with their peers. make new friendships. develop new skills and get some respite from their challenging doily lives. We aim to ensure that every young person who wants to participate at Pegasus can do so. We have mointained affoidoble price5 0cr055 the full ronge of OUT QCtivitie5,' and we ensure Ihot our course5 ond young companies provide supported spaces for participan15 who lace multiple borriers to engaging with the arts. including financial barriers. physical or learning difficultie5 and social support need5. Some young people we woiked with have complex needs. for exomple oulism ond cerebral palsy, ond required enoblers to occompony them to every class or Teheorsol so that they can participate lulty. We hove continued to embed our communty engogement ond build relationships within our diverse ond under5erved local communilies. identifying Current unmel needs and collaborating wilh local organisations to widen ond deepen engogement. Over the yeoi thi5 h05 resulled in Pegosu5 activeW parlicipating in local nehvorks, including Oxlordshire Youth's Changemoker Network. increased involvement in locol events such as Flo Fest and Oxford City Christmas Lighls Feslival and building relationships wilh organisalions such as Oxfoid People's Theatre, IF Festival ond Tiny Ideos Festivol. We hove worked wilh more schoo15 Ihi5 yeor delivering workshops in seven local primary schools for 450 pupi15 in conjunction with our Christmas show, The Lighlbulb Princess. With secondary Schools we have delivered four weeks ofwotk experience lor 40 students and oL%o workshops for yeor 7 students joining Oxford Spires Acodemy os port ol a week4ong Ironsition programme supporling 'pupil premium, sludenls preparing to attend theif new school and forwhealley Park School sludenls exploring 'Coreers in Thealre. The delivery of the Acling Diploma for16-18s in partnership wlh Bristol School of Acting and The River Leorning Trusl conlinued with o new intoke of sludents in September and sow o production of Life on the Edge ond The Marxist in Heaven in May 23. Despite outstanding resulls over the past rive years. Ihis yeor Brislol School of Acting indicated Ihat it W05 no longer financial viable to run the Acting Diploma in Oxford, ond Ihe course will be run down with the finol intake of sludenls in September 2023 completing their sludies in June 2025. We are developing a new relalionship wilh Oxford School of Drama which we hope will enable Ihe continue use of our 5pace5 for 51udy by young people in Ihe 1 >18-year age range. Our long-stonding partnership with Magdalen College School lo support the delivery of their Theatre Academy continues to thrive and included productions of Frankenslein and The Greatest Show this year. Our creative learning programme has seen otlendonces of over 9,224 across the year including daily attendance by 35 Acting Diplomo sludent5. Over the year we welcomed audiences of over 6.5(X) to our show programme presenting over l(X) performance5 on Fridays and Soturday5 which included some of the most exciling companies producing work for children, young people ond fomilies. www.pegasuslheatre.org.uk
PEGASUS THEATRE TRUST Trustee5 Report and Financial Statements 31 Morch 2024 Report ol the Trustees {contlnued) Flnanclal revlew The1£229,4861 deficit for the yeor is reported otler chorging £170.505 depreciotion to the building fund which is a non-cash movement. We are Continual grateful lor the support ol key funding provided by the Arts Council Notional Porttolio slolus ond Oxford Cty Council Funding. Operating spending has been reviewed and sovings hove been mode in sloffing costs ond odminislrotion. However, fundroising from olher sources proved very challenging this yeor and the cash deficit for the yeor of £73.54212023: deficit of £97,680) is the result of this. Reserves Pollcy Pegasus Theatre Trust holds resee5 in order to provide business slobility ond lo invest in its chariloble and arlistic aclivities. The Truslees review the reserve levels of Ihe charity annually. This review encompasse5 the noture of the income ond expendilure slreoms, the need to motch income with commilmenls and the nolure ol reserves. The Trustees also toke into considerolion the future of the charity, the uncertointy over fulure income streams and olheT key risks idenlified during the risk review. This year in challenging financial circvmslances the board have reviewed and assessed the risks facing the organisation and hove Iransferred the young componies, production fund and Ihe a55et Teplacement fund to the generol fund. Totol currenl funds ore £2,055,815 of which £1.905.183 is the Designoted Building Fund and represents the residual value of grants from Arts Council England. Southeast. The Big Lottery Fund and other donationswhich contribuled to the capital project120101. The fund 15 ieduced annually by the chaige loi depreciotion of the building. The de5ignoted Strategic Tesetve tolol ot March 2024 15 £115,tKKJ. Thi5 15 equivalent to 9.9 week5 of current gross expenditure which is sufficient to meet contractual liabilities should the organisolion have lo close or cease trading for any period. This includes redundancy pay. amoun15 due to credilors and commitments under leases. It is the trustees, inlenlion to moinloin Ihis designoled slrotegic lund level ot 12 weeks of current gross expenditure. The currenl level of free reserves is £30,936.11 is the Irustees, inlenlion to mointoin this reserve between £5,0 and £25.000. as Ihe Irustees believe that Ihis is sufficient lo maintain working capital for the foreseeable future. Investment powers and polky Undei the memorondum ond orticles of a550Clation, Ihe trustee5 of the charity hove the power to inve51 os they see lil in the furtheronce ol the charity's objectives. The trustees. investment poficy is lo obtain os high an income as possible wilh low risk. Such funds should be easily acce55ible given Ihe requiremenl to hold liquid funds lo meet cosh flow demonds ond unexpected liobililies. The funds ore Iherelore invesled wilh the Co-operalive and Virgin Money Banks. The investmenls provided a relum of 0.14% in the year ended 31 st Morch 2024. Going concem The financial statements have been prepared on o going concem basis as the Iruslees believe Ihat no malerial uncertointies exisl. The Irustees have consideTed the level of fund5 held and Ihe expecled level of income ond expenditure lor 12 months from oulhorising these finoncial slolements. The budgeled income and expenditure is sufficienl with the level ol reserves for Ihe charity lo be able lo continue as a going concern. Future plans In the course ol the coming yeor12024120251 Both Chair of the board Bob Price and CEO Polly Cole have indicoled their intention to slep down atker seven years. tt is intended thal current booid Members Rhys Jone5 and Nick Lloyd will be oppoinled os Joint Choir in Seplember 2024, supported by Bob Price who will remoin on Ihe board for the last year of his eight-year lerm. The CEO role will be taken foward jointly by Georgia Bradley IArt151ic Directorl and John Mccrow Icreatrive Leotning Director). Polly Cole will provide continuily during the tronsition remoining wilh the orgonisolion os Heod of Finonce ond Adminislrotion. www.pegasuslheatre.org.uk
PEGASUS THEATRE TRUST Trustee5 Report and Financial Statements 31 Morch 2024 Report ol the Trustees {contlnued) Over the coming year we will continue to address the financial and resourcing chollenges focing the organisation We will ensure we provide value for money by investing our resources. be they time or money. efficient, contirnuolly reviewing where we direct our resouTces in relolion lo the needs ond expectotions of our young audiences and wider community. We will continue our orgonisation development progromme to bring about positive changes in the inclusivity and diversity of the thealre. We aim to embed processes that will ensure that we fully represent ond reflect the diversily of the communities we serve inlo the future. Ever mindful of our impact on future generations we will continue lo implement ovr environmental action plan. In recent recruitmenls the board successfully increosed representation of younger people ond those directly working in the arts. The next priorily is to bring fresh energy to Ihe team by addressing under representation from people of the global majority and local community arls piaclitioners. structure, governance and management Pegasus Theatre Trust is o company limited by guaronlee govemed by its memorandum ond articles of association dated 27 March 1995 as amended by Special Tesolulion dated 7 February 1996 and 21 Oclober 2009. It is registered os a chorily with the Charity Commission from 13 May 1996. The liability of members in the event ol o winding up is limited by guoranlee lo an amount not exceeding £1 per member. At the bolonce sheet date there were 7 members. In October 2014 Ihe company formed a sub5idiaty. Pegasu5 Thealre Productions Lld. Appolntmerrt of Trustees Pegasus Theatre Trust as a registered charity is govemed by a boord ol trvslees who ore olso directors of the company. Details ol Ihe truslees and directors are given on page l . Each trustee is expected lo remain in office for five years and may be ieelected for one furthei 1hreyear term but moy nol be re-elected tor a further term in office unless exceptionol circumstances apply. Recruitment lakes place as required and is a150 informed by a regular ski115 audit to ensure the changing needs of the organi5alion can be 5UPPOrted. All trustees hove a discussion with the chair. olhei members of the board and executive team prior to appointment which provides a summory of Ihe Iru51's developmenl to dole and its current position. The new trustees hove on opporlunity lo discuss the issues thot orise ond osk ony questions. New Irustees olso receive a writlen role descriplion. details of principal responsibilities and duties. recenl minules. some hislorical informolion and the cuirent busines5 plan. 05 well as the memorandum and article5 of a550ClQtion and most recent accounts. All trustees receive an induction. which includes meeting the wider staff leom, visits lo o variely of Pegasus activities. in-house mentoring and Iraining where necessary. Any trustee who will be in unsupervised contoct with young people is required lo be checked through the Disclosure ond Borring Service. Orgonisotion The Boord of Truslees odministerthe chority- The boord meets fourtimes o yeor. In November 2018 the choirs, committee was disbanded ond there is two sub<ommillees which ollow lor more detailed discussion and scruliny at seporate meelings Ihe development committee.. and the finance and resources subcommittee meels four limes o yeor prior lo boord meelings. The Executive Director as Chief Execulive OfficeT directs the strafegic development and day-to-day operolions ol the chority with the support of the Creolive Leorning Director ond ArtlStic Director. Key Management Personnel Remuneralion The trustees consider Ihe Board of Trustees. Chief Executive Officer. Artistic Director and Crealive Learning Director os comprising Ihe key monogemenl personnel of the chorily in chorge of directing ond controlling the charity ond running and operoling the charity on o day-lo-day bosis. All trustees give ol their time freely and no trustee remunerotion was poid in Ihe yeoT. Details of trustee expenses and Telated porty transactions ore disclosed in note 6 & 17 lo the occovnts. Trustees ale required to di5c105e oll relevanl inleie515 and in accordance with the Trust's policy wilhdrow from decisions where o conflict of interest orises. The poy ol the key monogement personnel is reviewed onnuolly by the Iruslees to ensure that il is fair and not out of line wilh similar roles. www.pegasuslheatre.org.uk
PEGASUS THEATRE TRUST Trustee5 Report and Financial Statements 31 Morch 2024 Report ol the Trustees {contlnued) Related Partles Arls Council England. Southeast and Oxford City Council provide essenlial core funding and have nominoted representotion on Ihe boord os non-voting obseTvers. Deloils of tionsoclions wilh these organisations ore provided in note 2 to the accounts. The remainder of reloled parlies tronsoctions ore disclosed wilhin note 17 of the finonciol slotements. The charify has one Whol owned subsidiary which Current does not trade. The chair of Pegasus Youth Board is Co-opled a5 trustee to the board with lull voling righls or as non-voting ob5etver depending on age. Fundralslng Practlce The organisalion has signed up to the Fundraising Regulator's Code of Fvndraising Proctice. Any direct fundraising marketing 15 underloken by the executive team to ensure il is not unreasonably intrusive or persistent. All lundroising moleriol includes deloils of how to unsubscribe from all lulure moilings or conloct. There have been no comploinls made regording fundraiging activity during the year. Rlsk Management The trustees are responsible for the monogement of risks foced by the orgonisotion. The boord corries oul o formal review of the charily's risk management processes on an annual basis and the chorty maintains a risk register which is regulady monilored and reviewed by the boaid. The key areas of risk where management failure would carry a potential threal lo the organisation have been identified as follow5- failuie5 in statutory and regulolory complionce regarding the safeguording of young people, reductions in income generoled and failing lo respond lo changing funding environments, exceeding organisational capacity. The managemenl of risk and the effectiveness 01 all malerial internal controls, including operotionol, finonciol ond complionce controls is ongoing ond reviewed ond ossessed by the senior management team, and is regularfy reviewed by the board. www.pegasuslheatre.org.uk
PEGASUS THEATRE TRUST Trustee5 Report and Financial Statements 31 Morch 2024 Report ol the Trustees {contlnued) statement of Trustees responslbllllles The Iruslees (who ore olso directors of Pegosus Theolre Trust for the purposes of compony lowl ore responsible for preparing the Trustees, Report lincorporoling the strategic report ond directors, report) and the financial statements in accordance wilh opplicable law and United Kingdom Accounting Standords. including Financiol Reporting Storndord 102: The Finonciol Reporting Slondord opplicable in the UK ond Republic of Ireland (United Kingdom Accepted Accounting Praclicel- Compony low requires the Iruslees to prepore finonciol slotements for eoch finonciol yeor which give o true and lair view of the state of affairs of the charilable company and of the income and expenditure of the charitoble company for Ihat period. In preparing these financial stotemenls, the trustees are required to- 5elecl suitoble occounling policies ond then opply them consistently. observe the methods and principles in the Charities SORP. make judgmen15 ond accounting e51imates thot aTe reasonable and prudent. slole whether opplicoble UK Accounting Slondords hove been followed, subjecl to ony moteriol departures disclosed and explained in the financial slalemenls. prepare the financial slolement5 on the going conceTn basis unless It is inappropriate lo presume Ihol the choriloble company will continue in business. The Iruslees ore responsible lor keeping odequote occounting records Ihot disclose with reosonoble accuracy al any time the financial position ol the chorilable company and enable them lo ensure Ihol the financial slotements compty with Ihe Companies Act 2006. They are also re5pon5ible for safeguarding the assets of the choriloble compony ond hence for toking reosonoble steps for the prevention ond delection of fraud and other irregularities. This report was approved by Ihe Board of DiTeclors and TTUStees on 24 September 2024 and signed on its behalf by- 60fr Prtce Bob Prlce DirectorlTruslee (Chair) www.pegasuslheatre.org.uk
PEGASUS THEATRE TRUST Trustee5 Report and Financial Statements 31 Morch 2024 Independent examlner's report lo the trustees of Pegasus Thealre Trust (Yhe Company.) I report to the charity trustees on my examinotion of the occounts of the Company for the year ended 31 sl March 2024. Responslbllltles and basls of report As the chority's trustees of the Compony lond olso ils diiectors for the purposes of compony lowl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Acl 2ffl61'the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required lo be audiled under Part 16 of the 2006 Act and are eligible for independent exomination. I report in iespecl of my examination of your charity's occounts as carried out under section 145 of the Chorilies Act 2011 I'lhe 2011 Acl'l- In carrying out my examinalion I have followed Ihe Directions given by the Charity Commission under section 145151 Ibl of the 2011 Acl. Independenl examiner's slatemenl Since the Company's gross income exceeded £250.(XX) your examiner must be a member of a body listed in 5eclion 145 of the 2011 Act. I Confi Ihal l am quolified to undertake the examination because I am a member of the Institute of Chartered Accovnlonls in England and Wales, which is one of the listed bodie5. I hove compleled my examination. I confirm that no malters have come to my allention in connection wilh the examination giving me cause to believe- accounting records were not kepl in respect of the Company as required by seclion 386 of the 2006 Acl., 01 the accounts do not accord with those records; or the accounts do nol comply with Ihe accounting requirement5 of section 396 01 Ihe 2006 Act other than ony requiremenl thot Ihe occounts give o 'lrue ond foir viewwhich is not o matter considered as port ol an independent examination- or the accounts hove not been prepared in occordance with the methods and principles Ot Ihe Slolement of Recommended Proctice for occounling ond reporting by chorities opplicoble lo charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Irelond IFRS 1021. I have no concems and have come across no other matter5 in connection with the examinalion lo which ottention should be drown in this ieport in order lo enable a propel undeistanding of the account5 to be reached. otkkn LL tkn Joshuo Kingston Bsc ACA Burlon Sweet Limiled The Clock Tower 5 Forleigh Court Old Weston Road Flax Bourton Bristol BS48 1 UR Date: 24 September 2024 www.pegasuslheatre.org.uk
PEGASUS THEATRE TRUST STATEMENT OF FINANCIAL A1VITIEs (INCLUDING INCOME AND EXPENDITURE ACCOUNn YEAR ENDED 31 MARCH 2024 Restated Total Funds 2023 Unrestricted Funds Restricted Funds Total Funds 2024 Note Income from: Donations and grants Charitable activities Investment income 386.001 143,561 612 13.158 399,159 143,561 612 372,524 142,398 71 Total income 530,174 13,158 543,332 514,993 Expenditure on: Raising funds Charitable activities 16.374 746,286 16,374 756,444 14,698 773,604 10,158 Total expenditure 762,660 10,158 772,818 788,302 Net income/lexpenditure) and net movernent in fund5 1232.4861 1229,4861 1273,3091 Total funds at start of year 15 2.283.605 1.696 2,285.301 2,558,610 Total funds at end of year 15 2.051.119 4.696 2,055,815 2,285,301 The Charity has no recognised gains or losse5 Other than the results for the year as Set out above. All of the activities of the charity are classed as continuing. The notes on pages 13 to 24 form part of these financial statements See note 8 for fund-accountin8 comparative figures io
PEGASUS THEATRE TRUST BALANCE SHEET AS AT 31 MARCH 2024 Company number: 03038190 2024 2023 Note Fixed assets Tangible assets Investments 1,915,516 2,096,759 io 1.915.517 2,096,760 Current assets Stock Debtors Cash at bank and in hand 978 52.289 140.939 1,190 36,698 214,481 li 194,206 252,369 Liabilities Creditors .' amounts falling due within one year 12 153.908} 163,8281 Net current assets 140,298 188,541 Net a55ets 2,055,815 2,285,301 FUNDS Unrestricted funds General funds Designated f unds Restricted funds 16 30,936 2,020,183 4.696 29,917 2,253,688 1,696 16 16 Total funds 2,055,815 2,285,301 For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476. The directors acknowledge their responsibilities for complying with requirements of the Act with respect to accounting records and the preparation of the accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The financial statements were approved by the trustees on 24 September 2024 and signed on their behalf by= Beverley Joshua Director/Trustee The note5 on page5 13 to 24 form part of these financial statements li
PEGASUS THEATRE TRUST CASH FLOW STATEMENT YEAR ENDED 31 MARCH 2024 2024 2023 Note Net cash inflow from operating activities 174.154) 189,4901 Non-operational cash flows: Investing artivitie5 Interest received Fixed asset additions 612 71 18,2611 612 18,1901 Net cash inflow/loutflow) for the year 173,542} 197,6801 Notes to the Ca5hflow Statement A. Reconciliation of net movement in funds to net cash infiow from operating activities 2024 2023 Statement of Financial Activities.. Net movement in funds {229.486} 1273,3091 Investment income 16121 181,243 212 115.5911 19.9201 1711 182,344 119 16,2151 7,642 Depreciation Ilncreasel / Decrease in stock Ilncreasel / Decrease in debtors Increase / (Decrease) in creditors: current liabilities Net cash {oufflowl/inflow from operating activities 174.154) 189,4901 B. Analysis of changes in cash during the year 2024 2023 Change Cash at bank and in hand 140.939 214,481 173,5421 2023 2022 Change Cash at bank and in hand 214.481 312,161 197,6801 C. Cashflow Restrirtions Charity law prohibits the use of net cash inflows on any endowed or other restricted fund to offset net cash outflows on any fund outside its own objects, except on special authority. In practice. this restriction has not had any effect on cash flows for the year. The notes on page5 13 to 24 forni part of these financial statements 12
PEGASUS THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Accounting policies Accounting convention The f inancial statements have been prepared in accordance with the historical cost convention (except where otherwise stated in the accounting policy note) and in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, and the Companies Act 2006. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. The charity is a public benefit entity as defined under FRSIO2. Fund accounting Unrestricted funds can be used in accordance with the charitable objects at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Designated funds form part of unrestricted funds and have been identified as being for particular purposes by the Trustees. They are not restricted and can be transferred to general funds at any time at the discretion of the Trustees. Further explanation of the nature and purpose of each fund is included in note 15 of the financial statements. Income Income from donations 15 included in income when these are receivable, except as follows.. l. When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods,. 11. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income. the income is deferred until the pre-conditions have been met. Investment income is included on a receivable basis. Donations in kind comprise donated seNices where the costs are measurable and the seiceS would otherwise have to be paid for to maintain operational effectiveness. Expenditure Expenditure is recognised in the period in which it is incurred. Expenditure includes attributable VAT which cannot be recovered. R0i5ingfunds Raising funds expenditure include those costs incurred in seeking voluntary contributions, costs of goods sold and other costs which include the costs of running and participatin8 in fundraising events and collections and cost of goods purchased for resale. 13
PEGASUS THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Accounting policies (continuedj Charitable Artivitie5 Grants awarded are allocated to charitable activities. Grants awarded are treated as expenditure and a liability in the accounts as soon as they become legal or constructive obligations. In the case of multi-year grant awards. the funding for all years is immediately recognised unless there are conditions which need to be met by the recipient to enable the release of subsequent years, funding. Governonce costs Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Governance costs are included within support costs. Allocation and apportionment Costs Certain expenditure is directly attributable to specific activities and this has been included in those cost categories. Other costs, which are attributable to more than one category, are apportioned across cost categories on the basis of an assessment of workload carried out from time to time. Overhead support costs have been allocated between fundraising and publicity costs, fundraising trading and charitable activities. The apportionment has been allocated on the basis of usage and is analysed in notes 4 & 5. Tangible fixed assets Fixed assets are held at cost less accumulated depreciation. Assets costing less than £300 are not capitalised. The company has built a new theatre which was commissioned in May 2010. Costs are directly connected with the construction of the new theatre including architects, fees. Structural engineers, costs and direct project management costs have been capitalised. Depreciation is calculated so as to write off the cost of an asset. less its estimated ultimate residual value, over the useful life of that a55et as follows- Fixtures, fittings and equipment 4 years Building 25 years Stock Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Donated items are not valued in stock and recognised in income only when sold. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Bank Cash at bank and cash in hand includes cash and short term highly liquid investments with short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 14
PEGASUS THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Accounting policies (continued) Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. Leases Rentals payable and receivable under operating leases are charged to the SOFA on a straight-line basis over the period of the lease. Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension schemes. Contributions payable to the charity's pension schemes are charged to the Statement of Financial Activitie5 in the period to which they relate. Tax The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Going Concern The Trustees consider that there are no material uncertainties affecting the ability of the charity to continue as a going concern. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months f rom authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. 15
PEGASUS THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Income from: Donations and grants Unrestricted Funds Restricted Funds Total Funds 2024 Core Grants Oxford City Council Arts Council England South-East 20.000 305.489 20,000 305,489 325.489 325,489 Unrestricted Funds Restricted Fund5 Total Funds 2024 Public grants Oxfordshire County Council 7,658 7,658 7.658 7,658 Unrestricted Funds Restricted Funds Total Funds 2024 Other grants and donations Garfield Weston Foundation PF Charitable Trust Mr and Mrs JA Pye's Charitable Settlement The Helen Hamlyn Trust The Weinstock Fund The Souter Charitable Trust 30.000 5,000 6,667 12.500 30,000 5,000 6,667 12,500 2,500 3,000 2,500 3,000 Donations from Individuals 6,345 6,345 60.512 5,500 66,012 386,001 13,158 399,159 16
PEGASUS THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Income from: Donations and grants- continued Prior year comparative {2022-23) Unrestricted Funds Restricted Funds Total Funds 2023 Core Grants Oxford City Council Arts Council England South-East 20,000 305.493 20,000 305,493 325,493 325,493 Unrestricted Funds Restricted Funds Total Funds 2023 Public grants Oxfordshire County Council OxFord City Council 6,902 1,700 6,902 1,700 8,602 8,602 Unrestricted Funds Restricted Funds Total Funds 2023 Prior Year comparative Mr and Mrs JA Pye'5 Charitable Settlement Cecil Pilkington Charitable Trust The Helen Hamlyn Trust The Weinstock Fund The Art Society Oxford 10,000 6.500 10.000 10,000 6,500 10,000 2,500 2,000 2,500 2,000 Donations from Individuals 7.429 7,429 33.929 4.500 38,429 359,422 13,102 372,524 17
PEGASUS THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Income from: Charitable artivities Total Funds 2024 Total Funds 2023 Ticket sales Participation fees Facilities hire Hire fees Iperformancesl Cafe Bar sales Miscellaneous Sponsorship Theatre tax relief 39.358 27,342 3,571 1.200 3.425 709 51,758 16,198 43,158 34,589 2,450 1,105 3,197 1,590 50,777 5,532 143,561 142,398 All income from charitable activities received in the current and prior year was unrestricted. Expenditure on: Raising funds Total Fund5 2024 Total Funds 2023 Direct costs 14,875 1,499 13,114 1,584 Support costs 16,374 14,698 Expenditure on: Charitable artivities Direct Support Costs Total Funds Costs 2024 Programme Producing Participation Administration Premises/Front of House Depreciation Governance costs 88.826 64,708 165,627 58.511 69.867 40,591 33,275 32,582 2,081 11,601 181,243 1,883 129,417 97,983 198,209 60,592 81,468 181,243 7,532 5,649 453,188 303,256 756,444 18
PEGASUS THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Expenditure on: Charitable artivities- continued RESTATED Prior year comparative12022-23} Direct Support Costs Total Funds 2023 Costs Programme Producing Participation Administration Premises/Front of House Depreciation Governance costs 99.650 58,028 144,774 66,741 65.839 44,742 42,529 41,457 2,016 20,155 182,344 2,102 144,392 100,557 186,231 68,757 85,994 182,344 5,329 3,227 438,259 335,345 773,604 Net income/{expenditurel for the year This is stated after charging: 2024 2023 Independent examiner's fee - for independent examination services for other services Trustees, travel, meeting and training expenses Depreciation 2.850 375 2,650 350 io 181,243 182,344 l Trustee12023- None) has been reimbursed for their out of pocket travel expense5 of £96 {2023- £Nill. No Trustee received any remuneration during the current or prior year. Staff costs and numbers The aggregate payroll costs were- 2024 2023 Wages & salaries Social security costs Pension contributions Redundancy payments 281,733 20,107 8.155 1.432 310,654 21,940 7,895 311,427 340,489 No employee received emoluments of more than £60.0(M). The average weekly number of employees during the year wa5 1212023- 131, calculated on the basis of average headcount. The total employment benefits received by key management personnel including employer national insurance and employer pension were £145,89412023- £124.0551. The charity considers its key management personnel comprise: Executive Director - Chief Executive, Artistic Director, Creative Learning Director. 19
PEGASUS THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Statement of Financial Artivities comparative figures RESTATED For the year ended 31 March 2023 Unrestrirted Funds Restrirted Funds Total Funds 2023 Income from: Donations and grants Charitable activities Interest income 359.422 142.398 71 13.102 372,524 142,398 71 Total income 501,891 13,102 514,993 Expenditure on: Raising funds Charitable activities 14,698 735.432 14,698 773,604 38,172 Total expenditure 750.130 38,172 788,302 Net income/(expenditure) forthe year and net movement in funds {248.239} 125.0701 1273,3091 Total funds at start of year 2.531.844 26.766 2,558,610 Total funds at end of year 2.283,605 1,696 2,285,301 Tangible fixed assets Fixtures and new theatre equipment Fittings and equipment Buildin8 Total Cost or valuation At l April 2023 4,262,613 398,882 72,310 4,733,805 At 31 March 2024 4.262,613 398,882 72,310 4,733,805 Depreciation At l April 2023 Charge for the year 2,186,925 170.505 398,882 51,239 10,738 2,637,046 181,243 At 31 March 2024 2,357.430 398,882 61,977 2,818,289 Net book value At 31 March 2024 1.905.183 10,333 1,915,516 At 31 March 2023 2.075.688 21,071 2,096,759 20
PEGASUS THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 10 Investments Shares in subsidiary undertakings Cost At l April 2023 At 31 March 2024 The investment is made up of 100% of the share capital of Pegasus Theatre Productions Limited. Consolidated accounts have not been prepared as Pegasus Theatre Productions Limited was dormant throughout the whole period. 11 Debtors 2024 2023 Due in less than one year: Prepayments and accrued income 52,289 36,698 52,289 36,698 12 Creditors 2024 2023 Amounts falling due within one year: Trade creditors Accruals Deferred income 13,375 10,367 5.765 20,024 6,541 14,792 Amounts owed to group undertakings Tax and social security Other creditors 12,512 11.888 9,819 12,651 53,908 63,828 13 Operating leases At 31 March the organisation had no commitments under non-cancellable operating leases. 14 Contingent liabilities The Charity ha5 provided a legal debenture overthe property as valuable security in connection with the £2,700,000 grant from Arts Council, England. No provision has been made in respect of the grant or any other capital grant as the conditions attached are deemed unlikely to occur. The Charity has provided a legal charge over the property as valuable security in connection with the £1,850.000 grant from the Big Lottery Fund. No provision has been made in respect of the grant or any other capital grant as the conditions attached are deemed unlikely to occur. 21
PEGASUS THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 15 Movement in funds For the year ended 31 March 2024 At 31 March 2024 At l April 2023 Income Expenditure Transfers Restricted funds OKFordshire County IENBI Oxford City Council IDCI Weinstock Fund Souter Charitable Trust 7.658 17.6581 1,488 208 1,488 208 3,000 2,5(MJ {2,500} 1,696 13.158 110.158} 4,696 Unrestricted funds General funds DesiTgnotedfunds.' Strategic reserve Asset replacement fund Young Companies, Production fund Building fund 29,917 530.174 {592,155} 63,000 30,936 146,000 22,000 131,0001 122,0001 115,000 lo.0 2.075,688 iio,0001 {170.5051 1,905,183 2.283,605 530.174 {762.660} 2,051,119 Total funds 2,285,301 543.332 1772.818} 2,055,815 Fund Descriptions Restrirted Funds: OKFordshire County IENBI - Funds to support the participant enablers. Oxford City Council IDCI - Funds to support the delivery of Dawn Chorus project. Oxford City Council ILFI - Funds to support Light Festival projects. D'oyle Carte- Funds to support the delivery of the creative learning programme. Lottery Community Fund - Funds to support the delivery of Looking Forward & Acting Out. Weinstock Fund - Funds to support access needs for young participants. The Big Give (Dec 211- Donations towards the delivery of Looking FoThvard & Acting Out. Doris Field Charitable Trust- Funds to support the creative learning programme. The Arts Society- Funds to support the delivery of Acting Out Summer project. Souter Charitable Trust- Funds to support boxes community tour. 22
PEGASUS THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 15 Movement in funds (continued) Designated Funds: Strategic reserve- Stands at £115,000. This fund holds 12 weeks of budgeted expenditure, which is sufficient to meet contractual liabilities should the organisation close or cease trading. Transfers of1£31.0001 represents reduction in annual gross expenditure. The board have reviewed and assessed the risks facing the organisation and have transferred the young companies, production fund and the asset replacement fund to the general fund. Building fund Represent5 the residual value of grants from Arts Council England. Southeat, The Big Lottery Fund and other donations which contributed to the capital project12010). The f und is reduced annually by the charge for depreciation of the building. For the year ended 31 March 2023 At 31 March 2023 At l April 2022 Income Expenditure Transfers Restricted funds Oxfordshire County IENBI Oxford City Council IDCI Oxford City Council ILFI D'oyle Carte Lottery Community Fund Weinstock Fund The Big Give (Dec 211 Doris Field Charitable Trust 6,902 16,9021 1,488 1,488 1.7C() {1.7001 13.0001 18,0001 {2,500} 113,070} 11,0001 {2,000} 3,000 208 2,5(M) 208 13.070 1,000 The Arts Society 26,766 13.102 138.172} 1,696 REsfATED Unrestricted funds General funds Designatedfunds.. Strategic reserve Asset replacement fund Young Companies, Production fund Building fund 49,468 501.891 {579.626} 58.184 29,917 154,184 S2,0 18.1841 130,0001 146,000 22,000 30,(KIO 2,246,192 120.0001 10,000 2,075,688 {170,5041 2,531,844 501.891 1750.130) 2,283,605 Total fund5 2,558,610 514,993 1788,302} 2,285,301 23
PEGASUS THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 16 Analysis of net assets between funds Unrestricted Designated Funds Unrestricted General Funds Restricted Funds Total As at 31 March 2024 Tangible fixed assets Other net assets 1,905.183 115,000 10.333 20,603 1,915,516 140,299 4,696 4,696 2,020,183 30,936 2,055,815 Unrestrirted Designated Funds Unrestrirted General Funds Restricted Funds Total As at 31 March 2023 Tangible f ixed assets Other net assets 2.075.688 178.000 21,071 8,846 2,096,759 188,542 1.696 1.696 2.253.688 29,917 2,285,301 17 Related party transartions Pegasus Theatre Trust ha5 a related party relationship with Rhys Jones. a partner in Morgan & West Production Company (Partnership). During the year, the Charity received receipts of £nil, but paid £6.540 for Morgan & West's Great Big Christmas Magic Show in December 2023 direct to Morgan & West. and £1.702 for Morgan & West'5 Massive Magic Show for Kidsl In September 2023 via booking promotor makin projects. At the end of the period, £nil was due from Morgan & West and £nil was held within creditors as an amount accrued to Morgan & West. There were no further related party transartions in the year or prior year other than recorded elsewhere in the accounts. 24