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 lo55￿5 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 rese￿e5 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 1hre￿year 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