PEGASUS (Registered Charity No. 1175685 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
PEGASUS REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS Page Report of the Trustees Independent Auditors Report Statement of Financial Activities {incorporating Income and Expenditure Account) Balance Sheet 10 Statement of Cash Flows Notes lo the Financial Statements 12-17
PEGASUS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their report and the financial statements of Pegasus {he Charity" or "the Trust") for the year ended 31 December 2024. These have been prepared in accordance wtlh the accounting policies set out on pages 12 - 14 and comply with the trust deed and applicable charity law. The comparalive information for Ihe year ended 31 December 2023 was independently examined. The financial staternents compty with the Charities Act 2011 and where relevanl, the Charities A¢t 2022, the Charity's trust deed dated 24 October 2017 and Accounting and Reporting by Charits'es.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland issued in Odober 20191 Charities SORP (FRS 1021") REFERENCE AND ADMINISTRATIVE DETAILS Pegasus, registered charity number 1175685, is based and administered in the United Kingdom. The registered office is Eighth Floor, 6 New Street Square, London, EC4A 3AQ. Trustees: The names of the Truslees who served throughout the year and continue lo serve at the date of the report's approval are.. Emma Jeffrey Samantha Engbarth Jane Kenyon Bankers: Handelsbanken, 1 Cresswell Park, London, SE3 9RD Investment Manager5 and Custodians: Sarasin & Partners LLP, Juxon House, 100 St Paul's Churchyard, London, EC4M 8BU Accountants: Rawlinson & Hunter LLP Eighth Floor, 6 New Street Square, New Fetter Lane, London. EC4A 3AQ Independent Auditor: Rawlinson & Hunter Audit LLP Eighth Floor, 6 New Street Square, New Fetter Lane. London, EC4A 3AQ STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity was established by a Declaration of Trust dated 24 October 2017 and registered with the Charily Commission on 10 November 2017 as an unincorporated charitable liust governed by the proper law of England and Wales. The entire resources of the Charity have been unrestricted thioughout the year and the Truslees have complete discretion for the use of the funds in pursuance of the Charity's objeclive5.
PEGASUS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT (continued) The management of the Charity is conducted solely by the Truslees. The Trustees, investment powers ale unreslricteé. The Trustees shall hold at least meetings in each calendar year. The number of Trustees shall be a minimum of two at any one time. Future Trustees may be appointed by deed following a resolution of existing Trustees. With the exception of Ihe original Trustees, each Trustee shall retire from office after a term of three years. Retiring TTUStees may be re-appointed. Induction and Training Should new Trustees be appoinled, a formal induction process will be conducled by the Trustees. other Trustee training is undertaken as and when appropriate. All Trustees are aware of their legal duties and obligations in rèspect of the management of the Trust, including in relation to the proleclion of its assets. The Trustees have signed fil and proper declaralions ID line with HMRC guidance. Trustees, Responsibilitles Statement The Trustees are responsible for preparing the Report of the Trustees and Ihe financial statements in accordan wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally AcTrpled Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Chaiity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial stalements, the Trustees are required to.. select suitable accounting policies and then appty them consistently.. obseNe the methods and principles in Ihe Charities SORP (FRS 102)- make judgements and eslimales that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statemenls", and prepare the financial statements on the going concern basis unless it 15 inappropriate to prèsume that the Charity will continue in operation. The Trustees are responsible for keeping accounting records that disclose wrth reasonable a¢curacy at any time Ihe financial position of the Charity and enable them to ensure that the financial statements comply with the Charilies Act 2011, where relevant the Charities Act 2022, Ihe Charity (Accounts and Reports} Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and henc8 for tsking reasonable steps for the pievention and detection of fraud and other irregularities. Disclosure of information to Auditor In so far as Ihe Trustees are aware.. there is no relevant audil information of which the charity's auditor is unaware,. and the Trustees have taken all steps that they ought to have taken to make Ihemselves aware of any relevant audit information and to establish that the auditor is aware of Ihat information.
PEGASUS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (contlnued) Internal Controls The Trustees have overall responsibility for ensuring that the Charity has appropriate systems of internal controls. They are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements follow best practice and all applicable law regulation and guidance. The Truslees are also responsible for Ihe Trust safegu8rding its assets and for taking reasonable steps for the prevention and detection of fraud and other irregularities. The system of intern81 cor¢trols ts designed to provide reasonable. but not absolute. assurance against material misstatement or loss. Risk Management A risk assessment has been undertaken which comprises.. An annual review of the risks the Trust may face; The eslablishmenl of systems and procedures to mitigate those risks., and The implementation of procedures designed to minimise any potential impact on Ihe Charity should those risks materialise. This continuing process will identify risk areas to which the Charity is vulnerable and highlight any necessary safeguards that will need to be put in place. No major risks were identified at the date of these financial statements. In addition, the Trustees have taken due consideralion of Good Governance A Code for the Voluntary and Community Sector, ensuiing that the seven main principles of the Code are adhered lo. These are.. Organisational purpose., Leadership., IntegTIty', Decision-making, risk and control- Board effectiveness., Equality, diversity and inclusion,. and Openness and accessibility. The Truslees recognise that good governance plays an essential part in securing the future of the charity and confirm that Ihe said main principles of the Code are followed by Ihem in leading, directing and managing the charity. Fundralsing The Trustees have referred to the Code of Fundraising Pradice ("the Code") which was developed by the fundraising community through the work of the Institute of Fundraising and Public Fundraising Association, and the Guidance on Charities and Fundraising issued by the Charity Commission I'CC20'1. They confimi thal the new Code and CC20 have no impact on the Charity as it does not engage in any public fundraising activities.
PEGASUS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The objectives of the Trusl are to advan such charitable purposes {ac¢ording to the law of England and Wales) as the Truslees see fit from time to time. The Trust is established for general charitable purposes and will operate as a grant making charity, supporting charitable projects. organisations and individuals wrth grants of varying sizes and durations. The Twstees must apply Ihe income and at their discretion all or part of the capital of the Charity in promoting the objects in any part of the world as the Trustees may. al their discretion, think fi.t. Grant Making Policy The Tiuslees, grant making policy is to generally consider making donations by way of direct funding and granls to charitable organisations. The recipient projects must be seen as exclusively charitable under English law. The Charity intends to put in place sound grant arrangements so that it can properly seleot appropriate grantees and impose prudent terms on grants, inclvding appropriate monitoring and evaluation of the way in which funds are applied by grantees. statement of Publ1¢ Beneflt The Trustees are aware of the Charity Commission guidance on Public Benefit and confirm thal they have complied wilh the duty in Section 4 of the Charities Acl 2011 to have due regard to it. They consider the information which follows in this annual report, about the Trust's aims, activrties and achievements in the are8s of interest that the Charity supports demonstrates the benefit to its beneficiaries and through Ihem to the Public, that arise from those activilies. ACHIEVEMETr AND PERFORPI]ANCE Charitable Activlties During the year ended 31 December 2024 the Trustees committed a total of £176,000 (2023 £24,000), of which they paid £76,000 (2023 - £24,000}. Further payments of £56,000 were made towards previously committed grants (2023 - £80,000). Note 4 lo the Finaneial Statements lists the grantees. The Trustees, grant making policies are set out in section 3 of this report. Investments A summary of Ihe investment movements are set out in Nole 6 of these financlal statements. The investments are recorded in the Balance Sheet at their market values. Any realised profrts Of losses on transactions carried out during the year, together with any unrealised increase or decrease in individual values or costs established by the investment managers as al 31 December 2024, are recorded in the Statement of Financial Activities. The Trustees, aim is to increase the value of assels with an overall target of 3 /ts per annum ahead of inflatson, to be measured over rolling five-year periods. thereby preserving and growing their value. Inflation is to be measured with reference lo the UK Consumer Price Index. The investment portfolio will be monitored and kept under review by the Trustees who take advice from the Inveslmènl Advisor. Full valuations and reports will b8 received from the Investment Advisor relating to each calendar quarter and these will be review&d by the Trustees formally lce a year. The Trustees will sign off on any advice before a slrategy is implemented.
PEGASUS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENT AND PERFORMANCE (continued) During the financial year ended 31 December 2024 the portfolios generated no realised gains or losses {2023 - no gains or losses) and appreciated by £527,063 {2023 - appreciated by £314,655). Investment income for the year to 31 December 2024 totalled £235,58512023 - £171,461). FINANCIAL REVIEW Incoming resources totalled £3,083,424 (2023 £171,4S11. The Charity's income included a legacy of £2,847,839 from the estate of Mr P Jeffrey (2023- £nill and investment income of £235,585 arising from ils investment portfolio and cash deposits {2023 - £171,461). Charitable activrties totalled £188.990 {2023- £30,840} relating lo charitable expenditure and support costs incurred during the year. Governance costs relate to audit, independent examination and legal fees. The balance of unrestricted reserves at 31 December 2024 is £9,674,852 (2023 - £6,246,192). Investment Policy The Charity's investment objective is to generate a caprtal appreciation to the Charity in line with the total returr) of Ihe broader equity market over the long term. after expenses. This should allow the Charity to maintain the real value of the assets, whilst allowing capilal withdrawals to fund its annual expenditure. The Trustees have delegated responsibilrty of the managemenl of Ihe portfolio to Sarasin & Partners LLP. Reseryes Policy The Trustees have no outstanding commitments or cash demands which are not adequately covered by existing resources. The nel assets of the Charity are regarded as free reserves and the funds al 31 December 2024 will be retained to make grants in accordance with the Charity's charitable objects. The Trustees may adopt a specific reserves policy in future years. PLANS FOR THE FUTURE The Trustees do not propose to deviate from the current objectives and activities of the Charity as detailed in section 3 of this report but will further develop and refine their strategies, policies and procedures in future. AUDITOR It will be proposed thal al Ihe next Trust98 meeting that Rawlinson & Hunter Audit LLP be reappointed as the auditor to Ihe trust for the ensuing year. Approved by the Tru8teas on and signed on thèir behalf by: 0 1 OCT 2025
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PEGASUS Opinion We have audited the financial statements of Pegasus I'the Charity" or 'lhe Trust I for the year ended 31 December 2024 which comprise the Statement of Financial Activities (including Income and Expenditure), Balan Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework Ihal has been applied in their preparation is applicable law and United Kingdom Accounting Slandards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a Irue and fair view of Ihe state of the charity'5 affairs as at 31 December 2024 and of its incorning iesources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirement5 of the Charities Act 2011 and where applicable, the Charities Act 2022. Basis for oplnlon We conducted our audrt in 8ccordance wlth International Standards on Auditing IUKI {ISAs (UK>) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are indepenéenl of the Charity in accordan with the ethical requirements that are relevant to our audil of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to golng concern In audrting the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going conrn for a period of at least hwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wilh respect to going concern are described in the ielevant sections of this report. Other inforrnatlon The Truslees are responsible for Ihe other information. The other information comprises the information included in Ihe Report of the Trustees and Financial Statements. olher than the financial slatemenls and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assuran conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomed, we conclude that there is a material misstatement of this othèr Infomiation, we are required lo report thal fact. We have nothing to report in this regard.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PEGASUS {¢ontinued) Matters on which we are required to report by excepllon We have nothiw lo report in respect of the following malters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the Report of the Trustees is inconsistent in any materi81 respect with the Financial Slatemenls- or the Charity has not kept sufficient accounling records., or the financial statements are not in agreement with the accounling cOrds.. or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fulty in the Trustees, Responsibilities Slalemenl set out on page 2, the Truslees are responsible for the preparation of the finar)cial statements and for being satisfied that they give a true and fair view, and for such inlernal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from mateiial misststement. whether due lo fraud or error. In preparing the financial slaternents, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going Concern basis of a¢counting ur)less the Trustees either intend to liquidate the Charity or to cease opeiations, or have no realislic alternative bul lo do so. Auditor's responsibilllles for the audit of the financial stalements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made 01 having effeGI thereunder. Our objectives are to Dbtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK} will always detect a material misstalement when it exists. Misstatements can arise from fraud or eiior and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prOdureS in line with our Tesponsibililies, outlined above, to detect material misstatements in respect of irregularilies, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Our assessment of the susceptibility of the Charrty's financial stalements to material misslatement, including how fraLJd might occur, is considered to be low. This conclusion was reached after the consideration of the following.. due lo th& relalively simple operalion model and low number of Iransaclions within the Charity there are comparativety few unexpecled fluctuations in the reported results and balances and any such unexpected ilems would be specifically enquired into by us., and there are a number of individuals which Comprise "managemenf, and therefore there is no single individual who is likely to be able lo override controls to effect a fraud. We designed our audtt procedures to respond lo identified audit risks, including non-compliance with laws and regulations (irregulariliesl that are material to the financial statements. Some of the specifi¢ procedures performed to detect irregularities. including fraud, are detailed below- discussions with the Trustees involved in the risk and compliance functions including consideration of known or suspected instances of non-compliance with laws and iegulalion and fraud.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PEGASUS (continued) Audltor's responsibilities for the audit of the financial statements (contlnued) the review of control accounts and journal entries for lerg?, unusual or unauthorised entries-, the analytical review of the detailed Statement of Financial Activities for variances that are either unexpected or felt not to be in accordance with our understanding of the charitable activities during the obtsining and reviewing for completeness a list of entities and persons considered to be related parties (as defined by Financial Reporting Standard 102) and reviewing the led9ers of Ihe Charity for donalions in previously unreported related paty transactions., reviewing correspondence in respect of donations lo the Charity during the year to ensure accounted for correctly under the Charities SORP {FRS 102), reviewing correspondence and agreements beeeTh the Charity and its grantees, and discussions with the management in relation to their compliance with laws and regulations-, designing audit procedures to incorporate unpredictability around the nature, timing or exlent of our testing,. and review of Trustees, meeting minute5 for unrecorded transaclions. Because of Ihe inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that complian¢e with a law or regulaticn is removed from the events and Iransaclions reflected in the financial slatements, as we will be less likely to become aware of instances of non-compliance. The risk is also grealer regarding irregularilies occurring due to fraud rather than error, as fraud involves intenlional cOnalment, forgery, collusion, omission or misrepresentation. A further desciiplion of our responsibilities for the audit of the financial statements is located on the Financial Reporling Council's websits at= www.frc.or .ukJaudi res nsibilit This description forms part of our Auditor's Report. Other matters We draw to your attention the fact that the financial statements of the Charily for the year ended 31 December 2023 were unaudited. We have obtained sufficient and appropriale evidence to ensure that the opening balances do not contain misstatements that materially affect the Current year's financial statements. Use of our report Thi$ report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of Ihe Charities (Accounts and Reports) Regu18tions 2008. Our audit work has been undertaken so thatwe might state to the Charity's Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do nol acp1 or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for our audit work, for thi5 report, or for the opinions we have fom)ed. Rawlinson & Hunter Audit LLP Slalutory Auditor & Chartered AoUntants Eighth Floor 6 New Street Square, New Fetter Lane London EC4A 3AQ Date.. R8wlinsort & HunlerAuclrf LLP is pligible ttr aotas an audilorin lenns of sgctNon 1212 of Ihe Companios Act 2QO6.
PEGASUS STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expendlture Account) FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Funds 2024 2023 Page Income from: Donations (note 2) Investments (note 3) 14 14 2,847,839 235,585 171,461 Totsl income 3,083,424 171,461 Expenditure on: Charitable activities (note 4} Raising funds - Investment managemenl fees (note 5) 14 15 188,990 (7,163) 30,840 14,846) Total expenditure 181,827 25,994 Net gains on investment (note 6) 15 527,063 314,655 Net income 3,428,660 460,122 Net movement in funds 3,428,660 460,122 Reconclliation of funds: Funds brought forward at 1 January 2024 6,246,192 5.786,070 Tolal funds carried for4vard at 31 December 2024 10 £ 9,674,852 £ 6,246,192 There are no recognised gains or losses in the years ended 31 December 2023 and 2024 other than those included in the Statemenl of Financial Aclivilies. All incoming reSoUrS and resources expended derive from continuing activities. The notes on pages 12 to 17 form part of thèse financial slalemenls.
PEGASUS BALANCE SHEET AT 31 DECEMBER 2024 Unrestricted Funds Page 2024 2023 Fixed assets: Investments (note 61 15 9,538,955 6,026,105 Current assets: Cash at bank (note 71 15 272,497 305.247 272,497 305,247 Current liabilities- Creditors.. amounts falling due within one year {note 8) 174.600) 165,160) Net current assets 197.897 240,087 Total assets less current Ilabllltles 9,736,852 6,266,192 Creditors. amounts falling due in more than one year (note 9} 16 (62,000) 120,000) Totsl net assets £9,674.852 £6,246,192 The funds of the charity Unrestricted funds 9,874.852 6,246,192 Total charlty funds £9,674.852 £6,246,192 The financial statements were approved and aulhorised for issue by the Trustees and were signed on their behalf by.. [Trustee Namel Dale The notes on pages 12 10 17 fom part of these financial slalements. 10
PEGASUS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 2024 2023 Net Cash flows from operating a¢tiviti•s Net incoming resources before gains Less investmenl income and deposit interesl Increasel{decreasel in credilors 2,901,597 {235,5851 51,440 145,467 (171,4611 (82,970) Net cash generated from/(used in) operating a¢tlvlties 2,717,452 1108,964) Cash flows from investing activitle$ Investment income Deposit interest Payments to acquire investments Net Cash (used inJ/gen•rated by investing activities 178,662 56,923 12,985,787) 162,784 8,677 {169,237) 15 (2,750,202) 2,224 Net decrease in cash and Gash equivalents for the year (32,750) (106,7401 Reconciliation of net cash flow to movement in net funds Net C8sh resoLJrces at 1 January 2024 305,247 411,987 Cash and cash equivalents at 31 December 2024 £ 272,497 £ 305,247 Cash and cash equivalents consist of: Cash held with Handelsbanken (note 7) Cash held with Sarasin & Partners (nole 71 15 15 261,076 11,421 305,244 10 £ 272,497 £ 305,247 The notes on paggs 12 to 17 form part of these financial statements.
PEGASUS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES General inf0mtIOn Pegasus (Yhe Trust. or'lhe Charity l is a charity registered in England Icharily number 11756851. The Trust was established for general charitable purposes and operates as a grant making charity, supporting charitable projects, organisations and individuals with grants of varying sizes and durations. The Trustees must apply the income and at their discretion all or part of the capital of the Charity in promoting the objects in any part of the world as the Trustees may, at Iheir discretion, think fit. The address of the registered office is given on page 1 of these financial stalemenls. Basis of accountlng The financial stal8ments have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accoidance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102), the Charities Act 2011, where relevant the Charities Act 2022, and UK GeneraSly Accepted Accounting Pfaclice. The Charity constitutes a public bènefrt entity as defined by FRS 102 The significant accounting policies applied in the preparation of these financial statements 8re set out below, These policies have been consistently applied to all years presented unless otheiSe stated. In applying the financial reporting framework, the Trustees are required to make a number of subjective judgements, for example in respect of significanl accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under Ihe circumstances. Th8 r)ature of the estimation means the actual outcomes could differ from those estimales. The Trustees confirm that Ihey have made no significant estimates and judgements affecting these financial statements. Incoming resources For donations to be recognised the Charity will have been notified of the amounts and the settlement dale in writing. If there are condilions attached to the donation and this requires a level of performance before enlitlemenl can be obtained then income is defeired until those conditions are fulty met or the fvlfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled. For legacies, entillemenl is the earlier of the Charity being notified of an impending distribution or the legacy being reived. Al this point income is recognised. On occasion legacies will be notified to the Charity however il is not possible lo measure the amount expected lo be distributed. On these occasions. the legacy is treated as a contingent asset and disclosed. Investment income is derived from interest and dividends receivable from investments and is accounted for in the period in which the Trust is entitled to receipl. Interest from deposit accounts are included as and when received only. 12
PEGASUS NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (continuedl Re$our¢es expended All expenditure is included on an accruals basis and is recognised when there is 8 legal or conslruclive obligation committing the Trustees lo the expenditure. Charitable activities include governance cosls made during the period and are expended through the SOFA when the offer is conveyed to the recipient. Governance cosls relating to the geneial running of the Trust, as opposed to the management functions inherent in generating funds. Cost of raising funds relale to the costs incurred by the Trust in managing ils investment portfolios. Fixed asset Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured al their fair value as at the balan¢e sheet dale using the closing quoted markel price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading "Net gainsl(losses} on investments" in the slalement of financial activth'es. The Trust does not acquire put options. derivatives or other complex financial instruments. Financial Snstruments The charity only has financial assets and financial liabilities of a kind that qualify as basic fi'nancial inslruments. Basic financial inslrumenls are recognised at transaction value, except where settlement is delayed, in which case the transaction is recognised at the present value of Ihe settlement amount. ststus of funds The entire resources of the Trust are unrestricted and the Trustees have complete discrelion for their use in pursuance of their objectives. Dobtors and tdItOrS receivablelpayable within one year Debtors and creditors with no slated interest rate and receivable or payable within one year are recorded al transaction price. Any losses arising from impairment are recognised as expenditure. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held on call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts. when applicable, are within borrowing in current liabilities. Golng Concern The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The current uncertainty in the global economy, including geopolitical conflicts and cost inflating factors, have increased financial pressure on charities. The Trustees have considered the level of funds held, the expected level and security of income and committed expendiluie for twelve rnonlhs from the date of signing of these financial slalemenls. The Trustees are satisfied the forecast income and reserves are sufficient to cover all of the budgeted expenditure to be able to continue as a going ¢oncem. The Trustee5 therefore consider Ihe adoption of the going concern basis in preparing these financial slalements continues to be appropriate.
PEGASUS NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (continued Provlsions Provisions are recognised when the Trust has an obligation at the Balance Sheet date as a result of a past event, il is probable thal an outflow of economic benefit will be required in settlement and the amount can be reliably estimat8d. Taxation The Charity is not subject to any taxes on its charitable activities. IrrecoveTable VAT is charged against the category of reSoUrS expended for which it was incurred. Page 2024 2023 INCOME FROM LEGACIES Legacy income £ 2,847,839 2024 2023 INCOME FROM INVESTMENTS Dividends Bank deposit interest 178,662 56,923 162,784 8,677 £ 235,585 £ 171.461 2024 2023 CHARITABLE ACTIVITIES The following grants were awarded to charitable institutions during the year ended 31 December 2024.. 150,000 2,000 St Mungo's Community Housing Association (Reg. charity no.11490851 DEC Middle Easl Fund {Reg. charity no. 1062638) LangaLanga Trust (Reg. charily no. 1076360) The Brigitte Trust (Reg. charity no. 2889231 Big Issue Invest Trust 20,000 6,000 20,000 2,000 176,000 24,000 Support costs Audit fees Igovernance cost) Accountancy fees {governance costi Independent examination fees {governance cost) 7,800 5,190 5,640 1,200 12,990 6.840 Total Charitable Activities £ 188.990 £ 30,840 14
PEGASUS NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 Page 2024 2023 EXPENDITURE ON RAISING FUNDS Sarasin & Partners LLP managemenl fee rebate {7.163) {4,846} £ (7,163) £ (4,8461 Sarasin & Partners LLP deduct management fees internally from their fund. The amount deducted is compared against the fee that would have been charged on the underlying investments if they were held outside of the fund on a discretionary basis and the difference is refunded to the charity. 2024 2023 FIXED ASSET INVESTMENTS Investments at market value comprlse: Quoted investments 9,538,955 6.026,105 Total Investment assets 10 £9,538.955 £6,026,105 Quoted investments Market value at 1 January 2024 Additions Net gains on investment acltvity 6,026.105 2,985,787 527,063 S,542.213 169,237 314,655 Market value at 31 December 2024 £9,538,955 £6,026,105 Net gains on Investment assets Net realised gains on sales Net unrealised gains on ievaluation 527,063 314.655 Total net gains on Investment assets £527,063 £ 314,655 2024 2023 CASH A T BANK Handelsbanken Sarasin & Partners capital account Sarasin & Partners income account 261,076 75 11,346 305,244 10 £ 272,497 £ 305,247
PEGASUS NOTES TO THE FINANCIAL STATEMENTS Iconttnued) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 CREDITORS - amounts falling due withln one year Page Grant ¢ommitments due within one year (note 10) Audit fees Accountancy fees Independent examination fees 62.000 7.800 4,800 60.000 3,960 1,200 10 74,600 £ 65,160 2024 2023 CREDITORS - amounts falllng due beyond one year Grant commitments due in more than one year {note 101 10 £ 62,000 £ 20,000 2024 2023 10. GRANT COMMIThMENTS The Trustees have committed grants lo the following organisalions. Whilst there are terms placed on the future year commitments, the Truslees are of the opinion that there is a high likeliho of the lerms being met and therefore have recognised the outstanding amounts in full. St Mungo's Community Housing Association {R8g. charity no. 1149085 LangaLanga Trust (Reg. chatity no. 1076360) A¢tionAid (Reg. charity 274467) 100,000 24,000 30,000 50,000 16 £ 124,000 £ 80,000 11. CONTINGENT ASSETS- LEGACY INCOME The charity is aware that furlher funds may be received as the ongoing administration of an Estate, of which the charity is a beneficiary, continues. At this time. the total value of the estate is uncertain. Therefore no amount has been accrued in respect of this legacy. 16
PEGASUS NOTES TO THE FINANCIAL STATEMENTS (continued FOR THE YEAR ENDED 31 DECEMBER 2024 12. RELATED PARTY TRANSACTIONS Ouring the year to 31 December 2024, the Charity received a legacy of £2,847,839 from the estate of Mr P Jeffrey, father of one of the Truslees {2023- £Ni4. No Trustee received any remuneration or reimbursement of expenses during the year to 31 December 2024 (2023 - £NiQ. Page 2024 2023 13. FINANCIAL INSTRUMENTS The carry amounts of the charity's financial instruments are as follows.. Financial assets- measured at fair value through SOFA.. -Fixed asset investments -cash at bank and in hand 9,538,955 272,497 6,026,105 305,247 15 Financial liabilities- m9asU at amortised cost -creditors 16 12,600 5,160 The income. expenses, net gains and nel losses attributable to the charity's financial instruments are 5umrnarised as follows.. Income and expense- measuTrd at fairvalu8 through SOFA.. -Net g8ins/(Ioss8s) (including changes in fBir value) 15 527,063 314,655 17