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 con￿rn 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
prO￿dureS 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 be￿eeTh 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 cOn￿alment, 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 ac￿p1 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 A￿oUntants
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 reSoUr￿S 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 inf0m￿tIOn
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 othe￿iSe
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 re￿ived. 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 t￿dItOrS 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 reSoUr￿S 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