Chwity r¢gl8trthI 1207170 (England And Wale81 Company reglstrrtlon number 11153441 PAGRAV COMPANY LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 T AEEVAF6R' OPl11r2025 ¢PAmEs H¢WSE
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PAGRAV COMPANY LIMITED LEGALAND ADMINISTrATIVE INFORMATION TTu61e¢s E Marbnez-chair S Sh&ty P Spira PD Yajnik S Sas¢edl*r8n AC Vlans Senior management U Thakor¢ Arb"sts¢ Dwe¢tor I CEO Charlty number (England.and Wales) 1207170 Company numb•r 11153441 R•glstèr•d office Austin Hou5t 43 Pool• Rtrad BournerLrth t>0et England BH4 9DN
PAGRAV COMPANY LIMITED CONTENTS P•go Chaimxn's stat•ment Trustees, report Independent ¢xamin¢¢s reF•rt statement of financi?1 adj¢5 10 Balance sheet Ststement of cash IIov•S 12 Notes lo the fmancial statewrprhts 13-18
PAGRAV COMPANY LIMITED CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 As the current Chair of PDC. l am deli9htsd to prtserrt our annual report $ hèad into our 20th ye8r of cmating )Id, bound¥yushing dancnd refieet on our first full year QFw'n9 a$ a r•gistered charity. Thè past ar has been one of SnifiCant transfommtion and achi8v•mnt ThHrked several key Thilestones. induding.. tJJr first intomatn81 towto Ind14 shvKasing OUrrkI0 global audin¢os. A rural UK tour, bIgIng Kathak dance to ¢ommunrties auoss En9knd and Vdl•s. A Nonal Dan Award n¢)minatlon for Best Indèpendènt Convanan honour that crowned the end ol a tnjty memorablè yèar. A major Contributor to our progre55 VAS serjjring addiiional in¥estment from Arts Councll England. which ha5 been pivotal in enabling us to expand our tourry and lmnty ¢ngageffnt actrvities both in the UK and int•mationally. Wee been eneCJrag by thé 9rowng demand for Ir woik-evklent not onty in ri¥ng audienc numkers and increased interest from venues, but also in the expanding pathipation In our Kathak danee classes Our ¢ducats"on work, Particurty in 5thooJs across Luton and Miltath Kèyrtts. has also 9rown significantly. supported by generous ¢ontribulions from Luton Rising and Mllton Keynes Clty Coun¢ll. Our established Board of Trustees has played a rolè in supportiThJ the eoryiany, with a stron9 foeus on strengthenin9 finan¢ial su5tsin¥"lfy. reviewing mtemal polic¥es. and ensuring fvll compliance wjth regulalory requirements and good govemance practices. A newly established Advlsory Group has also been pwotsl in helping to guide the organisatson's a.$.¢ M5ion. regi¢ diredlon. and sedor posib"oning bmth Valuab insi9ht on industry trends and new Opportun.$. Their feedback on the conyany's progrwnmes 15 PNOtal in shaping futuré Ourwoik Thls Year This yaar's athib"é$ have reTh¥ined ¢bsety algn8d our carrtab obJ•ctNes.' AdYdncin9 publ appreciati.on and knovAed9e of ak dance. both in ck9s51 and contempordry Ly)ntexts. Crtt¥b"ng and Perfor9 neWw0S. . Eypanding Sdu¢o1i •nd treach efftrts. Key areas offoojs IUded the creatn and tour of a new production. devekping artist devebprrnt initiatives with training and clr¢)duCtion. expanding our teaChg prograws. and reaching new audiences through our artistic catalogue of performarKes and comrrwnty engagement opportunitses. strengthenlng Our Flnanclal Future While our artist and educatKinal impact conlinues to grow. we refffain acLttely awdre ol the need to build Sustsinable financial foundation. are incredibty gratefvl to all our funders. UlartY Arts Council England and Milton Keyftes Council. for their conts.nued support Nèvarth&less, strengthènin9 our fundraislng capaclty and dNèrsity"n9 th¢ome strèarrts are prt0ritk for the year ahead. Wo havo takèft proa¢ti by intmduLin9 now tsr9antsats"oDal stnJcturo4 ond finan¢iol proce4• to improve stabilty and reSi1ne•. Acknowledgmerrts l extend my sincere thanks to everyone who ke5 PDC'S p0551b1ur ffijnders. v?nue partners. audiences, dan, art15ts. 5tudent5, and tsry41Es. Your ong01ftg support and bèlief in our missKJn are invaluabk. Finally, I would like to expréss deep apweeiab.on for Ouf deditatéd stsff t•affL Jed by our visionary Founder, ftow CEO and Artist Director. Your erèthty. reInce. and comnltment are the heartbeat ofthis organisalion. As you read thts repo¢ I hope it pr¢)vid8s both a refft8cb on vknat wg'kp acurTpli5h8d and a glimpse into the exciting ftrture ahead lor PDC. Eva M•*ln
PAGRAV COMPANY LIMITED CHAIRMAN'S STATEMENT (CONTINUEDI FOR THE YEAR ENDED 31 AIARCH 2025 ftirriN6k ¢h*imi•n
PAGRAV COMPANY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AIARCH 2025 Thè tNste8s présent their annual rewt and fman(¥al sMents forthe year ended 31 March 2025. The finan¢ial 5tatenEnts ho b••n pr•pared in aeeordanc• V•ith the aee(Minting polic set out in note 1 to the finaneial stst•m•nts and eonply with the charilys governing doujmenl the Coryanie5 Act 2006. FRS 102 "The Financial Reporb"ng Stsndard applicable the UK and Republic of Irelanrf. and the Charities SORP "A¢¢ounting and Reporting by Charitses.. StaterrEnl of Reconyrended Piac"¢e gpplic8ble to tharits$ preparing their aOUrtts in accordance with th? Finanaal Reporlm9 Stsndard apP]bI• in th• UK R•public of Ir•land IFRS 102y'. Thè purposès Of1 eharty arn" the benefft of the pu. to advance the knvAedge and appreoati.on of kathok in pathuknr bul not exdu5Nely ty. a. th¢ ¢fyatw and p¢rlomHn¢ ofwofks and b. eau¢ab"rwJ thg pubts"e in the South Asian dance fomi in classteal and contemporary cont•xts. Thè Msion that shapes our annual aetsvbbes rrIn$ a UK in which r)JlbJTal careers and creatiwty are vahjed by South Asian communities, where kathak influences and ev0e5 with succe55Ne generation5 of creatwe5, and the cuknral sedor is mJre en¢Tat. aesSIble and rgpre59ntath of South Asrdn pe1. Th& ¢harity also ha$ tho g¢nÈral aim of ¢onnecting p8opJ8 Ihrough vd-csS Soulh Ast"an dance in our tsaching, productions and artist development strands of actNity. In shaping our objectNes lor the year and plannKrfJ tyjr acti. thè trustèas havè eonsid•r8d the Charty ComrwMs$ion'$ guan¢t on public benefrt, induding the guidance on Publ beneff( and fee eharging. PDC relies on grants and thè ineom from féès and charps to cover ts operating costs. In setts.ng the kvel ol fees, charges and eoncessions. the tnjstees give carefijl consMJera1 to the acCessibty of PDC for those on incorrw. We're comrriited ¢0 tslling the stoiie5 of Brrtrsh AS1 conyThJnths. errgowering them to cdebre their heritage. We believe thal 5harir4 gur pra¢"¢tr and *ideniny th• apprnoat•)n of our art fomi deepens und&rstsnding b&fv4•erh cuknrès, farths and bèliefs. tackling community dmdes. work passate to readdress inequities tsced by attists worting Ythhin SA Dance in the U ho pmgressfve of [PDC] is Ir0d1b in¥iortsnt in of Ihg dwa1¢ of SA Dance and nurturing talentÈdyoung KatlMt dancets" S8dlors Wdls.
PAGRAV COMPANY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 Oui S Str•t¢gic Aim•- Production." High-quatty perfomwnce establishin9 &)uth Asian dance #5 8 ftycÈ in eonttrnporary Br"Sh culturè, etbIating and telling underrepres¢nl¢d storie5. Wk'll nurture Scmjth Asian dance artists of the fulufe. increasing the dNersty ofthe UK oan sèetor. pa.Pa.9n.. Dance èxp•riences for perfonrers and audiences. Responding to the need5 of cLvnrnunfaes ofcolour. includin9 Brrtish An ComrroJnJbes not catered to by the mainstrèam tsjttural sèctor. d. Profiling.. Str"muLate debate and devebp sustsinable touriro and audien for SouthAsian Dan¢¢. i>g¥nisational developffnt" 8oeon a b•acon of dNersrty praelice.. d•velop our dyna¢ business ffde1. Rèsilien¢e and Sustainabilty.. Managing growth responbty. The aims are d¢lNered thmugh these three strand5 New Grouml: Our professional art1514ed touring ¢onyany pre5nts IN• and thgrtal proJ•cts rooted in Kathak's storytèNin9, rw'nterprètèd klr 21st Cèntury audnces. Our •n9agement PrograffS delwer packages of talks and workshops for children and yo¢Jng people. enthu5105ts •nd profess)nab, prowdmig deèper engagenpnt wrth PDC and thg ¢reatNe industries. New Palhs: We 5UPP¢rt em•rging UK based Kathak artrsts and a wde ¢ative workforce to thrtve. Subverting tradf(ional GurW stutlent relatsonships. we supptsrt danr$ to navryats th¥ indu5ty and ¢r&at¢ ambth.tsus ¢arer pathways and overcorre the they faee. New Feet: We train and profeswnal dancers from agès of 4 years+ including wedited ISTD training and Diploma in Danc• EduCat)n Our artistic values Int¢gnty and Honesty W• stn.ve for creabv? eXe•lne& and ¢tr> not cOrOlse on qualty or care. Vk nwke declOnS accordiro to our vision aThJ valu8s. We are transparent about our policEs, Process and prcsr8rThniTr3. We ffK¥nrttsr and measure our work inviting feedback from artist& auth"?nce5. an<1 parther5. Collabor¥b"on and Partnership We delNer our ambth'ons in portnèrshi). •nsur• that rdes and rosponsibilths are defin•d arKI that ar• workin9 to tht samè goal. We mtigate nsk by work9 èffectThfety with others to Our¢e our progiamffs. We conb'nuously leam frorn workirJ with a br03d spectrumof peopk and partne. Equty and Kindness We respect pecple. are ethical ow decision ffkir4J and we comrThtted to kIng a posrtNe impact We commrt to list•nFn9 to the underrepresented communities we seek to serve. We cornmr( to reSents'ng these communiti'e5 in our workforce. govemance, and prograrrffiing. INe cornmit tts engage vthh Peop from all $ocige¢onomK backgrounds, abilrtles, ethniciti"¢s. geftde, sexual orientatson5, INèd experients, beliets and gographi•s. roflct this valu• in our racrtMert praebw and Ihe pay p•ople. corrml to ¢r•ating sale spaces for artists. staff and audiences. Sustainability and ResponsI'1ty We respect the environrrnl and ThnI10r our iffpad. our platrom to encourage PeOe to ffoke positiv8 change. We are guKled by our values and ethts vhn entwmg into n* eontrads and patherships. We PrrIti.SO Sustainablè business pradre•s.
PAGRAV COMPANY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 hI•ments and MI¢• New Gmund . I f4dnCY Shingin Britton &n10¥ musan$ . 3773 eudiwKes Ihwh ourwDle&WidwodiL)tis 45Artisfs 8ndArts Prof8ssKth4s ompfo Néw Paths . 4 $tS sdoded for OxiJen. wth 2 ad{frIal ests suppyted to attend wng 2025 $ession$. ApPli¢ts sdecled Lwht SP0¢4""sm$in Kh(, Athrnytam. G¥b• 8h•at•. . 1 CopmduLon. ¢)>dw•wph by 2 PCC and Oxypi A"SIS . 2885 ALences re•gd byAath in 5 rfManCeS ind¢Nfng I now wnmiswi fvr Na8d and Aarohi s4od•d for S8d•rfs htsRs,MakJ. Mov•s In"8.. - 68mantoring s&ssons to support South Asian Arttsts New Feet - 185 stud8nts •ngagèd in PDC dsssès - 790 dassas ddJ"v8radin Anon K•ynas. Edw• kndonlfna . 3974 outh•rS r•xh•dlhrough 6 stLYlont p8rfmnc• opportunib•s - ITleaming 8ndpertiGIpeli seswons. 7 pgrfonnance shwirys and $8 ddNered to 25 18$ - 99wimary xhoo1puls ath"ov8d an Arts Award QuaSff¢"¢>J Publlc b•nerrt Tho tnJste85 have paid due regard to guidance issued by the Chaiity Conwnission in deciding wthat artwititrs the charty Should und8rtak8. Audience experlence: . the bliss of so•ing purn d•K• aryd mug(ia)s. dosg to and by thg ¢ftyng lo push th& art lornard or mak& $¢Vn• d•v•rptynl. It'siust 5Tr)od. hornst. i?yfvl danc•.... You know somgttsng is gcod wh cn&¢s pay to sèè a show!- knfted Lèg Rl•W olAunusthan. 16 N¢Mmbef 2024 "Thep8rfomanco brin9$ th• gxotomonf ofUtt•ayan to h.fo thw hig19?Y Kathak. The Ghoreogr8phy by Uri8 Desaft Thakora. th8 artistsc Ornctor of Pagra¥ Danca Company. inc(¥potsl•s Kahak'$ fast lum$. tyri¢¥ beauty. anLI sklfvI technique wth"1g subuyinlrodw.ng wnlompwary dan movgnwnls.- Indrd Express on Kaltsm Katrj. "the ontsre pmdudion. il• r8diab.ng a rrimt4w and Iwhter f•d of at Kathak is undwstood lo b•, * th• s tim8, satisfi&$ erilèria of8Uthènb"tity.~-https".Ilnarthaki.eomfinloltsalamftaalam197.htr "liusl want ro thank ycw foryour supm patience. and expwfrse. l you au to know thot the •vernng was an enonnous stscc•ss and th8 PrfmaneS of th• four dancers was outstandinY beautiful. rhe mixture of $pèd and s&llness Comned 8Xq9(a hantknit movaments was br&athta13'ng. Then ofcoufte thèrg was th$ •vocative music wtsch accompaNed the danung. The au&6nc8 was on f881 at tha gnd VIng •vgryon8 a slandirrfJ ovatsl JUST MARVELLOUSI! tt was a reaf pl?10ge lo hav8 Ltyg Pa9rnv Lkn¢¥ Company at Sh8&ps¢ombo. Thank af- Pron01 ftédba* Aunusth¥n Rural Tour
PAGRAV COMPANY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORn (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Flnandal revlew Pagrav Company Ltd. delNefed a Strong financial rforn1ance in 20225. generating a SU1[1$ of £23,802 surplus income over expenditure contribut¢5 to a strong balar 5he¥t and improved IAuidity Wrth robust revenue growth, Strategic rein¥es¢ThRn(4nd a solid financial position, Payrav Company is wel posrtioned for contr'nu¢d sueetts and futur• Opportun.$. Our polky Our pr¢cing policy oftects our strategy of enablin9 all wrthin our eomrNnty. whateverth•ir m•ans. to take part in our a¢bv"t$ and attend our classes. Conces%onary rates are available to sbjdents in need. Full pri¢0 $lutJent lees vary from £7 to £40 ith 10% Conce0[. Investment powern Attd pollcy The trustees. havin9 r89ard to Ihe liquidty requirem8nts of operating the POC and to the reseNe$ Fdi¢y hwe operated ¥ poli¢y of k68ping ayaable funds in the ojrrent account R•8èrv•s pollcy The Operatin9 Reserve 11 be recorded in the financial record5 as General Unre5trKted Reserv&. Thè Rese0 will be fvnded and available in ¢ash or osh equivabent lund5. Operats"n9 R¢swv&s will be wmmingled with th• general cash and inveslment aeeounts ofthe organrAtion. Usè of the Opèrating Reserves reqUIS three steps.. 1. Identffication of approprrate use of opeth.rg ReseNes. The ExeartN¢ Dir¢rfor •nd stsff will identrfy the need for ac¢e5S to reswve fibnds and conffirm that the use ts conssslent wrth the purpose of the reseNes a5 described in this Poliey. This step requires anatysis of the reason for the shortfall. the avaikbilty of any other soureos of funds bèfor¢ using reSee$. and evaluab.on ofth¢ ts"rr pe that Ihe funds will be required and replenhQd_ 2. Authorty to use op8th.ng résèrvès Th• EX1• Dirtdor subnmt a reqvèst to usè Q)èr8ting Reseryes to the Board of DweLors. The request will include the analysis and detemwnatson of the use of ndS and plans for replenishment The organisation'5 goal is to replenish the fvnds used within Ihe shortest time po$$ibl¢ and i¢$tor th8 Operatin9 Rèserve Fund to the target minirTrJm aUnt 3. Reporting and rM+nrtoring. The Execub"¥e Director is résponstsl• lor ènsuring that Operating Reserye is maintsined and used only as de$Mbed in this PolKy. Upon aFproval for the uso of lunds trom the Operating Re$&rve. the Ex8cthNe Director will ffointsin records of the use of funds and pL8n for replenishment. Hetshe will provide regular report5 to the Board olDireLtss of Progress to restore the Fund to th& target minirTyJm amount ReseNes It ts thè polw of the charty that unrestriLled fijnds have not teen designated for a specific use should be maintained at a level equryafent to betsveen three and six K)nth'S expendrture. The trustees consider that reserves at this level will ensure that. in Ihè èvènt ol a SnifiCant drtp in thJndin9. they will be ab to continuè thè Charitys current actiVe$ while consideration given to ways in which addr()nal bjnds rrAy be ra15ed. This level of reserve5 has been maintain¥d throu9hout th• yaar. StruetyY* g0ManCe and managemert Pagrav Company Linmted is a eompany Imtèd by 9arantee govemed by tts Memtyandum and ArtlèS ol Asscciatscn dated cr2111r2023. It is registered as a eharty with the Chanty Corrvnis$)n. Any person who is appointed as a director will. by virtue ol that appoultment. agree to becom a memb•r and accOrd9ty wll b8 ènterèd in Ihè re9iSter of member5. No person other than a director may be add as a member. All ofthe trustees are methr5 of the company and guarartee to contn.tr £1 in the event ofa winding up.
PAGRAV COMPANY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 The twstee5. vtho are also the directors lor the purposo ol cLvnpy law. and served during the year and up to the date ofsvJn¥ture of the financial slateffnts thro: E MarteZ- Chaw S Sh•tty AJP Spir PD Yajnik S Saseedhaian AC Wansell Recruitment and appointrnen¢ oltrustees The charty may by ordinary resolution appoint a pen vkno wiv"n5 to artlo b8 a dir•ctor. No person be apptsintd a at any yn•rnl mti•tin9 unl•ss.' he or she 15 recomMded for tkction or rè-èlèdb)n by thè directors.. or not le55 than lourte¢n nor mor• than thirty-fve dear days b•fore the date of the rting. the ¢h•rity is gNen a nob"o that is Slgned by a mber entr(led to vote al the rreeting- stales the memberfs intention to prgPQs¢ th• appointnnt of a pemn as a director. t>)nlains Ihe dètsils that. rf thè petson wore to be appointed. the charity would have tts fA¢ al Coffo•nis House.. and 15 svJned by the per50n vkno is to be propos•d to show or h•rvAlJingn•ss to b8 appoint•d. All ftrters are entit to receNe notKe of a gene1 etIng ffwjst gvrfen not bss than Sovon nor moro than trAnty-eight dear days. notice of ary $Ul10n to ts put to the ryling to appoint ¥ aire¢ttsr. The appoifttment of a diréetor, wheth•r by th8 eharity in general meeting or by the other d1clor9, must not Cause the numter ol directots tr èxeeed any numbèr ffixtd as the nwxinyjm nurrthr of directors. Directors, with the èxcept of the direetors who We appointed prior to the adopbon olthese aJtides, shall be appointed for terms of the years and a d1ctor has seNed their tefm ffst retwe at tho next r9 of thè direttots that occu following Ihg expiry of theirtemi Ck9anisafjonal $tru¢lure The board of trustees, which can have up to 10 Member5. administe Ihe chanty. The board meets quartèdy and there are sub-comrritte¢s co¥¢ring d¢v¢loFxren( membership. finan¢e and audrt normally meet nnthly. A Chief Exeeutwè is appointed by the trustees to manage the daY4daY operations of the charity. To facilifate effectivo oporattons. tha Chief ExecutNe has delegated authonty. ithin terrrts of delegation aFproved by the twslees. for operational matters induding finance. eryploynEnt and artisti¢ perforTh4nce related actNity. Related parties on8 of our trustoes receive remuneration or Olher benefft from their4(k the charity. Any connection betsyeen a trustee or senior manager ofthe charity a produiAKJn conyany. cortracted artOT, perforrner or exhibitor must disdos8d to the full board oftNstees in the saTh way as any olher contractual relationship w*h a related party. In the current year no su¢h r¢lat•d paty transactions r•port•d.
PAGRAV COMPANY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 Induction and lTriniThJ of trust¢•$ truste undergo an orientation day to briefth•m on thwr legal obligalitsn5 under ¢hanty and rnY law, the Charty Commission guidance on public benefii content of thè Mémorandum and Artielès of A$slatIOn. the commrttee and dec45ion-rroking pro¢e5ses. th• business plan and cent financrdl performance of the chaity. Ouring thè induth.on day they mo&t key employees and other trustees. Trustees are encouraged lo attend appiopiiate oxtemal trIng evonts wheie these will facdrfat• th• und•rtakthy ol th•ir rol•. Risk managem¢nt The trustses havo a moftag¢n*nt $tr¥t¢gy vkni¢h ¢ryi an annual revM¥ ofthe risks the chafity rroy fac¢" . the establishment of syslem5 and pr(Kedures to nbb9•to rrsks k1enkn.fied in th¢ plan." and." the implementats'on of plellUreS desuned to any prtèrthl KY4)act ort trL• charty should Ihose risks matènalisè. Th• tru$tees' report was approved byth• Board of Tntstees. E Martinez- Cha Trustee 9.S¥Ftsmber 25
PAGRAV COMPANY LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PAGRAV COMPANY I reFQrt to th• trustees on my examinalicfi of the ffinancial staterrents of Pagrav Crynrty (the ch¥rityl br the y•ar ended 31 March 2025. Respon$lblllWes •nd b•sls of r•wi As the trustees of the chaty land also it5 directo for the purposes tsf nPY l&vl, you arè rèsponsiblè for the preparation of the fjnancial statements In a¢¢ord¥n¢ with the r¢quirements of thè COmpanS Aet 2008. You are $ab"sfied that the fin¥n¢o1 $tst8mènts of the eharty arè not raquired by charity or cunpany lo be audited and havo ¢ho$¢n instead to have an independent examinats'on. Having satisfied mysell that the finanaal statents of the tharity are not required to be audited under Part 16 01 the CoTroanies Act 20Cfj and are eligible for independent examinab"on. I r$port in respeet of my examinatrc+n of thè ¢hanty'5 financial 5tst¢ments ¢arried out undor ss¢bon 65 of the Charrties Act (Northern Ireland) 2008 and section 145 01 thè Chath"•$ Act 2011. In earrying out rrty •xamination I haye follthved the general Directions gNen by the Charty Comrrission for Nothèm IrèlaThJ under seetw)n 6519Kbl of the Charit$ Act INorthem Ireland) 21KJ8 and the Direth"ons gNen by the Charrty Comrr#s%on under secb.on 1495Xb) ofthe CharitSA¢1 2011. Independent examineV$ statenpnl Since the charity's gloss income exceeded £250.0. the independent ex8r must be a [rr)er ofa bc¢Jy listed in section 145 of the Charities Act 2011 and secion 65 of th? Cha.? Art INgrthgm Ireland) 2W8. I wnfirm that I am quali to uftdertakè thè wrrunth.on bUS• l am a m•mber ofAssockation of Acc¥>unting T8chnicians which is one of the listed bodies. I have c4rylet¢d my examinatitin. l Conffimi that no rrtre hav• ¢orr to my atten in conn9ctn wth the exarnination gNing rrw ¢ause to tsVe that in any material respe ac¢ountin9 reco$ werè not kèpt th rèspect of thè chanty as rewiTrd by $8dion M of the Companips A¢t the financial staterrents do not accord those records", or the finanual $tsteWnts do rt comply V[h the accountsng requirements of sethon 396 Of the compan Act 2006 other than any requirerr*nt that the fmanaal statements gNe a true and fay view. which is not a matter considered as part of an independent examinabon" Or the financral statements have not been wepared in accordance 1h the methods and princples of the statement of Recom¢ Pra¢b"¢è foi aetfjunbn9 and répo.ny by eharib.ès applicablè to charrtias prepanng t1r ffinancial statements in aeeordance th the Finanual Reportirrfj Standard appIabl0 in the UK nd Republ¢ of Ireland IFRS 1021 I have no Lxjncems and have come xross no other ffotters in connection with the examination to whith attention should be drawn in t5 report in order to enable a proper undedIng of the ffinancial statements to be reached. /k/ L M RovAands CTA FMA4T AThIFelkMI) 9 S¢ptsml)w 2025
PAGRAV COMPANY LIMITED STATEMENT OF FINANCIALACTMTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AIARCH 2025 fvnds 2025 nds 2024 Income fyom: Donations Chantable actNrts 391,942 212.974 260,223 127,4S1 Total Incomo 604.916 387.674 EX111? on: Charitable actNities $81,114 356,759 Tol•l oxpendltrjre 581.114 356.759 Net incom• and moveftnt in fund• 23,802 30,915 Reeonelliati¢)n of fund$: Fund balances at 1 April 224 50.476 19,561 Fund b•lan(s at 31 MaKh 2025 74,278 50.476 The statement of financial actsmbes indudes all gains and kn55es cogniSed in the year. All ineomè and èxpenditure dtrrive from continuing ath'vthe5. 10-
PAGRAV COMPANY LIMITED BALANCE SHEET AS AT 31 IhlARCH 2025 2025 2024 Curr•nt ass•ts Debto Ash at bank and in h•)d 10 43,551 128.144 8,010 95,730 171.695 103,740 Ctsdit¢rn: amunts f41ing due wlthl one year 11 {97.4171 153.2641 Net current as8ets 74.276 50,476 The lund8 ol the charity Unrestiicted lunds 13 74.278 50,476 74,278 50,476 Thè ¢ompany is éntstlèd to tht Èxenytsoft from th• KIrt requirement contained in section 47T ofthe comleSA¢t 20LI8, forthe year ended 31 March 2025. Thè dirèctors aCkrbo[èd99 their responsibilities for eorrplytng th the requirements of the Conpanies Act 20C6 resped to aecounb.ng records and the preparation of finanaal stster. Th• memb•ts hav• rtot r•quir•d th• company to obtain an aud of its financyal stateThnts ltsr the year in qstiOn accordance with seLtion 476. These finartial ststements h•v¢ be¢ft prnpar¢d in a¢rdance with the provtsions applicable to Compan subject to thè sffoll companies regime. The financial statements were approved by the trustees on 9 Stpténèr2025 E Martinez- Chair Trustee Company registration number 11153441 (England and Wale5) 11
PAGRAV COMPANY LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AIARCH 2025 202S C•$h flv•Js from operatlng a(aivities C•$h g•nèr8t•d from operatK)ns 15 32.414 Net.cash generated from investlng •¢livith8 Net cash gènorat•d from flnandng acllvliiès Net Ineream In cash and cash equrialents 32,414 Cash and cash eguN0nts at béginning ofyèar 95,730 Cash and cash equivalents •t •id of > 128.144 12-
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Ac¢ountity polkl•s Charty infomjthn Pagrav Company is a prNate corrpany liThited by guat¥ntee iwwrwrated in Engkr#J and Wal95. The registered olfice isAustin Hwse, 43 Po Road, BOuM•nth, Doisel BH4 90N, England. 1.1 Aceountlng conventbon The financial 5ts1effents have beèn prepared in accoidance with th• charitys goveming document, the Coffpani•s Act 2C(6. FRS 102 'The Finanaal Reporting Standard appkab in thè UK ènd Republic of Ireland" and the Charib'es SORP "ACn"r and Reporkn"ng by Charrties.. Statennt of Recomm?ndèd Pradice applicabb to ¢harrts pPann9 their accounts in aecordance wth the Financial Reporting Standard applieablè in the UK and Republic of Ireland IFRS 102r. The thanty is • Publr¢ Benefit Entity as tsfined by FRS 102. The finan¢ial $tatm•nts are propared in sterfing. 1¢h the fvnLKDal cuThency of thè chaity. Monetsry armunts in these financ¢al statements are rounde(I to the ne8TeSt £. The finanL¥al staterrEnts have b¢¢n prepared under the historical cost convention. Ifflodrfd lo include t revaluation of frèèhold properties and to include investrrMt properb'es and certain financial in5trywTrts at fair valu•J The principal aCuntiThj Po adopled are set be. 1.2 Going concern At the time of approving the fin¢1 5tstwnents, the trustees have a reasonable expectation that the charrty has adequate resources to wntinue in operab)nal existeneè for th• forèseeable future. Thus the trustees eoniinue tts adopt thè 90ffig eonctm basis of aeec#mtin9 In preparKvJ the financwl statements. 1.3 CharltatAe funds Unreslri¢ted fvnd5 are available ft>r uso at th discrtion of th• trust••s in fvrth•ranee of thth'r c4rrt•ble objeeb"vès. Restrict•d Thjnds arè subiact tr• specifie e0rh1rtnS by donors or grantors as to h(w they may be used. Thè purposes and uses ofthe restricted fijnds a set oul in the n¢)te5 to the fjnancial ststements. Endowment funds are subj'ect to speofic condthn5 by donots that th¢ ¢apit rnst be ffoint•in¢d by the 1A Income Ineome is recognised when the charity is legally enliued to rt after any perftsrman¢e ¢)nditiM$ ho¥0 been the ¥rTr)unts ran bg rreasured reliably. and rt i5 probable that incoff 11 be feceived. C•$h donetrons are re¢r3nT5ed on receipt other donats"on5 a ItnIsed orKe th¢ ¢h#rTty has been notffied of the donab"on, unlèss p*rforrrAne• Condrfns require dèfèrral of the anx)unt. Income tax recoverable in relatb)n to donab'ons receNed under GrftAkl or deeds of cthEnant ts recogntsed at the tiffe ol the donation. Legaryes are e09n18¢ on reIpl or othe•$¢ rf the tharty has been nob.fied of an impend¢n9 distributbn. the amount is known. and receipt is expected. If the arrKJunt is nol knvml. the kgacy is treated as a contingent 4sseL 13-
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ounting pollcles (CoTrtinued) 1.S Expndttur¢ Expendrtuie is recognised once thefe a gal or construL¥p oblvjabon to transler econorThc benefft to a third party, rt is probable that 4 transfer of économ bènefits L required in setllemant, and thè amount of the obligation ean b8 measured reliabty. Expendrture is das&fi8d by activty. The costs of each athity are mode up of Iht total ol direL costs and shared costs. including support costs invdved in undertakn.ng ea¢h athty. Direct eosts attribulable to a Single acbvity ar¢ allocated diredty lo th•t athty. Shared eosls contribute to rrKsr¥ than onè activrty and Support costs which arè not attn"butabl& to a single actiwty are apporboned between those actvrties on a basis consistont with the use of resources. Central staff costs are Jlocated on th¢ bas of tsrr spent, and depreuation Charges are allocated on the pothft ofthe assèfs us•. 1.6 Cash and Gash equlvAlents Cash and eash eqUNaknts include ¢ash in hand, d•posits h•k1 at call with banks, other short4em liquid investsnents wrth orKJinal matunties of three Irth$ or less. and bank ONprdraft5. Bank overdrafts are shovm wrthin borrwngs in uJThent lblIrt% 1.7 Flnanclal Snstruments The Charty has elected to apply the prow5Tr0n$ of Socon 11 '8asic FinanL?al Instrumtrnts, and S¢¢t)n 12 'Olh&r Finanfial Inrumènts Issuès. of FRS 102 to al of its fThncial instrumerts. Financol instmmènts are legnIsed in the tharrts balane• sM•t wth•n th• charty bt¢omès paty to thè ¢ontradual provisions of the instrLvrent Finawal assets #nd Ira10.es are offset. with th¢ net •rrthnts Prwn1 ift Ihtr financyal statements, vh)¢n there is a legalty enforceable right to $et off the reeogntstd amounts an+J th•r• is an int•ntion to settl8 on a n•t basis or to realise lh• asset and setoe the Irdbikty sinvjltaneousty. Bask ffnanclal assets Basic financial assets. Ythich indude debtOW5 aThJ cash bank bol¥n¢es, are initiamy rneasured at tr8n50rtion prv induding tran5adj.on costs arKI are 5ubswuÈntty ¢arrd at amrttsed cost using the effectNe inlere5t rrelh¢d unless the arrangerrent constitules a ffinan¢lli9 transath"on, where the transaction is asurad at th8 present value of the futurè retsipts dtscountèd at a markèt rata of inlertrst. Fin#n¢ial ass¢ts classffied as r•eeivabbg wrthin one yw ar• anrtised. B•sic financial liabiliti8s Basic financial liabilib"ès. includin9 ereditors and bank loans are Fnthlly recognised at transaction price unle$$ the arrangernent constitutes a f¢nancing transaLtion. where the debt instrument is m8asurod at th• present value of thè ftrturè payments diOUrted at a rrtet r¥te of int¢r•sL Fin•n¢wl lobilities dassified as payable within one year are not arTh)"s¢d. Debt instruments are $ubsequ¢nty ¢arrigd al amtytisod using lh• effe¢tiw interost rato method. Trade Credito are oblNJatKJns to pay for goods or SeThi that have been acquid in the orth'nary course of opeTatyon5 from supplRrs. Arnunt5 payable are ¢kssrfied as rreft1 liabilth'e5 rf payment is due wrthin one year Or bgss. 11 ncé. thy are presenled #s non-eumnt liabiltbes. Trade credrtors are i¢ogAi$Od initially al transaction prto and 5ubsequenYy mea5ur¢d at arTh)rtis•d cost using thè •ffeetiv• intsrest method. De¢tion of financl•lll•bllltl•s Financial liabililies are derecognised when the ¢haiWs ¢ontra¢tug1 obligab.orts expire or are dis¢harge(l or cancelled. 14-
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ountlng poll¢Rs (Continued) 1A Employee beneffts The cost of any unused hrlliday entheffnt is recognis•d in the period in vthKh the 8mpky•8's s•rvices are received. Termin¥tion bertèffts a rewni5ed immèdkately as an expense vthen the chanty is ern$trablY COritted to teminate the employment of an empkyee Of to promde t&rnNnation tenefits. Crltkal accounting estlmatss and Judgemert¥ In the appli¢ation Of the dwrtys a¢nb"A9 policaes. th• trust8es are required to Ma jud9oments, estimates ond essunytions about th• earrying armunt of assets and liabile5 that are not readily apparent from other sources. The ?5tirrotes and assock?ted assumpbons are b¥sed on historical èxpernce ond tsther ts¢tors that arè conshlérad to be rethnl. A¢tual rsulis may drflw from these estirrrates. The estimates aThJ undetyng assumptions are reNiewed on an ongoing basis. Revisio to accounting estimates arè rÈeognised in the period in whth the th"mat• ts mtsed where the rèvision affècts only that period, or in the period of the r¥M$ion and fjJtt¥e periods there the reMs*)n affects both current and future periods. Unrestricted Unrtstrlctèd nds funds 2025 2024 Donalions aThJ grft$ 391,942 260.Y23 Donations and gifts Grants Oonalitsn5 391,407 535 280,223 391.942 260.723 InwnKt ITOM charitabk adivilies Unrestrieted Unrestricted funds funds 2025 2024 Sales of goods and sép41 Theatre Tax Cf•drt 199.409 13.S85 114.454 12.997 212.974 127,451 15-
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH2025 Expendtture on charlt•ble a(rrfNles 2025 2024 Dlrect Cr•alion, perfoThronea and 8dueation &81.114 356.759 Analysis by fvnd Unrestricted fvnd5 $81.114 356,759 Not movenwnt ljb fund$ 2025 2024 The net rrovoment in funds is slated after Chargin(creditIngl Fees payabk indopendent exominatson ofthe chaiitys fiFban¢l stst¢m¢nt$ Trustees Non• of th• tnjstees lor any per%K connected 7hilh them) receNed any rerThJneration or beneffts from the charity during thè year. The average monthty nuTh)er of erybyee5 the yearwa5.' 2025 Number 2024 Nun 10 The numbor OferybY whose annual reffneration more trAn £.(0 is as follow5.. 2025 Number 2024 Nurnbor Artist Oir•¢tor I CEO Remuner4ti¢n of key m•nag¢ftw pwsonml The remuneration olkey managennt petsmnel ¥was a5 fp 2025 2024 Aggregate ¢offoensatK*n .010 70,CQO 16-
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENOED 31 AIARCH 2025 rall¢n The ¢harty is exew from taxab"¢)n on ts #d$ bteaus• all bts InMe is applied for charrtabla purF¥)ses. 10 Debknr* 2025 2024 Amtyjnts lalllng du• wlthin one year. Trnd• d•btors Prepayments arK1 a¢uu&J Inco 6,784 31,267 1,427 38,051 2.510 2025 2024 Amuhts fAlllng due after rnrethan onè yè•r. Crther debtors 5,500 5,SOO Total debto 43,551 8,010 11 CredllrKs: amouffts lalllng duewlthln one ye 2025 2024 Other taxatson and $0¢01 s¢curty Oèfèrrèd income Accruals 787 82,030 14.611) 12 43,OS9 10,205 97.417 53.264 12 Deferred Inco 2025 2024 other deferre(l incc¥ne 82.030 43.059 Deferred inccAne is induded in the financial ststements as folkh¥s: 2025 2024 D•ferr8d incc¥M is induded within.. Current liabil"5 82.030 43.059 Moveffrtnts in the year. 17-
NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Dthrr In¢onw (Contlnu•dl Deferw ineomè at 1 April 224 Released from prevK)us perityjs Rg$ources deferred in the year 43.059 143.0591 82.030 43,059 Oeferred in¢(¥re at 31 Marth 2tr25 82.030 43,059 13 Unrestrlthd funds The unrestricted fvnds of the charty coryJri8e the unexpended baLanc85 ofdonation5 and grdnts which a not subjed to speciffic wndthns by donors and 9rantors as to how they rrHy be used. These include de$vJnat•d funds whh have beén set asbde out of unrestncled funds by the trustees for S1C purpo$tts. At l Aprll Incomlng Resources At 31 March 2025 Gènetal funds $0,476 604.916 1581.1141 74,278 Pr•vlous year. At 1 Apiil Ineoming 2023 resour$ Resour¢es At 31 March expended 2024 General funds 19.561 387.674 1356.159) 50.476 14 Related party tran$a¢tlons There were no disdosable related party transacl1LS thjring the year12Q4- none). 15 Cash generated from ¢4xrations 2025 2024 Slus forthe year 23,802 30.915 Ilrt¢r6asel in debtors crease in credito Inerèasè in d•ferred incon 135,5411 5,1K2 38,971 18.0101 10.205 43.059 ¢h g•n•rated from 0rat8 32,414 76.169 16 Analy$i5 of ¢hang¢s In nel lund The chanty had no mat¢rial d•bt during the year. 18-