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
#78

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
Bourner￿Lrth
t>0￿et
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¥y*ushing danc￿nd refieet on our first full year QFw*'n9 a$ a r•gistered charity.
Thè past ￿ar has been one of S￿nifiCant transfommtion and achi8v•mnt ThHrked several key Thilestones.
induding..
tJJr first intomat￿n81 towto Ind14 shvKasing OUr￿￿rkI0 global audi*n¢os.
A rural UK tour, bI￿gIng Kathak dance to ¢ommunrties auoss En9knd and V*dl•s.
A N￿onal Dan￿ Award n¢)minatlon for Best Indèpendènt Convan￿an 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 ￿lm￿nty ¢ngageff*nt actrvities both in the UK and
int•mationally.
We*e been eneC*Jrag￿ by thé 9rowng demand for I￿r 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, Particu￿rty 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￿.$￿.¢ M5ion. *r*egi¢ diredlon. and sedor posib"oning bmth Valuab￿ insi9ht on
industry trends and new Opportun￿.*$. 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 c*arrtab￿ obJ•ctNes.'
AdYdncin9 publ￿ appreciati.on and knovAed9e of ￿￿ak dance. both in ck9s5￿1 and contempordry
Ly)ntexts.
Crtt¥b"ng and Perfor￿￿9 neWw0￿S.
. Eypanding Sdu¢o1i￿ •nd ￿treach efft*rts.
Key areas offoojs I￿Uded the creat￿n and tour of a new production. devek*ping artist devebprr*nt initiatives with
training and cl￿r¢)duCtion. expanding our teaCh￿g 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 reSi1￿ne•.
Acknowledgmerrts
l extend my sincere thanks to everyone who ￿￿ke5 PDC'S p0551b1￿ur 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. re￿I￿nce. 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 s￿￿Ments 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 a￿OUrtts 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 ￿rr*In$ a UK in which r)JlbJTal careers and creatiwty are vahjed by
South Asian communities, where kathak influences and ev0￿e5 with succe55Ne generation5 of creatwe5, and the
cuknral sedor is mJre ￿en￿¢Tat￿. a￿esSIble and rgpre59ntath of South Asrdn pe￿1￿. Th& ¢harity also ha$ tho
g¢nÈral aim of ¢onnecting p8opJ8 Ihrough v*￿￿d-c￿sS 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$ion'$ gu￿an¢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 acCessib￿ty of PDC for those on incorrw.
We're comrriited ¢0 tslling the stoiie5 of Brrtrsh AS1￿ conyThJnths. errgowering them to cdebr*e 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 pass￿￿ate￿ to readdress inequities tsced by
attists worting Ythhin SA Dance in the U
ho pmgressfve of [PDC] is I￿r0d1b￿ 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, et￿bIating 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 A￿n 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 developff*nt" 8oeon* a b•acon of dNersrty praelice.. d•velop our dyna￿￿¢ business ff￿de1.
Rèsilien¢e and Sustainabilty.. Managing growth respon￿bty.
The aims are d¢lNered thmugh these three strand5
New Grouml: Our professional art1514ed touring ¢onyany pre5*nts IN• and thgrtal proJ•cts rooted in Kathak's
storytèNin9, rw'nterprètèd klr 21st Cèntury aud*nces. Our •n9agement Prograff￿*S 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 dan￿r$ to navryats th¥ indu5ty and ¢r&at¢ ambth.tsus ¢are*r
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•l￿ne& and ¢tr> not cO￿￿rO￿lse on qualty or care. Vk nwke dec￿lOnS 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 work￿9 èffectThfety with others to ￿Our¢e our progiamff*s. We
conb'nuously leam frorn workir*J with a br03d spectrumof peopk and partne￿.
Equty and Kindness
We respect pecple. are ethical ￿ ow decision ff*kir4J and we comrThtted to ￿￿kIng a posrtNe impact We
commrt to list•nFn9 to the underrepresented communities we seek to serve. We cornmr( to re￿Sents'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 experient*s, beliets and
g*ographi•s. ￿ rofl*ct this valu• in our rac￿rtMert praebw and Ihe pay p•ople. corrml to ¢r•ating
sale spaces for artists. staff and audiences.
Sustainability and ResponsI￿'1ty
We respect the environrr*nl and Th￿nI10r our iffpad. our platrom￿ to encourage PeO￿e to ffoke positiv8
change. We are guKled by our values and ethts vh*n entwmg into n** eontrads and patherships. We Pr￿rIti.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 f4￿d￿nCY Sh￿ingin Britton &n10￿¥ mus￿an$
. 3773 eudiwKes Ihwh ourwDle&WidwodiL)ti￿s
45Artisfs 8ndArts Prof8ssKth4s ompfo
Néw Paths
. 4 ￿￿$tS sdoded for Oxi*Jen. wth 2 ad{frI￿al e￿sts suppyted to attend wng 2025 $ession$. ApPli¢￿ts
sdecled Lwht SP0¢4"*"sm$in K*h*(, A*thrny*tam. G¥b• 8h•at•.
. 1 CopmduL*on. ¢)>dw•wph** by 2 PCC and Oxypi A￿"SIS
. 2885 AL**ences re•*gd byAath in 5 ￿rf￿ManCeS 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 A*non K•ynas. Edw• kndonlfna
. 3974 outh•r￿S r•xh•dlhrough 6 stLYlont p8rfmnc• opportunib•s
- ITleaming 8ndpertiGIpeli￿ seswons. 7 pgrfonnance shwirys and $8 ddNered to 25 ￿1￿8$
- 99wimary xhoo1pu￿ls 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& $¢Vn• d•v•rptynl. It'siust 5Tr)od. hornst. i?yfvl danc•.... You know somgttsng is gcod wh
cn&¢s pay to sèè a show!-_ knfted Lèg R￿l•W olAunusthan. 16 N¢Mmbef 2024
"Thep8rfomanco brin9$ th• gxotomonf ofUtt•ayan to h.fo thw hig1￿9￿?￿Y Kathak. The Ghoreogr8phy by Uri8
Desaft Thakora. th8 artistsc Ornctor of Pagra¥ Danca Company. inc(¥potsl•s Kahak'$ fast lum$. tyri¢¥ beauty. anLI
sk￿lfvI technique wth"1g subuyinlrodw.ng wnlompwary dan￿ movgnwnls.-_ Indrd Express on Kaltsm Katrj.
"the ontsre pmdudion. **il• r8diab.ng a rrimt4w and Iwhter f•d of **at Kathak is undwstood lo b•, * th• s
tim8, satisfi&$ 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 P￿rf￿maneS of th• four dancers was outstandin￿Y beautiful. rhe mixture of
$pèd and s&llness Com￿ned 8Xq￿9(a hantknit movaments was br&athta13'ng. Then ofcoufte thèrg was th$
•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- Pron￿01 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 202*25. generating a SU￿1[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 $lutJent lees vary from £7 to £40 *ith 10% Conce￿0[￿.
Investment powern Attd pollcy
The trustees. havin9 r89ard to Ihe liquidty requirem8nts of operating the POC and to the reseNe$ Fdi¢y hwe
operated ¥ poli¢y of k68ping aya￿able funds in the ojrrent account
R•8èrv•s pollcy
The Operatin9 Reserve ￿11 be recorded in the financial record5 as General Unre5trKted Reserv&. Thè Rese￿0 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 reqUI￿S 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 reSe￿e$. and evaluab.on ofth¢ ts"rr* pe￿￿ that Ihe funds will be required and replen￿hQd_
2. Authorty to use op8th.ng résèrvès Th• EX￿￿1￿• Dirtdor subnmt a reqvèst to usè Q)èr8ting Reseryes to the
Board of DweL*ors. 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¢$tor*
th8 Operatin9 Rèserve Fund to the target minirTrJm a￿Unt
3. Reporting and rM+nrtoring. The Execub"¥e Director is résponstsl• lor ènsuring that Operating Reserye is
maintsined and used only as de$Mbed in this PolKy. Upon aFproval for the uso of lunds trom the Operating
Re$&rve. the Ex8cthNe Director will ffointsin records of the use of funds and pL8n for replenishment. Hetshe will
provide regular report5 to the Board olDireLtss of Progress to restore the Fund to th& target minirTyJm amount
ReseNes
It ts thè polw of the charty that unrestriLled fijnds have not teen designated for a specific use should be
maintained at a level equryafent to betsveen three and six ￿K)nth'S expendrture. The trustees consider that reserves
at this level will ensure that. in Ihè èvènt ol a S￿nifiCant drtp in thJndin9. they will be ab￿ to continuè thè Charitys
current actiV￿e$ 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** g0￿ManCe and managemert
Pagrav Company Linmted is a eompany Imtèd by 9￿arantee govemed by tts Memtyandum and Art￿lèS 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 accOrd￿9ty wll b8
ènterèd in Ihè re9iSter of member5. No person other than a director may be ad￿d 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 cLvnp￿y law. and served during the year and up to
the date ofsvJn¥ture of the financial slateff*nts th*ro:
E Mart￿eZ- Chaw
S Sh•tty
AJP Spir
PD Yajnik
S Saseedhaian
AC Wansell
Recruitment and appointrnen¢ oltrustees
The charty may by ordinary resolution appoint a pe￿n vkno ￿ wiv￿"n5 to artlo b8 a dir•ctor.
No person be apptsint*d a at any yn•rnl mti•tin9 unl•ss.'
he or she 15 recomM￿ded 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 r￿ting. 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• appointn*nt 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•ni*s
House.. and
15 svJned by the per50n vkno is to be propos•d to show or h•rvAlJingn•ss to b8 appoint•d.
All ft*rt*ers are entit￿ to receNe notKe of a gene￿1 ￿￿etIng ffwjst ￿ gvrfen not bss than Sovon nor moro
than trAnty-eight dear days. notice of ary ￿$￿Ul10n to ts put to the ry￿ling to appoint ¥ aire¢ttsr.
The appoifttment of a diréetor, wheth•r by th8 eharity in general meeting or by the other d1￿clor9, 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
th￿e years and a d1￿ctor has seNed their tefm ff￿st retwe at tho next r￿9 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 n￿nthly. A
Chief Exeeutwè is appointed by the trustees to manage the daY4￿daY 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 ￿r￿nY law, the
Charty Commission guidance on public benefii content of thè Mémorandum and Artielès of A$s￿latIOn. 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 tr￿Ing evonts wheie these will facdrfat• th• und•rtakthy ol th•ir rol•.
Risk managem¢nt
The trustses havo a moftag¢n*nt $tr¥t¢gy vkni¢h ¢ryi
an annual revM¥ ofthe risks the chafity rroy fac¢"
. the establishment of syslem5 and pr(Kedures to nbb9•to rrsks k1enkn.fied in th¢ plan." and."
the implementats'on of pl￿ellUreS desuned to any prtèrthl KY4)act ort trL• charty should Ihose
risks matènalisè.
Th• tru$tees' report was approved byth• Board of Tntstees.
E Martinez- Cha
Trustee
9.S¥Ftsmber 2￿5

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 Cryn￿rty (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 ￿nP￿Y l&vl, you arè rèsponsiblè for the
preparation of the fjnancial statements In a¢¢ord¥n¢* with the r¢quirements of thè COmpan￿S 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 state￿￿nts 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 Charit￿SA¢1 2011.
Independent examineV$ statenpnl
Since the charity's gloss income exceeded £250.0￿. the independent ex8￿r￿ must be a [r￿r￿)er ofa bc¢Jy listed
in section 145 of the Charities Act 2011 and sec*ion 65 of th? Cha￿.?￿ Art INgrthgm Ireland) 2W8. I wnfirm that I
am quali￿￿ to uftdertakè thè wrrunth.on b￿US• 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 rr*tre￿ hav• ¢orr* to my atten￿ in conn9ct￿n wth the
exarnination gNing rrw ¢ause to ts￿￿Ve 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 $tsteW￿nts do r￿t 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 t￿1r ffinancial statements in aeeordance ￿th the Finanual Reportirrfj Standard appI￿abl0 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 t￿5 report in order to enable a proper unde￿dIng 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 actNrt*s
391,942
212.974
260,223
127,4S1
Total Incomo
604.916
387.674
EX￿￿11￿1? on:
Charitable actNities
$81,114
356,759
Tol•l oxpendltrjre
581.114
356.759
Net incom• and moveft￿nt in fund•
23,802
30,915
Reeonelliati¢)n of fund$:
Fund balances at 1 April 2￿24
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 com￿leSA¢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 stateTh*nts ltsr the year in q￿stiOn
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 Stptén*èr2025
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 eguN0￿nts 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•n￿￿th, 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 "AC￿￿n￿"r￿ and Reporkn"ng by Charrties.. Staten*nt of Recomm?ndèd
Pradice applicabb to ¢harrt*s p￿Pann9 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 $tat*m•nts are propared in sterfing. ￿1¢h the fvnL*K*Dal cuThency of thè chaity. Monetsry
armunts in these financ¢al statements are rounde(I to the ne8TeSt £.
The finanL¥al staterrEnts have b¢¢n prepared under the historical cost convention. Ifflodrf￿d lo include t
revaluation of frèèhold properties and to include investrrMt properb'es and certain financial in5tryw￿Trts at fair
valu•J The principal aC￿untiThj Po￿￿ adopled are set be￿*.
1.2 Going concern
At the time of approving the fi￿n¢1* 5tstwnents, the trustees have a reasonable expectation that the charrty
has adequate resources to wntinue in operab)nal existeneè for th• forèseeable future. Thus the trustees
eoniinue tts adopt thè 90ffig eonctm basis of aeec#mtin9 In preparKvJ the financwl statements.
1.3 CharltatAe funds
Unreslri¢ted fvnd5 are available ft>r uso at th* discr*tion of th• trust••s in fvrth•ranee of thth'r c*4rrt•ble
objeeb"vès.
Restrict•d Thjnds arè subiact tr• specifie e0rh1rt￿nS by donors or grantors as to h(w they may be used. Thè
purposes and uses ofthe restricted fijnds a￿ set oul in the n¢)te5 to the fjnancial ststements.
Endowment funds are subj'ect to speofic condthn5 by donots that th¢ ¢apit* rnst be ffoint•in¢d by the
1A Income
Ineome is recognised when the charity is legally enliued to rt after any perftsrman¢e ¢)nditiM$ ho¥0 been
the ¥rTr)unts ran bg rreasured reliably. and rt i5 probable that incoff* ￿11 be feceived.
C•$h donetrons are re¢r*3nT5ed on receipt other donats"on5 a￿ It￿nIsed orKe th¢ ¢h#rTty has been notffied
of the donab"on, unlèss p*rforrrAne• Condrf￿ns require dèfèrral of the anx)unt. Income tax recoverable in
relatb)n to donab'ons receNed under GrftAkl or deeds of cthEnant ts recogntsed at the tiffe ol the donation.
Legaryes are ￿e09n18¢￿ on re￿Ipl or othe￿•$¢ 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 Ir￿th$ or less. and bank ONprdraft5. Bank overdrafts are shovm
wrthin borrwngs in uJThent l￿blIrt￿%
1.7 Flnanclal Snstruments
The Charty has elected to apply the prow5Tr0n$ of Soc*on 11 '8asic FinanL?al Instrumtrnts, and S¢¢t*)n 12
'Olh&r Finanfial In*rumènts Issuès. of FRS 102 to al of its fThncial instrumerts.
Financol instmmènts are le￿gnIsed in the tharrt*s balane• sM•t wth•n th• charty bt¢omès paty to thè
¢ontradual provisions of the instrLvrent
Finawal assets #nd Ira￿1￿0.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 ¢arr*d 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• an￿rtised.
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 di￿OUrted at a rr*t*et r¥te of int¢r•sL Fin•n¢wl lobilities dassified as payable
within one year are not arTh)￿"s¢d.
Debt instruments are $ubsequ¢nty ¢arrigd al amtytisod ￿ using lh• effe¢tiw interost rato method.
Trade Credito￿ are oblNJatKJns to pay for goods or SeThi￿ that have been acqui￿d in the orth'nary course of
opeTatyon5 from supplRrs. Arnunt5 payable are ¢kssrfied as ￿rreft1 liabilth'e5 rf payment is due wrthin one
year Or bgss. 11 ncé. th*y are presenled #s non-eumnt liabiltbes. Trade credrtors are i*¢ogAi$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 entheff*nt 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 ￿er￿n$trablY COr￿itted
to teminate the employment of an empk*yee Of to promde t&rnNnation tenefits.
Crltkal accounting estlmatss and Judgemert¥
In the appli¢ation Of the dwrtys a¢￿￿nb"A9 policaes. th• trust8es are required to Ma￿ jud9oments, estimates
ond essunytions about th• earrying armunt of assets and liabil￿e5 that are not readily apparent from other
sources. The ?5tirrotes and assock?ted assumpbons are b¥sed on historical èxper*nce ond tsther ts¢tors that
arè conshlérad to be rethnl. A¢tual r*sulis may drflw from these estirrrates.
The estimates aThJ undetyng assumptions are reNiewed on an ongoing basis. Revisio￿ to accounting
estimates arè rÈeognised in the period in whth the *th"mat• ts mtsed where the rèvision affècts only that
period, or in the period of the r¥M$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 reff￿neration 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 managen*nt 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
r￿all¢n
The ¢harty is exew from taxab"¢)n on ts #d￿￿$ bteaus• all bts In￿Me 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 2￿24
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 wh￿h have beén set asbde out of unrestncled funds by the trustees for S￿￿1C 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$a¢tlons
There were no disdosable related party transacl1L￿S thjring the year12Q4- none).
15 Cash generated from ¢4xrations
2025
2024
S￿￿lus forthe year
23,802
30.915
Ilrt¢r6asel in debtors
crease in credito
Inerèasè in d•ferred incon
135,5411
5,1K2
38,971
18.0101
10.205
43.059
¢￿h g•n•rated from 0￿rat￿8
32,414
76.169
16 Analy$i5 of ¢hang¢s In nel lund
The chanty had no mat¢rial d•bt during the year.
18-