Pegasus Theatre has been a major support to young and developing performers and theatre practitioners since it opened in 1975. The theatre then, as now, offered a supportive environment where experiment, risk and cross collaboration were positively encouraged. This thriving setting has launched the careers of some of the UKs celebrated artists and companies including Théâtre de Complicité, The Right Size and Peepolykus.

April this year sees some of those artists return to support a critical point in the theatre's fundraising campaign. Something Old, Something New is the theatre's second major fundraising event following Butterfly Soup, an evening with Pegasus patron Philip Pullman in November last year. This gala event features professional performers that have long-standing relationships with the organisation either as former Oxford Youth Theatre members, tutors or as regular visiting artists.

John Nicholson of Peepolykus (pictured), a former OYT member, will compere both evenings and introduce artists and companies like Gelede Dance (resident dance company at Pegasus), members of the African music and dance company Black Umfolosi, internationally renowned puppeteer Stephen Mottram, leading female stand-up Francesca Martinez and contemporary music group Vocal Explosion.

The fundraising campaign Building The Future has one year to raise the final £1.7 million required to continue with plans to replace the rapidly deteriorating facilities on the theatre's site. £4.6 million has so far been raised towards the £6.3 million total cost to fulfil the vision of creating a youth and performing arts centre on the site that has been the home of Oxford Youth Theatre, the region's leading youth arts organisation, for over 45 years. If the final amount is not raised within the coming 12 months, the sum raised to date will be lost and the realisation of plans that have been developing for over 15 years will be in jeopardy.

Pegasus Artistic Director Euton Daley, who was recently awarded and MBE for services to the arts, says: "Participants, youth theatre members, audiences, staff and trustees have been looking forward to the idea of a brand new Pegasus for many years. A new centre for youth, community and developing arts could, over the coming year, be much closer to becoming a reality with the support of Oxford residents, our friends, patrons and the artists who have worked with us over the years."

The gala will feature pre and post show receptions where audiences can mingle with the performing artists. There will also be opportunities to donate further amounts towards the campaign through raffles and auctions during the evening. All funds raised will go towards Building The Future the Pegasus Theatre redevelopment campaign.