**CHARITY REGISTRATION NUMBER: 1169379**
## **The Horizon Foundation Trustees Report and Financial Statements**
**31 July 2022**
## **The Horizon Foundation**
## **Financial statements**
## **Year ended 31 July 2022**
||**Page**|
|---|---|
|Trustees' annual report|**1**|
|Independent auditor's report to the trustees|**23**|
|Statement of financial activities|**27**|
|Statement of financial position|**28**|
|Statement of cash flows|**29**|
|Notes to the financial statements|**30**|
## **The Horizon Foundation**
## **Trustees' annual report**
## **Year ended 31 July 2022**
The trustees present their report and the financial statements of the charity for the year ended 31 July 2022.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
## **Reference and administrative details**
**Registered charity name** The Horizon Foundation **Charity registration number** 1169379 **Principal office** 10 Westgate Close Norwich NR2 3NQ
## **The trustees**
The trustees who served during the year and at the date of approval were as follows:
Mr Patrick Smulders (Chairman) Ms Kirkland Newman Smulders Ms Catherine Roe Mr Maury Shenk **Chief Executive Officer** Ms Samia El Tabari **Auditor** Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB **Bankers** Barclays Level 15 1 Churchill Place London E14 5HP **Website** https://horizonfoundation.info/
**- 1 -**
## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
## **Objectives and activities**
## _**a. Policies and objectives**_
The Horizon Foundation believes that education is the best tool to create change agents, enabling young people to support their communities in the future.
The Foundation’s objects, as set out in its Constitution, are:
- The advancement of the education of women, children and young people, in particular those from refugee communities in the Middle East and Asia;
- The relief of women, children and young people in need, by reason of youth, age, ill-health, disability, financial hardship or other disadvantage, in particular those from refugee communities in the Middle East and Asia;
- Any other charitable purposes according to the law of England and Wales in any part of the world and in such manner as the trustees may in their absolute discretion think fit.
In line with the Foundation’s charitable objects, the trustees have agreed that:
Horizon’s **vision** is of inspired young people in the Middle East and Asia realising their full potential, promoting positive change and supporting their communities, despite the disadvantages of conflict.
Its **mission** is to build a community of well-educated, internationally-aware and inclusive change-makers who will foster positive change in their communities, in the Middle East and Asia. The Horizon Foundation affirms its commitment to this mission in reflection of its **core values** of respect, compassion, social responsibility and community engagement. The Foundation is a non-political and non-sectarian organisation.
Its objectives are:
1) To support the development of conflict affected and refugee communities in the Middle East and Asia through the education of young people for whom such opportunities would not otherwise be available.
2) To develop an internationally-aware and inclusive generation with positive cross-cultural attitudes.
3) To support the development of conflict affected and refugee communities in the Middle East and Asia through community projects set up and led by Horizon scholars.
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## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
## **Objectives and activities** _**(continued)**_
## _**b. Activities for achieving objectives**_
The Horizon Foundation pursues its objectives through three main related activities:
**1) Scholarships and Grants:** The Foundation offers educational scholarships to disadvantaged young people from the Middle East and Asia to complete their final two years of secondary education at leading boarding schools, an opportunity that would not otherwise be available to them. The Foundation also supports some of its scholars as they prepare for or complete their university undergraduate studies by bridging funding gaps unmet by other scholarship sources. Additionally, the Foundation may administer undergraduate or graduate university scholarships for Horizon scholars if there is a donor ready to fully fund their university education. The Foundation’s university support is available only to scholars who received a Horizon scholarship to complete their high school studies. Providing scholarships and grants is the Foundation's primary activity.
**2) Community Engagement:** The Foundation partners with several multicultural schools around the world that promote community engagement and exchange amongst their student bodies and with the local community. Furthermore, the Foundation’s Community Engagement Initiative (CEI) encourages Horizon scholars to promote cross-cultural understanding at their educational institutions, in their host communities and back home. The Foundation supports scholar-led CEI initiatives which may include events showcasing dance or songs, storytelling, film screenings, awareness-raising, and short-term community projects. The purpose of the CEI is to strengthen the scholars’ role as cultural ambassadors, educating others about their cultures and realities as well as engaging in understanding cultures other than their own.
**3) Seed Community Projects:** The Foundation supports its scholars with a grant (seed funding) should they endeavour to set up projects serving their communities back home. Horizon scholars have the opportunity to apply for seed funding through a competitive process after they graduate from university, have gained some work experience and have been back home/in the region for two years or longer. A competitive selection process screens for projects that are youth-led and responsive to key community needs, particularly in the fields of education and mental health.
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s vision, mission and objectives and in setting its grant making policy, criteria and selection processes as well as planning its future activities. The Horizon Foundation’s purpose is of public benefit because it enables talented young people to access an education beyond the financial means of their families. This significantly improves their life chances as well as those of their families. In the longer-term, the Foundation believes that its scholars will go on to help build their own communities which are mainly refugee communities suffering all the disadvantages to which refugees are subject. Horizon scholars also help to educate British and other young people, with whom they are at school, about people from different ethnic, economic and social circumstances to themselves, helping to change the way they view the world and to promote social cohesion.
The Foundation focuses on young people from refugee communities and areas of conflict, particularly Palestinians, Syrians, Tibetans and Afghans. In recognition that Britain is the host country of the Horizon Foundation and of its Founders, Horizon also supports refugees from its target communities who are settled in the UK, and where possible, British children from disadvantaged backgrounds.
The Horizon Foundation regularly reviews its objectives and activities to ensure the most effective use of its funds and the relevance of its work to the needs of its target communities. The Foundation has established partnerships with a number of schools which are all recognised internationally as educational institutions of excellence.
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## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
## **Objectives and activities** _**(continued)**_
## _**c. Grant making policy**_
The Foundation’s criteria for funding school scholarships are discussed and aligned with its partner schools/committees which lead on the student selection process through their robust application procedures. Details of how to apply for scholarships are available on the partners’ websites (as indicated on the Foundation’s website). The Foundation participates in student selection and interviews all candidates nominated for its annual scholarships. Successful candidates sign a statement of commitment setting out the terms of the scholarship award including a commitment to support their communities when they are in a position to do so. Furthermore, the Foundation’s partners/schools sign an agreement or a memorandum of understanding (MoU) with the Foundation setting out the partnership terms, reporting and other requirements including safeguarding and data protection.
The Foundation also has documents on its criteria and application procedure for its Scholar Development Fund (pertaining to its University support and Community/Project funding). These documents are made available to its existing scholars. The Foundation also administers undergraduate or graduate university scholarships for Horizon scholars if there is a donor ready to fully fund their university education. The Foundation’s university support is available only to scholars who received a Horizon scholarship to complete their high school studies.
The Foundation’s officers assess applications received from scholars. The CEO may approve grants up to £6,500 for university funding, and currently £2,500 for CEI projects. The trustees approve any funding exceeding these amounts. All Seed Community Projects currently require trustee approval irrespective of the amount of requested funding. Scholars sign MoUs with the Foundation setting out the terms and requirements of their university and/or project funding.
## _**d. Fundraising disclosure**_
Committed to their belief in the power of education, Horizon’s Founders have made substantial donations to the Foundation over the years. The support of the Founders enables the Foundation to meet all of its commitments as they fall due.
The Foundation seeks to continue its charitable work through the careful stewardship of its existing resources and social network. Any fundraising activity is carried out by Horizon’s trustees, primarily the Chairman, and core staff. Horizon does not employ professional telephone or street fundraisers or commercial participators for fundraising activity. No complaints were received by the charity in respect of its fundraising.
The Horizon Foundation complies with all relevant statutory regulations, including the Charities Act 2011 and the Data Protection Act 2018 and the UK General Data Protection Regulation. The Foundation follows transparent practices and provides supporters with updates, reports and any information they request. The Foundation has a Fundraising and Donor acceptance policy.
**- 4 -**
## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
## **Achievements and performance**
In 2021/2022, the Horizon Foundation made grant payments of £554,824 (£424,415 in 2020/21). There were further grant commitments at year end of £192,271 (£124,668 in 2020/21). A summary of this grant expenditure is shown below.
|**Activity**||||
|---|---|---|---|
|**1) Education & Maintenance Grants**|**School**|**University**
**Total**||
|Commitments at 1 August 2021|(122,021)|(2,647)
(124,668)||
|Reserve held byUWCI at 1 August 2021|130,765|-|130,765|
|Expenditure in theyear ended 31 July2022|522,428|27,773
550,201||
|Reserve held byUWCI at 31 July2022|(9,561)|-|(9,561)|
|**_Total_**|**_521,611_**|**_25,126_**
**_546,737_**||
|Commitments at 31 July2022|189,838|2,433
192,271||
|**Total Education & Maintenance Grantsper Accounts**|**711,449**|**27,559**
**739,008**||
|**2) Community Engagement Initiative**|||**575**|
|**3) Seed Community Projects**|||**7,512**|
|**Totalper Accounts**|||**747,095**|
The Foundation expanded its reach in 2021/2022 and welcomed Bassett House School (BHS) as a new UK partner school. Our partner schools continued to adapt to the coronavirus pandemic as necessary, safeguarding the students’ academic experience and attainment as well as their well-being. The Foundation also followed up closely on its scholars’ wellbeing, particularly during any extended online learning periods.
Overall, the Horizon Foundation supported 45 scholars through its scholarships and grants in 2021/2022 (up from 36 in 2020/21). The increase in the number of scholars was mainly due to supporting more students on the Amala High School Diploma and the addition of a new partner school (BHS). The Foundation further supported two Horizon scholars in implementing community projects, benefiting 72 children and young people in Bethlehem and Jordan. The Foundation also supported one of its scholars in leading an event in the US which engaged 21 people in learning about his culture.
Four school students were further supported with small top up grants to help them prepare for their university studies. Additionally, the Foundation facilitated mentoring opportunities for five Horizon scholars and the provision of expert guidance on studying and living in the US to another 15. The Foundation also supported the training of five Horizon scholars in effective communication and hosted two online networking events and a small in-person gathering throughout the year in which a total of 30 current and former Horizon scholars participated.
As shown in the summary above, the majority of the Foundation’s funding remained committed to its education activity (scholarships and grants at 91% of direct charitable expenses, up from 87% in 2020/21). The following sections provide an overview of the aims and impact of the Foundation’s activities.
**- 5 -**
## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
## **Achievements and performance** _**(continued)**_
## _**Scholarships and Grants**_
The Foundation supports the development of conflict affected communities in the Middle East and Asia through the education of young people for whom such opportunities would not otherwise be available. The Foundation’s principal activity is to select and fund talented young people from refugee and other disadvantaged backgrounds to attend leading schools as a means of transforming their life chances, and in the longer term, benefitting their communities.
Horizon’s partner schools are internationally recognised educational institutions. In 2021/2022 these included six of the United World College (UWC) network of international schools: UWC Adriatic (Italy), UWC Atlantic (Wales), UWC Maastricht (The Netherlands), UWC Mostar (Bosnia-Herzegovina), UWC Red Cross Nordic (Norway) and UWC Thailand (Phuket). The Foundation’s partners in 2021/2022 also included Eton College (UK), Latymer Upper School (UK) and Bassett House School (UK) as well as Amala, a UK registered charity, delivering high school education in Jordan in response to the lack of secondary education provision for refugees in the country.
In 2021/2022, the Horizon Foundation supported a total of 45 scholars, of whom 26 were at school, eight on the Amala High School Diploma Programme and 11 at university. The university students were previously supported by Horizon to complete their secondary education.
Horizon scholars are exceptional young people from the Middle East and Asia (particularly Palestinians, Syrians, Afghans and Tibetans). Scholars are selected according to rigorous criteria with the help of trusted local partners and the host schools. They are academically able and community driven, with a desire to become change agents. Scholars are typically 16 to 19 years old when they begin their penultimate year of secondary schooling. Horizon scholarships cover tuition and boarding fees, flights and incidental expenses as agreed with the Foundation’s partner schools.
The Horizon-Amala scholars tend to be slightly older (but under 25) as their education has been significantly disrupted by conflict, displacement and lack of educational opportunity in host countries. The Foundation supports Amala’s delivery of its blended learning programme to refugees in Jordan. The Amala High School Diploma Programme offers students a 15-month accelerated learning programme at pre-university level, comparable to other programmes such as the International Baccalaureate.
Pastoral care to Horizon scholars is provided by the schools and local partners with assistance, where necessary, of guardians appointed by the schools and the Foundation. Additionally, the Foundation follows up with its scholars to check on their general wellbeing to enhance support as possible.
The Foundation supported the secondary education of 34 scholars at its partner schools/institutions in 2021/2022 (26 in 2020/21). As noted above, Horizon welcomed a new partner school in the UK (BHS) and supported more students on the Amala High School Diploma in 2021/2022. Of the 34 scholars, 23 were placed at UWC schools, eight on the Amala High School Diploma Programme, one at Eton College, one at Latymer Upper School and one at Bassett House School (Table 1). UWC remains the Foundation’s main partner institution.
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## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
## **Achievements and performance** _**(continued)**_
## **Table 1: Scholar placement per school/institution - 2021/2022**
**----- Start of picture text -----**
Partner School/Institution No. of Scholars
UWC Adriatic 4
UWC Atlantic 5
UWC Maastricht 5
UWC Mostar 2
UWC Red Cross Nordic 2
UWC Thailand 5
Eton College 1
Latymer Upper School 1
Bassett House School 1
Amala High School Diploma Programme 8
Total scholars at partner schools/institutions 34
**----- End of picture text -----**
The majority of Horizon’s 34 secondary education students were Syrian (10) and Palestinian (10) followed by Tibetan (7), Iraqi (4,) Afghan (1), British (1) and Iranian (1). The Foundation endeavours to achieve a balanced gender split and in 2021/2022 it was equal at 50% for both female and male students (42% female and 58% male in 2020/21).
The total amount allocated to these secondary education scholarships was £521,611 in 2021/2022 (£404,782 in 2020/2021). This covered tuition and boarding fees, pocket money, travel and other essential expenses.
The Foundation’s Scholar Development Fund (SDF) provides additional support to enhance Horizon scholars’ study experience and community engagement at school, university and post-university. The SDF’s University Support addresses diverse needs that Horizon scholars may encounter while they prepare for university or complete their undergraduate studies. This support bridges funding gaps that cannot be filled by other sources.
The Foundation also administers undergraduate or graduate university scholarships for Horizon scholars if there is a donor ready to fully fund their university education. Only individuals who received a Horizon scholarship in their final two years of schooling are eligible for Horizon’s university support.
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## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
## **Achievements and performance** _**(continued)**_
In 2021/2022, the Foundation supported 11 scholars meeting various needs at university such as tuition and accommodation fees, maintenance, travel, books, educational resources, meal plans and other incidental expenses (10 university students were supported in 2020/21). Furthermore four scholars, while being supported by Horizon at school, were assisted with university preparation costs including university application fees, visa and passport renewal fees as well as travel and educational equipment costs. The 15 scholars benefitting from University Support grants included Palestinians (6), Tibetans (4), Syrians (3), and Afghans (2). Horizon’s University Support adheres to a set application process and criteria as well as reporting requirements.
The 11 university scholars studied at reputable institutions in the US:
- University of Rochester
- University of Richmond (2 students)
- University of Oklahoma
- Salve Regina University
- Case Western University
- Macalester College
- Wellesley College
- Lake Forest College
- Colorado College
- College of Idaho
The total amount allocated to University Support in 2021/2022 was £25,126 (£13,799 in 2020/21). This amount covered the 11 scholars at university while the remaining four scholars who were preparing for university were covered through their school scholarship grants.
## **Impact (scholarships & grants)**
An independent evaluation of the Foundation’s work in 2016 confirmed the value of its scholarships and prompted it to focus the Foundation’s geographical outreach and formalise its funding procedures and agreements. The Foundation has further enhanced its impact assessment by developing a student database as well as strengthening its follow up procedures on, and support to, its scholars. It also links scholars to mentors and other specialised guidance as practicable as well as organises networking events for the scholars.
## Monitoring Achievement
The Horizon Foundation keeps in touch with its scholars and assesses the impact of its support by monitoring the progress of its scholars at school, university and post-university. The Foundation regularly communicates with its scholars and visits them at their educational institutions. School visits are key to Horizon’s pastoral care and its school partnerships. After school visits being put on hold during the Covid-19 pandemic, the Foundation returned to in-person visits during 2021/2022 and supplemented these with additional pastoral care of, and communication with, scholars through regular virtual meetings.
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## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
## **Achievements and performance** _**(continued)**_
Over the years, gatherings for current and past scholars have been a regular aspect of the Foundation’s activities and networking amongst scholars has been encouraged. The Foundation was unable to hold in-person gatherings during the pandemic but during 2021/2022 it was able to hold some group meetings with scholars at their schools in addition to a small in-person gathering attended by five London based scholars.
The Foundation also hosted two online gatherings with Horizon scholars in 2021/2022. The first online meeting engaged 12 school students who were in the first year of their Horizon sponsored studies. The second meeting consisted of a personal reflection and free writing workshop facilitated by an external consultant and was attended by 13 university scholars. The workshop allowed the participants to share their experiences. It was encouraging to hear how the participants attached great significance to their experience of attending international schools before university, thus reaffirming Horizon’s mission.
The Horizon 2021/2022 events allowed 30 scholars to connect/reconnect with each other and with the Horizon team.
Most Horizon scholars leave school with excellent results and are placed, with the help of their schools and the Foundation, in universities mainly in the US, the UK where possible, and increasingly Canada and Europe. The majority of Horizon’s UWC scholars benefit from the generous Shelby Davis Scholarship which is granted to UWC graduates to study at universities in the United States. The Shelby Davis Scholarship therefore strengthens the impact of Horizon’s UWC scholarships as scholars are presented with further opportunities. UWC also continues to expand its outreach to include scholarship opportunities at universities outside of the US. Similarly, the Amala education programme also leads to a recognised high school diploma. Amala is establishing progression pathways for its students which will enable them to pursue university studies on completion of the Amala high school diploma.
All of the nine UWC scholars expected to graduate in 2021/2022 did so successfully. Of the nine scholars who graduated, eight have secured university places with full scholarships and one embarked upon a gap year. Horizon’s scholar at Eton also completed his A levels successfully and began his undergraduate studies at a UK university.
The school graduates are now enrolled at reputable educational institutions in the UK and the US (Table 2). Their subject choices include Biomedical Sciences, Biochemistry, International Relations and Computer Science.
**Table 2: Educational institutions joined by Horizon school graduates 2021/2022**
**----- Start of picture text -----**
The UK University of Kent (1)
The US Lake Forest College (2)
Macalester College (1)
St Lawrence University (1)
St Olaf College (2)
University of Oklahoma (2)
**----- End of picture text -----**
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## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
## **Achievements and performance** _**(continued)**_
Below is a selection of testimonials from Horizon’s 2021/2022 school students, attesting to the impact the Horizon scholarships have had on their lives and future aspirations.
“Two years ago, I was a living in a refugee camp where access to educational and social endeavours were limited. Thanks to the Horizon Foundation I was able to attend UWC Adriatic in Italy. In the two years that I spent there, I developed social skills and handled intense academic pressure that pushed me out of my comfort zone. I felt a big change in my outlook, I now look at things from a different, more objective perspective, I have also shifted my outlook to a more social aspect - I consider the social benefit to be as important as my benefit. Moreover, I also consider it a big responsibility to give back to my community and to individuals in it who did not have the chance I had.” Palestinian student, male
“The Horizon Scholarship has had a huge impact on me, my aspirations and my prospects for the future. It has given me the opportunity to choose the subjects that I find interesting, helped me to gain meaningful learning experiences with amazing people from all over the world and to learn from experienced teachers. Overall, my Horizon scholarship has helped me to develop a growth mindset, something that will be useful for a lifetime.”
Tibetan student, female
“UWC not only taught me about different cultures and nationalities but also strengthened my identity and allowed me to appreciate my own nationality and culture. My first goal after my education will be to get involved in the education department of the Central Tibetan Administration. I want to contribute to the planning of the educational curriculum and policies because I believe that a strong, modern education would be the most important step towards making the Tibetan community stronger.” Tibetan student, male
“My time at UWC has been very challenging and stimulating for my personal growth. I have never been so challenged in my life but also never learnt so much. I now have this very strong urge to observe my community and try to make changes accordingly.” Syrian scholar, female
“I never believed in miracles until I experienced one! My life was altered when I received a scholarship for UWC. The experience was unique to me, and altered me as a person and the way I saw the world. In a nutshell, I learned how to be open minded, respectful, responsible, and most importantly a leader. I will be taking a social work path at university. I hope that in the future I will be able to help organisations support communities and other refugees with their education and passion.” Palestinian student, female
Tutors’ reflections reaffirm the impact the scholarships had on the scholars. A UWC tutor described a Horizon scholar as being “anywhere and everywhere, leading hordes of activities, participating in every event, and making the most (and beyond) of all that a school like UWC offers, to the extent that just watching him day after day made me breathless.”
In 2021/2022, Horizon supported eight Amala scholars. Three of them completed the course and graduated. One of the graduates is now employed as a facilitator on the Amala programme; another is working as a digital marketing freelancer and the third is currently exploring tertiary education options. One of the graduates commented that the Amala programme had taught him practical skills which have enriched his life. He said he has been empowered by this education and his aspiration is to continue to bring positive change not only to his community but to the world at large. Another student reported that he had developed more confidence and learnt how to be a better leader. The third graduate said that the course had given her the chance to pursue her career aspirations. In addition, one of Amala’s 2020/21 graduates was accepted at both Prince Edward Island University and York University in Canada to commence in 2022/23.
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## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
## **Achievements and performance** _**(continued)**_
The 11 Horizon scholars who were supported at university by the Foundation continued to show good academic progress. One of the 11 university students graduated in 2021/2022 and found employment with a large hotel chain in the USA. Reflecting on the impact of their Horizon scholarship, the university scholars said:
**“** Without Horizon I would not have been able to complete my education. Horizon Foundation met my scholarship funding gap and I graduated this May, making my family, my country, and myself proud!” Afghan student, male
“Horizon has opened a door of opportunity for me. I can now learn and grow in a more diverse community and be more open-minded, more confident, and curious about the world unlike before.” Tibetan student, female
“Because of Horizon I have lived the dream of crossing the border of the refugee camp, have seen different countries and met people from all over the world. Before, I just wanted a scholarship to get a university degree, to work and get some money. Now I have a dream and a passion. I love chemical engineering and I want to be able to contribute something useful to this field.” Palestinian student, female
“Horizon support has changed my life completely. I grew up in a refugee camp attending an UNRWA school. With Horizon support, I was able to attend boarding school in Europe and this opportunity opened many doors for me. Attending a boarding school gave me the option to enrol in college in the United States for my undergraduate studies which will open many more doors for me. I want to make a difference and I aspire to give opportunities to other students to achieve their goals and dreams as I was given this opportunity **.”** Palestinian student, female
Mentoring and guidance: The Foundation facilitates mentoring and expert guidance for its scholars to enhance the impact of its student support. In 2021/2022 the Foundation facilitated the mentoring of five Horizon scholars by Freshstream members (4) and a friend of the Foundation (1). One of the mentees was a fresh university graduate and the rest were still at university. The mentees found this tailored support very useful and productive. Additionally, some of the previous Horizon mentees continue to call on their mentors for career and other advice. Horizon's Chairman is a managing partner at Freshstream Investment Partners LLP.
Leonard Education Organisation (LEO) is a charitable educational foundation in the US. The Horizon Foundation provides additional support to its scholars’ welfare and personal development through LEO’s guidance and academic mentoring. Fifteen Horizon scholars who were studying or about to study in the US benefited from LEO’s support in 2021/2022. LEO organised a webinar for Horizon scholars on preparing for university and travel/visa processes, and buying text books cheaply. LEO also provided Horizon scholars with a range of services including academic guidance, pastoral care for students experiencing difficulties, logistical support with travel arrangements and advice on student finances and navigating the US medical insurance system.
The Horizon Foundation also supported the training of five scholars at three online workshops organised by Makan, a UK registered charity. The workshops focused on cultivating knowledge and communication skills enabling the scholars to educate others about the realities of their region from an international law and human rights perspective.
**- 11 -**
## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
## **Achievements and performance** _**(continued)**_
## _**Community Engagement**_
The Foundation partners with several multicultural schools around the world that promote exchange amongst their student bodies and with the local community, helping to change the way they view the world and to promote social cohesion. In 2021/2022, the Foundation expanded its partnerships to include Bassett House School (UK) and maintained its partnerships with Latymer Upper School and Eton College (UK); its six UWC partner schools in Bosnia-Herzegovina, Italy, the Netherlands, Norway, Thailand and the UK; and with Amala (supporting the education of refugees in Jordan).
Furthermore, the Foundation’s Community Engagement Initiative (CEI) encourages Horizon scholars to lead initiatives that promote cross-cultural understanding at their educational institutions, in their host communities and back home. The CEI aims to challenge misinterpretations and misunderstandings that often occur from a lack of cultural and contextual awareness.
In 2021/2022, a Horizon scholar studying at the University of Richmond, was supported with a CEI grant. His project comprised a screening of a documentary film which introduced the philosophy and meditation tradition of Tibetan Buddhism to an American audience with little or no knowledge of Tibet. The screening also included Tibetan food and a Q&A session. Twenty-one people attended the event. The total amount allocated to this project was £575 in 2021/2022.
**- 12 -**
## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
## **Achievements and performance** _**(continued)**_
## **Impact (Community Engagement)**
The Foundation’s partner schools promote an inclusive culture that supports the values of engagement and empowerment.
For example in 2021/2022:
- a Horizon-UWC RCN scholar organised a summer project in his community in Lebanon cleaning up more than 150kgs of rubbish from local beaches;
- two Horizon-UWC Atlantic scholars helped to develop an app which will enable refugees to learn the language of the country they now live in. The app is now available on Google Play Store;
- A Horizon-UWC Thailand scholar volunteered in an animal shelter leading a team that cared for sick and starving dogs;
- A Horizon-UWC Adriatic scholar taught Arabic to the children of Arab migrants in the local community; and
- A Horizon-UWC Thailand scholar performed voluntary community service packing food parcels for disadvantaged people.
Similarly, the Amala High School Diploma Programme engages the Horizon scholars in two 10-week courses on Ethical Leadership and Social Entrepreneurship. The former course allows learners to explore ethical leadership as a way to improve the wellbeing of communities and make positive change whilst the second course culminates in participants designing a project that does social good in their communities. For example, one Horizon-Amala scholar worked on projects focusing on cyberbullying and psychological support for people affected by war. Another participated in the design of a project to raise awareness around mental health and support for young people experiencing depression; and a third researched labour market conditions for refugees in Jordan and focused on finding solutions to some of the challenges individuals face.
Horizon’s partner schools also celebrate the rich cultures of their multinational scholars through diverse events and promote debates on contemporary and important topics such as peace, refugees and the environment. As such, a Palestinian scholar at UWC Thailand recorded a podcast about her experiences as a refugee in Lebanon while a scholar at UWC Maastricht wore her traditional dress to school every Wednesday to raise awareness about Tibet. A UWC Maastricht scholar led a workshop about misconceptions about women who wear hijab, while another co-organised and spoke at a conference on Palestinian women which was attended by 300 people in person and online. Furthermore, Horizon’s Eton College scholar delivered two assemblies to raise awareness about Afghanistan and his personal journey.
Horizon scholars often speak of a shift in their thinking and behaviour, of learning about new cultures and respecting differences:
“UWC had a huge impact on me. I met different people with different languages, cultures, beliefs and opinions. I now have a lot of relationships with people who don’t agree with my opinions. UWC also gave me confidence and has converted my way of thinking from "I cannot do it" into "With time, I can do it." Syrian student, male
“Experimenting with music from different cultures encouraged wonderful conversations with classmates from different parts of the world. I had an Arabic music project with one of my classmates. This allowed me to learn not only about his culture in Iraq and Jordan but also a little bit of Arabic.” Tibetan scholar, male
“I have learnt that culture isn’t only about food, dance and music. It is so much deeper than that. It’s also about how people behave towards each other, best ways of communication and what community means for them.”
Palestinian student, female
**- 13 -**
## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
## **Achievements and performance** _**(continued)**_
Horizon’s scholar-led CEI projects are also meant to encourage inclusive leadership and promote understanding between different cultures, in the hope of creating a better world. In 2021/2022 the Foundation supported one of its Tibetan university scholars in organising and leading an event at a Tibetan Buddhist centre in Connecticut. The CEI event comprised a screening of a documentary film on Tibetan Buddhism and included Tibetan food and a Q&A session. The scholar reported that the event, which was attended by 21 people, generated a lot of interest in his culture. He told us, “Almost everyone wanted to know more about Tibetan culture and engage with it”. The Horizon grant further provided a Tibetan centre with educational books which will benefit Tibetan and other audiences in the short and long terms.
**- 14 -**
## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
## **Achievements and performance** _**(continued)**_
## _**Seed Community Projects**_
The Foundation’s funding for Seed Community Projects launched in 2018/19 and is part of the Foundation’s Scholar Development Fund. It encourages Horizon scholars who have graduated from university and returned to work in their own countries/communities to set up and lead initiatives that improve the lives of disadvantaged communities. Projects are largely youth-led and responsive to key community needs, mainly in the fields of education and mental health. Seed Funding grants adhere to a set application process and criteria as well as reporting requirements. In 2021/2022 the Foundation supported two Horizon scholars in implementing community projects, benefiting 72 children and young people in Bethlehem and Jordan.
The first project was implemented by Horizon-UWC Atlantic graduate from Palestine. Her educational project followed on the success of her earlier Horizon seed community projects in 2018/19 and 2020/21 which were also implemented in Dheisheh Refugee Camp in Bethlehem.
With the Horizon grant, the scholar’s educational project prepared 50 pre-school children academically and socially for a safe transition into grade-school. The project also provided psychosocial and recreational activities enabling children to express their feelings. Educational resources were purchased for the host centre and, at the end of the project, all participating children were gifted school bags and stationery to help prepare them for school. The total amount allocated to this project was £2,512 in 2021/2022. The second project was designed by a Horizon-Amala graduate from Syria in Amman, Jordan, where he is currently a refugee. The project will run from July 2022 until early 2023. The scholar’s project is a collaboration with Horizon’s partner Amala and offers a multi-purpose space at the Amala centre in Amman, benefiting 22 young refugees through trainings in media and life skills. The total amount allocated to this project was £5,000 in 2021/2022.
## **Impact (Seed Community Projects)**
The first seed community project implemented by a Horizon scholar in 2021/2022 consisted of educational summer activities held in Dheisheh refugee camp, Bethlehem, where there are limited educational and recreational spaces and where children continue to live in a tense situation due to the ongoing conflict. The Horizon grant provided the host centre with educational resources which it will continue to use in future activities with children and young people. The grant also covered costs of stationery and art supplies. School bags and stationery were given to all participating children at the end of the project to prepare them for school.
The project supported 50 pre-school children (31 girls and 19 boys with an age range of 4-5) for a safe transition to grade-school through targeted academic and psychosocial activities. The children benefited from daily sessions where they learnt the Arabic and English alphabet and numbers (counting) as well as word-formation and linking words to pictures in both languages. The children’s parents provided positive feedback on the project and the academic support their children received.
The project further engaged the children in psychosocial and recreational activities which included breathing exercises, drama activity, singing, playing and drawing in order to relieve their stress and improve their well-being. The project’s educators and social workers emphasised the importance of the increased psychosocial support offered this year which was judged to be as important as academic support due to the difficult circumstances under which the children live. They also found that such psychosocial support helps develop the skills and abilities of children to learn faster and to discover their talents and capacities.
Below is a selection of testimonials attesting to the project’s impact on its participants.
One of the project educators said: "In this summer camp, we did things differently, we approached children, we spoke about what worries them and helped overcome it."
**- 15 -**
## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
## **Achievements and performance** _**(continued)**_
A parent said: “My son is hyper, and I always want him to release his energy in a positive way and in a learning environment. This summer camp was very important to him as he learnt new things as well as his energy and stress were released and directed in a productive way. We live in a refugee camp, where our children don’t have many entertainment or educational spaces. So, the summer camp combined the two in a safe space.”
Another parent commented: "Children can feel tension around them. It was great what they did in the summer camp. Education is important but the idea of providing psychological support for children is far more important. Children cannot be motivated to study when they feel sad and it is amazing what my child got from participating in this summer camp."
A five-year old participant said: “I really enjoyed the summer camp, I learnt the alphabets in English and Arabic, I also learnt the numbers. We liked the summer camp and would like to thank the teachers for giving us the gifts at the end of the summer camp.”
Another five-year old participant said: “I will miss all my friends and teachers at the summer camp. I really enjoyed the clown that came to the party at the end of the summer camp, this is my first time seeing a clown. I danced and sang with him. During the summer camp, we learnt how to draw and colour. I also acted in a play and performed it in front of my mum for the first time. I really enjoyed every day of the summer camp!”
The second seed community project was designed by a Horizon-Amala graduate from Syria in 2021/2022 and will run in Amman until early 2023. Twenty-two young refugees (12 males, 10 females) have enrolled in the project to benefit from a five-month training programme in areas such as life skills, cultural exchange, photography/video/graphic design for social media, and project planning after which the participants will implement a community project. Information on the project’s impact will be presented upon its completion in the Trustees annual report 2022/2023.
**- 16 -**
## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
## **Financial review**
In the period, the charity received donations of £774,434 (£605,520 in 2020/21) and interest income of £25 (£185 in 2020/21). Expenditure for the period totalled £843,693 (£708,965 in 2020/21), with the majority of expenditure being education and maintenance grants of £739,008 (£543,249 in 2020/21).
The net deficit for the year totalled £69,234 (net deficit of £103,260 in 2020/21).
## **Going concern**
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
The Foundation welcomed a new supporter in 2021/2022 who has pledged to support one Horizon scholar to complete her secondary education in 2021/22 and 2022/23.
Additionally, in 2022, Mrs Floor Moerland-Kwik, representing Herenweg Holding BV, pledged full support to two more Horizon scholars for academic years 2022/23 and 2023/24.
## **Reserves policy**
The Trustees are confident that they can rely on the agreements they have in place with the Foundation’s Chairman and other donors to meet all the commitments the Foundation has entered into with grantees. No commitments are taken on which are not supported by such agreements. In terms of the staff and other operating costs of the Foundation, it is the Trustees’ policy to hold six months of costs in reserve. Furthermore, it is the Trustees’ policy to submit a funding request to the main donor in April/May each year to cover all budgeted expenditure for the next twelve months. As such, the Foundation may hold reserves at its year end (31 July) covering approximately nine months of its cost to the next tranche of funding (until the next funding request is raised).
At the end of the 2021/2022 year, the Foundation held free reserves of £720,133 which represent approximately nine months of budgeted costs for 2022/2023.
**- 17 -**
## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
## **Plans for future periods**
The Foundation is looking to enhance its funding and supporter base in the immediate and medium terms in order to sustain and increase the size of and support to its student body, strengthen and expand its partnerships, and engage more in community development so as to maximise the effectiveness of the Foundation’s investment in its target regions. The Foundation will therefore continue to invest in developing resources to raise its profile and serve its strategic funding drive as well as plan carefully around Brexit uncertainties.
As such, the Foundation plans to support around 22-24 UWC scholars in academic years 2022/2023 and 2023/2024. The Foundation will continue supporting Amala scholars in Jordan and its current scholars at Latymer Upper School and Bassett House School in the UK.
## _**a) Student support**_
Horizon will continue to increase its in-person meetings with its scholars and its school visits, taking any Covid restrictions into consideration. As usual, the Foundation will also conduct regular calls with scholars and school staff, including scholars’ tutors, management teams, university guidance counsellors and mental health practitioners.
The Foundation will continue to collaborate with its mentors and the Leonard Education Organisation to ensure more holistic support to its scholars. The Foundation further plans to identify and provide capacity building and coaching opportunities to its scholars.
The Foundation has no plans for large Horizon gatherings in 2022/2023, however it will seek to arrange small-type gatherings in the UK as well as facilitate online ‘meet ups’ with different scholar cohorts to promote bonding and networking. Horizon will continue to encourage its scholars to register for the Foundation’s website Scholar Private Page “Our Horizons” where they can seek education and career advice from each other as well as access resources and information uploaded by the Foundation (140 Horizon scholars have registered so far).
## _**b) Partnerships**_
The Foundation will consolidate its partnership with UWC schools and focus on allocating new scholars to four UWC partner schools, instead of six, starting academic year 2022/2023. The Foundation will also maintain its partnerships with Latymer Upper School, Bassett House School and Amala. As such, Horizon aims to support 30-35 school students in academic year 2022/2023.
## _**c) Funding**_
Horizon’s Chairman will continue to donate to the Horizon Foundation.
The Foundation seeks to continue its charitable work through the careful stewardship of its existing resources and social network. Any fundraising activity is carried out by Horizon’s trustees, primarily the Chairman, and core staff. Horizon does not employ professional telephone or street fundraisers or commercial participators for fundraising activity.
The Foundation expects to complete two more short films in 2022/2023 to help showcase Horizon’s work, promote its profile and attract supporters.
Going forward the Foundation will also be exploring ways to garner support from its alumni and invite them to contribute towards funding their successors (new Horizon scholars) when they are in the position to do so.
**- 18 -**
## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
## _**d) Community Development**_
The Foundation will continue to encourage its scholars to set up and lead CEI and Seed Community projects.
## **Structure, governance and management**
## _**a. Constitution**_
The Horizon Foundation was originally set up in 2006. It was formally established and registered as an English charity in 2007 and became a Charitable Incorporated Organisation (CIO) in 2016. The Horizon Foundation is constituted by its governing document (Constitution, June 2016) and is registered with the Charity Commission (number 1169379, registered on 27 September 2016).
## _**b. Method of appointment or election of Trustees**_
The Foundation’s Constitution provides for a minimum of one to a maximum of four appointed trustees, and not less than one nor more than eight nominated trustees. There must be at least three trustees. New trustees are appointed by the existing trustees and serve for three years after which they may put themselves forward for re-appointment.
The trustees welcomed the reappointment of trustees Catherine Roe and Maury Shenk for a third consecutive three-year term starting 3 June 2022. It was noted that trustee Catherine Roe might not be able to serve her full three-year term. The trustees further welcomed the reappointment of trustee Kirkland Newman Smulders for a third consecutive three-year term starting 6 December 2022.
In selecting individuals for appointment as trustees, the trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. The Foundation will make available to each new trustee on or before his or her first appointment a copy of the Constitution and a copy of the latest Trustees’ Annual Report and statement of accounts. Once appointed, trustees are thoroughly briefed on the Foundation’s history, future direction, policies and management as well as on their responsibilities. Trustees are DBS-checked and sign the statement of commitment pertaining to the Foundation’s Child Protection Policy, Procedures and Code of Conduct. Existing trustees are provided with training as and when required. The Foundation will be developing terms of reference focusing on the expertise and skills required for members of the Board of Trustees to help inform the trustee selection and guidance process.
## _**c. Organisational structure and decision making**_
The trustees manage the affairs of the CIO. They meet twice a year to agree the broad strategy and areas of activity for the Foundation, including consideration of its partnerships and grant making, budget, risk management policies and performance. The Chairman and Chief Executive are also in regular communication. Executive and management action (day to day matters) is delegated to the Chief Executive and staff. The scope of delegated authority is outlined in the Foundation’s scheme of delegation document which is reviewed periodically or as necessary for an accountable and effective management of the Foundation.
All trustees give their time freely and no trustee remuneration was paid in the year. Trustees are required to disclose all relevant interests and register them with the Chief Executive at the Board meetings. It has been recorded that the Chairman of the Horizon Foundation is a governor of Rugby School, a partner (beneficiary) of the Horizon Foundation (last supported in 2018/2019) and that the son of trustees Kirkland and Patrick Smulders attended Laytmer Upper School until 2021/2022. The School became a Horizon partner in 2020/2021.
**- 19 -**
## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
**Structure, governance and management** _**(continued)**_
## _**d. Key management personnel (KMP) remuneration**_
The Key Management Personnel (KMP) of the charity are represented by the trustees who are not remunerated and the Chief Executive. The salary of the CEO and the annual salary reviews of all staff are approved by the Chairman and trustees. The salaries are set in line with positions of similar responsibilities of comparable organisations.
## _**e. Risk management**_
The trustees have considered the risks to which the charity is exposed and have established measures to manage those risks. A risk register is held at the Foundation’s office and is reviewed and updated periodically or as necessary by the CEO to ensure that the risks are actively managed. The trustees review and agree the risk register and the accompanying systems and controls on a biannual or annual basis.
The Foundation manages its risks by:
- Retaining trustees and staff of sufficient skills and expertise;
- Partnering with reputable and capable institutions;
- Defining and reviewing its grant making policy; and
- Developing its planning, monitoring and evaluation processes particularly on student selection and follow up.
The trustees have identified the following as the principal risks facing the Foundation and have controls in place for their active management:
|place for their active management:||
|---|---|
|**Principal Risks**|**Present Controls**|
|Safeguarding of programme objectives:
Programme impact is affected by scholars’ low
performance or project mismanagement or
misuse of funds|-Due diligence procedures are in place to ensure
clear oversight as well as monitoring and
evaluation of and payments to partners and
scholars/projects.
-Partner schools and Horizon have clear criteria
and processes for scholar selection.
-Active engagement of Horizon officers in
monitoring scholar performance.
-Partner
schools
provide
academic
and
psychosocial support. Horizon offers additional
pastoral care.
-Signed agreements set the terms and conditions
of all awards. Funding is by staged instalments
and conditionaluponsatisfactoryreporting.|
|Safeguarding of charity assets:
The risk of the charity’s assets (cash) being
mismanaged, inaccessible, lost or subject to
fraud|-Robust financial controls are in place.
-A letter of Intent from the Chairman - to meet all
of the Foundation’s commitments to its scholars,
partners, staff and other creditors as they fall due
– is in place.
-Plans for expansion of the Foundation’s donor
base to be developed.|
|Duty of care risks pertaining to scholars|-As per Horizon’s agreements with its partner
schools: the schools are responsible for scholars’
pastoral care and safeguarding according to local
safeguarding/child protection policies. Partner
schools are also required to show Horizon their
safeguarding polices and processes.
-Horizon’s Child Protection Policy, Procedures
and Code of Conduct (in place and reviewed).
-DBS checks of Horizon trustees, staff are
conducted.|
**- 20 -**
## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
## **Structure, governance and management** _**(continued)**_
## **Trustees' responsibilities statement**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2019 (FRS102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **True and fair override**
The accounts (financial statements) have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair" view. The departure has involved Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
## **Auditor**
Each of the persons who is a trustee at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
- they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
**- 21 -**
## **The Horizon Foundation**
## **Trustees' annual report** _**(continued)**_
## **Year ended 31 July 2022**
The trustees' annual report was approved on 10 May 2023 and signed on behalf of the board of trustees by:
Mr Patrick Smulders Chairman
**- 22 -**
## **The Horizon Foundation**
## **Independent auditor's report to the trustees of The Horizon Foundation**
## **Year ended 31 July 2022**
## **Opinion**
We have audited the financial statements of The Horizon Foundation (the 'charity') for the year ended 31 July 2022 which comprise the statement of financial activities, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 true and fair view of the state of the charity's affairs as at 31 July 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (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 independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing 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 concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
**- 23 -**
## **The Horizon Foundation**
## **Independent auditor's report to the trustees of The Horizon Foundation** _**(continued)**_
## **Year ended 31 July 2022**
## **Other information**
The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters 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 financial statements is inconsistent in any material respect with the trustees' report; or
- the charity has not kept adequate accounting records; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
**- 24 -**
## **The Horizon Foundation**
## **Independent auditor's report to the trustees of The Horizon Foundation** _**(continued)**_
## **Year ended 31 July 2022**
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 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 misstatement when it exists. Misstatements can arise from fraud or error 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 procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiry of management and those charged with governance;
- Enquiry of entity staff compliance functions to identify any instances of non-compliance with laws and regulations;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationaleof significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the 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 compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
**- 25 -**
## **The Horizon Foundation**
## **Independent auditor's report to the trustees of The Horizon Foundation** _**(continued)**_
## **Year ended 31 July 2022**
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we 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 not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB
22 May 2023
Lovewell Blake LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
**- 26 -**
## **The Horizon Foundation**
## **Statement of financial activities**
## **Year ended 31 July 2022**
||||**2022**||2021|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|||
|||funds|funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|**£**|£|
|**Income and endowments**||||||
|Donations and legacies|**4**|627,154|147,280|774,434|605,520|
|Investment income|**5**|25|–|25|185|
|||-------------------------------|-------------------------------|-------------------------------|-------------------------------|
|**Total income**||627,179|147,280|774,459|605,705|
|||===============================|===============================|===============================|===============================|
|**Expenditure**||||||
|Charitable activities|**6**|696,413|147,280|843,693|708,965|
|||-------------------------------|-------------------------------|-------------------------------|-------------------------------|
|**Total expenditure**||696,413|147,280|843,693|708,965|
|||===============================|===============================|===============================|===============================|
|||-------------------------------|-------------------------------|-------------------------------|-------------------------------|
|**Net expenditure and net movement in**||||||
|**funds**||(69,234)|–|(69,234)|(103,260)|
|||===============================|===============================|===============================|===============================|
|**Reconciliation of funds**||||||
|Total funds brought forward||624,539|–|624,539|727,799|
|||-------------------------------|-------------------------------|-------------------------------|-------------------------------|
|**Total funds carried forward**||555,305|–|555,305|624,539|
|||===============================|===============================|===============================|===============================|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
**The notes on pages 30 to 37 form part of these financial statements.**
**- 27 -**
## **The Horizon Foundation**
## **Statement of financial position**
## **31 July 2022**
|||**2022**||2021||
|---|---|---|---|---|---|
||**Note**|**£**|**£**|£|£|
|**Current assets**||||||
|Debtors|**11**|10,609||135,621||
|Cash at bank and in hand||745,983||622,314||
|||-------------------------------||-------------------------------||
|||756,592||757,935||
|**Creditors: Amounts falling due within**||||||
|**one year**|**12**|(201,287)||(133,396)||
|||-------------------------------||-------------------------------||
|**Net current assets**|||555,305||624,539|
||||-------------------------------||-------------------------------|
|**Total assets less current liabilities**|||555,305||624,539|
||||-------------------------------||-------------------------------|
|**Net assets**|||555,305||624,539|
||||===============================||===============================|
|**Funds of the charity**||||||
|Unrestricted funds|||555,305||624,539|
||||-------------------------------||-------------------------------|
|**Total charity funds**|**14**||555,305
===============================||624,539
===============================|
These financial statements were approved by the board of trustees and authorised for issue on 10 May 2023 and are signed on behalf of the board by:
Mr Patrick Smulders Chairman
**The notes on pages 30 to 37 form part of these financial statements.**
**- 28 -**
## **The Horizon Foundation**
## **Statement of cash flows**
## **Year ended 31 July 2022**
||**2022**|2021|
|---|---|---|
||**£**|£|
|**Cash flows from operating activities**|||
|Net expenditure|(69,234)|(103,260)|
|_Adjustments for:_|||
|Amortisation of intangible assets|–|7,666|
|Other interest receivable and similar income|(25)|(185)|
|_Changes in:_|||
|Trade and other debtors|125,012|93,645|
|Trade and other creditors|67,891|(21,255)|
||-------------------------------|-------------------------------|
|Cash generated from operations|123,644|(23,389)|
|Interest received|25|185|
||-------------------------------|--------------------------|
|Net cash from/(used in) operating activities|123,669|(23,204)|
||===============================|==========================|
|**Net increase/(decrease) in cash and cash equivalents**|123,669|(23,204)|
|**Cash and cash equivalents at beginning of year**|622,314|645,518|
||-------------------------------|-------------------------------|
|**Cash and cash equivalents at end of year**|745,983|622,314|
||===============================|===============================|
**The notes on pages 30 to 37 form part of these financial statements.**
**- 29 -**
## **The Horizon Foundation**
## **Notes to the financial statements**
## **Year ended 31 July 2022**
## **1. General information**
The charity is a registered CIO in England and Wales. The address of the principal office is 10 Westgate Close, Norwich, NR2 3NQ.
## **2. Statement of compliance**
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance 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 and UK Generally Accepted Accounting Practice.
## **True and fair override**
The accounts (financial statements) have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair" view. The departure has involved Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
## **3. Accounting policies**
## **Basis of preparation**
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
## **Going concern**
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. The Trustees have considered the impact of COVID-19 in making this assessment.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Restricted funds to the charity usually pertain to supporting specific scholars and/or specific schools.
## **Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
**- 30 -**
## **The Horizon Foundation**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 31 July 2022**
## **3. Accounting policies** _**(continued)**_
## **Income (continued)**
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
## **Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Support costs are allocated to expenditure on charitable activities on a basis this is the sole activity of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Charitable activities and governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
## _**Grant expenditure**_
Grants are paid to approved educational institutions in order to fund student scholarships. Offers of grant funding are made to those meeting the charity's detailed eligibility criteria. Funding is made for students final two years of secondary education and, for some students, for their subsequent university education (normally directly to their universities or to them if it is a maintenance grant). Project grants follow a detailed eligibility criteria and are made to the scholar or to their educational or other vetted institution.
All funding offers are initially contingent upon individual students obtaining the necessary visa requirements. As a result grant funding is only considered to be unconditional and provided for in the financial statements once a new student actually starts term at the relevant academic institution.
Whilst it is hoped that all students will complete their full study programme, in line with generally accepted practice, study commitments may be brought to an end by the charity by giving a full term's notice in writing. For all students already placed at schools and universities, where no notice to terminate study has been delivered by 31 July, the grant expenditure recognised includes provision for the subsequent Autumn term fees, because at the charity's year end of 31 July there is an unconditional obligation to meet this liability.
No provision is made for Autumn term fee obligations for new students because until such time as a student takes up a place, the funding remains conditional.
## **Intangible assets**
Intangible assets are initially recognised at cost and are subsequently measured at cost net of amortisation and any provision for impairment. Amortisation is provided on intangible fixed assets at rates calculated to write off the cost of each asset, less their estimated residual value, over their expected useful lives on the following bases:
Website - 3 years straight line Database - 3 years straight line
**- 31 -**
## **The Horizon Foundation**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 31 July 2022**
## **3. Accounting policies** _**(continued)**_
## **Amortisation**
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website - 33% straight line Database - 33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
## **Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **Defined contribution plans**
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Foreign currencies**
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities.
The Foundation operates separate pound sterling and US dollar budgets. US dollar income is held in that currency and used to meet US dollar expenditure. The exchange gains and losses therefore arise purely from the need to report in sterling and do not impact on the ability of the charity to fulfil commitments.
## **Debtors**
Debtors are recognised at the settlement amount after any discount offered. Prepayments are valued at the amount prepaid after any discounts due.
## **Cash at bank and in hand**
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
**- 32 -**
## **The Horizon Foundation**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 31 July 2022**
## **3. Accounting policies (continued)**
## **Liabilities and provisions**
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates that it will pay to settle the debt or the amount or amounts it has received as advanced payments for the services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
## **4. Donations and legacies**
||||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|---|---|
||||Funds|Funds|**2022**|
||||£|£|**£**|
||**Donations**|||||
||Donations||627,154|147,280|774,434|
||||===============================|===============================|===============================|
||||Unrestricted|Restricted|Total Funds|
||||Funds|Funds|2021|
||||£|£|£|
||**Donations**|||||
||Donations||494,077|111,443|605,520|
||||===============================|===============================|===============================|
|**5.**|**Investment income**|||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2022**|Funds|2021|
|||£|**£**|£|£|
||Deposit account interest|25|25|185|185|
|||=============|=============|=============|=============|
**- 33 -**
## **The Horizon Foundation**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 31 July 2022**
## **6. Expenditure on charitable activities**
||Activities||||
|---|---|---|---|---|
||undertaken||**Total funds**|Total fund|
||directly|Support costs|**2022**|2021|
||£|£|**£**|£|
|Staff costs|66,260|32,698|98,958|96,509|
|Pastoral Care, monitoring and evaluation|9,582|–|9,582|10,368|
|Education and maintenance grants|739,008|–|739,008|543,249|
|Community Engagement Initiative|575|–|575|–|
|Seed Community Projects|7,512|–|7,512|5,834|
|Other costs|–|(11,942)|(11,942)|45,339|
|Amortisation (Database and website)|–|–|–|7,666|
||-------------------------------|--------------------------|-------------------------------|-------------------------------|
||822,937|20,756|843,693|708,965|
||===============================|==========================|===============================|===============================|
Support costs, included in the above, are as follows:
||**Staff costs **|**Other costs**|**2022**|2021|
|---|---|---|---|---|
||**£**|**£**|**£**|**£**|
|Salary - Management|29,226|–|29,226|28,462|
|Employers’ NI – Management|1,473|–|1,473|1,543|
|Pensions – Management|1,999|–|1,999|1,922|
|Auditors' remuneration - prior year|–|–|–|1,310|
|Auditors' remuneration - current year|–|8,424|8,424|8,136|
|Accountancy fees|–|3,240|3,240|4,860|
|Management (including Audiovisuals)|–|4,265|4,265|4,387|
|Foreign exchange (gains)/losses|–|(27,871)|(27,871)|26,646|
||--------------------------|--------------------------|--------------------------|--------------------------|
||32,698
==========================|(11,942)
==========================|20,756
==========================|77,266
==========================|
## **7. Net expenditure**
Net expenditure is stated after charging/(crediting):
|Net expenditure is stated after charging/(crediting):|||
|---|---|---|
||**2022**|2021|
||**£**|£|
|Amortisation of intangible assets|–
=============|7,666
======================|
## **8. Staff costs**
The total staff costs and employee benefits for the reporting period are analysed as follows:
||**2022**|2021|
|---|---|---|
||**£**|£|
|Wages and salaries|87,260|84,806|
|Social security costs|5,056|5,274|
|Employer contributions to pension plans|6,642|6,429|
||--------------------------|--------------------------|
||98,958|96,509|
||==========================|==========================|
The average head count of employees during the year was 2 (2021: 2).
The number of employees whose remuneration for the year fell within the following bands, were:
|||**2022**|2021|
|---|---|---|---|
|||**No.**|No.|
|£60,000|to £69,999|1|1|
|||=============|=============|
**- 34 -**
**The Horizon Foundation**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 31 July 2022**
## **8. Staff costs (continued)**
## **Key Management Personnel**
Key management personnel includes all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. Total employment benefits paid to the charity’s key management personnel during the year, which include gross pay and employer’s national insurance contributions, amounted to £65,111 (2021: £62,904).
## **9. Trustee remuneration and expenses**
No trustees' remuneration or other benefits were paid for the year ended 31 July 2022 nor for the year ended 31 July 2021.
## **Trustees' expenses**
No trustees' expenses were paid for the year ended 31 July 2022 nor for the year ended 31 July 2021.
## **10. Intangible assets**
|||**Website**|**Database**|**Total**|
|---|---|---|---|---|
|||£|£|**£**|
||**Cost**||||
||**At 1 August 2021 and 31 July 2022**|19,516|15,485|35,001|
|||==========================|==========================|==========================|
||**Amortisation**||||
||**At 1 August 2021 and 31 July 2022**|19,516|15,485|35,001|
|||==========================|==========================|==========================|
||**Carrying amount**||||
||**At 31 July 2022**|–|–|–|
|||==========================|==========================|==========================|
||At 31 July 2021|–|–|–|
|||==========================|==========================|==========================|
|**11.**|**Debtors**||||
||||**2022**|2021|
||||**£**|£|
||Prepayments and accrued income||10,609|131,813|
||Other debtors||–|3,808|
||||--------------------------|-------------------------------|
||||10,609|135,621|
||||==========================|===============================|
|**12.**|**Creditors:** **Amounts falling due within one year**||||
||||**2022**|2021|
||||**£**|£|
||Accruals and deferred income||8,424|8,136|
||Social security and other taxes||592|592|
||Other creditors||192,271|124,668|
||||-------------------------------|-------------------------------|
||||201,287|133,396|
||||===============================|===============================|
**- 35 -**
## **The Horizon Foundation**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 31 July 2022**
## **12. Creditors: Amounts falling due within one year** _**(continued)**_
Grant creditors are included in other creditors and relate to one term’s fees payable for existing scholars.
Whilst it is hoped that all students will complete their full study programme, in line with generally accepted practice, study commitments may be brought to an end by the charity by giving a full term's notice in writing. For all students already placed at schools and universities, where no notice to terminate study has been delivered by 31 July, the grant expenditure recognised includes provision for the subsequent Autumn term fees, because at the charity's year end of 31 July there is an unconditional obligation to meet this liability.
## **13. Pensions and other post retirement benefits**
## **Defined contribution plans**
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £6,642 (2021: £6,429).
£592 (2021: £592) is included within creditors.
## **14. Analysis of charitable funds**
## **Unrestricted funds**
|**Unrestricted funds**|||||
|---|---|---|---|---|
||At|||**At**|
||1 August 2021|Income|Expenditure|**31 July 2022**|
||£|£|£|£|
|General funds|624,539|627,179|(696,413)|555,305|
||===============================|===============================|===============================|===============================|
||At|||At|
||1 August 2020|Income|Expenditure|31 July 2021|
||£|£|£|£|
|General funds|727,799|494,262|(597,522)|624,539|
||===============================|===============================|===============================|===============================|
|**Restricted funds**|||||
||At|||**At**|
||1 August 2021|Income|Expenditure|**31 July 2022**|
||£|£|£|£|
|Herenweg Holding BV|–|114,087|(114,087)|–|
|Other restricted funds|–|33,193|(33,193)|–|
||---------------|-----------------------------------|-----------------------------------|----------------|
||–|147,280|147,280|–|
||=============|===============================|===============================|=============|
||At|||At|
||1 August 2020|Income|Expenditure|31 July 2021|
||£|£|£|£|
|Herenweg Holding BV|–|111,443|(111,443)|–|
||=============|===============================|===============================|=============|
Restricted funds relate to funding received from:
- Herenweg Holding BV - to cover the costs of scholarships for four scholars at UWC Maastricht
Other restricted funds – anonymous grants received during the year for specific purposes. £28,958 was granted to contribute towards the costs of a scholarship for a student at UWC Atlantic. £4,235 was granted towards University Support.
**- 36 -**
## **The Horizon Foundation**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 31 July 2022**
## **15. Analysis of net assets between funds**
||Unrestricted|**Total Funds**|
|---|---|---|
||Funds|**2022**|
||£|**£**|
|Current assets|555,305|555,305|
||===============================|===============================|
||Unrestricted|Total Funds|
||Funds|2021|
||£|£|
|Tangible fixed assets|–|–|
|Current assets|624,539|624,539|
||-------------------------------|-------------------------------|
|**Net assets**|624,539|624,539|
||===============================|===============================|
## **16. Analysis of changes in net debt**
|||At||**At**|
|---|---|---|---|---|
||1|August 2021|Cash flows|**31 July 2022**|
|||£|£|**£**|
|Cash at bank and in hand||622,314|123,669|745,983|
|||===============================|===============================|===============================|
## **17. Related parties**
Aggregate Donations received from trustees, without conditions, totalled £627,072 (2021: £494,077).
Scholarships of £46,815 (2021: £43,967) were paid to Eton College (a partner of Horizon Foundation which P Smulders also supports personally).
Scholarships of £21,459 (2021: £20,141) were paid to Latymer Upper School (P Smulders' son attends the school).
**- 37 -**