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← The Horizon Foundation

2024-07-31-accounts

CHARITY REGISTRATION NUMBER: 1169379

The Horizon Foundation

Trustees’ Report and Financial Statements

31 July 2024

The Horizon Foundation

Financial statements

Year ended 31 July 2024

Page
Trustees' annual report 1
Independent examiner's report to the trustees 16
Statement of financial activities 18
Statement of financial position 19
Statement of cash flows 20
Notes to the financial statements 21

The Horizon Foundation

Trustees' annual report

Year ended 31 July 2024

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 July 2024, which were independently examined by Lovewell Blake LLP.

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 Independent examiner Mark Procter Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB Bankers Barclays Level 15 1 Churchill Place London E14 5HP

Website https://www.horizonfoundation.info

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The Horizon Foundation

Trustees' annual report (continued)

Year ended 31 July 2024

BACKGROUND INFORMATION

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:

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 2024

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 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 international 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 purpose of the CEI grants is to strengthen the scholars' role as cultural ambassadors, educating others about their cultures and realities (for example, through films, music, workshops and other activities).

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 selection process that screens for projects that are youth-led and responsive to key community needs, particularly in the fields of education and mental health.

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 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.

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The Horizon Foundation

Trustees' annual report (continued)

Year ended 31 July 2024

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. The Foundation assesses 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 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 CEI/Seed funding). The CEO may approve grants up to £6,500 for university funding, and £2,500 and £2,000 for CEI and Seed Community projects, respectively. The trustees approve any funding exceeding these amounts. Scholars sign MoUs with the Foundation setting out the terms and requirements of their grants.

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 donors 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 during the year ended 31 July 2024.

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.

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The Horizon Foundation

Trustees' annual report (continued)

Year ended 31 July 2024

ACHIEVEMENTS, PERFORMANCE AND IMPACT 2023/2024

Summary

In 2023/2024, the Horizon Foundation made grant payments of £443,783 (£481,008 in 2022/23). There were further grant commitments at the year end of £123,033 (£146,929 in 2022/23). A summary of this grant expenditure is shown below.

Activity
Education & Maintenance Grants School University
Total
Commitments at 1 August 2023 (143,817) (3,112)
(146,929)
Expenditure in theyear ended 31 July2024 556,143 34,569
590,712
Total 412,326 31,457
443,783
Commitments at 31 July2024 123,033 -
123,033
Total Education & Maintenance Grantsper Accounts 535,359 31,457 566,816

Overall, the Horizon Foundation supported 43 scholars through its scholarships and grants in 2023/2024 (51 in 2022/23). The decrease in the number of scholars was mainly due to focusing Horizon’s support to Amala on core funding for its Global Secondary Diploma instead of funding specific students. Ten students were further supported with small top up grants to help them prepare for their university studies/further education. The Foundation also supported five Horizon scholars in promoting their culture by introducing their traditional music to their fellow pupils.

The Foundation also continued to facilitate mentoring and expert guidance for its scholars to enhance the impact of its student support. In partnership with Leonard Education Organisation (a US based charity), eight Horizon scholars were provided with expert guidance on studying and living in the US and/or with travel logistics. Additionally, two other university scholars continued to call on their Freshstream mentors for career and other advice. Horizon’s Chairman is a managing partner at Freshstream Investment Partners LLP. Also in 2023/24, the Foundation liaised with Really English (UK registered company) to offer Horizon school students free online English language courses to support their education at their new schools.

In addition, throughout the year, the Foundation hosted three online training and networking events and two in-person gatherings in which a total of 35 current Horizon scholars participated and connected with each other and with the Horizon team. The in-person gatherings were attended by 10 scholars and took place in Norway and the Netherlands. Two of the online events were delivered by Makan, a UK registered charity, and engaged 15 scholars. The events focused on cultivating knowledge and communication skills to enable the participants to educate others about the realities of their region from an international law and human rights perspective. The third online event was led by Horizon and was attended by 10 scholars. The meeting focused on the scholars’ wellbeing and offered them space to share their thoughts in light of the tragic situation in Gaza.

As shown in the summary above, the majority of the Foundation's funding remained committed to its education activity (scholarships and grants at 86% of direct charitable expenses, down from 88% in 2022/23). The following sections provide an overview of the aims and impact of the Foundation's activities.

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The Horizon Foundation

Trustees' annual report (continued)

Year ended 31 July 2024

ACHIEVEMENTS, PERFORMANCE AND IMPACT 2023/2024 (continued)

Scholarships and Grants

The Foundation supports the development of conflict affected communities in the Middle East and Asia (particularly Palestinians, Syrians, Afghans and Tibetans). 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 2023/2024 these included four of the United World College (UWC) network of international schools, Bassett House School (UK) and Amala, a UK registered charity, delivering high school education to refugees in Jordan.

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. The Foundation also offers its scholars external expert support as required. 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 (see Summary section above for details on expert support and gatherings in 2023/24).

In 2023/2024, the Horizon Foundation supported a total of 43 scholars, of whom 23 were at school, five on the Amala Global Secondary Diploma Programme and 15 at university. The university students were previously supported by Horizon to complete their secondary education.

School Scholarships

Horizon 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. Pastoral care to Horizon scholars is provided by the schools/partners and the Foundation regularly follows up with its scholars to check on their general wellbeing to enhance support as possible.

The Horizon-Amala scholars tend to be slightly older as their education has been significantly disrupted by conflict, displacement and lack of educational opportunity in host countries. The Amala Global Secondary Diploma Programme is accredited by the Council of International Schools (CIS) and the New England Association of Schools and Colleges (NEASC) and offers refugees in Jordan a 15-month accelerated learning programme at pre-university level.

The Foundation supported the school education of 28 scholars in 2023/2024 (37 in 2022/23). Of the 28 scholars, 22 secondary students were placed at UWC schools, five on the Amala Global Secondary Diploma Programme and one primary student at Bassett House School. More details are shown in Table 1.

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The Horizon Foundation

Trustees' annual report (continued)

Year ended 31 July 2024

ACHIEVEMENTS, PERFORMANCE AND IMPACT 2023/2024 (continued)

Table 1: Scholar placement per school/institution - 2023/2024

----- Start of picture text -----
Partner School/Institution No. of Scholars Location
UWC Atlantic 7 UK
UWC Maastricht 6 The Netherlands
UWC Mostar 5 Bosnia-Herzegovina
UWC Red Cross Nordic (RCN) 4 Norway
Bassett House School 1 UK
Amala Global Secondary Diploma Programme 5 Jordan
Total scholars (school education) 28
----- End of picture text -----

The majority of Horizon's 28 school students were Palestinian (9), Syrian (8) and Tibetan (8), the remaining three were Lebanese, Iraqi and British. The Foundation endeavours to achieve a balanced gender split, however, as we received more applications from female candidates in 2023/24 the gender split was 68% for female and 32% for male students (in 2022/2023 it was 59% for female and 41% for male students).

The total amount allocated to these school scholarships was £412,326 in 2023/2024 (£449,513 in 2022/23).

Most Horizon scholars leave school with impressive 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. Horizon’s UWC scholars benefit from the generous Shelby Davis Scholarship which is granted to UWC graduates to study at universities in the US. The Davis Scholarship therefore strengthens the impact of Horizon’s UWC scholarships as scholars are presented with further opportunities. Similarly, the Amala programme 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 their diploma.

All of the 11 UWC scholars expected to graduate in 2023/2024 did so successfully. Of the 11 UWC scholars who graduated, nine secured university places with full scholarships in the United States, one has been awarded a full scholarship to study in Germany and another secured a funded offer to study in Spain and has embarked on a language course in Madrid to prepare for medical studies in Spain.

The school graduates enrolled at reputable educational institutions in the US and Europe (Table 2). Their subject choices include Management Information Systems, Nursing, Astrophysics, and Biology.

Table 2: Educational institutions joined by Horizon school graduates 2023/24

----- Start of picture text -----
The US Northwestern University (1)
St Olaf College (2)
Swarthmore College (1)
Case Western Reserve University (1)
Smith College (1)
University of Rochester (1)
University of Oklahoma (2)
Europe Bard College Berlin (1)
Linguaschools Madrid (1)
----- End of picture text -----

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The Horizon Foundation

Trustees' annual report (continued)

Year ended 31 July 2024

ACHIEVEMENTS, PERFORMANCE AND IMPACT 2023/2024 (continued)

Below is a selection of testimonials from Horizon's 2023/2024 school students, attesting to the impact the Horizon scholarships have had on their lives and future aspirations.

“The past two years of my life have not only impacted my view of the world and the way I interact with it but also the ways in which I plan to have my own impact in the future. It has changed my attitude towards life to one that is more critical, willing, and able to help. I grew more aware of myself, my needs and abilities, how to take care of myself, where and when to push beyond my comfort zone, and awareness of the world I live in. I plan to pursue a double degree in anthropology and peace and conflict studies and pursue a career focused on addressing human rights violations faced by refugees, asylum seekers, and migrants.” Syrian student, female

“Receiving the Horizon scholarship has completely shaped my aspirations and prospects for the future. It has provided a global perspective, making me aware of challenges and passionate about making a positive impact. The Horizon scholarship has fuelled my curiosity to contribute meaningfully to the world. Most importantly, it has filled me with hope for the future, empowering me to pursue my goals with confidence. Without this opportunity, I wouldn't have developed an international mindset or felt as optimistic as I do about what lies ahead. I am going to the University of Oklahoma.” Palestinian student, male

“It has really been a life changing experience. It not only broadened my way of thinking and my perspective on life, but also empowered me to be active, not only in my refugee community, but also as a human being in this world. It made me realise the responsibility and the influence we have over others person regardless of the place they are from, we share the same responsibility to create a peaceful and a sustainable future. I plan to attend St Olaf college and pursue a career in the medical field.” Tibetan student, female

All of the five Amala scholars expected to graduate in 2023/2024 did so successfully. One Amala graduate is a successful entrepreneur and has launched an online recycling company for which he has received funding from the EU. Another has received funding for a photography, video and podcast creation project developed in collaboration with the International Rescue Committee. Another Amala student has helped to create an online platform that supports parents of children with learning disabilities; and one is working as a tailor whilst exploring further education opportunities. The final 2023/24 Amala graduate is working as a digital skills trainer with an NGO. One of the Amala students told us:

“I was able to develop my skills and expand my knowledge in a variety of subjects and fields. I learned about ethical leadership, social entrepreneurship, and gained a deep understanding of the importance of peacebuilding and achieving positive change in communities. Graduating from the Amala Global Secondary Diploma marks a new beginning in my educational and professional journey. I am excited to use the skills and knowledge I have gained to continue learning and build a better future for myself and my community.” Syrian student, male

University Support

The Foundation'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.

In 2023/2024, the Foundation supported 15 Horizon scholars by meeting various needs at university such as tuition and accommodation fees, maintenance, travel, books, educational resources, meal plans and other incidental expenses (14 university students were supported in 2022/23). The 15 university scholars studied at reputable institutions in the US, Canada and Europe (Table 3).

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The Horizon Foundation

Trustees' annual report (continued)

Year ended 31 July 2024

ACHIEVEMENTS, PERFORMANCE AND IMPACT 2023/2024 (continued)

Table 3: Scholars receiving Horizon University Support grants 2023/24

----- Start of picture text -----
The US Lake Forest College (1)
St Lawrence University (1)
Tufts University (1)
St Olaf College (1)
University of Richmond (1)
University of Oklahoma (1)
Colorado College (1)
Macalester College (1)
University of Pennsylvania (1)
Bucknell University (1)
Case Western Reserve University (1)
Canada Vancouver Island University (1)
York University (1)
Europe Politechnico di Torino (1)
Haute École des Arts du Rhin (1)
----- End of picture text -----

Furthermore, ten scholars, while being supported by Horizon at/post school, were assisted with university/further education preparation costs including laptops, university application fees, visa and passport renewal fees and travel costs. The 25 scholars benefitting from University Support grants included Syrians (12), Tibetans (6), Palestinians (5) and Iraqis (2).

The total amount allocated to University Support in 2023/2024 was £31,457 (£30,575 in 2022/23). This amount covered the 15 scholars at university as well as four Amala scholars while the remaining six scholars who were preparing for university were covered through their school scholarship grants.

The 15 Horizon scholars who were supported at university by the Foundation continued to show good academic progress. One graduated in 2023/2024 and has remained in the US to pursue a PhD. Reflecting on the impact of their Horizon scholarship, the university scholars said:

“There was no prospect for me to get an education abroad without Horizon’s help. It has given me the space to focus on my studies, extracurricular activities, and future plans. I do not have to get two part time jobs alongside studying to afford my expenses. Horizon’s generosity has also made me aware of my privileges and motivated me to try to help others.” Syrian student, male

“Horizon’s academic and financial support has completely changed my life. The opportunities, resources, and care that I am currently receiving in my college are incomparable to what I would get in my home country. I plan to apply to join medical school after graduation.” Tibetan student, female

“The encouragement I received from Horizon inspired me to fully commit to my studies, enabling me to be a voice for my people and a bright spot for future generations. Without Horizon’s support, I would not have the opportunity to seek higher education, and my life would likely mirror that of many of my peers in the refugee camps who are unable to pursue an education.” Palestinian student, female

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The Horizon Foundation

Trustees' annual report (continued)

Year ended 31 July 2024

ACHIEVEMENTS, PERFORMANCE AND IMPACT 2023/2024 (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. The Foundation's partner schools promote an inclusive culture that supports the values of engagement and empowerment. For example, in 2023/2024:

Similarly, the Amala Global Secondary Diploma Programme engages the Horizon scholars in two 10-week courses on Ethical Leadership and Social Entrepreneurship with the objective of benefitting their communities.

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 Tibetan student at UWC Mostar gave a TEd talk about the situation in her country and another two Tibetan scholars, at UWC Maastricht, introduced traditional music to their peers; a Syrian scholar at UWC Atlantic gave a talk about dehumanisation of Arabs in Western media; and a Palestinian, at UWC RCN, related her personal story in a panel discussion which raised awareness about the situation in Gaza. Another Palestinian, at UWC Atlantic, was able to bring a family member to speak to the school about life under occupation; and, also at UWC Atlantic, a Palestinian scholar organised a fundraising event for Gaza, where he and his peers cooked and served Middle Eastern food and engaged in discussions about the ongoing situation.

Horizon scholars often speak of a shift in their thinking and behaviour, of learning about new cultures and respecting differences:

“Getting to talk and know people from diverse backgrounds brought a lot of different worldviews which made me question my ideas and values and this greatly influenced how I perceive life and its purpose. There have been numerous occasions when I reflected on and questioned my values and outlook on life. Through my experience at UWC, I feel that I have gained a clearer view of things. I've worked to minimize biases and actively listen to various perspectives.” Tibetan student, female

“I realised that the only person that I should challenge is my old self. UWC made me celebrate differences.” Palestinian student, female

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The Horizon Foundation

Trustees' annual report (continued)

Year ended 31 July 2024

ACHIEVEMENTS, PERFORMANCE AND IMPACT 2023/2024 (continued)

Furthermore, the Foundation’s Community Engagement Initiative (CEI) encourages Horizon scholars to lead initiatives that promote cross-cultural understanding. The CEI aims to challenge misinterpretations and misunderstandings that often occur from a lack of cultural awareness. In 2023/2024, a Horizon scholar studying at UWC Maastricht, was supported with a CEI grant to purchase an oud (a Middle Eastern stringed musical instrument) for her school. The scholar used the instrument to introduce Middle Eastern music to her fellow pupils and perform at school concerts. The oud will remain at UWC Maastricht to be used by future pupils. The total amount allocated to this project was £306 in 2023/2024.

Similarly, our Tibetan scholars at UWC Maastricht were supported with the purchase of a Tibetan lute and five Tibetan flutes. These instruments were used by the Tibetan scholars at the school to introduce their music to their peers and perform in school concerts. The instruments will remain at the school to be used in future. The total amount allocated to this project was EUR 324 ($348.67).

These CEI payments were covered through the scholars’ school scholarship budget.

Financial review

In the period, the charity received donations of £595,917 (£775,503 in 2022/23) and interest income of £2,077 (£527 in 2022/23). Expenditure for the period totalled £700,788 (£791,500 in 2022/23), with the majority of expenditure being education and maintenance grants of £566,816 (£627,017 in 2022/23).

The net deficit for the year totalled £102,794 (net deficit of £15,470 in 2022/23).

Going concern

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. A letter of Intent from the Horizon Chairman is renewed each year (confirming that he will meet all of the Foundation's commitments to its scholars, partners, staff and other creditors as they fall due).

In 2024, Mrs Floor Moerland-Kwik, representing Herenweg Holding BV, pledged full support to two more Horizon scholars for academic years 2024/2025 and 2025/2026.

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 9-12 months of its cost to the next tranche of funding (until the next funding request is raised).

At the end of the 2023/2024 year, the Foundation held free reserves of £437,041 which represent approximately 8 months of budgeted costs for 2024/2025.

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The Horizon Foundation

Trustees' annual report (continued)

Year ended 31 July 2024

Plans for next year

a. Activities and partnership

In 2024/2025 the Foundation plans to support 24 scholars in pursuing their secondary education (11 continuing and 13 new scholars). Seventeen of the 24 scholars will be studying at Horizon’s UWC partner schools (11 continuing and six new scholars) while the remaining seven incoming scholars will be supported through Horizon’s new partnerships, as detailed below.

In 2024/2025 the Foundation will co-sponsor one scholar through the Royal National Children's Springboard Foundation to attend St Peter’s School (UK). Additionally, the Foundation will partner with Unite Lebanon Youth Project to support six refugee students at private schools in Lebanon with full Horizon grants.

University Support grants will continue to be offered on a needs-basis to Horizon scholars, enabling them to meet funding shortfalls while at university. However, as the Foundation reviews its strategy and financial position the budget for University Support grants will be reduced. Furthermore, no budget will be allocated for Community Projects and these activities will be mainly channelled through the scholarship grants.

b. Student support

Horizon will continue to hold meetings with its scholars and to develop its scholars’ network. 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 also conduct online and in-person gatherings with different scholar cohorts to promote bonding and networking.

The Foundation will continue to collaborate with other organisations that could offer its scholars expert advice, mentoring and capacity building to ensure more holistic support to its scholars.

c. Funding

Horizon’s Chairman will continue to donate to the Horizon Foundation to fulfil agreed commitments. His longer-term financial commitment to the Foundation will depend on securing new donor partners in 2024/2025 which will also impact decision-making about the Foundation’s future and continuity. As such, no new scholar intake for 2025/2026 is currently planned. Horizon’s partners have been informed of the Foundation’s position.

The Foundation will be linking with potential donors in 2025. In the meantime, the Foundation seeks to continue its charitable work through the careful stewardship of its existing donor partners and social network. Donor commitments have been pledged for 2024/2025 and 2025/2026.

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The Horizon Foundation

Trustees' annual report (continued)

Year ended 31 July 2024

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 be invited to extend for another term. Apart from the first appointed trustee, every appointed trustee must be appointed by a resolution passed at a properly convened meeting of the charity trustees on the nomination of the existing appointed trustees.

c. Organisational structure and decision making

The trustees manage the affairs of the CIO. They meet once or 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 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 already recorded that the Chairman of the Horizon Foundation is a trustee of the Royal National Children's Springboard Foundation (RNCSF). Horizon will be providing a scholarship grant to RNCSF in 2024/2025.

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.

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The Horizon Foundation

Trustees' annual report (continued)

Year ended 31 July 2024

Structure, governance and management (continued)

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 and the trustees. The Foundation manages its risks by:

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 conditional upon satisfactory reporting.
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 is in place
(confirming that he will meet all of the
Foundation’s commitments to its scholars,
partners, staff and other creditors as they fall
due).
-Developing Horizon’s relationship with its
existing donor partners.
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.

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The Horizon Foundation

Trustees' annual report (continued)

Year ended 31 July 2024

Structure, governance and management (continued)

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.

Independent examiner

Mark Proctor, FCA DChA of Lovewell Blake LLP has been reappointed as Independent Examiner for the ensuring year.

The trustees' annual report was approved on 26 March 2025 and signed on behalf of the board of trustees by:

Mr Patrick Smulders Chairman

- 15 -

The Horizon Foundation

Independent examiner's report to the trustees of The Horizon Foundation

Year ended 31 July 2024

I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 July 2024 which comprise the statement of financial activities, statement of financial position, statement of cash flows and the related notes.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.

- 16 -

The Horizon Foundation

Independent examiner's report to the trustees of The Horizon Foundation (continued)

Year ended 31 July 2024

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) 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 (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

Mark Proctor FCA DChA Independent Examiner

Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB

2 April 2025

- 17 -

The Horizon Foundation

Statement of financial activities

Year ended 31 July 2024

2024 2023
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 4 445,867 150,050 595,917 775,503
Investment income 5 2,077 – 2,077 527
───────── ───────── ───────── ─────────
Total income 447,944 150,050 597,994 776,030
═════════ ═════════ ═════════ ═════════
Expenditure
Charitable activities 6 550,738 150,050 700,788 791,500
───────── ───────── ───────── ─────────
Total expenditure 550,738 150,050 700,788 791,500
═════════ ═════════ ═════════ ═════════
───────── ───────── ───────── ─────────
Net expenditure and net movement in
funds (102,794) – (102,794) (15,470)
═════════ ═════════ ═════════ ═════════
Reconciliation of funds
Total funds brought forward 539,835 – 539,835 555,305
───────── ───────── ───────── ─────────
Total funds carried forward 437,041 – 437,041 539,835
═════════ ═════════ ═════════ ═════════

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 21 to 28 form part of these financial statements.

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The Horizon Foundation

Statement of financial position

31 July 2024

2024 2023
Note £ £ £ £
Current assets
Debtors 11 33,459 23,788
Cash at bank and in hand 539,003 669,072
───────── ─────────
572,462 692,860
Creditors: Amounts falling due within
one year 12 (135,421) (153,025)
───────── ─────────
Net current assets 437,041 539,835
───────── ─────────
Total assets less current liabilities 437,041 539,835
───────── ─────────
Net assets 437,041 539,835
═════════ ═════════
Funds of the charity
Unrestricted funds 437,041 539,835
───────── ─────────
Total charity funds 14 437,041
═════════		 539,835
═════════

These financial statements were approved by the board of trustees and authorised for issue on 26 March 2025 and are signed on behalf of the board by:

Mr Patrick Smulders Chairman

The notes on pages 21 to 28 form part of these financial statements.

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The Horizon Foundation

Statement of cash flows

Year ended 31 July 2024

2024 2023
£ £
Cash flows from operating activities
Net expenditure (102,794) (15,470)
Adjustments for:
Other interest receivable and similar income (2,077) (527)
Changes in:
Trade and other debtors (9,671) (13,179)
Trade and other creditors (17,604) (48,262)
───────── ───────
Cash generated from operations (132,146) (77,438)
Interest received 2,077 527
───────── ───────
Net cash used in operating activities (130,069) (76,911)
═════════ ═══════
Net decrease in cash and cash equivalents (130,069) (76,911)
Cash and cash equivalents at beginning of year 669,072 745,983
───────── ─────────
Cash and cash equivalents at end of year 539,003
═════════		 669,072
═════════

The notes on pages 21 to 28 form part of these financial statements.

- 20 -

The Horizon Foundation

Notes to the financial statements

Year ended 31 July 2024

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.

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.

- 21 -

The Horizon Foundation

Notes to the financial statements (continued)

Year ended 31 July 2024

3. Accounting policies (continued)

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.

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.

- 22 -

The Horizon Foundation

Notes to the financial statements (continued)

Year ended 31 July 2024

3. Accounting policies (continued)

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

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.

- 23 -

The Horizon Foundation

Notes to the financial statements (continued)

Year ended 31 July 2024

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 2024
£ £ £
Donations
Donations 445,867 150,050 595,917
═════════ ═════════ ═════════
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Donations
Donations 586,450 189,053 775,503
═════════ ═════════ ═════════
5. Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Deposit account interest 2,077 2,077 527 527
══════ ══════ ════ ════

- 24 -

The Horizon Foundation

Notes to the financial statements (continued)

Year ended 31 July 2024

6. Expenditure on charitable activities

Activities
undertaken Total funds Total fund
directly Support costs 2024 2023
£ £ £ £
Staff costs 77,873 30,638 108,511 104,236
Pastoral Care, monitoring and evaluation 10,626 – 10,626 15,312
Education and maintenance grants 566,816 – 566,816 627,017
Community Engagement Initiative – – – 920
Other costs – 14,835 14,835 44,015
───────── ─────── ───────── ─────────
655,315 45,473 700,788 791,500
═════════ ═══════ ═════════ ═════════
Support costs, included in the above, are as follows:
**Staff costs ** Other costs 2024 2023
£ £ £ £
Salary - Management 27,497 – 27,497 30,537
Employers’ NI – Management 1,315 – 1,315 1,688
Pensions – Management 1,826 – 1,826 2,130
Independent Examiner fees – 5,664 5,664 5,202
Accountancy fees – 4,470 4,470 3,780
Management (including Audiovisuals) – 9,102 9,102 4,235
Foreign exchange (Gain)/losses – (4,401) (4,401) 30,798
─────── ─────── ─────── ───────
30,638 14,835 45,473 78,370
═══════ ═══════ ═══════ ═══════
Independent examination fees
2024 2023
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 5,664
══════		 5,202
══════

7. Independent examination fees

8. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

2024 2023
£ £
Wages and salaries 95,819 91,471
Social security costs 5,415 5,760
Employer contributions to pension plans 7,277 7,005
───────── ─────────
108,511 104,236
═════════ ═════════

The average head count of employees during the year was 2 (2023: 2).

- 25 -

The Horizon Foundation

Notes to the financial statements (continued)

Year ended 31 July 2024

8. Staff costs (continued)

The number of employees whose remuneration for the year fell within the following bands, The number of employees whose remuneration for the year fell within the following bands, were:
2024 2023
No. No.
£60,000 to £69,999 – 1
£70,000 to £79,999 1 –
──── ────
1 1
════ ════

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 £74,387 (2023: £68,213). This also reflects the increase in employment hours starting January 2024.

9. Trustee remuneration and expenses

No trustees' remuneration or other benefits were paid for the year ended 31 July 2024 nor for the year ended 31 July 2023.

Trustees' expenses

No trustees' expenses were paid for the year ended 31 July 2024 nor for the year ended 31 July 2023.

10. Intangible assets

Website Database Total
£ £ £
Cost
At 1 August 2023 and 31 July 2024 19,516 15,485 35,001
═══════ ═══════ ═══════
Amortisation
At 1 August 2023 and 31 July 2024 19,516 15,485 35,001
═══════ ═══════ ═══════
Carrying amount
At 31 July 2024 – – –
═══════ ═══════ ═══════
At 31 July 2023 – – –
═══════ ═══════ ═══════
Debtors
2024 2023
£ £
Prepayments and accrued income 33,459 23,788
═══════ ═══════
Creditors: Amounts falling due within one year
2024 2023
£ £
Accruals and deferred income 11,543 5,202
Social security and other taxes 845 894
Other creditors 123,033 146,929
───────── ─────────
135,421 153,025
═════════ ═════════

11. Debtors

12. Creditors: Amounts falling due within one year

- 26 -

The Horizon Foundation

Notes to the financial statements (continued)

Year ended 31 July 2024

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 £7,277 (2023: £7,005).

£845 (2023: £894) is included within creditors.

14. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
At At
1 August 2023 Income Expenditure 31 July 2024
£ £ £ £
General funds 539,835 447,944 (550,738) 437,041
═════════ ═════════ ═════════ ═════════
At At
1 August 2022 Income Expenditure 31 July 2023
£ £ £ £
General funds 555,305 586,977 (602,447) 539,835
═════════ ═════════ ═════════ ═════════
Restricted funds
At At
1 August 2023 Income Expenditure 31 July 2024
£ £ £ £
Restricted fund – 150,050 (150,050) –
════ ═════════ ═════════ ════
At At
1 August 2022 Income Expenditure 31 July 2023
£ £ £ £
Restricted fund –
════		 189,053
═════════		 (189,053)
═════════		 –
════

Restricted funds relate to funding received from Herenweg Holding BV to cover the costs of scholarships for four scholars at UWC Maastricht. Furthermore, an anonymous donor (known to Horizon) contributed towards the costs of a scholarship for a student at UWC Red Cross Nordic.

- 27 -

The Horizon Foundation

Notes to the financial statements (continued)

Year ended 31 July 2024

15. Analysis of net assets between funds

Unrestricted Total Funds
Funds 2024
£ £
Current assets 437,041 437,041
═════════ ═════════
Unrestricted Total Funds
Funds 2023
£ £
Current assets 539,835 539,835
═════════ ═════════

16. Analysis of changes in net debt

At 1 Aug 2023 Cash flowsAt 31 Jul 2024 Cash flowsAt 31 Jul 2024
£ £ £
Cash at bank and in hand 669,072
═════════		 (130,069)
═════════		 539,003
═════════

17. Related parties

Aggregate donations received from trustees, without conditions, totalled £445,867 (2023: £587,088).

In the prior year a donation was received from Hikayati the Story Project, a charity of which K Newman-Smulders was a Trustee at the time, of £2,465.

Also in the prior year, scholarships of £22,530 were paid to Latymer Upper School (P Smulders' son previously attended this school).

- 28 -