**Registered number: 14041921 Charity number: 1199178** 

## **WALK TO THE HORIZON LIMITED** 

**(A Company Limited by Guarantee)** 

**TRUSTEES' REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 MARCH 2024** 



## **WALK TO THE HORIZON LIMITED** 

## **(A Company Limited by Guarantee)** 

## **CONTENTS** 

||Page|
|---|---|
|**Reference and Administrative Details of the Company, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 6|
|**Independent Auditors' Report on the Financial Statements**|7 - 10|
|**Statement of Financial Activities**|11|
|**Balance Sheet**|12|
|**Statement of Cash Flows**|13|
|**Notes to the Financial Statements**|14 - 23|





## **WALK TO THE HORIZON LIMITED** 

## **(A Company Limited by Guarantee)** 

## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024** 

|**Trustees**|Marcus Davey|
|---|---|
||Nomawushe Dumezweni|
||Sean Egan|
||Lucy Woollatt (appointed 29 January 2025)|
|**Company registered**<br>**number**<br>14041921<br>**Charity registered**<br>**number**<br>1199178<br>**Registered office**<br>50 Sheen Park<br>Richmond<br>Surrey<br>TW9 1UW<br>**Independent auditors**<br>Nyman Libson Paul LLP<br>Chartered Accountants<br>124 Finchley Road<br>London<br>NW3 5JS||



Page 1 



## **WALK TO THE HORIZON LIMITED** 

## **(A Company Limited by Guarantee)** 

## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024** 

The Trustees present their annual report together with the audited financial statements of the Company for the 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). 

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. 

## **Objectives and activities** 

## **a. Policies and objectives** 

The objects of the Charity are the advancement of education and the arts for the benefit of the public throughout the world by creating, staging and otherwise developing, supporting or promoting public arts projects, community festivals, performances or other cultural events or activities which raise awareness of equality and diversity issues, promote activities to foster understanding between people from diverse backgrounds (including but not limited to refugees and other displaced people), by promoting the conservation, protection and improvement of the physical and natural environment, by raising awareness of and promoting human rights (as set out in the Universal Declaration of Human Rights and subsequent United Nations conventions and declarations or otherwise). 

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. 

## **b. Strategies for achieving objectives** 

The Charity carries out their objectives through a strategy of grant making to the limited company The Walk Productions (the Grant Recipient). The Grant Recipient agrees to at all times work within the charitable purposes and objects of the Charity. 

The Trustees meet 3 to 4 times per year, typically remotely via zoom or similar, during which they will assess and, if appropriate, approve grants to the Grant Recipient. They also have powers to make a grant without a meeting if all Trustees approve by email. 

The activities allowable under the grant are limited to Core Operating Costs of the Grant Recipient, current and future productions of the projects known as “The Herds” and of “Little Amal” (sometimes known as “The Walk”) and any and all future projects of the Grant Recipient. 

Future Projects should be approved by the Trustees of The Charity at a Trustees Meeting or if not practical, in writing, upon receipt of a brief artistic overview, a draft and subject to change budget and a draft and subject to change schedule. 

Page 2 



## **WALK TO THE HORIZON LIMITED** 

## **(A Company Limited by Guarantee)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** 

## **Objectives and activities (continued)** 

## **c. Activities undertaken to achieve objectives, including public benefit** 

The ongoing project “The Herds” is a vast work of public art and climate action that seeks to reignite our passion for the natural world through world-class public art. The first journey of “The Herds” will be from April to August 2025, when hundreds of life-size puppets of 20+ animals species will rampage from the Congo Basin to the Arctic Circle, through city centres including London, Paris, Madrid, Lagos, Copenhagen and more. 

“The Herds” journey will be both a spectacle and a warning, vividly evoking the climate crisis, offering audiences a different, more emotional, way to engage with the greatest issue that we collectively face.  It is intended that future journeys for “The Herds” will take place beyond August 2025. 

The ongoing project “Little Amal” (sometimes known as “The Walk”) is collectively the journeys of a 12-foot puppet of a 10 year old Syrian refugee child. She has become a global symbol of human rights, especially those of refugees. 

Since July 2021, Amal has travelled to more than 170 towns and cities in 18 countries and been welcomed by two million people on the street and by tens of millions online. More than 500 events unique to each community that she visits have been created for her by thousands of artists and civil society and faith leaders. Her journeys are festivals of art and hope that draw attention to the huge numbers of children fleeing war, violence and persecution, each with their own story. Her urgent message to the world is “Don’t forget about us”. 

At a community level, the impact of “The Herds” and “Little Amal” occurs because The Walk Productions invests sufficient time and resource to create locally-led partnerships with schools, colleges, universities, local government, mayors, faith leaders, companies of artists, humanitarian NGOs and charities of every size who create experiences none could achieve or even imagine on their own. 

The Walk Productions’ approach is to invite communities to become active agents of change through a collaborative artistic project that celebrates their identity, their experience, their history, their cultural skills and, ultimately, their collective achievements. 

## **Achievements and performance** 

## **a. Main achievements of the Company** 

Between 1 April 2023 and 31 March 2024 the Charity’s main achievements were the provision of Grants totalling £1,615,000. The subsequent effect of these grants enabled the ongoing impact of Little Amal and "The Herds", as detailed below, and the ongoing core operations of The Walk Productions. 

Amal’s journeys seek to change the narrative surrounding refugees and migrants, towards the contributions and potential they carry within them, including the hope they bring as they build a new life and livelihood, enhancing communities as they do so. By placing Amal in powerful places with high visibility, we challenge the notion that vulnerable, marginalised individuals and communities are to be feared, and instead invite communities to embrace and honour them. 

Our intention is that Amal’s journeys encourage advocacy and strengthen awareness, empathy and debate around the global refugee crisis at a time when it is sorely needed. 

Amal’s journeys between 1 April 2023 and 31 March 2024 comprised: 

• April 2023: A weekend of events were created for Little Amal in Camden, London, celebrating the multifaith networks of the city, at a time when major religious holidays for Muslims, Jews and Christians aligned. 

Page 3 



## **WALK TO THE HORIZON LIMITED** 

## **(A Company Limited by Guarantee)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** 

## **Achievements and performance (continued)** 

• June 2023: Amal visited the Luminato Festival Toronto where she was welcomed to 13 events created by a network of musicians, dancers, children, elders, civic leaders, community organizers, and newcomer and refugee groups. 

• July – August 2023:  Amal visited Scandinavia for the first time at the invitation of the international festival Olavsfest in Trondheim, Norway. 8 events were created with the wider community of Trondheim. 

• September to November 2023: A major journey for Little Amal across the United States, visiting 50 towns and cities from Boston to San Diego. This journey was in collaboration with 1000+ artists and arts organisations who created 123 events to welcome her. 

• November 2023: Little Amal journeyed for 3 weeks across Mexico, the first Latin American country and Spanish-speaking country of her journeys to date. She visited 11 neighbourhoods and cities and was greeted by 42 events. 

• March 2024: Amal was welcomed to Adelaide, Australia by the Adelaide Festival, with 3 days of celebrations on the final weekend of the festival. 8 events were created for her by local artists and communities. 

• In addition to these journeys, the Grants also enabled the ongoing operations of The Walk Productions core team, who were also preparing and developing their forthcoming 2025 production “The Herds” across the period of 2023-24. 

The quantitative impact of Amal’s 2023-24 journeys was:  208 events in 71 towns and cities, 729,000 people engaged live on the street, tens of millions engaged online. Over the 2023-24 period Amal visited 4 new countries. 

Along her journey, Amal has visited many refugee and migrant children. Examples in 2023-24 include: 

• In Monterrey, Mexico in November 2023, Amal visited Casa Monarca migrant centre where she spent time with children, gifted them with t-shirts and listened to their stories. 

• In the Tohono O'odham Nation at the US-Mexico border in October 2023, Amal met hundreds of children who had attempted to cross the vast desert reservation with their families. To protect the identity of the children, we did not share details or footage of this meeting. 

• In El Paso, TX in October 2023, Amal visited the Sacred Heart Church, a processing centre that is the first step for hundreds of migrants who have recently crossed the nearby Ciudad Juárez-El Paso border. 

• In Tijuana, Mexico in November 2023, Amal visited the Embajadores de Jesús Shelter for migrants. She brought gifts for the children and joined them for a community lunch. 

• In Del Rio, TX in October 2023, Amal visited the Val Verde Humanitarian Border Coalition and spent time with children who had recently crossed the border. 

Amal’s arrivals bring out entire communities to greet her in one-off events but resonate long after she has moved on. One of the ways we can measure Amal’s lasting impact is by gathering testimony from participants and audience, including those who have had experience of being a refugee or asylum seeker. Examples of testimonies received in 2023-24 include: 

• “Little Amal’s impact reverberated far beyond the performance, sparking conversations, inspiring unity, and leaving an indelible mark on the hearts of all who experienced her transformative presence.” (Washington 

Page 4 



## **WALK TO THE HORIZON LIMITED (A Company Limited by Guarantee)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** 

## **Achievements and performance (continued)** 

Performing Arts, Washington DC, USA) 

• “Our communities felt recognized, seen, celebrated, and included as a big part of Atlanta.” (We Love Bruford Highway, Brookhaven GA, USA) 

• “The majority of the students who performed in the piece said they developed awareness about refugees, the Arab world and culture and new ways of creating art.” (Yaa Samar! Dance Theatre, Birmingham AL, USA 

• “Amal’s visit raised lots of questions that influenced a collective conversation on immigration within our spaces and communities.” (Casa Familiar, San Diego CA, USA). 

Through a partnership with Choose Love, a fund was established in Little Amal’s name: The Amal Fund. Since Amal has started walking, more than $1,000,000 has been raised by Choose Love for The Amal Fund, providing urgently needed support for refugees and displaced children all over the world. 

Invitations for Amal continue to be received from towns and cities throughout the world. 

## **Financial review** 

## **a. Going concern** 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company 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. Further details regarding the adoption of the going concern basis can be found in the accounting policies. 

## **b. Reserves policy** 

At 31 March 2024 the Charity held reserves of £363,884 comprising restricted funds of £18,231 (2023: £nil), designated funds of £200,000 (2023:£nil) and free reserves of £145,653 (£6,212). The Charity’s intention for the FY 2024-25 is to grow and maintain free reserves of £200,000 to ensure operational stability and to mitigate the risk of unforeseen circumstances. 

## **Structure, governance and management** 

## **a. Constitution** 

Walk to the Horizon Limited is registered as a charitable company limited by guarantee and was set up by a Trust deed. 

## **b. Methods of appointment or election of Trustees** 

The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. 

Page 5 



## **WALK TO THE HORIZON LIMITED** 

## **(A Company Limited by Guarantee)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** 

## **Statement of Trustees' responsibilities** 

The Trustees (who are also the directors of the Company for the purposes of company law) 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). 

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102); 

- make judgments and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards (FRS 102) 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 Company will continue in business. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Disclosure of information to auditors** 

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that: 

- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and 

- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. 

## **Auditors** 

The auditors, Nyman Libson Paul LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. 

Approved by order of the members of the board of Trustees on 31 January 2025 and signed on their behalf by: 

## **Marcus Davey** 

(Chair of Trustees) 

Page 6 



**WALK TO THE HORIZON LIMITED** 

**(A Company Limited by Guarantee)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALK TO THE HORIZON LIMITED** 

## **Opinion** 

We have audited the financial statements of Walk to the Horizon Limited (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the 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 Financial Reporting Standard 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 charitable company's affairs as at 31 March 2024 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; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charitable company'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. 

Page 7 



**WALK TO THE HORIZON LIMITED** 

**(A Company Limited by Guarantee)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALK TO THE HORIZON LIMITED (CONTINUED)** 

## **Other information** 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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. 

## **Opinion on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements. 

- the Trustees' Report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report. 

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of Trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report. 

Page 8 



**WALK TO THE HORIZON LIMITED** 

**(A Company Limited by Guarantee)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALK TO THE HORIZON LIMITED (CONTINUED)** 

## **Responsibilities of trustees** 

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Auditors' responsibilities for the audit of the financial statements** 

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 Auditors' 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: 

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and Charities Act 2011. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. 

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 Auditors' Report. 

Page 9 



## **WALK TO THE HORIZON LIMITED** 

## **(A Company Limited by Guarantee)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALK TO THE HORIZON LIMITED (CONTINUED)** 

## **Use of our report** 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. 

## **Paul Taiano (Senior Statutory Auditor)** 

for and on behalf of **Nyman Libson Paul LLP** 

Chartered Accountants Statutory Auditors 124 Finchley Road 

London 

NW3 5JS 

31 January 2025 

Page 10 



## **WALK TO THE HORIZON LIMITED** 

## **(A Company Limited by Guarantee)** 

## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024** 

|Note<br>**Income from:**<br>Donations and legacies<br>3<br>**Total income**<br>**Expenditure on:**<br>Charitable activities<br>5<br>**Total expenditure**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|Restricted<br>funds<br>2024<br>£<br>1,633,231<br>1,633,231<br>1,615,000<br>1,615,000<br>18,231<br>-<br>18,231<br>18,231|Unrestricted<br>funds<br>2024<br>£<br>845,508<br>845,508<br>506,067<br>506,067<br>339,441<br>6,212<br>339,441<br>345,653|Total<br>funds<br>2024<br>£<br>2,478,739<br>2,478,739<br>2,121,067<br>2,121,067<br>357,672<br>6,212<br>357,672<br>363,884|Total<br>funds<br>2023<br>£<br>409,230|
|---|---|---|---|---|
|||||409,230|
|||||403,018|
|||||403,018|
|||||6,212|
|||||-<br>6,212|
|||||6,212|



The Statement of Financial Activities includes all gains and losses recognised in the year. 

The notes on pages 14 to 23 form part of these financial statements. 

Page 11 



## **WALK TO THE HORIZON LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 14041921** 

## **BALANCE SHEET AS AT 31 MARCH 2024** 

|Note<br>**Current assets**<br>Cash at bank and in hand<br>Creditors: amounts falling due within one<br>year<br>9<br>**Net current assets**<br>**Total net assets**<br>**Charity funds**<br>Restricted funds:<br>Restricted funds<br>10<br>Total restricted funds<br>10<br>Unrestricted funds<br>Designated funds<br>10<br>General funds<br>10<br>Total unrestricted funds<br>10<br>**Total funds**|872,884<br>872,884<br>(509,000)<br>18,231<br>200,000<br>145,653|2024<br>£<br>363,884<br>363,884<br>18,231<br>345,653<br>363,884|29,524<br>29,524<br>(23,312)<br>-<br>-<br>6,212|2023<br>£<br>6,212|
|---|---|---|---|---|
||||||
|||||6,212|
|||||-<br>6,212|
||||||
|||||6,212|



The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. 

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. 

The financial statements were approved and authorised for issue by the Trustees on 31 January 2025 and signed on their behalf by: 

## **Marcus Davey** 

(Chair of Trustees) 

The notes on pages 14 to 23 form part of these financial statements. 

Page 12 



**WALK TO THE HORIZON LIMITED** 

**(A Company Limited by Guarantee)** 

## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024** 

|**Cash flows from operating activities**<br>Net cash used in operating activities<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**|2024<br>£<br>843,360<br>843,360<br>29,524<br>872,884|2023<br>£<br>29,524|
|---|---|---|
|||29,524<br>-|
||||
|||29,524|



The notes on pages 14 to 23 form part of these financial statements 

Page 13 



**WALK TO THE HORIZON LIMITED (A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **1. General information** 

Walk to the Horizon Limited is a charitable company limited by guarentee, and incorporated in England & Wales. The charity was incorporated on 12 April 2022 and began operation on the same day. 

The address of the registered office is 50 Sheen Park, Richmond, Surrey, TW9 1UW. 

## **2. Accounting policies** 

## **2.1 Basis of preparation of financial statements** 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

Walk to the Horizon Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

## **2.2 Going concern** 

After reviewing the Company's forecasts and projections, at the time of approving these financial statements, the directors have a reasonable expectation that the charity has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. 

## **2.3 Income** 

Income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

Grants and donations receivable are recognised in incoming resources in the year which they are received, except as follows: 

- When donors specify that grants or donations given to the charity must be used in a future accounting period the income is deferred until that period. 

- When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-conditions are met. 

- When donors specify that grants or donations, including capital grants, are for particular restricted purposes which do not amount to pre-conditions regarding entitlement, this income is in incoming resources of restricted funds when receivable. 

Page 14 



**WALK TO THE HORIZON LIMITED** 

**(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **2. Accounting policies (continued)** 

## **2.4 Expenditure** 

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The majority of costs are directly attributable to specific activities. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources and estimated amounts attributable to that activity in the year. 

Governance costs are those incurred in connection with compliance with constitutional and statutory requirements. 

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure 

## **2.5 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. 

## **2.6 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 Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or 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, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 

## **2.7 Financial instruments** 

The Company 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. 

Page 15 



**WALK TO THE HORIZON LIMITED** 

**(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **2. Accounting policies (continued)** 

## **2.8 Fund accounting** 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. 

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 

Investment income, gains and losses are allocated to the appropriate fund. 

## **2.9 Critical accounting estimates and areas of judgement** 

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: 

The company makes an estimate of accruals at the year end based on work undertaken which has not been invoiced, based on quotations or estimates of amounts that maybe due for payment. 

## **3. Income from donations and legacies** 

|Donations<br>Grants|Restricted<br>funds<br>2024<br>£<br>1,483,231<br>150,000<br>1,633,231|Unrestricted<br>funds<br>2024<br>£<br>642,609<br>202,899<br>845,508|Total<br>funds<br>2024<br>£<br>2,125,840<br>352,899|
|---|---|---|---|
||||2,478,739|



Page 16 



## **WALK TO THE HORIZON LIMITED** 

## **(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **3. Income from donations and legacies (continued)** 

|Donations<br>Grants<br>**4.**<br>**Analysis of grants**<br>Grants to The Walk Productions Limited<br>Grants to The Walk Productions Limited<br>**5.**<br>**Analysis of expenditure on charitable activities**<br>**Summary by fund type**<br>Finance charges<br>Grants payable|Restricted<br>funds<br>2023<br>£<br>-<br>2,000<br>2,000<br>Restricted<br>funds<br>2024<br>£<br>-<br>1,615,000<br>1,615,000|Unrestricted<br>funds<br>2023<br>£<br>407,230<br>-<br>407,230<br>Grants to<br>Institutions<br>2024<br>£<br>2,115,000<br>Grants to<br>Institutions<br>2023<br>£<br>400,000<br>Unrestricted<br>funds<br>2024<br>£<br>6,067<br>500,000<br>506,067|Total<br>funds<br>2023<br>£<br>407,230<br>2,000|
|---|---|---|---|
||||409,230|
||||Total<br>funds<br>2024<br>£<br>2,115,000|
||||Total<br>funds<br>2023<br>£<br>400,000|
||||Total<br>2024<br>£<br>6,067<br>2,115,000|
||||2,121,067|



Page 17 



**(A Company Limited by Guarantee)** 

## **WALK TO THE HORIZON LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **5. Analysis of expenditure on charitable activities (continued)** 

## **Summary by fund type (continued)** 

|Finance charges<br>Grants payable|Restricted<br>funds<br>2023<br>£<br>-<br>362,931<br>362,931|Unrestricted<br>funds<br>2023<br>£<br>3,018<br>37,069<br>40,087|Total<br>2023<br>£<br>3,018<br>400,000|
|---|---|---|---|
||||403,018|



## **6. Analysis of expenditure by activities** 

|Finance charges<br>Grants payable<br>Finance charges<br>Grants payable|Activities<br>undertaken<br>directly<br>2024<br>£<br>67<br>-<br>67<br>Activities<br>undertaken<br>directly<br>2023<br>£<br>18<br>-<br>18|Grant<br>funding of<br>activities<br>2024<br>£<br>-<br>2,115,000<br>2,115,000<br>Grant<br>funding of<br>activities<br>2023<br>£<br>-<br>400,000<br>400,000|Support<br>costs<br>2024<br>£<br>6,000<br>-<br>6,000<br>Support<br>costs<br>2023<br>£<br>3,000<br>-<br>3,000|Total<br>funds<br>2024<br>£<br>6,067<br>2,115,000|
|---|---|---|---|---|
|||||2,121,067|
|||||Total<br>funds<br>2023<br>£<br>3,018<br>400,000|
|||||403,018|



Page 18 



**(A Company Limited by Guarantee)** 

## **WALK TO THE HORIZON LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **7. Auditors' remuneration** 

||2024|2023|
|---|---|---|
||£|£|
|Fees payable to the Company's auditor for the audit of the Company's|||
|annual accounts|4,000|2,000|
|Fees payable to the Company's auditor in respect of:|||
|All non-audit services not included above|2,000|1,000|



## **8. Trustees' remuneration and expenses** 

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). 

During the year ended 31 March 2024, no Trustee expenses have been incurred. 

## **9. Creditors: Amounts falling due within one year** 

|Other creditors<br>Accruals and deferred income|2024<br>£<br>3,600<br>505,400<br>509,000|2023<br>£<br>-<br>23,312|
|---|---|---|
||||
|||23,312|



Page 19 



**(A Company Limited by Guarantee)** 

## **WALK TO THE HORIZON LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **10. Statement of funds** 

## **Statement of funds - current year** 

|**Unrestricted funds**<br>**Designated funds**<br>The Walk Productions Fund<br>**General funds**<br>General funds<br>**Total Unrestricted funds**<br>**Restricted funds**<br>Little Amal Project<br>The Herds Project<br>**Total of funds**|Balance at 1<br>April 2023<br>£<br>-<br>6,212<br>6,212<br>-<br>-<br>-<br>6,212|Income<br>£<br>-<br>845,508<br>845,508<br>1,613,231<br>20,000<br>1,633,231<br>2,478,739|Expenditure<br>£<br>(500,000)<br>(6,067)<br>(506,067)<br>(1,566,204)<br>(48,796)<br>(1,615,000)<br>(2,121,067)|Transfers<br>in/out<br>£<br>700,000<br>(700,000)<br>-<br>(47,027)<br>47,027<br>-<br>-|Balance at<br>31 March<br>2024<br>£<br>200,000|
|---|---|---|---|---|---|
||||||145,653|
||||||345,653|
||||||-<br>18,231|
||||||18,231|
||||||363,884|



The Little Amal Project fund was set up to account for donations and grant income from various charitable organisations to be spent on the continued development and organisation of the Little Amal Puppet project. 

The Herds Project fund was set up to account for donations and grant income from various charitable organisations to be spent on the continued development and organisation of "The Herds" project. 

The Walk Productions designated fund was set aside by the Trustees during the year to ensure operational stability and mitigate the risk of unforeseen circumstances. 

Page 20 



**(A Company Limited by Guarantee)** 

## **WALK TO THE HORIZON LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **10. Statement of funds (continued)** 

## **Statement of funds - prior year** 

|**Unrestricted funds**<br>General funds<br>**Restricted funds**<br>Little Amal Project<br>**Total of funds**|Income<br>£<br>46,299<br>362,931<br>409,230|Expenditure<br>£<br>(40,087)<br>(362,931)<br>(403,018)|Balance at<br>31 March<br>2023<br>£<br>6,212|
|---|---|---|---|
||||-|
||||6,212|



## **11. Summary of funds** 

## **Summary of funds - current year** 

|Designated funds<br>General funds<br>Restricted funds|Balance at 1<br>April 2023<br>£<br>-<br>6,212<br>-<br>6,212|Income<br>£<br>-<br>845,508<br>1,633,231<br>2,478,739|Expenditure<br>£<br>(500,000)<br>(6,067)<br>(1,615,000)<br>(2,121,067)|Transfers<br>in/out<br>£<br>700,000<br>(700,000)<br>-<br>-|Balance at<br>31 March<br>2024<br>£<br>200,000<br>145,653<br>18,231|
|---|---|---|---|---|---|
||||||363,884|



Page 21 



**(A Company Limited by Guarantee)** 

## **WALK TO THE HORIZON LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **11. Summary of funds (continued)** 

## **Summary of funds - prior year** 

|General funds<br>Restricted funds<br>**Analysis of net assets between funds**<br>**Analysis of net assets between funds - current period**<br>Current assets<br>Creditors due within one year<br>**Total**<br>**Analysis of net assets between funds - prior period**<br>Current assets<br>Creditors due within one year<br>**Total**|Income<br>£<br>46,299<br>362,931<br>409,230<br>Restricted<br>funds<br>2024<br>£<br>18,231<br>-<br>18,231|Expenditure<br>£<br>(40,087)<br>(362,931)<br>(403,018)<br>Unrestricted<br>funds<br>2024<br>£<br>854,653<br>(509,000)<br>345,653<br>Unrestricted<br>funds<br>2023<br>£<br>29,524<br>(23,312)<br>6,212|Balance at<br>31 March<br>2023<br>£<br>6,212<br>-<br>6,212<br>Total<br>funds<br>2024<br>£<br>872,884<br>(509,000)<br>363,884<br>Total<br>funds<br>2023<br>£<br>29,524<br>(23,312)<br>6,212|
|---|---|---|---|



## **12. Analysis of net assets between funds** 

Page 22 



**(A Company Limited by Guarantee)** 

## **WALK TO THE HORIZON LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **13. Reconciliation of net movement in funds to net cash flow from operating activities** 

|Net income for the period (as per Statement of Financial Activities)<br>**Adjustments for:**<br>Increase in creditors<br>**Net cash provided by operating activities**|2024<br>£<br>357,672<br>485,688<br>843,360|2023<br>£<br>6,212|
|---|---|---|
|||23,312|
||||
|||29,524|



## **14. Analysis of cash and cash equivalents** 

|Cash in hand<br>**Total cash and cash equivalents**|2024<br>£<br>872,884<br>872,884|2023<br>£<br>29,524|
|---|---|---|
||||
|||29,524|



## **15. Analysis of changes in net debt** 

|Cash at bank and in hand|At 1 April<br>2023<br>£<br>29,524<br>29,524|Cash flows<br>£<br>843,360<br>843,360|At 31 March<br>2024<br>£<br>872,884|
|---|---|---|---|
||||872,884|



## **16. Related party transactions** 

During the period ended 31 March 2024, grants totalling £2,115,000 (2023: £400,000) in respect of furthering the charity's primary purpose were payable to The Walk Productions Limited, a company over which the charity has significant influence. 

Page 23