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2020-12-31-accounts

Company number: 2744185 Charity number: 1027201

THE INSTITUTE FOR WAR AND PEACE REPORTING (IWPR) Limited by guarantee

ANNUAL REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

THE INSTITUTE FOR WAR AND PEACE REPORTING

ANNUAL REPORT AND FINANCIAL STATEMENTS

CHARITY INFORMATION

Governing Document Memorandum and Articles of Association dated 1 September 1992
Company number 2744185
Charity number 1027201
Trustees The Trustees who served during the period and up to the date of this
Report were as follows:
Sir David Bell (Chairman)
Simon Hersom (Treasurer)
Richard Caplan (resigned, 21 June 2021)
Christina Lamb (resigned, 24 June 2021)
Zoran Pajic (resigned, 21 June 2021)
Stephen Jukes
Christian Toksvig (resigned, 30 January 2020)
Michael Immordino
Executive Director Anthony Borden
Registered office and 48 Gray’s Inn Road
operational address London WC1X 8LT
Independent Auditor Haysmacintyre LLP
10 Queen Street Place
London EC4R 1AG
Bankers National Westminster Bank plc
218 Upper Street
London N1 1SP
Solicitors Bates Wells & Braithwaite London LLP
10 Queen Street Place
London EC4R 1BE

THE INSTITUTE FOR WAR AND PEACE REPORTING

ANNUAL REPORT AND FINANCIAL STATEMENTS

CONTENTS

Page
Trustees’ Report 1
Statement of Trustees’ Responsibilities 11
Independent auditor’s report 12
Statement of Financial Activities 15
Balance sheet 16
Cash Flow Statement 17
Notes to the financial statements 18 - 31

THE INSTITUTE FOR WAR AND PEACE REPORTING

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their Annual Report together with the Audited Financial Statements for the year ended 31 December 2020 under the Charities Act 2011, together with the audited accounts for the year and confirm that the latter comply with the requirements of the Act, Companies Act 2006 and the Charities SORP (FRS 102). All members of the Trustee Board are directors of the Charitable Company and this report represents a directors’ report as required by s417 of the Companies Act 2006.

Reference and administrative information set out above forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice – Accounting and Reporting by Charities.

1. ORGANISATIONAL GOVERNANCE AND STRUCTURE

The Institute for War and Peace Reporting (“IWPR”) is a not-for-profit organisation, registered with Companies House and the Charities Commission. The charity is a company limited by guarantee and has no share capital.

The governing body is the UK Governance Committee, which comprises established personalities in the fields of media, business, human rights and academia/analysis. The Members are directors under Company Law and, in line with that responsibility, oversee financial reporting and ensure that the financial statements give a true and fair view of the organisation’s financial activities during the year and its financial position at the year end. The Members judge that a mixture of institutional, journalism, business and area/subject expertise provides the right balance of perspectives to direct and oversee the diverse operations of the organisation. Leading not-for-profit specialists advise the Board from time to time and ensure that it is current with best practice and emerging legislation, and the Board regularly reviews publications and guidance from the Charities Commission, the National Council for Voluntary Organisations, its independent auditors and other sources.

No new directors were appointed in 2020, however a joint Nominations Committee has been established to assess the requirements of the Governance Committees, evaluate the expertise of existing and candidate directors, and recommend appointments as appropriate in 2021.

All new directors are provided with induction materials on IWPR, its work and finances, the interrelationship among the IWPR governing bodies, key IWPR policies regarding directors, and risk factors. Each new Director is provided with good governance guides from the UK Charity Commission, the National Council for Voluntary Organisations and/or other relevant bodies.

The charity also operates a For Profit subsidiary, IWPR (UK) Limited, a company limited by shares. IWPR (UK) Limited delivers programmes that meet the Group’s objectives outlined in Section 2 below and where the donor allows for an element of profit to be made. Any profits made by IWPR (UK) Limited are gift aided to the UK charity to support its activities.

The charity and its subsidiary are linked through a network agreement with two associated not-for-profits: IWPR US, a 501(c) (3) tax exempt organisation registered in Washington, DC and IWPR NL, a not-for profit foundation registered in The Hague, Netherlands. The three Governance Committees for the UK, US and NL work closely together and hold two joint meetings annually as the International Board, with additional leadership, finance and other committee meetings as necessary throughout the year.

The International Board establishes a common strategic framework, agrees approaches to programme implementation for efficiency and impact, sets shared financial goals and coordinates fund-raising. The Finance Committee of the UK, US and NL Governance Committees comprises the Board Treasurers for the UK, US and NL and senior staff, and meets weekly to review financial performance, policies and procedures.

The Governance Committees appoint a shared Executive Director accountable for all the work of the organisation; the members of the global Executive Management Team (EMT) report to the Executive Director,

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and are responsible for regional programmes, development, finance and HR/resources. The EMT meets regularly, and provides regular reports to Trustees on respective areas of responsibility.

The organisation maintains approximately 150 multi-national staff based in London, the international coordinating centres in Washington, D.C. and The Hague, and the areas of conflict and transition where we work – the Middle East and North Africa, Eurasia, East Africa, South Asia and the Philippines, and Latin America. The work of the programmes is supported by financial, editorial, administrative, HR/Resources and development/fundraising staff, located in the home offices.

2. REMUNERATION POLICY FOR KEY MANAGEMENT PERSONNEL

The Trustees consider the Executive Director, the US Finance Director, the Chief Operating Officer, the Asia Director, the MENA Director, the HR Director and the Development Director to comprise the key management personnel of the charity in charge of directing, controlling, running and operating the charity on a day to day basis. In view of the nature of the charity, the Trustees benchmark against pay levels in similar sized charities. The remuneration benchmark is the mid-point of the range paid for similar roles in similar charities.

3. OBJECTIVES AND ACTIVITIES

IWPR empowers people’s voices at the frontlines of conflict and transition to help them drive change. The Institute builds skills, capacity and networks for citizens and their communities so their voices can make a difference – strengthening accountability and supporting development, advancing justice and forging peace.

Working in more than 30 countries, IWPR's innovative programmes are crafted to respond to the needs of the people they serve. Projects prioritise locally informed objectives and lead to sustainable outcomes. Direct beneficiaries include citizen and professional journalists, human rights and peace activists, policymakers, educators, researchers, businesses, and women’s, youth and other civil society organisations and partners.

Giving Voice, Driving Change , IWPR’s mission, calls for a wide range of efforts aimed at strengthening people's voices and helping them make a real difference within their own societies. The work ranges from skills building and professional journalism and communications training to media policy and legal reform; from frontline journalism production to citizens accountability networks and social media; from covering war crimes tribunals and human rights abuses to establishing national networks for election reporting.

Public benefit

Charity trustees have a duty to develop strategic plans to ensure that we provide public benefit and achieve our objectives as set out in our governing document. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. We have referred to the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives, and in planning our activities.

4. PROGRAMME ACTIVITIES: FRONTLINE SUPPORT

The year was dominated by the global pandemic – its impact both on the issues, challenges and needs of our countries of operation and on IWPR globally and the charity’s own capacity to operate effectively.

On the ground, distressed societies found their challenges only enhanced by the virus and official responses. Where governments clamped down on freedom of expression and association, those rights were further reduced. Where transparency and accountability were low, standards fell further. Where women and minorities faced discrimination, including violent attacks, such repression increased. Where social inequality and poor public services – especially health care – were evident, these problems became glaring.

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Operationally, IWPR faced national lockdowns, closure of offices, and the inability to travel, meet and host training, conferences and other public meetings. Staff, trainers and other consultants faced the risks of the rest of the populations of exposure to the virus, while our beneficiaries – local journalists and civic activists – added to their risks of infection whenever they sought to undertake their vital work.

Indeed, as the ‘infodemic’ spread and misinformation became a global threat to rival the illness itself, it became clear at least to IWPR that journalists should be considered key workers and their efforts in informing the public, connecting a world in lockdown and challenging dangerous disinformation was more important than ever. And so was IWPR’s own work to support them.

IWPR gratefully acknowledges our donors, partners and beneficiaries, who all worked together with great understanding and supportiveness as programming was pivoted to address these new challenges.

In 2020, the IWPR network continued its work in more than 30 countries in crisis and conflict around the world. Highlights in our primary countries of work are detailed below.

AFRICA

Kenya and Nigeria. IWPR’s ‘Voices for Change’ project – implemented in Kenya and Nigeria – supports civil society groups and journalists to work together to raise public awareness and launch advocacy campaigns related to rights violations. Following the COVID-19 lockdown in March 2020, we shifted to support investigations into human rights abuses caused by the pandemic, as well as to tackle coronavirus-related disinformation by providing online training and financially supporting fact-checkers. This led to the redevelopment of IWPR’s FakeWatch.Africa website, combining fact-checking reports from Nigeria and Kenya with the FakeWatch Academy, providing extensive ‘how-to’ resources in English and local languages. By the close of the year, IWPR’s Africa programming had evolved further with the launch of the Africa Resilience Network, specifically designed to expose COVID-19 disinformation in Kenya and Nigeria.

ASIA

Several governments in Southeast Asia exploited the pandemic to undermine rights and further entrench power through measures meant to outlast the crisis and become part of the ‘new normal’ in governance. Countries with pre-pandemic warm relations with China – like the Philippines – became convenient partners to promote the narrative that authoritarian systems worked better than democracies to protect peoples’ lives. IWPR’s programming in Southeast Asia helped CSOs, community and religious-based groups, journalists and social media activists identify and combat disinformation. Some 16 projects, including fact-checking initiatives, investigative reporting and social media-based campaigning as well as tech-based solutions were supported. The projects were implemented through local media and civil society groups in Cambodia, Vietnam, Thailand, Malaysia, Myanmar, Singapore, the Philippines and Timor Leste. The work involves investigative reporting – especially on the impacts of COVID-19 on marginalised communities – social media campaigns, chatbots to provide coronavirus information in local languages as well as quick and easy fact checking tools. IWPR’s online resilience training for women, youth and religious leaders in rural Southeast Asia created safe virtual spaces for trainees to fight disinformation.

EASTERN EUROPE & EURASIA

Caucasus & Moldova. IWPR was agile in responding to the regional effects of the pandemic, activating networks to provide unique analysis on its impact on ongoing conflicts, the economy and human rights. In Moldova, IWPR launched a Journalists’ Crisis Cell in response to government limitations on access to information instituted at the start of the pandemic. As a result of actions by our partner organisations, officials relaxed restrictions and became more responsive and accountable about their COVID-19 policies. IWPR launched the Moldova Media

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Assistance Programme to help independent outlets adjust during the pandemic and ensure high quality preelection reporting. IWPR support for the leading independent media outlets, Ziarul de Gardă and TV 8, increased reporting output and national reach.

As part of our work building bridges across the EU’s eastern partnership region, we held discussions between Moldova, Georgia and Armenia to increase regional solidarity and support activists in overcoming governments’ measures to restrict free expression and access to information. We redesigned our Women4Peace.net platform, which counters Russia’s narratives about women’s rights, gender equality and proactive participation in peacebuilding and diplomacy. This is one of the major divisive themes, along with the issue of homophobia, used by Russian media and proxy local language platforms to discredit the West and democratic governance. Women4Peace.net primarily serves Russian-speaking audiences in Abkhazia, South Ossetia and the north Caucasus. IWPR also ran webinars for project beneficiaries in Moldova, Ukraine and the countries of the South Caucasus, targeting Russian-speaking audiences in territories affected by military occupation and regions susceptible to Russia’s influence.

Unrest swept across Europe’s eastern flank from July onwards, from the uprising in Belarus to political crisis in Georgia and the war between Armenia and Azerbaijan over Nagorno Karabakh. In response, we produced dozens of news, analysis and opinion pieces, with particularly extensive republication of our content on the Karabakh crisis.

As part of our work countering disinformation, IWPR finalised an educational film highlighting key contemporary case studies that will serve as a baseline reference for journalism teachers and students in the leading universities of the region. In partnership with the Fletcher School, Tufts University, IWPR held the second 2020 LeadxChange, a regional platform to strengthen progressive crisis leadership in state, corporate, NGO and media sectors. World class instructors and speakers from Microsoft, New York Times and BBC held nine days of workshops with 25 professionals from across the region, focusing on negotiation, decision-making and strategic communication skills in times of crisis.

Central Asia. IWPR was uniquely placed to provide timely coverage on the regional impact of COVID-19, including the extreme pressure on remittance-dependent economies and extensive disinformation campaigns. Regimes also saw COVID-19 as an opportunity to tighten power and silence independent journalists, while economic pressure from neighbouring China significantly increased. All IWPR activities were shifted online and we dedicated a section of our CABAR.asia analytical platform to coronavirus, while a series of online discussions engaged scholars and analysts from prestigious international think-tanks. These included an event on postCOVID-19 regional development organised in cooperation with Chatham House and one on sustainable recovery with the Norwegian Institute of International Affairs. In addition, IWPR launched unique ConFests (Conference + Festivals) in Kyrgyzstan and Tajikistan, where religious representatives take part in TED-like Belief Talks and build productive interfaith relations. COVID-19 restrictions that forced a change to more online activities led to unexpected benefits for our work in Uzbekistan and Turkmenistan, allowing us to engage more analysts, journalists and bloggers. We also intensified cooperation with Uzbekistan’s universities. In response to political turbulence including the uprising in Belarus and disputed elections in Kyrgyzstan, IWPR organised an international expert online discussion with more than 100 people and subsequently watched by over 800 more on social media.

Ukraine. IWPR continued to foster collaborations between media and civil society organisations, with a particular focus on corruption. More than 750 activists and media professionals participated in training conducted by IWPR and national partners, learning how to better report on complicated issues. Out of 850 media reports produced as a result, more than 56 per cent exposed local corruption and mismanagement. CSOs in turn strengthened technical, organisational and fundraising skills. The projects successfully influenced how local authorities engage with civil society, bringing in more than 110 policy experts and state officials to participate in public events. Through two rounds of competitions we supported 18 joint projects implemented by coalitions of 42 organisations in 14 regions.

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Our handbook on identifying the most common forms of local corruption schemes played a key part in testing the anti-corruption agenda of candidates at October local elections. It was also used by the National Agency for Preventing Corruption (NAPC) to develop methodology for analysing local government programmes. More than 40 participants took part in a series of 18 interactive webinars on CSO communications to help them to enhance social outreach through better use of digital resources. Some 20 CSO executives benefited from an IWPR online course on administration and financial issues.

LATIN AMERICA AND CARIBBEAN

Cuba. The Cuban government has exploited the pandemic to implement Decree Law 370, which imposes some of the region’s most stringent internet censorship measures. At least 20 activists and journalists have been penalised for content posted on social networks, and IWPR has led calls denouncing these attacks on free speech. IWPR convened a coalition of 20 independent media organisations – the first of its kind – to both track the crisis and respond to needs of journalists and independent media, supporting a dozen journalists working on in-depth articles and fact-checking, with the results published in local independent and international media. A series of investigative pieces documented how the official response to the pandemic had made life worse for ordinary Cubans and increased inequality. Two of these in-depth reports - how poor pension provision meant elderly people had to work in the streets, increasing their risk of contagion, and how women were subjected to domestic violence amid the quarantine - won prestigious Latin American investigative journalism awards. IWPR also trained and supported young voices on social media, supporting around 16 influencers to create content to encourage Cuban society to take precautions to protect themselves against coronavirus.

MIDDLE EAST & NORTH AFRICA

Iraq . IWPR’s champions were among the first activists to respond to the COVID-19 crisis in Iraq, launching social media campaigns including #StayAtHome to support the lockdown and #Don’tWorry to reassure those affected by the resulting economic crisis. This latter campaign raised 170 million Iraqi dinars ($140,000) to help more than 10,000 needy families. Champions introduced subjects such as self-care and mental health, creating the greatest level of engagement since the project began and reaching one in every five active Facebook users across Iraq, and nine out of every ten in the target areas of Anbar, Salaheddine, Diyala, Nineveh and Kirkuk. Also in Iraq, a grassroots IWPR campaign to combat rising levels of domestic violence amid the coronavirus lockdown led to a unique collaboration with the national community police. IWPR-trained women activists launched the #ViolenceIsWeakness social media in April to raise awareness over the issue both during the coronavirus crisis and beyond.

IWPR hosted a January conference on independent media in Erbil that saw more than 130 media figures, academics and officials issue a joint call calling for the protection of journalistic freedom to be a national priority. As part of these efforts, IWPR continued to support six partner radio stations to play a role in conflict mitigation, reconciliation and peace-building. This included creating a shared weekly radio programme among the partner stations on rights issues, facilitating a dialogue between broadcasters and the wider public, particularly people living in the liberated areas from Islamic State (IS). In an indication of the popularity of IWPR-mentored outlets as a respected, reliable source of information, three of our partner radio stations were selected to bolster the Iraqi government’s official response to the pandemic. In addition, IWPR’s mentees produced more than 8,000 pieces of online and radio content on reconciliation, community cohesion, countering disinformation and women and youth social participation. We also focused on building partner radio stations’ financial independence and thus their sustainability and editorial freedom. From having almost no advertising, our six partners generated nearly $50,000 in revenue in just two months, a milestone for media independence in Iraq.

Libya . Eight women’s rights groups IWPR supported have emerged organisationally stronger and with new skills to make their projects more impactful and sustainable. Participants also implemented a joint campaign to recognise and celebrate iconic Libyan women. This included distributing more than 6,500 children’s booklets that highlighted women in positions of power; 26 accompanying short videos received more than 20,000 views. The collective will now register as an official civil society network.

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Elsewhere, IWPR worked with seven media outlets to strengthen access to information via reliable, balanced reporting. The project built alliances between partners and officials in the Government of National Accord (GNA) through specialised training with the University of Tripoli Media Lab, as well as with partner talk show programmes which highlighted transition related issues. The partner stations gained a total of nearly 12.5 million Facebook impressions over the life of the project. Amid pandemic-related restrictions, IWPR’s Voices for Change project, EU-funded in partnership with Deutsche Welle Akademie (DWA) shifted from in-person to online training and mentoring, as well as expanding media production to include topics relevant to COVID-19. The project supported 12 media organisations to produce 60 pieces of multimedia content on topics of international, national and local interest, including topics relevant to COVID-19. Following five years of sustained support by IWPR, local partner organisation Atwar launched Libya’s first ever women’s radio station, arete.atwar.org.ly. ARETE provides a much-needed platform for women and girls to have an equal say in socioeconomic and political issues relevant to their community, and to bridge the gap of the country’s overwhelmingly male-oriented media.

North Africa & Lebanon. In partnership with Reporters Without Borders (RSF), the Media Legal Defence Initiative, and Binda Consulting International, IWPR is working to promote freedom of expression in North Africa and Lebanon. Through the UK-funded Aswat Horra (‘Free Voices’) programme, IWPR convened 30 FoE activists and journalists from Egypt, Lebanon, and Libya for a Cyprus conference. One participant explained, “The conference wasn’t only a learning experience, but also a possibility to network and to share and establish new project ideas to support freedom of expression in the MENA region.” Research by IWPR and its Aswat Horra consortium partners found that CSOs were struggling to stay afloat amid the pandemic, let alone reprogramme to meet changing needs. Funding previously allocated to freedom of expression work was being diverted into COVID-19 response, if allocated at all. IWPR offered all its partners further support and held workshops on how to adapt to remote training for ten NGOs.

Syria. Despite renewed violence at the start of 2020, IWPR continued to build capacity among Syrian women, youth and marginalised groups to participate in rights activism and political processes. Fierce fighting around Idlib led us to successfully shift the implementation of advocacy campaigns in Maaret Numaan and Saraqeb to Al-Bab and Hazzano, and, in light of COVID-19, online alternatives to in-person activities were introduced. Our work building peer networks triggered change in eight communities with the launch of more than 20 initiatives led by alliances formed at IWPR-led meetings. The campaigns highlighted topics including gender-based violence and peacebuilding, while others focused on how COVID-19 had exacerbated tensions in these areas.

More than 6,500 young people, women and representatives of marginalised groups were trained through local partner centres inside Syria, empowering them to launch their own community initiatives. IWPR also worked with survivors of gender-based violence to document abuses and amplify their stories to connect them with future justice mechanisms. More than 600 such cases have been documented. Our other work included campaigning for the rights of former detainees and the families of the missing in Syria, to shed lights on abuses by both the regime and opposition groups. We supported more than 100 Kurdish and Arab leaders in the country’s northeast to agree peacebuilding initiatives within their communities in Raqqa, Hasakah and Afrin. We also brought together more than 600 people of different ethnicities to participate in social cohesion activities in Twaina camp in the north east and Idlib in the north west.

Our work on transitional justice included training 16 independent Syrian journalists to report objectively on former detainees, families of the missing and survivors of sexual violence. Our Syria Stories website and Liberated-T Facebook pages continue to post videos and articles exploring these and wider justice issues, reaching 60 million and spurring hundreds of discussions and other engagements.

Regional Digital Security. IWPR is building a regional alliance to advocate for LBGTQI rights in the MENA region, currently working with ten CSOs in five countries. One project, Ana Halif (‘I Am An Ally’), focused on convincing people who felt ambivalent about these issues to become active LGBTQI allies. It reached over 500,000 users on Facebook and created close to 750,000 impressions across social media.

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5. FUTURE PLANS

In line with its current five-year strategic plan, IWPR confirmed its commitment to the following priorities:

1. To strengthen the capacity of local independent media to promote accountability and drive positive change

2. To strengthen the capacity of civil society to be heard in societies in transition

3. To promote independent and marginalised voices, especially women & youth

4. To strengthen IWPR’s institutional capacity to deliver our mission

To achieve these aims, IWPR has committed to a sustained process of building extensive external networks of friends and supporters in order to enhance our own institutional capacity, diversify our sources in income, and increase our ability to invest in programme delivery. At the same time, we are evolving specific areas of programmatic focus in our four main regions – Middle East and North Africa (MENA), Asia, Africa and Latin America – and deepening our expertise and key programmatic specialisms, including social media, digital security, grassroots accountability, and voices of those in closed environments who are marginalized and at-risk, especially women. We are also extending our external networks of supporters and patrons, to extend sources of independent support and continue to strengthen our underlying financial position.

6. RISK MANAGEMENT

The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to mitigate those risks. This includes maintaining and regularly reviewing a detailed Risk Register, outlining threats and mitigations and enabling regular monitoring of emerging challenges and IWPR’s institutional response.

IWPR operates in a highly dynamic and often dangerous environment and recognises a diversity of risks facing the charity, ranging from low-level to extreme.

High Risk Summary
Risks Responsibilities Response
• Safety & Security of Personnel • Country Directors
• Regional Directors
• Executive Director
• Safety& Sec Advisor		 • Security Advisor
• Hostile Environment Training
• Monthly Risk Tracking
• Conflict Insurance
• Lack of Adequate Programme
& Institutional Funds		 • Executive Director
• Development Director
• Programme Directors		 • Renew and Extend Programme
Income
• Increase Reserves Position
• Programme Implementation
Inadequate or Misdirected
• Programme Funds Misused		 • Country Directors
• Programme Directors
• COO & FDs		 • Provide Training
• Enhance monthly monitoring
against donor commitments &
budgets

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The key areas of risk are:

The primary strategy for managing these risks is active and continuous communication, with a focus on five components:

The net levels of severity of these risks are as follows:

Key mechanisms for reporting, communicating and assessing risk management include:

COVID-19 Impact and Response

Like all organisations, IWPR has been significantly impacted by the coronavirus pandemic, even as we have watched with grave concern the effect of COVID-19 on distressed countries around the world where we work and on our beneficiaries.

In addition to a major global health crisis, the virus has been accompanied by an ‘infodemic’, according to the World Health Organisation, that is, an equally dangerous outbreak of misinformation and disinformation, some

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by default and some by nefarious design, resulting in additional risk and increased health impacts. Additionally, in many areas where IWPR operates, governments have taken advantage of the crisis to restrict democratic freedoms, including clampdowns on human rights and freedom of expression. The urgent necessity of western governments to invest heavily in supporting the health and livelihoods of their own populations has also placed a risk on the continuation of donor funding as budgets tighten and economies decline.

IWPR is managing this major threat through a comprehensive approach to protect our people, continue serving our constituencies, communicate closely with our donors on any required project adjustments and develop extensive new programming responsive to the new reality, attracting fresh sources of support, providing programme continuity and ensuring institutional sustainability.

Specifically, IWPR has:

IWPR continues to monitor COVID-19 restrictions in all of its countries of operations to ensure compliance by staff and participants, including closing or reducing access to physical offices.

7. FINANCIAL REVIEW

Total income for 2020 was £4,962,367, down £141,702 or 3% on 2019, and principally comprised:

Total expenditure for the year was £4,947,525, down £524,651 or 10%, on the previous year. Support costs were 8% of total expenditure in 2020 (2019: 9%), leaving 92% (2019: 91%) for direct programme expenses.

Reserves

The Trustees have determined that IWPR UK should maintain unrestricted reserves equivalent to six month’s operating costs for the London office, or between £1 million and £1.25 million, whichever is the greater. Unrestricted reserves are essential for the charity for several reasons, to support new or otherwise unfunded programme activities, to invest in development initiatives to maintain and extend the programme portfolio, to assist journalists in need, and to cover certain central and overhead costs.

IWPR’s unrestricted reserves at 31 December 2020 were broadly in line with the top end of the target range; the Board of Trustees believe that it is prudent to hold strong reserves given the significant and ongoing impact of COVID-19 on our charity and the countries where we operate.

Unrestricted reserves at 31 December 2020 were £1,301,513 an increase of £14,842 on 2019. This increase reflects:

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8. PARTNERS AND SUPPORTERS

The work of IWPR could not be undertaken, and the results could not be achieved, without the generous support of IWPR’s many donors and contributors and the enthusiastic partnership and cooperation of IWPR’s many international and local partners and cooperating organisations. These linkages enable IWPR to be what it is, and the Trustees recognise and extend their gratitude to all of the donors, partners and others who have supported us and worked with us throughout the year.

Fundraising

The charity does not engage any external fundraisers and did not receive any complaints in respect of its fundraising activities in the year.

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STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees, who are also directors of the charitable company, are responsible for preparing their report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of the affairs of the charitable company and the group and of the surplus or deficit for that period. In preparing these financial statements the trustees are required to:

The trustees are also responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT OF DISCLOSURE TO THE AUDITOR

So far as the Board of Trustees are aware:

AUDITORS

Haysmacintyre LLP were appointed auditors. In accordance with the company’s articles, a resolution proposing that Haysmacintyre LLP be re-appointed as auditors of the Charity will be put to a General Meeting.

The Trustees’ Report has been prepared in accordance with the small companies’ regime and exemption has been taken from preparing a strategic report.

Approved by the Trustees on 16 July 2021 and signed on their behalf by:

……………………………………………………..

SIMON HERSOM

Trustee

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE INSTITUTE FOR WAR AND PEACE REPORTING

Opinion

We have audited the financial statements of the Institute for War and Peace Reporting for the year ended 31 December 2020 which comprise Consolidated Statement of Financial Activities, the Consolidated and Charitable Company Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

12

THE INSTITUTE FOR WAR AND PEACE REPORTING

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE INSTITUTE FOR WAR AND PEACE REPORTING

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the directors’ report).

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

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 11, 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 group’s and the parent 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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for GDPR, Charities Act 2011 and Companies Act 2006, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011, income tax and payroll tax.

13

THE INSTITUTE FOR WAR AND PEACE REPORTING

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE INSTITUTE FOR WAR AND PEACE REPORTING

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimate and application of controls around authorisation of expenditure and payments. Audit procedures performed by the engagement team included:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the 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 Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Murtaza Jessa (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmacintyre LLP, Statutory Auditor London Date: 19 July 2021 EC4R 1AG

14

THE INSTITUTE FOR WAR AND PEACE REPORTING

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including an income and expenditure account)

The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.

Note
Income from:
Charitable activities
4
Donations and legacies
Trading activities of subsidiary
5
Other
TOTAL
Expenditure on:
Raising Funds
Charitable activities
Trading activities of subsidiary
TOTAL
6 & 8
Net income/(expenditure) for the year
Gross transfer between funds
NET MOVEMENT IN FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Year ended 31 December 2020
Unrestricted
funds
Restricted
funds
Total funds
-
4,209,589
4,209,589
59,957
-
59,957
692,437
-
692,437
384
-
384
752,778
4,209,589
4,962,367
47,471
-
47,471
62,513
4,233,422
4,295,935
604,119
-
604,119
714,103
4,233,422
4,947,525
38,675
(23,833)
14,842
(23,833)
23,833
-
14,842
-
14,842
1,286,671
-
1,286,671
1,301,513
-
1,301,513		 Year ended 31 December 2020
Unrestricted
funds
Restricted
funds
Total funds
-
4,209,589
4,209,589
59,957
-
59,957
692,437
-
692,437
384
-
384
752,778
4,209,589
4,962,367
47,471
-
47,471
62,513
4,233,422
4,295,935
604,119
-
604,119
714,103
4,233,422
4,947,525
38,675
(23,833)
14,842
(23,833)
23,833
-
14,842
-
14,842
1,286,671
-
1,286,671
1,301,513
-
1,301,513		 2019
Unrestricted
funds
-
59,957
692,437
384
752,778
47,471
62,513
604,119
714,103
38,675
(23,833)
14,842
1,286,671
1,301,513		 Restricted
funds
4,209,589
-
-
-
4,209,589
-
4,233,422
-
4,233,422
(23,833)
23,833
-
-
-		 Total funds
4,109,850
796
982,603
10,820
5,104,069
44,450
4,606,557
821,169
5,472,176
(368,107)
-
(368,107)
1,654,778
1,286,671

The notes on pages 18 to 31 form part of these financial statements.

15

Registered Company No: 2744185

THE INSTITUTE FOR WAR AND PEACE REPORTING

BALANCE SHEETS AS AT 31 DECEMBER 2020

Note
FIXED ASSETS
Investments
9
Tangible fixed assets
10
TOTAL FIXED ASSETS
CURRENT ASSETS
Debtors
11
Cash
CREDITORS:amounts falling
due within one year
12
NET CURRENT ASSETS/(LIABILITIES)
NET ASSETS
FUNDS
Restricted funds
Unrestricted funds:
General reserves
13		 Group
2020
£
-
-
-
418,077
1,809,317
2,227,394
(925,881)
1,301,513
1,301,513
-
1,301,513
1,301,513		 Group
2019
£
-
789
789
500,855
2,797,156
3,298,011
(2,012,129)
1,285,882
1,286,671
-
1,286,671
1,286,671		 Charity
2020
£
2
-
2
499,505
1,528,707
2,028,212
(815,019)
1,213,193
1,213,195
-
1,213,195
1,213,195		 Charity
2019
£
2
789
791
499,182
2,334,608
2,833,790
(1,709,344)
1,124,446
1,125,237
-
1,125,237
1,125,237

The net movement in funds for the year relating to the parent charity alone amounted to a surplus of £87,958 (2019: a deficit of £386,638).

The financial statements were approved and authorised for issue by the Board of Trustees and were signed on 16 July 2021 on its behalf by:

………………………………………………

SIMON HERSOM

Trustee

The notes on pages 18 to 31 form part of these financial statements.

16

THE INSTITUTE FOR WAR AND PEACE REPORTING

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

Note
2020
£
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operations
A
(987,839)
CHANGE IN CASH AND CASH EQUIVALENTS IN THE PERIOD
(987,839)
Cash and cash equivalents at 1 January
2,797,156
B
CASH AND CASH EQUIVALENTS AT 31 DECEMBER
1,809,317
2020
Note A
£
Reconciliation of net movement in funds to net cash flow from operating activities
Net movement in funds for the year per the Statement of Financial
Activities
14,842
Adjustments for:
Depreciation charges
789
(Increase)/decrease in debtors
82,778
Increase/(decrease) in creditors
(1,086,248)
Net cash provided by (used in) operating activities
(987,839)
Note B
Analysis of cash and cash equivalents
Cash in hand
1,809,317
Total cash and cash equivalents
1,809,317		 2019
£
1,244,795
1,244,795
1,552,361
2,797,156
2019
£
(368,107)
1,579
910,931
700,392
1,244,795
2,797,156
2,797,156

17

THE INSTITUTE FOR WAR AND PEACE REPORTING

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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 (FRS102) (Charities SORP 2019 (Second Edition, effective 1 January 2019)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The preparation of the financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Association’s accounting policies (see note 3).

The financial statements are presented in Sterling (£).

Company status

The Institute for War and Reporting is a Company Limited by Guarantee and has no share capital. Each member is liable to contribute £1 in the event of the Charity being wound up. No individual member has control.

The Charity is a public benefit entity as defined by FRS102. Assets and liabilities are therefore initially recognised at historical cost or transaction value unless stated otherwise in the accounting policies below.

The financial statements consolidate the accounts of The Institute for War and Peace Reporting and its subsidiary, IWPR (UK) Limited (also a public benefit entity), as at 31 December 2020.

Going concern

The Charity’s level of unrestricted reserves available at the year-end were considered adequate resources to continue in operational existence for the foreseeable future. The ongoing COVID-19 pandemic, including the impact it has had on the UK government’s commitment to overseas aid, caused the Trustees to review the positions of the Charity and its subsidiary. Revised forecasts were prepared to review the impact on the Charity’s funding, costs and cashflow. Based on these current projections, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis and the trustees do not anticipate any material uncertainties.

2. ACCOUNTING POLICIES

2.1 Fund accounting

Restricted funds are funds subject to specific restrictions imposed by donors.

Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Trustees in furtherance of the general charitable activities.

2.2 Income

Income is recognised once the charity has become entitled to the income; it is probable that the income will be received; and the amount of income receivable can be measured reliably.

2.3 Expenditure

Resources expended are accounted for on an accruals basis.

18

THE INSTITUTE FOR WAR AND PEACE REPORTING

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

2.3 Expenditure (continued)

Expenditure is charged inclusive of any irrecoverable taxation. A proportion of costs are paid to partner organisations who perform defined scopes of work on behalf of IWPR.

Support costs which include headquarters’ and office functions such as general management, payroll administration, budgeting and accounting, human resources, information technology and legal compliance are allocated across categories of charitable activities and governance costs.

2.4 Pensions

The Charity operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities on an accruals basis.

2.5 Other employee benefits

Short-term benefits including holiday pay are recognised as an expense in the period in which the service is received.

Employee termination benefits are accounted for on an accruals basis.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less estimated residual value, over their expected useful lives as follows:

Fixtures and fittings - 3 years
Computers - 3 years

Gains and losses on disposals are determined by comparing the proceeds, less the direct costs of sale, with the carrying amount, and are recognised in the Statement of Financial Activities.

2.7 Operating leases

Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged to the Statement of Financial Activities as incurred.

2.8 Foreign currency

Assets and liabilities denominated in foreign currency are translated into sterling at the rate ruling on the balance sheet date. Transactions denominated in foreign currencies are translated into sterling at the average rate of exchange for the period. Profits or loss arising from the translation of foreign currencies are dealt with in the Statement of Financial Activities.

2.9 Financial instruments

a) Financial assets

Basic financial assets, including trade and other debtors, and cash and bank balances are initially recognised at transaction price and subsequently measured at their settlement value. A specific provision is raised for any debt where recoverability is in doubt.

Investments, excluding investments in subsidiaries, are carried at market value.

19

THE INSTITUTE FOR WAR AND PEACE REPORTING

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

2.9 Financial instruments (continued)

Basic financial liabilities, including trade and other creditors, and bank loans are initially recognised at transaction price.

Trade and other short-term creditors are measured at transaction price.

2.10 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11 Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2.12 Employee benefits

Short term benefits , including holiday pay, are recognised as an expense in the period in which the service is received.

Employee termination benefits are accounted for on an accruals basis and in line with FRS102.

3. JUDGEMENT IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimations and judgements 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. Although these estimates are based on management’s best knowledge of the amounts, events or actions, actual results may ultimately differ from those expectations. Management consider there to be no critical estimates and judgements applicable to the financial statements.

4. INCOME FROM CHARITABLE ACTIVITIES

Foreign, Commonwealth & Development
Office
Royal Ministry of Foreign Affairs Norway
Dutch Post Code Lottery
Ministry of Foreign Affairs Netherlands
European Union
Other		 Unrestricted
Funds
Restricted
funds
Total funds
Total funds
2020
2020
2020
2019
£
£
£
£
-
2,039,032
2,039,032
2,031,024
-
879,383
879,383
928,823
-
-
-
292,816
-
-
-
173,048
-
375,138
375,138
40,082
-
916,036
916,036
644,057
-
4,209,589
4,209,589
4,109,850

20

THE INSTITUTE FOR WAR AND PEACE REPORTING

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

4. INCOME FROM CHARITABLE ACTIVITIES – continued

Foreign, Commonwealth & Development
Office
Royal Ministry of Foreign Affairs Norway
Dutch Post Code Lottery
Ministry of Foreign Affairs Netherlands
European Union
Other		 Unrestricted
Funds
Restricted
funds
Total funds
Total funds
2019
2019
2019
2018
£
£
£
£
-
2,031,024
2,031,024
2,171,418
-
928,823
928,823
668,106
280,836
11,980
292,816
319,146
-
173,048
173,048
826,003
-
40,082
40,082
43,986
-
644,057
644,057
444,251
280,836
3,829,014
4,109,850
4,472,910

5. TRADING ACTIVITIES OF SUBSIDIARY

The Charity’s wholly owned subsidiary, IWPR (UK) Limited, engages in activities that further the mission and objects of the Charity. IWPR (UK) Limited’s income from trading activities was £692,437 in 2020 (2019: £982,603) all of which was receivable from the Foreign, Commonwealth & Development Office. The trading results of IWPR (UK) Limited are set out in Note 9 below.

6. NET MOVEMENT IN FUNDS

2020 2019
£ £
Net movement in funds is stated after charging:
Depreciation 789 1,579
Auditors remuneration – audit (excluding VAT) 23,350 22,250
Donor audits and other work (excluding VAT) 21,990 27,624

21

THE INSTITUTE FOR WAR AND PEACE REPORTING

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

7. STAFF COSTS

London staff costs:

Salaries
Social security costs
Pension costs		 2020
£
1,128,316
134,544
41,833
1,304,693		 2019
£
950,683
112,792
36,753
1,100,228

No redundancy costs were incurred in 2020 (2019: £0).

In addition to the London staff, the activities of IWPR UK are carried out by local staff and consultants in the field offices.

The average monthly number of employees, analysed by function was:

Media development, training and reporting
Support		 2020
11
6
17		 2019
9
6
15

The number of employees whose emoluments amounted to over £60,000 in the year was:

£130,000-£140,000
£90,000 - £100,000
£80,000 - £90,000
£70,000 - £80,000
£60,000 - £70,000		 2020
1
1
1
3
2
8		 2019
1
1
1
-
2
5

The total employee benefits of the key management personnel of the UK Charity and the group were £523,618 (2019: £466,985).

Trustees received no remuneration or other benefits for volunteering their time during the year and no trustee expenses were incurred (2019 - £0).

22

THE INSTITUTE FOR WAR AND PEACE REPORTING

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

8. TOTAL EXPENDITURE

Raising funds costs
Charitable activities:
Media development,
training and reporting
Trading activities
Support costs
Staff costs
Staff overheads
Depreciation
Governance: Audit fees
Other		 2020 Total
Costs
£
47,471
4,295,935
604,119
4,947,525
2020
£
193,413
28,912
789
23,350
161,479
407,943		 2019
Direct
Costs
£
-
3,938,483
601,099
4,539,582		 Support
Costs
£
47,471
357,452
3,020
407,943		 Total
Costs
£
44,450
4,606,557
821,169
5,822,026
2019
£
276,162
38,552
1,579
22,250
135,453
473,996

Support costs incurred by the overseas entities to support their charitable expenditure are included within direct programme costs. Other indirect costs are first allocated to activities that cause or drive them and, where this is not possible, they are apportioned based on a fair and equitable basis.

23

THE INSTITUTE FOR WAR AND PEACE REPORTING

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

8. TOTAL EXPENDITURE continued

Raising funds costs
Charitable activities:
Media development,
training and reporting
Trading activities
Support costs
Staff costs
Staff overheads
Depreciation
Governance: Audit fees
Other		 2019
Direct costs
£
-
4,181,117
817,063
4,998,180		 Support
Costs
£
44,450
425,440
4,106
473,996		 Total
Costs
£
44,450
4,606,557
821,169
5,472,176
2019
£
276,162
38,552
1,579
22,250
135,453
473,996

24

THE INSTITUTE FOR WAR AND PEACE REPORTING

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

9. INVESTMENTS

The Institute for War and Peace Reporting owns the entire called up and paid share capital of IWPR (UK) Limited of £2, a trading company registered in England Wales, Company Registration Number 10700261, Registered office address 48 Gray’s Inn Road, London, WC1X 8LT, which was incorporated on the 30 March, 2017.

A summarised income statement and balance sheet for IWPR (UK) Limited’s results are set out below.

IWPR (UK) limited: Summarised Income statement

Income
Expenditure
Gross profit
Administrative
expenses		 2020
£
692,437
(601,099)
91,338
(3,020)
88,318		 2019
£
982,603
(817,063)
165,540
(4,106)
161,434

All taxable profits are gifted to the Charity within nine months of the subsidiary’s year end.

IWPR (UK) Limited: Balance sheet

Debtors
Cash
Creditors
Net current assets and net assets
Share capital
Reserves		 2020
£
134,823
280,610
(327,113)
88,320
2
88,318
88,320		 2019
£
31,285
462,548
(332,397)
161,436
2
161,434
161,436

25

THE INSTITUTE FOR WAR AND PEACE REPORTING

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

10. TANGIBLE FIXED ASSETS

Group and Charity

Cost
At 1 January 2020
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019		 Computer
equipment
£
18,442
18,442
17,653
789
18,442
-

789		 Office
equipment
£
3,025
3,025
3,025
-
3,025
-
-		 Total
£
21,467
21,467
20,678
789
21,467
-
789

11. DEBTORS

Inter-charity debtors
Due from subsidiary
Grants receivables
Staff advances
Prepayments
Other debtors		 Group 2019
£
23,759
-
436,557
-
40,539
-
500,855		 Charity
2020
£
86,478
-
285,430
1,307
44,592
270
418,077		 2020
£
86,478
216,251
152,180
1,307
43,289
-
499,505		 2019
£
23,759
-
436,557
-
38,866
-
499,182

26

THE INSTITUTE FOR WAR AND PEACE REPORTING

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

12. CREDITORS: Amounts falling due within one year

Group Charity
2020 2019 2020 2019
£ £ £ £
Deferred income 610,325 1,124,065 610,325 1,076,277
Trade creditors 26,584 34,430 24,964 20,368
PAYE and other taxes 42,459 32,682 42,459 32,682
Due to IWPR US 62,522 516,024 - 246,682
Due to subsidiary - - - 29,612
Other creditors 46,619 82,355 8,940 82,355
Accruals 137,372 222,573 128,331 221,368
925,881 2,012,129 815,019 1,709,344
Deferred income
Group Charity
2020 2019 2020 2019
£ £ £ £
At 1 January 1,124,065 713,575 1,076,277 614,675
Amount released in
year		 (1,124,065) (713,575) (1,076,277) (614,675)
Amount deferred
in year		 610,325 1,124,065 610,325 1,076,277
At 31 December 610,325 1,124,065 610,325 1,076,277

Deferred income represents cash received from donors prior to being earned under our income recognition policy.

27

THE INSTITUTE FOR WAR AND PEACE REPORTING

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

13. RESTRICTED FUNDS: MOVEMENT IN YEAR

As at 1 Transfer As at 31
January Income Expenditure between December
2020 funds 2020
£ £ £ £ £
Unrestricted funds
General funds 1,286,671 752,778 (714,103) (23,833) 1,301,513
Total unrestricted
funds		 1,286,671 752,778 (714,103) (23,833) 1,301,513
Restricted funds
Central Asia, Caucasus &
Ukraine 1,414,098 (1,413,745) (353)
- -
MENA 1,879,455 (1,902,560) 23,105
- -
Other regions 916,036 (917,117) 1,081
- -
At 31 December
2020		 - 4,209,589 (4,233,422) 23,833 -
TOTAL FUNDS 1,286,671 4,962,367 (4,947,525) - 1,301,513

Project operational information and activities details contributing to unrestricted funds are described in the Programme Results section of the Trustees’ Report.

Transfers between funds arise on completion of projects where:

28

THE INSTITUTE FOR WAR AND PEACE REPORTING

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

13. RESTRICTED FUNDS (continued)

Unrestricted funds
General funds
Total unrestricted funds
Restricted funds
Asia
Africa
Central Asia, Caucasus &
Ukraine
MENA
Other regions
At 31 December 2019
TOTAL FUNDS		 As at 1
January
2019
£
1,654,778
1,654,778
-
-
-
-
-
-
1,654,778		 Income
£
1,275,055
1,275,055
-
-
1,259,404
1,825,816
743,794
3,829,014
5,104,069		 Expenditure
£
(1,291,059)
(1,291,059)
-
-
(1,274,884)
(2,141,672)
(764,561)
(4,181,117)
(5,472,176)		 Transfer
Between
funds
£
(352,103)
(352,103)
-
-
15,480
315,856
20,767
352,103
-		 As at 31
December
2019
£
1,286,671
1,286,671
-
-
-
-
-
-
1,286,671

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

GROUP Fixed assets Net current
assets/(liabilities)		 Fund balances
£ £ £
Restricted funds -
 - -
General funds - 1,301,513 1,301,513
At 31 DECEMBER 2020 - 1,301,513 1,301,513
CHARITY Fixed assets Net current
assets/(liabilities)		 Fund balances
£ £ £
Restricted funds - - -
General funds 2 1,213,193 1,213,195
At 31 DECEMBER 2020 2 1,213,193 1,213,195

29

THE INSTITUTE FOR WAR AND PEACE REPORTING

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS continued

GROUP
Restricted funds
General funds
At 31 DECEMBER 2019
CHARITY
Restricted funds
General funds
At 31 DECEMBER 2019		 Fixed assets
£
-
789
789
Fixed assets
£
-
791
791		 Net current
assets/(liabilities)
£
-
1,285,882
1,285,882
Net current
assets/(liabilities)
£
-
1,124,446
1,124,446		 Fund balances
£
-
1,286,671
1,286,671
Fund balances
£
-
1,125,237
1,125,237

15. OPERATING LEASES

The Group rents its London offices under a 5 year operating lease which commenced in February 2017 with a break clause at the end of the third year.

2020 2019
£ £
Minimum lease payments under operating lease
recognised as an expense during the year 49,230 49,230

At 31 December 2020, the Charity had outstanding commitments under non-cancellable operating leases as follows:

Payable within one year
Payable between two and five years inclusive
At 31 December		 2020
£
49,230
7,283
56,513		 2019
£
49,230
7,283
56,513

30

THE INSTITUTE FOR WAR AND PEACE REPORTING

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

16. TAXATION

The Institute for War and Peace Reporting is a Registered Charity and therefore is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within various exemptions available to registered charities. The Charity’s subsidiary, IWPR (UK) Limited, gifts its profits to the Charity each year.

17. RELATED PARTY TRANSACTIONS

The Institute for War and Peace Reporting (IWPR UK), The Institute for War and Peace Reporting US (IWPR US) and The Institute for War and Peace Reporting NL (IWPR NL) work jointly under the IWPR International Network agreement.

During the year, IWPR US granted £813,211 to IWPR UK to cover costs incurred by IWPR UK in the execution of projects signed by IWPR US (2019: £562,583). In addition, IWPR US incurred costs of £695,117 (2019: £1,078,607) in the execution of projects signed by IWPR UK.

In 2020, no grants were awarded by IWPR NL to IWPR UK (2019: €311,000).

As at 31 December 2020 there was an inter-charity debtor owing by IWPR US of £66,883 (2019: £0) and an inter-charity creditor owing to IWPR US of £62,522 (2019: £516,024). The inter-charity debtor owing by IWPR NL as at 31 December 2020 was £19,595 (2019: £23,759).

David Bell is a trustee of IWPR UK, IWPR US and IWPR NL. Stephen Jukes and Richard Caplan are trustees of both IWPR UK and IWPR US. Simon Hersom is a trustee of both IWPR UK and IWPR NL.

18. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand At 1 January
Cashflows
Non-cash
changes
At 31
December
2020
2020
£
£
£
£
2,797,156
(987,839)
-
1,809,317
2,797,156
(987,839)
-
1,809,317

31