2025-10-31-accounts - The Verification Research Training And Information Centre ( Vertic )

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Registered number: 03616935 Charity number: 1073051

The Verification Research Training and Information Centre (VERTIC) (A company limited by guarantee)

Trustees' report and financial statements

For the year ended 31 October 2025

The Verification Research Training and Information Centre (VERTIC) (A company limited by guarantee)

Contents
	Page
Reference and administrative details of the charity,
its trustees and advisers	1
Trustees’ report	2-8
Independent examiner’s report	9
Statement of financial activities	10
Balance sheet	11
Statement of cash flows	12
Notes to the financial statements	13-21

The Verification Research Training and Information Centre (VERTIC) (A company limited by guarantee)

Reference and administrative details of the charity, its trustees and advisers For the year ended 31 October 2025

Trustees

	Prof Owen J Greene, Chair
	Ms Laura Rockwood, Treasurer
	Ms Lisa Tabassi
	Mr Nicholas Sims (Resigned 12 May 2026)
	Dr John Walker
Company registered
Number	03616935
Charity registered
Number	1073051
Registered office	The Green House
	244-254 Cambridge Heath Road
	London
	E2 9DA
Chief Executive Officer	Mr Larry MacFaul
Independent examiner’s	Goldwins
	Chartered Accountants
	75 Maygrove Road
	West Hampstead
	London
	NW6 2EG
Bankers	NatWest
	PO Box 411
	34 Henrietta Street
	London
	WC2E 8NN
Solicitors	Bircham Dyson Bell
	50 Broadway
	London
	SW1H 0B

The Verification Research Training and Information Centre (VERTIC) Trustees' report For the year ended 31 October 2025

The Trustees, who are also directors of the charity for the purposes of the Companies Act, present their annual report and audited accounts for the year ended 31 October 2025, which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.

The Trustees confirm that the annual report and financial statements of the company comply with current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in January 2015.

Since the charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not needed.

Objectives and Activities

Purposes and aims

Our vision is for a world where States have the cooperative mechanisms they need – effective confidencebuilding, implementation, monitoring, verification and compliance instruments – so they can more successfully tackle global challenges across peace, security, environment and development.

Our mission is to support the development, implementation and effectiveness of international agreements and related regional and national initiatives, with particular attention to issues of monitoring, review, legislation and verification.

VERTIC's objects are defined in Article 4 of the Articles of Association as follows:

Conducting research and training and obtaining information on verification, monitoring and implementation of international and intra-national agreements, arrangements and related issues; and publishing such information both indirectly through the media channels and directly through its own publications.

Strategy for achieving objectives

VERTIC's current strategic plan runs from January 2025 to June 2029. In the plan, VERTIC’s goals are to:

Support disarmament, arms control and non-proliferation, across WMD and CBRN instruments, while also focusing on existing and potential CSBMs.
Support conflict prevention and stabilisation by learning from past and existing CSBMs and by developing new mechanisms, good practice guidelines and resources, and innovative approaches for the current evolving technological, geostrategic, and regional environments.
Provide assistance to States on implementation of international instruments and agreements across the fields of peace and security, health, environment and development.
Contribute to the maintenance, strengthening and appropriate use of existing monitoring, verification and compliance systems and to the development of new approaches across the rapidly evolving international security field.
Consider how to address compliance and inadequate implementation matters in an era of growing tensions.
Provide support to United Nations Security Council (UNSC) sanctions regimes.
Take advantage of its comprehensive view and wide expertise across treaties’ legislative, verification and compliance mechanisms to provide unique, practical, cross-cutting support and insights to the international community.
Increase its work to minimise adverse impacts of emerging technologies and domains while also identifying benefits for implementation, monitoring, verification and compliance, and peaceful uses.
Research, and potentially provide materials and assistance on, implementation, verification and compliance for treaties under consideration such as on Lethal Autonomous Weapons and other

The Verification Research Training and Information Centre (VERTIC) Trustees' report For the year ended 31 October 2025

agreements relating to conventional arms or ammunition, the Pandemic Treaty, and sustainable development treaties.

Expand its development of practical tools and assistance for the public and private sector including by providing information resources such as databases, research, data visualisation, as well as capacity building and training through in-country workshops, online training modules, educational tools and course curricula.

VERTIC currently organises much of its work across three programmes each with specific but complementary functions. The programmes focus on national implementation of international law, verification and monitoring of international agreements, and compliance mechanisms and measures for treaties and sanctions regimes.

Public benefit

The trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to give due regard to the public benefit guidance published by the Charity Commission in deciding the work undertaken by the charity and are satisfied that VERTIC's work continues to meet this criterion.

The charity's work to promote and strengthen the ability to determine whether states are keeping to their commitments under international law, to support the rule of law and to enhance state accountability is for the advancement of conflict resolution and/or the protection of the environment and falls within the definition of public benefit contained in sections 3(1)(h) and 3(1)(i) of the Charities Act 2011.

Achievements and performance

The charity has carried out a range of research, publication, engagement and training activities across the field of peace, security and development, drawing on the specialist expertise of its staff and the complementary focus of its programmes. These activities have a had positive impact to beneficiaries in states across the Americas, Africa, Europe and Asia and to international peace, security and development more broadly. The impacts have included strengthened legislation and controls on hazardous materials, identification of ways to increase national technical capacity to contribute to international security agreements, and the availability of new ideas and data for states to pursue confidence building activities to promote stability. Below is a thematic summary of activities and impacts, followed by a disaggregated list of projects and activities.

Biological Security

The team has provided legislative assistance on biological security instruments, in particular the Biological Weapons Convention, to Cambodia, Indonesia, Kenya and Vietnam. It has also developed a new online resource on Chemical, Biological, Radiological and Nuclear (CBRN) Court Cases that lists 50 instructive cases worldwide. Seeing how events have played out in real cases should help government officials, policymakers, law enforcement officers, legal practitioners, researchers, journalists, and assistance providers working on CBRN prevention, enforcement, and policy development. The team also contributed to a Biological Weapons Convention (BWC) National Implementation Measures Database, with the UN. The database is designed to strengthen BWC and ‘enable States and Stakeholders to have a better understanding of different approaches to national implementation from around the world’. It is a confidence building tool that ‘seeks to support informed participation by relevant stakeholders in all policy processes and promote transparency, trust, and cooperation in relation to the BWC’. It had an encouraging level of use globally. Funding was cut for it before the end of the project. We have also published on the WHO Pandemic Agreement and synergies with the Biological Weapons Convention and the International Health Regulations.

After a concerted research effort using a set of hypothetical scenarios developed in-house, the team released a major report exploring the applicability of different possible approaches to verification and monitoring the BWC. The report argues for a spectrum of layered approaches to build towards formal verification, and proposes a number of recommendations for BWC States Parties. This work was released and briefed to a diverse range of governments and civil society at the UN during a key period of renewed interest and efforts by the international community to attempt to strengthen the treaty. Elements of the work, in particular on new technology, have been further highlighted in publications such as the Bulletin of the Atomic Scientists.

The Verification Research Training and Information Centre (VERTIC) Trustees' report For the year ended 31 October 2025

The organisation continued to provide practical support to the UN Secretary General Mechanism for investigations into alleged use of biological weapons (UNSGM). During this reporting period, the charity developed a list of requirements for information management - which is critical to underpinning the credibility of an investigation. Feedback from practitioners involved in the mechanism has underscored how useful VERTIC’s work on the UNSGM has been.

Chemical Security

VERTIC discussed CBRN related control lists with Cambodia. In addition, the international chemical weapons inspectorate invited VERTIC to contribute its expertise and experience to the development of a Compendium of Best Practices for a National Legislative and Regulatory Framework on Chemical Security. Meanwhile, VERTIC also provided expertise to the UK’s Chemical Weapons Convention (CWC) Advisory Council.

During this reporting period, the team was also asked to use its expertise in open-source research and remote sensing capabilities to produce a comprehensive overview and analytical assessment of North Korea’s chemical weapons capabilities. The work has resulted in several analytical reports and briefing events. This work aims to help the international community understand and address the threat posed by these weapons.

- Nuclear Disarmament Verification, Non proliferation and Safeguards Implementation

During this reporting period, the organisation carried out a large number of activities across nuclear disarmament and non-proliferation that have resulted in significant developments at the international level and progress at the national level. The team moved towards the final stages of a long-running project to assess North Korea’s WMD. In this period, the project conducted an analysis of the gas centrifuge facility unveiled by North Korea in Sept 2024; an analysis of North Korea’s Experimental Light Water Reactor; analysis of the characteristics of known plutonium pit production facilities and a search for facilities in North Korea that share these characteristics; and a satellite analysis of the Yongbyon nuclear reactor using new commercially available technology. The work has been taken up and used by the international community. In September 2025, South Korean Unification minister quoted VERTIC’s estimate for North Korea’s highly enriched uranium production. Comparative site analysis work conducted under this project for facilities in China, led by AllSource Analysis and citing VERTIC’s collaboration, was published in the Washington Post and New York Times.

The organisation’s work to build global capacity for Nuclear Disarmament Verification (NDV) generated a large number and range of outputs this year. The project supported many events and publications from regional NDV hubs, established under the project, in Latin America, Africa and Central Asia thereby helping to stimulate research activity, and to support existing and new capacity on NDV. The organisation also carried out technical analysis and diplomatic engagement on the UN resolution to set up a Group of Scientific and Technical Experts for Nuclear Disarmament Verification (GSTE-NDV). These efforts had a positive result and the body was established at the end of 2025 by the UN General Assembly. This body will help to provide a representative, sustainable and authoritative knowledge-base to support the long term goal of NDV. The team also built on its work in the disarmament and verification field to publish new ideas on irreversibility in nuclear disarmament through long-term management and risk monitoring approaches. This work included drawing a list of possible indicators of latent nuclear weapons capability and matching them to appropriate monitoring and verification techniques. The project presented its finding to governments and civil society.

To support non-proliferation, we continued our long-standing work to help states adhere to nuclear safeguards, on this occasion with assistance to Guinea. The organisation was asked to provide comments on Iran’s non-compliance with its Comprehensive Safeguards Agreement for an event at UNHQ during the UN Non-Proliferation Treaty meeting and also published commentary on the matter in the Bulletin of the Atomic Scientists.

Conventional force monitoring

The organisation built on its previous work to strengthen initiatives enabling states to cooperatively monitor each other's forces. These initiatives are designed to reduce tensions and minimise the possibility

The Verification Research Training and Information Centre (VERTIC) Trustees' report

For the year ended 31 October 2025

of misperception, miscalculation and unintended escalation. During the reporting period, the team analysed how satellites and UAVs could be used to cooperatively monitor disputed areas in Africa, South America, and East Asia. The work generated a series of scenarios and technical approaches.

United Nations Sanctions: maritime

CMM programme continued to support United Nations sanctions through research, awareness-raising, and training, maintaining a particular focus on the maritime sanctions. The team conducted in-country capacity-building activities, and continued to develop customised training and reference materials for states and private sector entities in the maritime field. The work is intended to result in practitioners being better able to implement sanctions at the national level, contributing to a strengthened overall United Nations sanctions system.

Below is a disaggregated list of activities in the field of peace and security, broken down according to VERTIC’s functional programmes. Many of the projects listed are carried out with partners either through a consortium or one or other organisation as sub-contractor. The charity is grateful for the high quality collaboration.

National Implementation Measures Programme

The programme’s working methodology consists of three pillars: awareness-raising through publications and engagement with States; legislative analysis to provide a gap analysis of legal frameworks; and legislative drafting, review and training. NIM cooperates and coordinates its work with relevant international organisations and assistance providers. As indicated above, during FY 2024/25, the National Implementation Measures Programme worked on the national legislative implementation of States’ obligations under international legal instruments, maintaining its traditional focus on the non-proliferation of CBRN weapons and security of CBRN materials while continuing activities in related or other areas such as biological emergency preparedness and response and public health. It carried out the following projects, as well as other activities.

Projects:

Enhancing national implementation of non-proliferation obligations, funded by Norwegian Agency for Development Cooperation: 2024-2026
Enhanced biosecurity in Southeast Asia Project 81, funded by EU CBRN Centres of Excellence, 20192025.
BWC National Implementation Measures Database, funded by US Department of State, 2022-26
Biological Weapons Convention Latin America and Southeast Asia Legislative Workshop, funded by US Department of State, 2023-2024

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Biosecurity Legal Workshop in Jakarta, Indonesia July 2025
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Verification and Monitoring Programme

This programme provides research, tools and facilitates capacity building and expert dialogue to support international agreements and norms. In particular it identifies and develops verification and monitoring solutions to enable countries to work together. It carried out the following projects, as well as other activities.

North Korea’s WMD: Assessment & Verification – role of Open Sources, funded by Global Affairs Canada

The Verification Research Training and Information Centre (VERTIC) Trustees' report

For the year ended 31 October 2025

Supporting Global Capacity for Nuclear Disarmament Verification, funded by Norwegian Ministry of Foreign Affairs
Irreversibility in nuclear disarmament: Long-term management and risk monitoring approaches, funded by US Department of State
Safeguards assistance to Guinea and contribution to DESNZ SMR deep-dive 2B, funded by National Nuclear Laboratory Ltd (NNL).
Assessing the Chemical Weapons Capability of North Korea, funded by Global Affairs Canada
Indicators and Monitoring Approaches to Support BWC Compliance, funded by US Department of State
Information Management System Needs, Procurement Options and Training Materials for UNSGM, funded by US Department of State
Opportunities for Cooperative Aerial Monitoring, funded by US Department of State

Hailey Wingo, Alberto Muti and Filippa Lentzos at the 6th Session of the BWC Working Group in Geneva, August 2025.

The Compliance Mechanisms and Measures Programme

This work is concerned with matters of interpretation, clarification, and concurrence. This entails research on adherence, the role of compliance processes, responses to non- compliance , as well as providing training on compliance.

During the FY 2024/25, the CMM programme continued its work on United Nations sanctions research, awareness-raising, and training, maintaining a particular focus on the maritime sanctions concerning North Korea. The team, comprising two staff, worked on with its partner CNS on three projects addressing maritime officials, private sector maritime stakeholders and illicit shipping activities that are intended to enhance capacity for North Korea sanctions implementation and compliance.

This work involves in-person engagement at workshops around the world. The team conducted in-country capacity-building activities, developed customised training and reference materials for delivery to states and private sector entities in the maritime field. The team also contributed to the production of additional maritime sanctions information materials, as the scope of work continued to expand to address additional sanctions compliance challenges.

Council for Security Cooperation in the Asia Pacific (CSCAP) Study Group Meeting on Biosecurity and Health Security in the AsiaPacific, in Partnership with the Asia Centre for Health Security

The Verification Research Training and Information Centre (VERTIC) Trustees' report

For the year ended 31 October 2025

Overview

As indicated in the description above, the organisation has made a wide range and large number of significant contributions to promote peace and security through its practical training and its research and new ideas. Despite this, the organisation faced an extremely challenging, volatile and deteriorating funding environment. The team rallied to push even further in fundraising through seeking new work areas and funding sources, partnerships and preparing more bids. However, the adverse financial environment and fundamental constraints from a lack of core funding persisted. Even so, the organisation has strengthened its central operating processes somewhat but much remains to be done.

Financial review

Going concern

The charity's forecasts assume the award of funding applications which had not been confirmed at the date of approval of these financial statements. These conditions indicate the existence of a material uncertainty which may cast significant doubt on the charity's ability to continue as a going concern. The trustees nevertheless consider, having regard to the level of free reserves held and the further cost reductions available to them, that it remains appropriate to prepare the financial statements on the going concern basis. The financial statements do not include the adjustments that would result if the charity were unable to continue as a going concern.

Principal funding

VERTIC's income was £818,389 for the year ended 31 October 2025 (2024: £1,726,539). Of this, £767,301 (2024: £1,599,623) were restricted funds and £51,088 (2024: £126,916) were unrestricted funds. Income is recorded on grant registers by donor and programme.

Details of the restricted project funds are given in note 13 to the accounts. The Trustees are confident that adequate resources are available to enable the completion of these projects.

Reserves policy

VERTIC seeks to maintain a level of unrestricted reserves adequate to meet all current and known future liabilities. In practice, the Trustees consider that holding unrestricted reserves equivalent to three months operating and contractual costs is a sufficient minimum, which based upon the figures for the year ended 31 October 2025 is £270,000 (2024: £280,000). The reserves policy is under continuous review.

Assets

VERTIC holds no significant assets apart from fixtures and fittings, office and computer equipment.

Investment performance

VERTIC can invest monies not immediately required in such investments, securities or property as may be thought fit. The current policy is to maintain all such monies on deposit earning a market rate of interest.

Risks and uncertainties

The board has reviewed the major risks to which VERTIC is exposed, particularly those related to the governance, operations and finances of the charity, and is satisfied that reasonable steps are being taken to manage them. VERTIC maintains a risk register, and the Board and Senior VERTIC Management regularly review the range of identified risks to VERTIC, and takes actions accordingly. Each VERTIC Programme and Project also has specific risk identification and management procedures.

Constitution

VERTIC is a company limited by guarantee (number: 03616935) and a registered charity (number: 1073051) in England and Wales. It was incorporated on 17 August 1998 and is governed by articles of association which were last amended and adopted on 11 May 2011. VERTIC is an independent, not-for-profit, nongovernmental organisation.

The Board

The Board of Trustees is responsible for the governance and strategic direction of VERTIC. The Board meets regularly and from time to time convenes sub-committees to perform specific delegated duties.

The Verification Research Training and Information Centre (VERTIC) Trustees' report

For the year ended 31 October 2025

The Board of Trustees comprises between three and eleven trustees. Trustees are appointed by ordinary resolution or by a simple majority of all directors for fixed terms of three years after which they must retire from office. They may stand for re-election.

Trustee recruitment and appointment

There is a regular process for reviewing and refreshing Board membership. Upon appointment, trustees receive relevant information about VERTIC including a copy of the articles of association and recent board minutes. New trustees also receive the ongoing support of the Chair and the Executive Director.

Staff and management

VERTIC employed 14 staff as at 31 October 2025. The Chief Executive Officer (referred to as the 'Executive Director’) is responsible for the day-to-day operational management of VERTIC and is accountable to the board of trustees. He is supported by a Deputy Executive Director and by Programme Directors. The Programme Directors are responsible for managing their programmes and the day-to-day implementation and supervision of projects as well as fundraising. VERTIC also runs a paid internship programme.

Statement of responsibilities of the trustees

The Trustees (who are also directors of The Verification Research, Training and Information Centre for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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.

This report was approved by the Trustees, on 28 August 2026, and signed on their behalf by:

Prof Owen Greene Chair of Board of Trustees

Independent examiner’s report to the members of The Verification Research Training and Information Centre (VERTIC) For the year ended 31 October 2025

I report to the charity trustees on my examination of the accounts of the charitable company for the year ended 31 October 2025.

Responsibilities and basis of report

As the charity’s trustees of the charitable company (and also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination, I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Since the Company’s gross income exceeded £250,000, I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.

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

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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

Kalman Deutsch ACA

Goldwins Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG

28 August 2026

All of the above results are derived from continuing activities.

There were no other recognised gains or losses other than those stated above.

The notes on pages 13 to 21 form part of these financial statements.

The charity's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements were approved and authorised for issue by the Trustees on the 28 August 2026, and signed on their behalf by:

Prof Owen Greene, Chair of Board of Trustees

The notes on pages 13 to 21 form part of these financial statements.

The Verification Research Training and Information Centre (VERTIC) Statement of Cash flows

For the year ended 31 October 2025

The notes on pages 13 to 21 form part of these financial statements.

The Verification Research Training and Information Centre (VERTIC) Notes to the financial statements For the year ended 31 October 2025

1 . Accounting policies

a) 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 (FRS 102 - effective 1 January 2015) - (Charities SORP FRS 102) and the Charities Act 2011, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Verification Research Training and Information Centre (VERTIC) 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 or note.

b) Critical accounting estimates and areas of judgment

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.

Accounting estimates and assumptions:

The charity 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.

Areas of judgement:

The charity has recognised tangible assets with a carrying value of £2,799 at the reporting date (see note 8). These assets are stated at their cost less provision for depreciation. The company's accounting policy sets out the approach to calculating depreciation for assets acquired.

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. See note 8 for the carrying amount of tangible fixed assets.

Deferred income has been recognised where the receipt of a grant has occurred during the period but the associated expenditure will occur during future periods. The income has been deferred to ensure that the recognition of the income and expenditure are recorded in the same period in the financial statements.

Accrued income has been recognised on the value of work performed on programme related activities but not yet invoiced for. The invoices will be raised and settled in the next period.

c) Going concern

The charity’s forecasts include anticipated income from funding applications that had not been confirmed when these financial statements were approved. Although the charity may need to take further action if this funding is not secured, its probability-weighted forecasts indicate that it expects to generate a surplus. Having considered the level of free reserves, the funding applications submitted and the scope for further cost reductions, the trustees are satisfied that the charity has sufficient resources to continue operating for the foreseeable future. They therefore consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would be required if the charity were unable to continue as a going concern.

d) Company status

The charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantees is limited to £1 per member of the charity.

The Verification Research Training and Information Centre (VERTIC) Notes to the financial statements For the year ended 31 October 2025

e) Income recognition

Income from charitable and trading activities is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

g) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

h) Expenditure and irrecoverable VAT

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accrual basis and includes attributable VAT where it cannot be recovered.

i) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back-office costs, finance, personnel, payroll and governance costs which support the charity and its and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The basis on which support costs have been allocated are set out in note 4.

The Verification Research Training and Information Centre (VERTIC) Notes to the financial statements For the year ended 31 October 2025

j) Operating leases

Rental charges are charged on a straight-line basis over the term of the lease.

k) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures and fittings 25% straight line (over four years) Computer equipment 33% straight line (over three years)

l) Debtors

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

m) Cash at bank and in hand

Cash at bank and cash 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.

n) Creditors and provisions

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.

o) Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

p) Foreign Currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of financial activities incorporating income and expenditure account.

q) Pensions

The charity operates a defined contribution pension scheme, and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

The Verification Research Training and Information Centre (VERTIC) Notes to the financial statements For the year ended 31 October 2025

The Verification Research Training and Information Centre (VERTIC) Notes to the financial statements

For the year ended 31 October 2025

Of the total expenditure £313,158 was unrestricted (2024: £336,302) and £911,475 was restricted (2024: £1,446,058).

The Verification Research Training and Information Centre (VERTIC) Notes to the financial statements

For the year ended 31 October 2025

The following number of employees received remuneration during the year between:

The total employee benefits including pension contributions of the key management personnel were £240,981 (2024: £182,354).

7 Taxation

The charity is exempt from tax as all its income is charitable and is applied for charitable purposes.

The Verification Research Training and Information Centre (VERTIC) Notes to the financial statements

For the year ended 31 October 2025

All of the above assets are used for charitable purposes.

The Verification Research Training and Information Centre (VERTIC) Notes to the financial statements For the year ended 31 October 2025

£48,307 of charitable activity income recognised in 2025 has been deferred at year-end to match project costs to be incurred in 2026.

Restricted funds: NIM - National Implementation Measures programme VM - Verification and Monitoring Programme CMM -Compliance Mechanisms and Measures programme

The Verification Research Training and Information Centre (VERTIC) Notes to the financial statements

For the year ended 31 October 2025

VERTIC is extremely grateful for the continuing support from its funders such as Foreign Ministries, European Commission representatives, Joseph Rowntree Charitable Trust, International Organisations, and others that contributed £693,977, £69,024, £39,744, £4,300 and £11,344 respectively.

17 Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund, amounting to £35,487 (2024: £33,255), of which £3,824 (2024: £3,326) was payable at the year-end.