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2020-12-31-accounts

Videre est Credere

(A Company Limited by Guarantee)

Company No. 06706030 Charity No. 1130375

Report and financial statements

For the year ended

31 December 2020

Videre est Credere

Report and financial statements

For the year ended 31 December 2020

Contents
Page
Reference and administrative information 1
Trustees’ annual report 2
Independent auditors' report 8
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14

Videre est Credere

Reference and administrative information

For the year ended 31 December 2020

Trustees:
Uri Fructhmann, Chair		 Trustees:
Uri Fructhmann, Chair
David Goldsworthy, Treasurer
Fiona Napier (resigned on 1 April 2021)
John Sauven
Jonny Persey
Jacqueline Geis
Allegra Rosa Elizabeth Curling (appointed 1 September 2020)
Company Secretary:
Jacqueline Geis
Chief Executive:
Jacqueline Geis
Company number:
06706030
Charity number:
1130375
Registered office:
86-90 Paul Street
London
EC2A 4NE
Auditors:
Goldwins Limited
75 Maygrove Road
West Hampstead
London NW6 2EG
Bankers
SG Hambros

Page | 1

Videre est Credere

Trustees’ annual report

For the year ended 31 December 2020

The trustees, who are also directors under company law, present their report and financial statements for the year ended 31 December 2020.

The trustees confirm that 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: SORP applicable to charities preparing their accounts in accordance with FRS 102.

OUR MISSION

Videre exposes mass violence and other gross violations of human rights by equipping persecuted and marginalized communities with tools, training, and technology to document abuses, demand accountability, and secure justice.

OUR VISION

Videre seeks a world where the power of images and information ensures that no abuse goes unseen, no violation goes unchallenged, and no perpetrator goes unpunished.

OUR APPROACH

Historically, local communities have lacked access to international actors – including media outlets, human rights NGOs, and humanitarian agencies. They have faced significant security challenges when trying to gather information. When they do manage to get the word out on abuses, verification and distribution problems can stymie its effectiveness and utility.

Videre has overcome these challenges by developing close, enduring relationships with local activists and communities, in the process reaching areas where the most vulnerable live and harnessing the power of local knowledge. We provide them with the tools, training and technology they need and work with them to address the challenges of gathering, verifying, sharing, and distributing information safely.

As civic space contracts and physical, digital, legal, and psychological attacks on human rights defenders increase, our responsibility to protect our partners and team members has never been greater. We develop and continuously update physical and online security protocols that minimize risk and protect the identities of our partners and staff. We stay in the background, focusing on distributing the information they gather rather than promoting our own role.

To maximize our impact, we have developed a six-step process that continuously tracks development and implementation of our methodology in every place where we work:

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Videre est Credere

Trustees’ annual report

For the year ended 31 December 2020

PLAN . Before we go anywhere, we conduct in-depth research to identify places and people at risk, assessing security challenges, and the type of information, images and content needed to expose and deter abuses. EQUIP . We supply our local partners with custom-made video cameras and situation-specific technology. TRAIN . We build the capacity of our local partners by training them on security protocols, filming techniques and evidence verification. FILM . We guide our local partners in their efforts to capture compelling visuals from hard to access areas.

VERIFY. We support partners’ information-gathering efforts through rigorous review and verification. DISTRIBUTE. We distribute information to those who can use it best, including international decision-makers, courts, lawyers, local civil society, and local and global media networks.

OUR IMPACT

One of Videre’s guiding principles’ is that the issues – not the organisation – should take centre stage. While we rarely take public credit for our work, over the past decade, Videre-supported projects have:

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Videre est Credere

Trustees’ annual report

For the year ended 31 December 2020

OUR FUTURE

Under new leadership, and as Videre enters its second decade, we believe that our successful focus on building and sustaining meaningful change at the local level uniquely positions us to meaningfully contribute to the conversation on building and sustaining a new international human rights system. Our long-term, systems-oriented approach looks not only at outcomes – dehumanisation, violence, and the consolidation of political power – but also their root causes, taking into careful account local and cultural conditions. Our aim is to continue to centre and elevate frontline voices and knowledge.

Videre is committed to growing strategically and smartly. In 2020, we undertook an external evaluation of our impact, which concluded that our work was still vital, important and relevant. It highlighted areas for continued growth, particularly around diversity, equity and inclusion (DEI) measures at staff and board levels. The results of this evaluation helped inform Videre’s new three-year strategy which started in 2021, and centres on four goals:

Goal 1: Build the Evidence. Deliver effective tools, training, and technology to local activists so they produce ground-sourced, verifiable, visual evidence that mobilises concrete action and promotes systemic change.

Goal 2: Expose the System. Illuminate the interconnections among inequality, violence, and climate change.

Goal 3: Establish the Narrative. Collect, maintain, and make available – no matter when the need arises – evidence of genocide, mass atrocities, and other grave abuses.

Goal 4: Strengthen the Scaffolding . Strengthen infrastructure, policies, and procedures so Videre can better support those working on the frontlines to document abuses.

While the launch of the strategy has been significantly delayed due to the pandemic, it sets the path of the organisation for the years ahead.

FINANCIAL REVIEW

The results for the period, and the charity’s financial position at the end of the period are shown in the attached financial statements.

The charity is reliant on the income from donations, the income from which was £1,440,771 (2019: £2,281,712). Governance costs are mainly related to the charity’s oversight functions.

The overall movement in funds for the period was £4,047 (2019: £222,183).

The Charity’s most significant sources of income are a variety of core and project funding. This funding is for a mix of projects, many of them long-term projects requiring significant, ongoing financial commitment and investment.

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Videre est Credere

Trustees’ annual report

For the year ended 31 December 2020

COVID Effects. The COVID pandemic affected the finances of the organisation: by cutting costs by limiting travel; by limiting fundraising through the inability to meet new donors in person; and by increasing the needs and costs of remote working and training needs.

Reserve Policy. The Trustees have examined the need for free reserves, i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes and otherwise committed. As a long-term goal, the Trustees’ desired level of reserves is six months of estimated annual expenditure. The Trustees are of the opinion that this provides sufficient flexibility to cover minimum legal requirements; enable proper security and duty of care for our staff and consultants should unforeseen emergencies arise; and to provide cover against any temporary shortfalls in incoming resources due to timing differences in income flows. At present, it is recognised that current reserve levels fall beneath this target. The Trustees have decided to build toward this target level over a three-year period. As of 31 May 2021, organisation reserves are at £250,000.

To strengthen its reserves position as it embarked on developing its new three-year strategy, Videre secured a £140,000 funding facility from the Charities Aid Foundation (CAF) in December 2019. We have drawn down £80,000 from this facility at an interest rate of 6.5% in August 2020. Drawing down this portion has enabled Videre to hire a new Head of Development to develop and lead an ongoing funding strategy (allowing the CEO and other senior staff to focus more on impact delivery) and bolstered its reserves position. As of 31 May 2021, the outstanding loan amount is £61,434.

Going Concern. The Charity remains a going concern.

STRUCTURE, GOVERNANCE, AND MANAGEMENT

The Charity is a company (registration #06706030) limited by guarantee and was set up by a Memorandum of Association on 24 September 2008, and amended by special resolution on 25 June 2009.

The Charity was registered with the Charity Commission (charity #1130375) on 26 June 2009.

Trustees. The Trustees, who are the directors for the purpose of company law, and who served during the year were:

Mr Uri Fruchtmann (Chair)

Mr David Goldsworthy (Treasurer)

Ms Fiona Napier (end 1 April 2021) Mr Jonny Persey Mr John Sauven Ms Rosa Curling (start 1 September 2020) Ms Jacqueline Geis, ex officio

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Videre est Credere

Trustees’ annual report

For the year ended 31 December 2020

Risk Assessment. The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

The Charity undertakes a risk review of all its activities, and conducts thorough regular risk assessments of its work. Major risks are identified and ranked in order of their likelihood to occur and potential impact on the organisation.

Major risks, for this purpose, are all events that may have an impact on:

Senior Management present any identified risks to the Trustees for review, satisfying themselves that adequate systems and procedures are in place to manage these risks. The Trustees understand that acceptance and management of some risk is required for the achievement of our objectives. Where appropriate, risks are covered by insurance.

As the Charity has grown, we continue to refine our internal procedures, updating and fine-tuning the financial, operational, and governance policies of the Charity. We have also continued to place a high priority on training of our staff and consultants due to the increased risks that they face in this world where human rights defenders are increasingly under attack.

Appointment of Trustees. The Charity may by ordinary resolution appoint a person who is willing to be a director and to determine the rotation by which any additional directors are to retire.

New trustees are selected on the basis of the contribution they can offer, both in an international context and in their expertise in areas related to the objectives of the Charity. As they can be international citizens, the current Trustees make them aware of the requirements and governance needs of a UK-based Charity to ensure they understand the requirements.

Statement of Responsibilities of the Trustees. The Trustees are responsible for preparing the Trustees’ annual report and the financial statements in accordance with applicable law the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which 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:

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Videre est Credere

Trustees’ annual report

For the year ended 31 December 2020

The Trustees are 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 of the charitable company comply with the Companies Act of 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.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the Charity guarantee to contribute an amount not exceed £10 to the assets of the Charity in the event of winding up. The total number of such guarantees at 31 December 2016 was 5 (2016: 6). The Trustees are members of the Charity but this entitles them only to voting rights. The Trustees have no beneficial interest in the Charity.

Statement as to Disclosure to our Auditors. In so far as the Trustees are aware:

Auditors

Goldwins Limited are the Charity’s appointed auditors and have expressed their willingness to continue in that capacity.

The Trustees’ Annual Report has been approved by the Trustees on 23rd September 2021 .

and signed on their behalf by:

………………………………………………………………

David Goldsworthy, Treasurer

Page | 7

Independent auditors’ report

To the members of Videre est Credere

For the year ended 31 December 2020

Opinion

We have audited the financial statements of Videre est Credere (the ‘charitable company’) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows 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:

•give a true and fair view of the state of the charitable company’s affairs as at 31 December 2020 and of its income and expenditure for the year then ended;

•have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

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

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Independent auditors’ report

To the members of Videre est Credere

For the year ended 31 December 2020

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual 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 the trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they 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 Charityʼs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Our 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 are set out below.

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Independent auditors’ report

To the members of Videre est Credere

For the year ended 31 December 2020

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

● We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.

● In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available 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.

Anthony Epton (Senior Statutory Auditor) 24 September 2021 for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG

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Videre Est Credere Statement of financial activities (incorporating an income and expenditure account) For the year ended 31 December 2020

----- Start of picture text -----
2020 2019
Unrestricted Restricted Total Total
Note £ £ £ £
Income from:
Donations and legacies 3 1,347,790 - 1,347,790 1,627,880
Charitable activities: 4
-
International Project C 1,443 1,443 21,282
International Project E 36,030 36,030 209,115
- - -
International Project F 46,434
- -
International Project G 49,503 49,503
- -
International Project H 347,495
- -
Research Department
-
Technology & Innovation Department 6,004 6,004 6,957
Income from other activities 5 - - - 22,549
Total income 1,347,790 92,980 1,440,770 2,281,712
Expenditure on:
Raising funds 6 111,330 - 111,330 187,747
Governance Costs 17,391 17,391
Charitable activities: 6
International Project C 224,210 1,443 225,653 233,291
International Project E 174,966 36,030 210,996 211,085
-
International Project F 62,315 62,315 168,861
International Project G 134,681 49,503 184,184 124,049
- - -
International Project H 347,495
-
Research Department 230,780 230,780 287,492
Technology & Innovation Department 162,079 6,004 168,083 172,210
-
Programming & Operations Department 213,451 213,451 305,432
Total expenditure 1,331,203 92,980 1,424,183 2,037,662
Net income / (expenditure) for the year 7 16,587 - 16,587 244,050
Other gains / (losses) - Unrealised exchange
-
gain/(loss) (12,540) (12,540) (21,867)
Net movement in funds 4,047 - 4,047 222,183
Reconciliation of funds: 15
-
Total funds brought forward 451,859 451,859 229,676
Total funds carried forward 455,906 - 455,906 451,859
----- End of picture text -----

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.

Page | 11

Videre Est Credere Balance sheet As at 31 December 2020

Note
Fixed assets:
10
Current assets:
11
Liabilities:
12
15
Total unrestricted funds
Debtors
Funds
General funds
Total funds
Unrestricted funds:
Designated funds
Restricted funds
Tangible assets
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current assets / (liabilities)
Total net assets / (liabilities)		 2020
£
65,208
561,587
626,795
(173,837)
455,906		 2020
£
2,948
452,958
455,906
455,906
455,906		 2019
£
48,012
488,780
536,792
(87,652)
-
451,859		 2019
£
2,719
449,140
451,859
451,859
451,859

The financial statements have been prepared in accordance with the special provisions for small companies under Part15 of the Companies Act 2006.

Approved by the trustees on 23rd September 2021 and signed on their behalf by:

David V Goldsworthy

Trustee

Company registration no. 06706030

The attached notes form part of the financial statements.

Page | 12

Videre Est Credere Statement of cash flows For the year ended 31 December 2020

----- Start of picture text -----
Note 2020 2020 2019 2019
£ £ £ £
Cash flows from operating activities:
Net cash provided by / (used in) operating activities 16 75,189 244,429
Cash flows from investing activities:
Interest/ rent/ dividends from investments -
Sale/ (purchase) of fixed assets (2,382) (2,287)
-
Sale/ (purchase) of investments
Cash provided by / (used in) investing activities (2,382) (2,287)
Change in cash and cash equivalents in the year 72,807 242,142
Cash and cash equivalents at the beginning of the year 488,780 246,638
Change in cash and cash equivalents due to
exchange rate movements
Cash and cash equivalents at the end of the year 17 561,587 488,780
----- End of picture text -----

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Videre Est Credere Notes to the financial statements For the year ended 31 December 2020

1 Accounting policies

a) Basis of preparation

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 Companies Act 2006.

The charitable company 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) Reconciliation with previously Generally Accepted Accounting Practice (GAAP) In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was required.

c) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

d) Income

Income 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 government and other 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.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

e) Donations of gifts, services and facilities

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.

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Videre Est Credere Notes to the financial statements For the year ended 31 December 2020

1 Accounting policies

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

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Allocation of support costs

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. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Freehold property 2% Fixtures and fittings 25% Computer equipment 33% Motor vehicles 25%

l) Listed investments

m) Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

n) 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.

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Videre Est Credere Notes to the financial statements For the year ended 31 December 2020

1 Accounting policies

o) Cash at bank and in hand

p) 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.

q) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

r) Pensions

The charity operates a defined contribution pension scheme.

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Videre Est Credere Notes to the financial statements For the year ended 31 December 2020

----- Start of picture text -----
2 Detailed comparatives for the statement of financial activities
2019 2019 2019
Unrestricted Restricted Total
£ £ £
Income from:
-
Donations and legacies 1,627,880 1,627,880
Charitable activities:
-
International Project C 21,282 21,282
International Project E 209,115 209,115
International Project F 46,434 46,434
-
International Project H 347,495 347,495
-
Technology & Innovation Department 6,957 6,957
Income from other activities 22,549 22,549
Total income 1,650,429 631,283 2,281,712
Expenditure on:
-
Raising funds 187,747 187,747
Charitable activities: -
International Project C 212,009 21,282 233,291
International Project E 1,970 209,115 211,085
International Project F 122,427 46,434 168,861
International Project G 124,049 124,049
-
International Project H 347,495 347,495
-
Research Department 287,492 287,492
Technology & Innovation Department 165,253 6,957 172,210
-
Programming & Operations 305,432 305,432
Total expenditure 1,406,379 631,283 2,037,662
-
Net income / expenditure 244,050 244,050
-
Other gains / (losses) (21,867) (21,867)
Net movement in funds 222,183 - 222,183
Total funds brought forward 229,676 229,676
Total funds carried forward 451,859 - 451,859
3 Income from donations and legacies
2020 2019
Unrestricted Restricted Total Total
£ £ £ £
Gifts 1,347,790 - 1,347,790 1,627,880
Donated services - -
-
1,347,790 1,347,790 1,627,880
----- End of picture text -----

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Videre Est Credere Notes to the financial statements For the year ended 31 December 2020

4 Income from charitable activities

International Project C
International Project E
International Project F
International Project G
International Project H
Research Department
Technology & Innovation Department
Total income from charitable activities
5
Income from other activities
Partnerships/Consultancies		 Unrestricted
£
-
-
-
-
-
-
-
-
Unrestricted
£
-
-		 £
1,443
36,030
-
49,503
-
-
6,004
92,981
£
-
-
Restricted
Restricted		 2020
Total
£
1,443
36,030
-
49,503
-
-
6,004
92,981
2020
Total
£
-
-		 2019
Total
£
21,282
209,115
46,434
-
347,495
-
6,957
631,283
2019
Total
£
22,549
22,549

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Videre Est Credere

Notes to the financial statements For the year ended 31 December 2020

6 Analysis of expenditure

Basis of
allocation
Staff & Consultants
Direct
Advise & Professional Services
Direct
Network Management & Training
Direct
Equipment
Direct
Local Office costs
Direct
Travel
Direct
Overheads
Indirect
Total expenditure 2020
Total expenditure 2019		 Governance
Costs
International
Project C
International
Project E
International
Project F
International
Project G
International
Project H
Research
Department
Technology &
Innovation
Department
Programming
& Operations
Department
2020 Total
2019 Total
£
£
£
£
£
£
£
£
£
£
£
£
102,003
3,922
177,262
155,090
-
136,600
-
205,370
121,768
178,648
1,080,663
1,220,413
7
11,288
1,486
91
62,315
282
-
3,740
-
2,021
81,230
224,931
-
-
15,519
25,947
-
22,696
-
-
-
-
64,162
91,594
10
-
2,753
4,407
-
463
-
619
34,347
1,796
44,395
48,179
1,624
1,080
8,217
9,238
-
12,209
-
1,474
826
9,948
44,616
79,534
714
12
6,282
3,007
-
397
-
5,121
613
7,668
23,814
184,693
6,972
1,089
14,134
13,216
-
11,537
-
14,456
10,529
13,370
85,303
188,318
111,330
17,391
225,653
210,996
62,315
184,184
-
230,780
168,083
213,451
1,424,183
187,747
-
233,291
211,085
168,861
124,049
347,495
287,492
172,210
305,432
2,037,662
Cost of raising
funds
Charitable activities

Of the total expenditure, £1,331,203 was unrestricted (2019: £1,406,379) and £92,980 was restricted (2019: £ 631,283).

Basis of
allocation
Staff & Consultants
Direct
Advise & Professional Services
Direct
Network Management & Training
Direct
Equipment
Direct
Local Office costs
Direct
Travel
Direct
ODCs
Direct
Overheads
Indirect
Total expenditure 2019		 International
Project A
International
Project B
International
Project C
International
Project D
International
Project E
International
Project F
International
Project G
International
Project H
Research
Department
Technology &
Innovation
Department
Programming
& Operations
Department
2019 Total
£
£
£
£
£
£
£
£
£
£
£
£
137,594
-
-
121,782
-
117,409
122,744
69,312
88,434
231,296
110,532
221,310
1,220,413
14,376
-
-
1,467
-
13
9,045
76
188,870
4,152
-
6,932
224,931
-
-
-
28,353
-
48,745
-
14,496
-
-
-
-
91,594
-
-
-
4,184
-
2,748
699
1,642
740
1,575
35,970
621
48,179
275
-
-
25,935
-
8,704
13,202
10,557
5,552
7,687
102
7,520
79,534
14,590
-
-
25,578
-
9,948
4,357
14,145
63,899
10,744
6,419
35,013
184,693
-
-
-
-
-
-
-
-
-
-
-
-
20,912
-
-
25,992
-
23,518
18,814
13,821
-
32,038
19,187
34,036
188,318
-
-
187,747
-
-
233,291
211,085
168,861
124,049
347,495
287,492
172,210
305,432
2,037,662
Cost of raising
funds
Charitable activities

Page | 19

Videre Est Credere Notes to the financial statements For the year ended 31 December 2020

7 Net income / (expenditure) for the year

This is stated after charging / (crediting):
Depreciation
Auditor's remuneration:
Audit fees
Foreign exchange gains / (losses)		 2020
2019
£
£
2,153
3,019
7,800
7,800
(12,540)
(21,867)
Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Operating costs of defined benefit pension schemes		 2020
2019
£
£
594,670
488,130
49,556
38,733
21,391
14,182
654
654
666,271
541,699

The following number of employees received employee benefits (excluding employer pension) during the year between:

£60,000 - £69,999
£70,000 - £79,999
£80,000 - £89,999		 2020
2019
No.
No.
1
-
2
2
1
1

The total employee benefits including pension contributions of the key management personnel were £236,882 (2019: £270,440).

Jacqueline Geis, one of the trustees, received remuneration of £84,000 (2019: £42,367 – appointed as CEO and Trustee on 30 June 2019) for the services provided as the charity’s Chief Executive Officer. No other charity trustees were paid or received any other benefits from employment with the company in the year (2019: £nil) neither were they reimbursed expenses during the year (2019: £nil). No charity trustees received payment for professional or other services supplied to the charity (2019: £nil).

Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

Raising funds
Charitable activities
Support
Governance		 2020
2019
No.
No.
1.00
1.00
7.00
6.00
2.50
2.50
0.50
0.50
11.00
10.00

This figure includes both staff members plus significant consultancy contracts.

Page | 20

Videre Est Credere Notes to the financial statements For the year ended 31 December 2020

9 Taxation

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

10
Tangible fixed assets
Cost
At the start of the year
Additions in year
At the end of the year
Depreciation
At the start of the year
Charge for the year
At the end of the year
Net book value
At the end of the year
At the start of the year
All of the above assets are used for charitable purposes.		 Total
£
£
15,331
15,331
2,382
2,382
17,713
17,713
12,612
12,612
2,153
2,153
14,765
14,765
2,948
2,948
2,719
2,719
Computer
equipment
11
Debtors
Other debtors
Prepayments
Accrued income
12
Creditors: amounts falling due within one year
Taxation and social security
Other creditors
Accruals
Deferred Revenue		 2020
2019
£
£
5,523
26,879
20,182
21,133
39,503
-
65,208
48,012
2020
2019
£
£
13,631
16,241
102,536
26,034
27,670
45,377
30,000
-
173,837
87,652

13 Pension scheme

Within 2020, eight Videre staff members took advantage of our pension scheme. The total employer's contributions to the UK-based pension scheme in 2020 were £21,391. There are no outstanding funds owed to the scheme.

Page | 21

Videre Est Credere Notes to the financial statements For the year ended 31 December 2020

14 Analysis of net assets between funds
General Total
unrestricted Designated Restricted funds
£ £ £ £
Tangible fixed assets 2,948 - - 2,948
Net current assets 452,958 - - 452,958
Net assets at the end of the year 455,906 - - 455,906
Analysis of net assets between funds of previous reporting period
Tangible fixed assets General
unrestricted
£
2,719		 Designated
£
-		 Restricted
£
-		 Total
funds
£
2,719
Net current assets 449,140 - - 449,140
Net assets at the end of the year 451,859 - - 451,859
15 Movements in funds
Restricted funds: £
At the start
of the year		 £
Income &
gains		 £
Expenditure
& losses		 Transfers
£		 £
At the end
of the year
International Project C - 1,443 1,443 - -
International Project E - 36,030 36,030 - -
International Project G - 49,503 49,503 - -
Technology & Innovation Department - 6,004 6,004 - -
Total restricted funds - 92,980 92,980 - -
General funds 451,859 1,347,790 1,343,743 - 455,906
Total unrestricted funds 451,859 1,347,790 1,343,743 - 455,906
Total funds 451,859 1,440,770 1,436,722 - 455,906
Movements in funds for previous reporting period
Restricted funds: £
At the start
of the year		 £
Income &
gains		 £
Expenditure
& losses		 Transfers
£		 £
At the end
of the year
International Project C - 21,282 21,282 - -
International Project E - 209,115 209,115 - -
International Project F - 46,434 46,434 - -
International Project H - 347,495 347,495
Technology & Innovation Department - 6,957 6,957 - -
Total restricted funds - 631,283 631,283 - -
General funds 229,676 1,650,429 1,428,246 - 451,859
Total unrestricted funds 229,676 1,650,429 1,428,246 - 451,859
Total funds 229,676 2,281,712 2,059,529 - 451,859

Page | 22

Videre Est Credere Notes to the financial statements For the year ended 31 December 2020

16 Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income / (expenditure) for the reporting period
(as per the statement of financial activities)
Depreciation
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
Net cash provided by / (used in) operating activities		 2020
2019
£
£
4,047
222,183
2,153
3,019
(17,196)
4,934
86,185
14,293
75,189
244,429

17 Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents		 Cash flows
£
£
£
£
488,780
72,807
-
561,587
488,780
72,807
-
561,587
At 1 January
2020
Other
changes
At 31
December
2020

18 Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Less than 1 year
1 - 5 years
Over 5 years		 Property
2020
2019
£
£
17,261
17,261
-
-
-
-
17,261
17,261

19 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.

20 Related party transactions

One of the trustees has loaned the charity £ 26,034 (2019: £ 26,034).

Page | 23