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2022-12-31-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 2022

Videre est Credere

Report and financial statements

For the year ended 31 December 2022

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 2022

Trustees: Mr Jonny Persey (Co-chair)
(as at the date of this report) Ms Rosa Curling (Co-chair)
Mr Uri Fruchtmann
Mr David Goldsworthy (Secretary)
Ms Roudabeh Kishi (appointed March 2022)
Mr Dylan Mathews (appointed March 2022)
Company Secretary: Jacqueline Geis (resigned June 2023)
Chief Executive: Jacqueline Geis (resigned June 2023)
Jesse Roberts (appointed June 2023 as Interim CEO)
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 (Closed on 30 June 2023)
IFX Payments (Opened on 30 June 2023)
33 Cavendish Square
London W1G 0PW

Page | 1

Videre est Credere

Trustees’ annual report

For the year ended 31 December 2022

The Trustees, who are also directors under company law, present their report and financial statements for the year ended 31 December 2022.

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, accountability bodies, 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:

  1. 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.

  2. EQUIP: We supply our local partners with custom-made video cameras and situation-specific technology.

  3. TRAIN: We build the capacity of our local partners by training them on security protocols, filming techniques and evidence verification.

  4. FILM: We guide our local partners in their efforts to capture compelling visuals from hard to access areas.

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Videre est Credere

Trustees’ annual report

For the year ended 31 December 2022

  1. VERIFY: We support partners’ information-gathering efforts through rigorous review and verification.

  2. DISTRIBUTE: We distribute information to those who can use it best, including international decisionmakers, 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, in recent years, Videre-supported projects have:

2022 IN FOCUS

The reporting period saw the continued implementation of our 2021-23 strategic plan, which was based on an exhaustive internal and external evaluation of our work and impact. The strategy centres on four overarching 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.

This strategy resulted in a range of impacts, including:

Page | 3

Videre est Credere

Trustees’ annual report

For the year ended 31 December 2022

OUR FUTURE

At a time when global democracy is in retreat, and trusted information is increasingly hard to come by, our work to shine a light in parts of the world others cannot reach is ever more critical. As long as there are fearless local activists and community leaders determined to expose these abuses – and challenge those who would cover them up – Videre will be there to support and sustain their extraordinary work.

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 and grants, the income from which was £1,644,997 (2021: £1,006,480). Governance costs are mainly related to the Charity’s oversight functions.

The overall movement in funds for the period was £324,624 (2021: -£350,972).

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.

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, liabilities, or 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; proper security for our staff and consultants should unforeseen emergencies arise; and 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. As of 31 December 2022, organisational free reserves were at £298,624.

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 bolster the reserves position. As of 31 December 2022, the outstanding loan amount is £26,115.

Page | 4

Videre est Credere

Trustees’ annual report

For the year ended 31 December 2022

Going Concern. The Board have examined the organisational financing for the next 12 months and have assured themselves that the predictions being made by senior management of the Charity are realistic and prudent. Accordingly, the Board can confirm that they consider the organisation to be 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.

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.

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

Mr Jonny Persey (Co-chair) Ms Rosa Curling (Co-chair) Mr Uri Fruchtmann

Mr David Goldsworthy (Secretary)

Ms Roudabeh Kishi (appointed March 2022) Mr Dylan Mathews (appointed March 2022)

Page | 5

Videre est Credere

Trustees’ annual report

For the year ended 31 December 2022

In 2021, Videre established the Stichting Videre est Credere Netherlands, a non-profit Foundation incorporated in The Netherlands and registered with the trade register. Stichting Videre est Credere Netherlands is a separate legal entity from Videre est Credere, however David Goldsworthy (above) holds a board position with both entities. Videre est Credere provides support to the Stichting Videre est Credere Netherlands in the form of services to its Board and assistance with fundraising activities.

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:

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 exceeding £10 to the assets of the Charity in the event of winding up. The total number of such guarantees at 31 December 2022 was 6 (2021: 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.

Page | 6

Videre est Credere

Trustees’ annual report

For the year ended 31 December 2022

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 22 September 2023, and signed on their behalf by:

Rosa Curling, Co-chair

Jonny Persey, Co-chair

Page | 7

Independent auditors’ report

To the members of Videre est Credere

Opinion

We have audited the financial statements of Videre est Credere (the ‘charitable company’) for the year ended 31 December 2022 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 2022 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.

Page | 8

Independent auditors’ report

To the members of Videre est Credere

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.

Page | 9

Independent auditors’ report

To the members of Videre est Credere

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance 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 non-compliance. 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) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG

13 October 2023

Page | 10

Videre Est Credere Statement of financial activities (incorporating an income and expenditure account) For the year ended 31 December 2022

Note
Income from:
Donations and legacies
3
Charitable activities:
4
International Project C
International Project E
International Project G
International Project I
International Project J
International Project W
Total income
Expenditure on:
Raising funds
5
Charitable activities:
5
International Project C
International Project E
International Project G
International Project I
International Project J
International Project P
International Project W
Research Department
Technology & Innovation Department
Programming & Operations Department
Total expenditure
Other gains / (losses) - Unrealised exchange
gain/(loss)
Net movement in funds
Reconciliation of funds:
14
Total funds brought forward
Total funds carried forward
Net income / (expenditure) before other
recognised gains and losses		 Unrestricted
funds
£
1,173,853
-
-
-
-
-
1,173,853
67,482
126,881
211,174
112,791
82,154
-
11,854
-
85,969
130,892
83,013
912,210
261,643
10,281
271,924
26,700
298,624		 Restricted
funds
£
-
3,723
-
98,500
-
349,128
19,793		 2022
Total
funds
£
1,173,853
3,723
-
98,500
-
349,128
19,793		 2021
Total
funds
£
436,254
4,915
28,592
325,264
29,460
181,995
-
471,144 1,644,997 1,006,480
-
3,723
-
58,947
-
340,982
-
14,792
-
-
-		 67,482
130,604
211,174
171,738
82,154
340,982
11,854
14,792
85,969
130,892
83,013		 97,658
132,597
170,509
372,628
63,475
103,761
-
-
132,189
145,639
135,823
418,444 1,330,654 1,354,279
52,700
-		 314,343
10,281		 (347,799)
(3,173)
52,700
78,234		 324,624
104,934		 (350,972)
455,906
130,934 429,558 104,934

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 2022

Note
Fixed assets:
9
Current assets:
10
Liabilities:
11
14
Total unrestricted funds
Total net assets
Tangible assets
Total assets less current liabilities
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current assets
Funds
General funds
Total funds
Unrestricted funds:
Restricted funds		 2022
£
244,829
287,313		 2022
2021
£
£
1,671
34,197
171,143
205,340
(104,392)
427,887
429,558
429,558
78,234
26,700
298,624
429,558		 2021
£
3,986
100,948
532,142
(104,255)
130,934
298,624
104,934
104,934
26,700
104,934

The financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

Approved by the trustees on 22 September 2023 and signed on their behalf by:

Rosa Curling Jonny Persey Co-Chair Co-Chair

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 2022

Note
2022
£
Cash flows from operating activities:
Net cash provided by / (used in) operating activities
15
Cash flows from investing activities:
Sale/ (purchase) of fixed assets
-
Cash provided by / (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
16
Change in cash and cash equivalents due to exchange
rate movements		 Note
2022
£
Cash flows from operating activities:
Net cash provided by / (used in) operating activities
15
Cash flows from investing activities:
Sale/ (purchase) of fixed assets
-
Cash provided by / (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
16
Change in cash and cash equivalents due to exchange
rate movements		 2022
2021
2021
£
£
£
105,889
(382,710)
(4,561)
-
(4,561)
105,889
(387,271)
171,143
561,587
10,281
(3,173)
287,313
171,143

Page | 13

Videre Est Credere Notes to the financial statements For the year ended 31 December 2022

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.

Page | 14

Videre Est Credere Notes to the financial statements For the year ended 31 December 2022

1 Accounting policies

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

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

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.

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 £1,000. 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:

l) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities.

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.

Page | 15

Videre Est Credere Notes to the financial statements For the year ended 31 December 2022

1 Accounting policies

o) Cash at bank and in hand

p) Creditors and provisions

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.

Page | 16

Videre Est Credere

Notes to the financial statements For the year ended 31 December 2022

2
Detailed comparatives for the statement of financial activities
2021
£
Income from:
Donations and legacies
436,254
Charitable activities:
International Project C
-
International Project G
-
International Project I
-
International Project J
-
Total income
436,254
Expenditure on:
Raising funds
97,658
Charitable activities:
International Project C
127,682
International Project E
141,917
International Project G
47,364
International Project I
34,015
International Project J
-
Research Department
132,189
Technology & Innovation Department
145,639
Programming & Operations
135,823
Total expenditure
862,287
Net income / expenditure
(426,033)
(426,033)
Other gains / (losses)
(3,173)
Net movement in funds
(429,206)
Total funds brought forward
455,906
Total funds carried forward
26,700
3
Income from donations and legacies
£
£
Gifts
1,173,853
Donated services
-
1,173,853
-
4
Income from charitable activities
Unrestricted
£
£
International Project C
-
3,723
International Project E
-
-
International Project G
-
98,500
International Project I
-
-
International Project J
-
349,128
International Project W
-
19,793
Total income from charitable activities
-
471,144
Restricted
Restricted
Unrestricted
Unrestricted
Net income / (expenditure) before other
recognised gains and losses		 2021
£
-
4,915
325,264
29,460
181,995
570,226
4,915
28,592
325,264
29,460
103,761
-
-
-
491,992
78,234
78,234
-
78,234
-
78,234
2022
Total
£
1,173,853
-
1,173,853
2022
Total
£
3,723
-
98,500
-
349,128
19,793
471,144
Restricted		 2021
Total
£
436,254
4,915
325,264
29,460
181,995
1,006,480
97,658
132,597
170,509
372,628
63,475
103,761
132,189
145,639
135,823
1,354,279
(347,799)
(347,799)
(3,173)
(350,972)
455,906
104,934
2021
Total
£
436,254
436,254
2021
Total
£
4,915
28,592
325,264
29,460
181,995
-
570,226

Page | 17

Notes to the financial statements

For the year ended 31 December 2022

Videre Est Credere

5 Analysis of expenditure

Staff & Consultants
Advise & Professional Services
Network Management & Training
Equipment
Local Office costs
Travel
Overheads
Total expenditure 2022
Total expenditure 2021		 Basis of
allocation
Direct
Direct
Direct
Direct
Direct
Direct
Indirect		 International
Project C
International
Project E
International
Project G
International
Project I
International
Project J
International
Project P
International
Project W
Research
Department
Technology &
Innovation
Department
Programming
& Operations
Department
2022 Total
2021 Total
£
£
£
£
£
£
£
£
£
£
£
£
£
49,320
95,164
148,856
114,527
31,547
278,070
4,552
13,448
74,987
95,373
68,558
974,402
1,018,931
11,251
-
-
4,051
255
16,624
1,278
-
309
-
291
34,059
22,302
-
11,699
34,745
17,015
40,652
-
546
-
-
-
-
104,657
92,286
-
362
2,614
990
930
5,112
813
-
787
19,944
1,155
32,707
37,071
56
3,928
10,760
19,137
1,763
929
244
-
158
2,230
3,421
42,626
44,283
720
8,675
3,381
405
228
9,249
3,443
-
963
-
1,125
28,189
32,619
6,135
10,776
10,818
15,613
6,779
30,998
978
1,344
8,765
13,345
8,463
114,014
106,787
Cost of
raising
funds		 International
Project C
International
Project E
International
Project G
International
Project I
International
Project J
International
Project P
International
Project W
Research
Department
Technology &
Innovation
Department
Programming
& Operations
Department
2022 Total
2021 Total
£
£
£
£
£
£
£
£
£
£
£
£
£
49,320
95,164
148,856
114,527
31,547
278,070
4,552
13,448
74,987
95,373
68,558
974,402
1,018,931
11,251
-
-
4,051
255
16,624
1,278
-
309
-
291
34,059
22,302
-
11,699
34,745
17,015
40,652
-
546
-
-
-
-
104,657
92,286
-
362
2,614
990
930
5,112
813
-
787
19,944
1,155
32,707
37,071
56
3,928
10,760
19,137
1,763
929
244
-
158
2,230
3,421
42,626
44,283
720
8,675
3,381
405
228
9,249
3,443
-
963
-
1,125
28,189
32,619
6,135
10,776
10,818
15,613
6,779
30,998
978
1,344
8,765
13,345
8,463
114,014
106,787
Cost of
raising
funds
67,482
130,604
211,174
171,738
82,154
340,982
11,854
14,792
85,969
130,892
83,013		 1,330,654
1,354,279
97,658
132,597
170,509
372,628
63,475
103,761
-
-
132,189
145,639
135,823		 1,354,279
Of the total expenditure, £912,210 wa s unrestricted (2021: £862,287) and £418,444 was restricted (2021: £491,992).

Analysis of expenditure 2021

Analysis of expenditure 2021
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 2021		 Cost of
raising
International
Project C
International
Project E
International
Project G
International
Project I
International
Project J
Research
Department
Technology
& Innovation
Department
Programming
& Operations
Department2021 Total2020 Total
£
£
£
£
£
£
£
£
£
£
£
83,843
96,701
109,591
289,526
18,402
81,203
114,940
107,382
117,343
1,018,931
1,080,663
3,563
1,644
-
4,077
-
10,961
1,623
-
434
22,302
81,230
-
11,700
32,680
28,553
19,353
-
-
-
-
92,286
64,162
51
1,345
3,364
1,286
3,869
2,564
638
23,038
916
37,071
44,395
20
4,143
8,847
19,441
4,972
77
143
1,923
4,717
44,283
44,616
2,481
6,609
2,582
363
11,874
774
4,422
1,812
1,702
32,619
23,814
7,700
10,455
13,445
29,382
5,005
8,182
10,423
11,484
10,711
106,787
85,303
-
International
Project C
International
Project E
International
Project G
International
Project I
International
Project J
Research
Department
Technology
& Innovation
Department
Programming
& Operations
Department2021 Total2020 Total
£
£
£
£
£
£
£
£
£
£
96,701
109,591
289,526
18,402
81,203
114,940
107,382
117,343
1,018,931
1,080,663
1,644
-
4,077
-
10,961
1,623
-
434
22,302
81,230
11,700
32,680
28,553
19,353
-
-
-
-
92,286
64,162
1,345
3,364
1,286
3,869
2,564
638
23,038
916
37,071
44,395
4,143
8,847
19,441
4,972
77
143
1,923
4,717
44,283
44,616
6,609
2,582
363
11,874
774
4,422
1,812
1,702
32,619
23,814
10,455
13,445
29,382
5,005
8,182
10,423
11,484
10,711
106,787
85,303
-
97,658 132,597
170,509
372,628
63,475
103,761
132,189
145,639
135,823		 1,354,279
1,424,183
97,658 132,597
170,509
372,628
63,475
103,761
132,189
145,639
135,823		 1,354,279

Of the total expenditure, £862,287 was unrestricted (2020: £1,331,203) and £491,992 was restricted (2020: £92,980).

Page | 18

Videre Est Credere Notes to the financial statements For the year ended 31 December 2022

6 Net income / (expenditure) for the year

This is stated after charging / (crediting):
Depreciation
Loss / (profit) on disposal of fixed assets
Auditor's remuneration:
Audit fees
Foreign exchange gains / (losses)		 2022
2021
£
£
2,315
3,523
6,500
6,500
10,281
(3,173)

7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

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		 2022
2021
£
£
598,625
614,253
55,771
52,065
23,962
21,971
654
654
679,012
688,943

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		 2022
2021
No.
No.
-
1
2
2
1
1

The charity's key management personnel are considered to be the senior management team (SMT) comprising at 31st December 2022 the CEO, and the Senior Directors of Strategic Development and Programming & Operations. Their total remuneration including NI & pension contributions amounted to £256,664 (2021 £255,723).

Staff numbers

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

Raising funds
Trading
Charitable activities
Support
Governance		 2021
2020
No.
No.
1.00
1.00
-
-
8.00
7.00
2.50
2.50
0.50
0.50
12.00
11.00

This figure includes both staff members plus significant consultancy contracts.

Page | 19

Videre Est Credere Notes to the financial statements For the year ended 31 December 2022

8 Taxation

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

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
£
£
22,274
22,274
-
-
Computer
equipment
22,274
22,274
18,288
18,288
2,315
2,315
20,603
20,603
1,671
1,671
3,986
3,986

9 Tangible fixed assets

10 Debtors

Trade debtors
Other debtors
Prepayments
Accrued income
Creditors: amounts falling due within one year
Taxation and social security
Other creditors
Accruals
Deferred Revenue		 2022
2021
£
£
3,026
6,991
10,935
17,936
230,868
9,270
244,829
34,197
2022
2021
£
£
30,051
15,419
34,214
56,890
39,990
32,083
-
104,255
104,392

11 Creditors: amounts falling due within one year

12 Pension scheme

Nine Videre staff members have taken advantage of our pension scheme. The total employer's contributions to the UK-based pension scheme in 2022 were £23,962. There are no outstanding funds owed to the scheme.

Page | 20

Videre Est Credere Notes to the financial statements For the year ended 31 December 2022

13 Analysis of net assets between funds

General Total
unrestricted Designated Restricted funds
£ £ £ £
Tangible fixed assets 1,671 - - 1,671
Net current assets 296,953 - 130,934 427,887
Net assets at the end of the year 298,624 - 130,934 429,558
Analysis of net assets between funds of previous reporting period
General Total
unrestricted Designated Restricted funds
£ £ £ £
Tangible fixed assets 3,986 - - 3,986
Net current assets 22,714 - 78,234 100,948
Net assets at the end of the year 26,700 - 78,234 104,934
14 Movements in funds
At the start Income & Expenditure At the end
of the year gains & losses Transfers of the year
£ £ £ £ £
Restricted funds:
International Project C - 3,723 3,723 - -
International Project E - - -
International Project G - 98,500 58,947 - 39,553
International Project W - 19,793 14,792 - 5,001
International Project J 78,234 349,128 340,982 - 86,380
Total restricted funds 78,234 471,144 418,444 - 130,934
Unrestricted funds:
General funds 26,700 1,173,853 901,929 - 298,624
Total unrestricted funds 26,700 1,173,853 901,929 - 298,624
Total funds 104,934 1,644,997 1,320,373 - 429,558
Movements in funds for previous reporting period
At the start Income & Expenditure At the end
of the year gains & losses Transfers of the year
£ £ £ £ £
Restricted funds:
International Project C - 4,915 4,915 - -
International Project E - 28,592 28,592 - -
International Project G - 325,264 325,264 - -
International Project I - 29,460 29,460 - -
International Project J - 181,995 103,761 - 78,234
Total restricted funds - 570,226 491,992 - 78,234
Unrestricted funds:
General funds 455,906 436,254 865,460 - 26,700
Total unrestricted funds 455,906 436,254 865,460 - 26,700
Total funds 455,906 1,006,480 1,357,452 - 104,934

Page | 21

Videre Est Credere Notes to the financial statements For the year ended 31 December 2022

15 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		 2022
2021
£
£
314,343
(347,799)
2,315
3,523
(210,632)
31,011
(137)
(69,445)
105,889
(382,710)

16 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
£
£
£
£
171,143
116,170
-
287,313
At 1 January
2022
Other
changes
At 31
December
2022
171,143
116,170
-
287,313

17 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
2022
2021
£
£
7,578
10,080
-
-
-
-
7,578
10,080

18 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.

19 Related party transactions

There were no related party transactions during the year.

Page | 22