## **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.
Page | 2
**Videre est Credere**
## **Trustees’ annual report**
## **For the year ended 31 December 2022**
5. **VERIFY:** We support partners’ information-gathering efforts through rigorous review and verification.
6. **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:
- Exposed crimes against humanity.
- Changed the policy focus of a large UN mission, bringing frontline community concerns around land ownership onto the larger, international agenda.
- Uncovered first-hand evidence of extra-judicial killings.
- Secured land and agricultural rights for farmers, whose lands had been taken over by governmentowned businesses.
- Documented systematic intimidation and coercion by government forces during elections, leading to official responses and tactical changes.
- Provided the UN with clear evidence of collusion between government forces and armed rebel groups, deepening investigations and demonstrating repeated systematic abuses.
- Mobilised international action, changed policy direction of major international actors, and established fact patterns for prosecutions.
- Exposed flaws in a multi-country certification scheme intended to prevent conflict minerals entering supply chains bolstering advocacy efforts.
- Supplied critical evidence of war crimes and crimes against humanity that led to an arrest warrant for a notorious warlord.
## **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:
- Revealing corruption in the supply of water and electricity in Nairobi’s slums, resulting in the city’s governor, the Minister of Water, and the Water Police Unit committing to take action to address these abuses. Through a four-part television series, this work won two African journalism awards: the Continental Award and the African Prize for Investigative Journalism.
- Restoring land to Eswatini farmers forcibly evicted by the Royal Swazi Sugar Corporation. Having documented the land grab, we brought together a broad coalition to take this legal case on, with the legal victory secured in 2022.
Page | 3
**Videre est Credere**
**Trustees’ annual report**
## **For the year ended 31 December 2022**
- Supplying our materials to an UN-mandated investigative mechanism detailing state-sanctioned discrimination and exploitation to support the preparation of case files to hold perpetrators of these atrocities to account.
- Uncovering failures in a mineral traceability scheme, meaning conflict minerals were entering global supply chains. Our information prompted action at the OECD forum on responsible mineral supply chains, and forced the Responsible Minerals Initiative to remove the scheme from its list of approved upstream assurance mechanisms.
- Exposing arbitrary detention, torture and killings of perceived opponents by a national government, which led the United States to urge the national government to " _conduct credible investigations into these allegations and hold accountable those responsible_ ".
## **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:
- Operational performance, including health and safety risk to our staff, volunteers and contractors.
- • Financial sustainability, including stability and security of income.
- Meeting organisational and project-specific aims and objectives.
- Meeting the needs and expectations of our beneficiaries and supporters.
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:
- Select suitable accounting policies and then apply them consistently.
- Observe the methods and principles in the Charities SORP.
- Make judgements and estimates that are reasonable and prudent.
- State whether applicable UK Accounting Standards and statements of recommended practice 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 Charity will continue in operation.
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:
- There is no relevant audit information of which the charitable company’s auditors are unaware; and
- • The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
## **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:
- the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the trustees’ report (incorporating the directors’ report) have been prepared in accordance with applicable legal requirements.
## **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:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us;
- the financial statements are not in agreement with the accounting records and returns;
- certain disclosures of trusteesʼ remuneration specified by law are not made; or
- we have not obtained all the information and explanations necessary for the purposes of our audit.
- The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report.
## **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 enquired of management, which included obtaining and reviewing supporting documentation,
- concerning the charity’s policies and procedures relating to:
- Identifying, evaluating, and complying with laws and regulations and whether they were aware of
- any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual,
- suspected, or alleged fraud;
- The internal controls established to mitigate risks related to fraud or non-compliance with laws and
- regulations.
- We inspected the minutes of meetings of those charged with governance.
- We obtained an understanding of the legal and regulatory framework that the charity operates in,
- focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
● We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
- We performed analytical procedures to identify any unusual or unexpected relationships that may
- indicate risks of material misstatement due to fraud.
● 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:
- Costs of raising funds comprise of trading costs and the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
- Expenditure on charitable activities includes the costs of delivering services and other activities undertaken to further the purposes of the charity and their associated support costs.
- Other expenditure represents those items not falling into any other heading.
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:
- ˜ Freehold property 2% ˜ Fixtures and fittings 25% ˜ Computer equipment 33% Motor vehicles 25%
## **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**
- 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.
## **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.
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
Department**2021 Total**2020 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
Department**2021 Total**2020 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