Registered nurnber.. 1172S483 Charity number: 1186433 GLOBAL CHANGE DATA LAB {A company limited by guarantee) TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 *AAEIPDI3' 2910912021 COKIPANIES HOUSE A03 #282 GLOBAL CHANGE DATA LAB IA company limited by guarnnteel CONTENTS Page Reference and administrative details of the Charity. its Trustee5 and advisers Trustees. report 2-10 Independent auditors. report on the financial staternents ststement of financial activities 15 8alance sheet 16-17 Statement of cash flows 18 Notes to the financial statements 19-27 GLOBAL CHANGE DATA LA8 IA company limitèd by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020 Trustees Dr Antonio Slefano Carla Professor Wendy Carkn Sir David Hendry Company regislered number 11725483 Charity registered number 1186433 Registered office 7 The Villas Rulherway Oxford OX2 6QY Company secretary Or Max Roser Indepèndent auditors Goodman Jones LLP Chartered Accountants 29130 Frtzroy Square London W1T6LQ Bankers Melro Bank One Southampton Row London WC1B SHA Page 1 GLOBAL CHANGE DATA LAB IA company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The Trustees present their annual report together Wrth the audited financial slalements of the Charrty for the 1 January 2020 10 31 December 2020. The Annual report serves the purposes of both a Trustees, report and a direclor5' report under company law. The Trustees confirm that the Annual report and financial slalemenls of the charitable company comply wrth the current Statutory requirements. the requirements of the charrtable companls governing document and Ihe provisions of the Slalemenl of Recommended Practice {SORPI applicable to charities preparing Iheir accounls in accoféance wrth the Financial Reporting Standard applicable in Ihe UK and Republ￿ of Ireland IFRS1021 (effective 1 January 20191_ Since the Charity qualifies as Small under section 382 of the Companies Act 2006, the Strategic report ieqvired of medium and large cornpanies under the Companie5 Act 2006 (Strategic Report and Directors, Reporti Regulalions 2013 has been omitted. Objectives and activitiès a. Policies and objectives Global Change Data Lab IGCDLI is an educational charity a focus on large global prciblems and international development. GCDL'S flagship pioject is the web publication Our Wodd in Data, where we focus on communicating (Jala and research to rnake prc¥Jres5 against the world's largest problems. GCDL'S objects are ststed as.- 'The advancement of public e(lucat¢on in the field of how global I￿vIng conditions and the earth's enmronment are changing. in partrular. but not exclusivety. through the Pr￿UctIOn an¢J maintenance of public online resources. presenfing objective. impartial research and rigorous factual analysis. full, accurate and relevant infomialion lo assist such public understanding and to inform and improve the quality ol public debate.. In setting objectives antt planning for activities. the Trustees have gNen due consKJeration to general guidance published by the Chaiity Commission relating to public benefil. i￿luding the guhlance 'PUbl￿ benefit.. running a charity IPB21'. b. Strategies for achieving objectives GCDL was incorporated on 13 December 2018. $0 the current period, ending 31 December 2020, covers the second year of GCDL'S activities and opeialions. During this period we slrudured our work around five core strategie5". Prioril settin pandemic. Core roduct develo menl, lo meet demand for data. research and edu¢*ional conlenl on the Cov¢d-19 pandemic. and al the same tirne continue expanding Our Wortd in Dala in other areas", eralive and inslrtulional ca ac lo ¢onsolKlale polKie5. Systems an¢J protocols that enable GCDL to deliver and expand. Research artnershi s. lo support GCDL and ensure all of our educational materials accurately refled state-of-the-art Scientif￿ standards. Financial ca lo secure funds for a larger operation. allawing a longer runway with mulli-year product planning. and team restruclvri to arlapl to the unique challenges brought by the Covid-19 Page 2 GLOBAL CHANGE DATA LAB IA company limited by guarantee) TRUSTEES, REPOR T (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Objectives and activities Icontinuedl . Main activitie5 undertaken to fvrther the Charity's purposes for the publi¢ b.ènefit Priorrt settin At the beginning of 2020 r( became clear that CovNJ-19 I￿VId require setting new prionlies for GCDL. The rnajor gaps in the available data and the poor comMun￿￿10n from several key instrtutions made evident that GCDL. and in particular our flagship proied Our World in Data. could play an Mnportant role to fill gaps and help make Covid-19 data accessible and understandable throughout the workj. Al the end of February 2020 we defined a new strategi¢ area f¢Kused on Covid-19. and in Mar¢h 2020 we launched our first set of online resources. We initially covered data on ¢onfirmed cases, deaths. and testing, and laler in the year we expanded to cover Ihe vaccination rolk)ut. As we explain In more detail bel￿. under Achievements and Performance, this work was very well received. The success and high viwbility of our CovKI-19 woth. arvj the very fast-paced evolution of the pandemic around the world. required us to design and implement a new organisalional structure early in the year. We recruited new colleagues, created. a Data Management team, and implemented new workflows. Thi5 was necessary both lo attend to the new and increasing demand foi dats. research and eilucational Content On the Covid-19 pandemic, and at the same time to ensure that we h*1 iesour¢es and operational ¢apa¢ity to maintairt and expand Our World in Dat8 in other areas. Core roducl dev lo ment During this period we focused on [￿Jr main areas lo develop GCDL'S core products. The first area was the production ol new material and ¢ontenl in Our Wohd in Data". We created. published and maintained hundreds of new dataset reports. interactive daia Msualizations and articles about Covid-19_ We also updated some of our most wdely read work- including the pages on C02 emissKsns, Energy. Child Mortalrty and Cancer," and we additionally produced new Our Worfd in Dala enliies. including new pages on Social Connections and Loneliness. Marriage5 and Divorces, and much more. Overall, we published 25 new lopic entries and 45 new blog posts, and nearty all of these articles had more than 20,000 pageviews each. This shows Ihat despite our additional work on Cowd-19, we were able to deliver on other topi￿ and even exceed our largels frthm 2019_ The second product development area vrds data managemenl and data eXpl￿allOn tools." We produced new data exploration ILy)Is. tncluding a CoviLY Data Explorer and a C02 Data Explorei. We tjesigned and implemented a new Data Management System in GrtHub. We also improved the Wordpress Content Management Systems used by our authors to publish articles in Our Wortd in Data. The Ihirtj a￿a was $oltsYare planning and development.. We tested and then did an overhaul of the existing codebase behind the OWID Grapher, which 15 the main soffv4are engine powering all data visualrLalions in Our Worfd in Data. We a150 developed new fealures across many interactive data wsualEalions. and we updated the long- temi roadmap of the GCDL'S internal and publt-facing online tools. And the fourth area content discoverability. We revamped our newsletter by rnaking changes lo the S￿3n&up and publtalion system. Among other things, our newsletter now has 'segmenls' that alknv readers to choose the frequency of notif￿allOnS. We grouped and listed all our inleiaclive data wsualÉzalions in a new section In each relevant Our Wortd in Data page. so that we offer ￿aderS a qui¢k overview of all the relevant data for any Page 3 GLOBAL CHANGE DATA LAB IA Company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 Oblectives and a¢tivities lcontinuedl given topic in one place. We introduced "prcxninent links" in our articles. lo highjight relevant relationships betsveen research and data. and promote cr￿5-topiC navigation. Overall, the product development work that we conduded in the context of the Covid-19 pandemic wa5 by far the most important and significant, both in terms of the time and resour￿5 spent. and in terms of impact. This work, which was mainly funded wth a grant from the Department of Health arbd Socol Care In the United Kingdom, involved effort across all focus areas. We provide here a SL¥nmary of the main outputs frorn this important prc4ecl. New COV￿-19 Testing Dataset (https.'//ourwortdirJdata.org/coronavirus-testirw) We erealed a new dataset bringing together official data on the extent of Covid-19 Testing over Ime across the world (we currently cover 130 counlriesl. Data on the extent of le5ting is critbcal to understand the global pandemic. because it is only possible to make sense of the reported numbers of confirmed cases in light ol how much testing a ¢ountry does. This dataset Is updated regularty through a combination ol automated scraping and manual data collection and verification. It is entiiely replicable. with sources provmled for each observats"on. This work was peer-reviewed and published in the scientific journal Nature scientif￿ Data.. https".11￿V.na1Ufe.comIartlcIes1s4lS97412I￿(￿￿8 New cov￿-19 Vaccination Data5el (hltps"//ourwortdind81a.ortovid-v8ccinalions) We created a new data5el bringing togelher official dats on the extent of Covid-19 VaGcinatK)ns over time acioss the wodd (we Current￿ Cover 210 lerritoriesl. An effective rollout ol va¢¢inations against COVID-19 offers the most promising prospect of bringing the pandemic lo an end. and it. is crucial lo have data to track the scale and rale of the vaccine rolbul. Our dalasel includes inforniation on the lolal number of vaccinations adminisleTed, first and second dose5 administered, daily vaccinalion rates and population-adjusled coveiage for all countries for which data are available. This datsbase is updated daily. We on a combination of automated s¢r3ping and manual collection and verification. The dalasel is entirely replicable, with sources provKled for each obserwalion This work was peer-reviewed and pUbl￿hed in the scientificjoumal Nature Hum8n Behaviour.. https".11￿1.naI￿re_c0m1artIcIeS/$4ls62-O2l-0ll22-8 New cov￿-19 Dala Explow(hllpS."//ou￿V0￿d¢ndala.o￿eXp1￿￿¢ornnaVlrus-dala-expl￿r) We created a new inleraclive tool bringing together key Covid-19 data which Gover the metrics needetJ to understand the evolution of the pandemic. This albws Comparisons across ¢ountries and lime. for multiple key epidemk)l¢gi¢al variables. We Cover confimed cases. dèaths. testing rates, vaccination rollout. hosprtalyzations data. and more. For all these metrics we allow users to switch beNveen absolule numbers. and per capits fi'gures. We curate, slandardise and build on data from external key sources. Including JHU CSSE and the European Centre for Disease Prevention and Control_ This 1$ combined with our own testing and vaccination datasels- as des¢nbed prewousty. New CovA(1-19 Country Profiles (e.9. https.'//ouThvortdindata.o*wiaviW￿country/unIt￿d-k$ngdornj We Created a new set ol'¢ountry profiles,. where readers can explore all our interactive charts. and track all Covid-19 trends in one place. country by counlry. The folbwing is the covnlry profile page for the UK. hltps.'IlouiworIdindata.o￿¢or0nawrU￿￿u￿try1unI1ed-kin9dOM New CovKI-19 Data and Research Hub (https."//OufWOrtdindala.o￿¢0ronaVIWsJ We created hundred5 01 new interactive data visualoalions. which readers can biowse direct￿ from an exlensive online library here. https".Ilourworklindata.orglcoronavirus-data Page 4 GLOBAL CHANGE DATA LA8 IA company limited by guarantee) TRUSTEES. REPORT ICONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2020 Oblectives and activitios (continued) We also created a hub of online resoucces to allow navigation and exploration of data and reSea￿h across a wwje range of lopics celaled to the Covid-19 outbreak. erational ca ac During the penod 1 January - 31 December 2020 we consdidated all the protocols and policies required lor our operations. We also expanded the team and slrenglhened the infraslructure required for ￿rnOte working. This enabled us to onboard new Colleagues and work around the cknk dunng an intense peiiod with a high workload due lo the rapid developmenl of the CovKJ-19 pandemic. The operational capacity thal we have built. and the ￿Son5 that we have learried during this intense period. will allow GCDL to continue expanding. Financial ca Given the demand for Our woik in the context of CovkY-19, we decided to leverage the situation and invest additional lime on fundraising, in order to secure funds for a krger operation. and allow a longer runway wilh mulli-year product planning. Thi5 strategy was successful and we raised new fvnding for core projects. plus additional committed resetves for management and operations until the end of 2022. This provides a solid base for long-lemi planning. and our goal for the next period will be to continue fundraising to secure funding lor new projects spanning the years 2022-2024. Research artnershi The web publication Our Wortd in Data was originalty created by Max Roser in 2014. and lor a long time it was maintained and pvblished by him and a small number of other researchers based at the University ol Oxford. As the pioiect evolved, it became clear that it was necessary lo establish an independent instrtution to publish and maintain the website. and develop other related nort-profrt educalK)nal products. Out of this need. GCDL was realed and established in December 2018. Today Our Wortd in Data is a collaborative effort betsveen GCDL and the Oxford Martin Programme on Global Development.. GCDL is responsible for developing and maintaining the platform. as well as the underlying technological reSoUr￿S and related domains, while the team al the Oxford Martin Programme on Global Development is responsible for ensuring that the content is scienlrfically accurale and reflects stale•of_Ihe4rt academic slandards. During the perrod 1 January - 31 December 2020 we wort(ed wrth the Oxford Martin School al the Universrty of Oxford to fomialize the terms of this key partnership. Achievements and performance Page 5 GLOBAL CHANGE DATA LA8 IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 Achievements and performance {¢ontlnued} a. Review of perfomiance results In 2020 Our Wortd in Data had more than 90 mill￿n wsrtors Over the period 1 January- 31 December 2020, the inleraclive dala w5ualEats"on5 frorn Our Wortd in Da18 were also embedded in hundreds of exlemal publication5. reaching more than 120 million views externally. Over the same period Our Worfd irj Data was also referenced in thousands ol publications and news reports. A¢¢ording to dats fiom the anaWts company Muck Rack, our work was referenced over this period in nearty 5.000 articles at large rned￿a outlets li.e. media outlets with over 100,000 Unique Monthly Visitors)." and from these, more than 1.500 crtatK)n$ ¢ome from major outlels {i.e. outlets with over 10 million Unique Monthly Visitors) such as The Guardian. The BBC. and The New York Times. (An u*1 ate list of ¢overage in media and academia is available at y￿￿.0￿l￿Orld1ndata.OrgAC0Ve1ageI. Our work reached po1￿Y￿1akers and helped inform public debates and policy. Max R05er, the Executive Co-direclor ol GCDL, participated in a cov￿-19 session of the Science 8 Technology Commiltee of the UK Parliament where he presenled some of our work on this topi¢", and many polsticians and intemaliDnal organizations argund Ihe wortd also rdied on ovi work throughout the year. The World Health Organoation, in particular, relies on our daia system for their mairb CO￿d-19 dashboard. Our dala and educational resources also reach millions of people indirectly via external search engines. Google. directly on their homepage. publishes a data dashboard Ihal draw5 directly from our Covtil-19 data repository. Page 6 GLOBAL CHANGE DATA LAB IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 Achievements and performance lcontinuedl b. Fundraising activities and income generation In 2020 GCDL received support from more than 3.OW indiwduals via our online ¢Jonations portal. raising a total of £89.719 unreStr￿ted funds. Addilionalty. over this period GCDL raised a total of £454.060 in external donations, £401,670 in restricted grants. and £1.361.286 In unrest￿ted grant5. The following is a list of our main grants. De artmenl of Health and Social Care Covid-19 Pro '. This grant Prov￿ed restncled funding and was used lo develop, maintain and expand dalaset5, chart5 and articles on the evolution of the Covid-19 pandemic. Tem leton World Chari Foundation WCF Pro ect ". This grant provided reStr￿ted funding, and was used lo produce new educational content on s(Kial ConneCt￿nS and interpersonal relations. CAF Arneiica Fund Web Oesi rb Pr ect This grant prO￿ded iestrided funrjing, and was used to support website design activities wthin Our Wortd in Data. Bill and Melinda Gales Foundation BMGF_FIG Pro ect '. This grant prowde5 unrestricted funding, and has been designated for general operations and data inlrasliuctuie development in 2021. Effective Givin Lon view Pr ecl .. This grant provi(le5 unrestricted funding, and has been desvJnaled for product developrnenl in future periods. Cam Ljn ation Cam This grant pro¥Kles ￿n￿$tricIed funding, arKJ has been designated for general opecalions and infrastnJctUfe development in future periods. EA Mela Fund Content Discove Pro ect ." This granl provided unreStr￿ted funding, and was used lor core product development actiwties related to Imprwng the discoverability of content within Our Wortd in Dala. Eve Admin and Mana ement Su rtPr ecl This grant, which brings together funds collected by the charitable giving platform Every.org. provides unrestricted funding in support of Our Wortd Data. The Ivnds have been designated for product development. administration and management of GCDL in future periods. Other sy rt fund OWID Su rtPro These are smaller re$tri¢ted fund5, representing a numbei of grants of less than £10,000, sUPPOrting oper*ion$ and general &livities ￿1Th Our Wohd ￿ Data, Financial review . Going concem After m8king appmpriale enquiries, the Twslees have a reasonable expectation that the Charity has adequate resources lo continue in opei*ional existence for the fO￿Seeable future. For this ￿3$on, they continue to adopt the going concern basis in preparing the financial slatements. Further detaiks regarding the adoption of the going concern basis can be found in the accounting pOI￿leS. Page 7 GLOBAL CHANGE DATA LAB IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 b. Reserves poli¢y GCDL has both Restricted and Unrestricted reserves. Unrestricted Reserves, in turn. are made up of General Reserves and Des￿nated funds. The folk)w"ng is an overyiew ol these. General R serves The Gener￿ Reserve is that part of the Charit￿S unrestricted fvnds Ihat are freely available lo spend on any of the charty's purposes. GCDL will keep an amount of money necessary for minimal opeialing costs to keep the edvcalional platforms online and available to users for 12 months. As al 31 December 2020 General Reserves were £30,000 12019.. £7,500). as per the taigel set in the Reserves Policy. As GCDL continues growing, the Trustees will review Ihe Reserves Policy every year. and adiusl targets lo reflect the Increasing complexty of our projects. re Product Devel enl Reserves The Core Product Development Reserve represents unre51ricted funds raised for general aclmties, received in advance but unspent at the end of Ihe period and carried forward to future years. After taking into account the funds set aside by the Trustees. in General Funds. unrestricted pr(xluct development reserves ¢8rried fornard were Q,254.44412019.' £384.411 I as at 31 December 2020. This is a reflectson of our success in fundraising for the medium and longer lemi reflecting that we woukl expect a signif￿an1 inuease in spending fcAlowng our start- up year. Restricled Reserves Restricted Reserves represent the unspent proportion of the funds raised foi the specific activities lor which the donors provided their grant funding. The balance at 1 January 2020 was £171,573, and during the peiiod £401.670 was raised in advance, of which £507.620 was spent. This leave$ a balance 01 £65,623 unspent, to be carried over lo future per￿S lo support these restricted aclmties. Again, this reflects our success in raising 8dvan¢ed funding to support our ackn¥4ties_ ¢. Principal risks anil uncertainties Fundin rlon -term nnin The expansion of GCOL requi￿$ ensuring a mutti-yeai financial runway for the organizalion lo engage in long-temi planning, and to ¢over the costs of maintaining Ihe technological infrastructure which is growng in c¢)mplexrty_ Diversil of investment ortfolKJ for reserves. As the organization grows, the reserves. as well as the designated and restricted reserves carried forward for several periods. wll need lo grow. This is crucial lo allow mulli-year projects, bLrt is also an irnportanl source of risk in a context of volatile financtal markets. Loss of ke team member5. The Cwd-19 pandemK has m8de clear hcpw important rt is for GCDL to mainlain 8 core team ol committed and skilled ¢olleagtJes who can respond quickly and adapt to large and unexpected demands lor our work. The cuffent team perfomied exceptionalty well under these circumstances, so rt is importanl t¢ work on retenlion. and design contingency plans to recrurt and onboard suitable replacements if any key team members ￿aVe. Re ulalion risk. One of the pillars supporting GCDL'S success is our reputation as a tru51ed source of accurale, impartial inforrnalion on tomplex topics. As the oiganization grows, slakes also become higher. so il's important to make sure we miligale risks related lo ieputalional concerns. Page 8 GLOBAL CHANGE DATA LA8 IA ¢ompany limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 d. Risk management and slralegies for future periods ndin for I rm lannin In 2021 the Trustees wil frfus on raising more funding to secure a longer financial runway, covering the peiicKI 2021-2024. Oivefsl of investment ortfolio for reserves. To mrtigate the risk associated with volatile markets and financial stability, the Trustees have agreed to open a low-risk dwersrfied inveslment fund to hold ceserves, and seek further recommendations from an independent authorised investrnent adviser. Loss of k team memi)ers. To mrtigate the risk of losing key team members, the Trustees have agreed to. review remuneration to ensure all team members are compensated for their work, in particular during exceptional periods when they may be asked to go over and above the minimum TequiTement5 because of pressure from the Covid-19 pandemic. Additionally. Trustees have agreed to also Sel up further mitigation plans such as clear succession planning and documentstK)n of system5 for handrny over key respon5ibililies. Re ut3tion iisk. The Trustees milwJate reputational risks by implementing strict poli¢ies around donor due diligence ané grant contract negotiations. paying particular attention lo donor inlenl and alignment with GCDL'S purpose and principles. Additionally. the Trustees have ag(e￿ to priorilize and delegate responsibility lo the Executive Oirectors. to respond quickly and accuialely to any enqUir￿S fiom the media or the general public. Structure, go¥emance and management a. Con$tltutlon Global Ch8nge Dats Lab is registered as a charrtable company limited by guarantee and was set up by a Memorandum of A$socialion. b. Methods of appointment or election of Twstees The management of the Charity is the reSpOn￿bIl￿ of the Trustees who are elected and e￿Opled under the lemis of the Memorandum of As51xotion. c. Organrsational stW¢tU￿ and ￿lated party relationships In addition lo the Board of Trustees. the organisalional Structu￿ in¢lude$ two Executive Co-Directors'. Dr Esteban Ortiz-ospina arKI Dr Max Roser. Dr Roser is the Company Secietsry and has the delegated a￿hority and responsknility for all financial matters. Page 9 GLOBAL CHANGE DATA LAB IA company limited by guarantee} TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 ststement of Trustees'.responsibilities The Trustees (who t￿ also the director5 of the Charity for the purposes ol company law) are responsible lor preparing the Tru5tees' report and the financial statements in accordance wth applicable law and Unrted Kingdom A¢counling Stanfjards (Unrted Kingdom Generalty Accepted Accounting Practice). Company law requires the Trustees lo prepare financial 5ts1emenls for each financial year. Under company law. the Trustees musl not approve the financial statemen15 unless they are sa115fied that they give a true and fair view of the 51ale of affairs of the Charity and of rts incoming resources and applicati¢n ol Te50urces, including ils income and expenditure, foi that period. In preparing these financrdl slalemenls. the Trustees are required to". select suitable accounlin9 policies and then apply them consistently., observe the methods and principles of the Charitie5 SORP IFRS 102)," ake iudgmenls and a¢¢ounting estimates that are reasonable and prudent.. state whether applicable UK Accounting Standards {FRS 1021 have been followed. subject lo any material departures disclosed and explained in the finan¢o1 $tatemenls", prepare the financial statements on the goirrfj concem basis unless rt is inappropriate to presume that the Charity will continue in busine5S. The Truslees are responsible for keeping adequate accounling records that are sufficient to show and explain the Charity's transactions and dis¢lo$e with reasonable a¢curacy at any time the finan¢ial position ol the Charity and enable them to ensure that Ihe financial siatements comply ￿￿th the Companies Act 2006. They are also responsible for safeguarding the assels of the Charity and hence for tsking reasonable steps for the prevention and deleclion of fraud and olher irregularities_ Disclosure of information to auditors Each of the persons who are Trustees at the time when thi5 Trustees. report is approved has confirmed Ihal.. so far as that Trustee is aware, there is no ielevanl audit infomialion of whieh the charitys auditors are unaware. and that Trustee has tsken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant auéit infomiation and to eslablish that the charrtls aLKlitors are aware of that inlomialion. Auditops The auéilors. G¢)odman Jone5 LLP. have indi¢*ed their V￿llIngneSS to ￿nIInue in office. The designated Tru51ees will propose a motion reappointing the auditors al o meebng of Ihe Trustees. Appioved by order ol the members of the board of Trustees and signed on their behalf by.. Professor Wendy Carlin Truslee Date.. z4-09-21 Page 10 GLOBAL CHANGE DATA LAB IA company limited by guaranteel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF GLOBAL CHANGE OATA LAB Opinion We have audited the financial statements of Global Change Data Lab Ithe 'charrtable companll for the ye8r ended 31 December 2020 which comprise the Statement of financial actNities, the Balance sheet, the Slalernent of cash flows and the related notes. including a summary of SKJnificanl accounting policies. The finan¢i81 reporting framework thal has been applied in their preparation Is applicable law and United Kingdom Accounting Standards. Including Financial Reporting Standard 102 The Financial Reportsng Standard appl>cable in the UK and Republic of Ireland. Iunited Kingdom Generalty Accepted Accounting Praclicel. In our opinion the financial statements- give a true and fair wew ot the stsle of the charitable company5 affairs as al 31 December 2020 and of ils incoming resources and applution of resources, including ils income and expenditure for the year then ended., have been propety prepaied in accordance wrth Unrted Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance wth the requirements of the Charities Act 2011. 8asis for opinlon We conducted our audit in accordance %wth Inlemational Standard5 on Auditing IUKI {ISAs IUKII and applicable law. Our respon5ibililies under those standards are further describeé in the Auditors. responsibilities for the audit of the financial stalemenls Section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevanl to our audit of the financial statements in the United Kingdom. Including the Financial Reporting Coun¢ifs EthiGal Standard. and we have fulfilled our other elhicBI responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to piovide 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 ￿lS of accounting in thè preparation ol the financial stafements is appropriate. 8a$ed on the work we have perfomied, we have not NJentif￿l any material un¢ertainlies relating to events or conditions that. individualty or collectwety, may cast svJnificanl doubt on the charitable compangs ability to continue as a going concern for a perK)d of at least twelve months Irom when the financial statements are authorised for issue. Our responsibilities and the responsibilrties of the TnJ5tees ￿ryth ￿SPect to going ¢on¢ern are described in the relevant section5 01 this report. Page 11 GLOBAL CHANGE DATA LAB IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF GLOBAL CHANGE DATA LAB ICONTINUEDI Other infomiation The other information comprises the information included in the Annual report other than the financial statements and our Avditors, report Ihereon. The Trustees are responsibk foi the olhef inforrnation ¢onlained within Ihe Annual ￿port. Our opinion on the financial statements does nol cover the other information and. except lo Ihe extent otherwise explicitly ststeé bn our report. we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and. in doing so, cOns￿er whether the other inlorrnalion is materially inconsistent wth the financial statements or our kn￿edge obtained in the course ol the audit. or olhernise appears lo be materially misstated. Sf we identfy such material inconsistencies or apparent material miss(alements. we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If. based on the work we have perfomied, we conclude that there is a material misstalement of this other information, we are required lo report that fact. We h#ve rKJthing to report in this ￿ard. Matters on which we aro rwuired to report by excèption Vve have nothing to report in respect of the following matters where the Charilies (A￿out)IS and Reports) Regulation5 2008 requires us lo report lo you rf. in our Opini￿.. the information given in the Trustees, report 15 incon5i5teAt in any material respect with the financial statements." or sufficient accounting records have not been kept.. or the fir￿ncl¥l statements are not in agreemenl wth the accounting words and retuins". or we have not received ￿1 the Information and explanations we require for our audit. Responsibilities of trustees As explained more fulty in the TIustees' re$ponsibilrties ststement. the Trustees (who are also the directors of the charitable company for the purposes of wmpany lawl are responsible for the preparation of the financial slalernenls and for being satisfied that they give a true and fair view, and for such internal conlrDI as the Trustees detecmine Is necessary lo enable the preparation of financial 5taternenls that are free from material misststemenl. whether due to fraud 01 error. In preparing the financial slalemenls, the Trustees are responsible for assessing the chariiable companls ability to ¢ontinue as a g(xng concern. disclosing, as applicable. matters ielaled to going concern and using the going concern basis of accoun11ng unless the Truslees either intend lo liquidate the charitable company or to cease operations, or have no realistic alternative bul to do so. Page 12 GLOBAL CHANGE DATA LAB IA company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF GLOBAL CHANGE DATA LAB ICONTINUEDI Auditors. responsibilities for the audit of the finan¢ial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance wlh the Act and retevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether Ihe financial statements as a whole are free from malerial misstatement. whether due to fraud or error. and to issue an Auditors, 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 detecl a material misstatement when il exjsts. Misslalemenls can arise from fraud or error and are considered materval rf indiwdualty or in the aggregate, they could reasonably be expected lo influence the economic deusions of users taken on the basis of these financial slalemenls. Irregularrties. including fraud. are insiances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material mis51alemenls In respect of irregularities, including fraud. The extent lo which oui procedures are capable ol dete¢ting irregulariliE5, including fraud is detailed below". Based on our understanding of the chaiity and sttlor. we identified Ihat the principal risks of non-compliance with laws and regulations related to sector regulations and unelhical and prohibited business practices, and we conssdered the exlent lo which non-compliance might have a material effect on the financial slalemenls. We also considered those laws and regulations that have a direcl impact on the preparation of the financial 51atemenls such as the Chanlies Act 2011, Charity CommisS￿D and seclor regulations, and UK Tax Legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial siatemenls lincluding the risk of override of ¢ontrolsl. Appropriate audit prfxedures in response to these risks were carried out. These pro¢eJnised once the Charity has entttlement to the income, it is probable that the income will be recaved and the amount of income receivable can be measured reliabty. Grants are included in Ihe St*ement of Financial Aclivities on a receivable basis. The balan￿ of income received for specrfic purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is ￿ceiVed in advance of entitlement of receipt, its recogni(ion is deferred and included in credrtors as deferred income_ Where entitlernenl ￿cUrS before income is received, the income is accrued. Page 19 GLOBAL CHANGE DATA LAB IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accounting policies {¢ontinuedl 2.4 Expenditure Expenditure is recognised once there is a legal or conslTuclive obligation lo transfer economtc benefit lo a third party, rt is probable that a transfer of economic benefit5 will be required In selllement and the amount ol the obligation can be measured reliabfy. Expenditure is cla55ilied by activity. The Gosls of each aclivty are made up of Ihe total of dired costs and shared costs. including svpport costs involved in Ltndertaking each ath"wty. Direct costs attributable lo a 51ngle activity are allocated directly to that actiwty. Shared costs which eonlribute lo more than one acttvity and SLJPPOrt costs which are not attributable to a 51ngle act]vty ale apportH)ned between those aCt￿ltIeS on a basis c¢nsistent with the use ol resources. Central staff costs are alkKated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Expenditure on Charrtab￿ actrvit￿S 15 incurred on directly undertaking the aGtivrties which further the Charity's objectives. a5 wdl a5 any asSOClated support ¢ost$. All expenditure is inclusive of Ir￿CoVerable VAT. 2.5 Debtors Trade and otheT debtors are recognised at the settlement amount after any Irade discoLtnt offered. Prepayments a￿ valued at Ihe amount prepaO net of any trade dis¢ounts due. 2.6 Cash at bank and in hand Cash al bank and in hand inclvdes cash arKI SI￿rt4errn highty liquid investrnenl5 with a short maturity of three months or les5 from the (late ol acquisition or openiny of Ihe deposit or similar account. 2.7 Liabilities and provisions Liabilities are recognised when there is an obligalKin at the Balance Sheet dale as a resuK of a past event. It is probable that a fransfer of economic benefit be required in settlement, and the amount of the settlement can be ests"mated relia￿. Liabilities are recognised al the amount that the Charty anticipate5 It will pay to setue the debt or the amount il has received as advanced payments for the goods or servi¢es il mLtsl provide. PTOVi5ions are measured * the best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts. discounted at the pre-tax discoLtnt rate that reflects the risks speciftc lo the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance Cost. 2.8 Financial instruments The Charity only has financial asse15 and financial liabilities of a kiné that qualify as bas￿ finanGial inslrumenls. 8asic financial instruments are inilialty recognised al transaction value and subsequently measured at their seltlement value wrth the exception of bank loans which are subsequently measured at 2mo¢ts"sed cost u51ng the effectNe interest method. Page 20 GLOBAL CHANGE DATA LAB IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2020 Accounting policies Icontinuedl 2.9 Fund accounting General funds are UAfestricted funds which are available for use at the discretion of the Tnjslees in furtherance of the general objecttves of the Charity and which have not been designated lor other puiposes. Designated funds comprise ￿n￿stricted fvnds that have been set aside by the Trustees for particular purposes. The aim arKI use of each deS￿nated fund is set out in the notes to the financial statements. Restri¢led funds are funds which are to be used in accordance wlh speerfic reslriclions Imposed by donors or which have been raised by the Charity for particular purpose5. The ¢osts of raising and administenng such funds are charged against the 5pecLfic fund. The aim and use ol each reslricled fvnd is set out in the notes lo the financial 51atements. Income from donations and legacies Restricted Unrestricted funds funds 2020 2020 Total funds 2020 Total funds 2019 Donations Grants 543.779 1.361,286 543,779 1,762.956 10,218 649. 654 401.670 401,670 1,905,065 2,306,735 659,872 Total 2079 263. 196 396.676 659.872 Analysis of expenditure by activities Activities undertaken directty 2020 Support tosts 2020 Total funds 2020 Total fvnds 2019 Etlucalional platfom)s 480.409 69.743 550,152 96,388 Total 2019 52, 161 44,227 96,388 Page 21 GLOBAL CHANGE DATA LA8 IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Analysis of ¢xp¢nditure by a¢tivities l¢0ntinu¢dl Analy51$ of dirKt costs Educational platforms 2020 Total funds 2020 Total funds 2019 TWCF Project Conlenl Discovery Proje¢l DHSC COVID-19 Projecl Web DesKJn Project 69,059 24,982 317.223 69,145 69,059 24,982 317.223 69,145 17,024 35, 137 480.409 480,409 52, 161 Total 2019 52,161 52, 161 Analysis of support costs Educational platforms 2020 Totsl funds 2020 Tolal funds 2019 Business meetings, trips and Off￿ supplies Insurance. operations and admin fees Operational and administrative support Training Software, servers and other support Infrastr￿t￿re Governance costs 3,984 2,422 27,803 3.984 2.422 27,803 1,894 1,325 2.525 35. 123 28.094 7.440 28.094 7,440 3.360 69,743 69,743 44,227 rolal 2019 44.227 44.227 Page 22 GLOBAL CHANGE DATA LAB IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Auditors. remuneration 2020 2019 Fees payable to the Companys auditor for the audivindependent examination of the Companls annual accounts 7.200 3,360 Trustees. remuneration and expenses During the year, no Tnjstees received any remuneratK>n or other benefits (2019- £NIL). During the year ended 31 D￿ember 2020. no Tnjstee expenses have been incurreil (2019 - £NIL}. Debtors 2020 2019 Due within one year Prepayments and accrued i￿Orne 189,295 189.295 Creditors: Amounts falling due within one year 2020 2019 Trade ciedilors AccTu81s and deferred income 7,941 52,907 2,550 3,360 60,848 5,910 Page 23 GLOBAL CHANGE DATA LAB IA Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Staternent of funds Statement of funds - Current year Balance at 31 D￿ernber 2020 Balance at 1 January 2020 Trnnsfèrs inlout In¢omÈ Expenditure Unrestricted funds O¢$ignated funds Core Product Development Reserves 384,411 1.840,033 2,224,444 General fund$ Ge￿ra1 Funds- all lunds 1.905,065 142.532) 11,840,033) 30,000 Total Unrestricted tunds 391,911 1,905,065 142.5321 2,254,444 Restricted funds CAF America Fund 78,145 172 17B.3171 Templelon World Char Foundation Svpport Funds OWID Projecl Department of Heallh and So¢ial Care Everyorg 55,355 38,073 31.368 186,723) 38,073 342,S80 27,550 1342.$801 27,SSO 171.S73 401,670 IS07.6201 6S,623 Total of funds 563.484 2.3D6.735 1550,1 $21 2,320,067 Page 24 GLOBAL CHANGE OATA LA8 IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Statement of funds l¢ontinuedl Statement of funds - prioryear Balance al 31 December 2019 Transfe in/out Income Expenditure Unrestricted funds Designated funds Core Product Development Reserves 386,458 (2.047) 384,471 General funds General funds 10.218 (4. 765) 2,047 Total UnrÈstricttd funds (4, 765) 391,911 Restricted funds CAF America Fund Templelon World Charity FoUndat￿n Support Funds OWID Project 152,420 72, 703 38,073 (74,275) f17,348) 78. 145 55,355 38,073 263, 196 (91. 623) 171,573 Total of funds 263, 196 (96,388) 563,484 Page 25 GLOBAL CHANGE DATA LAB IA Gompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEM8ER 2020 Statement of funds Icontinuedl Unrestricted funds General Re5erve5- that part ol the charitys unostrKted lunds that are f￿elY available to spend on any ol the charity'5 purposes. De51 nated funds. Core Prc*Jucl Development Reserves funds raised for geneial aclNilies, received in advance bul unspent at the end of the period and carried forward to future years. Restrtled funds Department of Health and Social Care (CovKJ-19 Proiectl. This giant provided restricted funding, and was used to develcp. maintain and exparKI ¢Jatasets, charts and art￿leS on the evolution of the Cowd-19 pandemi¢. Templelon World Charity Foundation (fwcF Projectl- This grant provided restricted funding, and was used to produce new edu¢*ional conlent on social connections and interpefsonal rel8tions_ CAF America Fund Iweb Rede51gn Proie¢t}. This grant provided iestricted funding. and was used lo supporl website development activrties v￿thin Our World in Dats. Everyorg (Admin and Management Support Proieet). This grant. which biings together funds colle¢led by the charrtable gmng plaffom Every.org. provttles uniestricted funding in support of Our Wodd in Dala The funds have been designated aftd committe(I for general operatFons. administration and management of GCDL in luture periods. Support funds IOWID Support ProiecEI. These are SMal￿r restricted lunds, representing a number of gran15 of less that £10.000. supports.ng operalKJns and general aclivilEs wthin Our World in Data. 10. Analysis of net assets betweèn funds Analysis of nèt assèts between funds - current period Restricted Unrestrictèd funds funds 2020 2020 Total funds 2020 Current assets Creditors due wtlhin one year 65,623 2,315,292 160,8481 2,380,91 S 160,8481 Total 65,623 2.254.444 2,320,067 Page 26 GLOBAL CHANGE DATA LAB IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Re¢on¢iliation of net movement in funds to net cash flow frorn operating activities 2020 2019 Nel income for the periDJ (as per Slalemenl of Financial Activrties} 1,756,583 563,484 Adjustments lor.. Decreasellincreasel in debtor5 Increase in creditors {189.2951 54,938 5.91Q Net ¢ash provided by operating a¢tivitTres 1,622.226 569,394 12. Analysis of cash and ¢ash equivalents 2020 2019 Cash in hand 2.191,620 569,394 Total cash and cash èquivalents 2.191.620 569,394 13. Analysis of ¢han9e5 in net d¢bt At1 January 2020 Cash flows At31 December 2020 Cash al bank and in hand $69,394 1,622,226 2.191.620 569,394 1.622,226 2.191,620 14. Related party transactions Other than elsewhere noted in the accounts, there are no related paty transaclitins to disclose for this perth. Page 27