Charity reglstration number. 1190782
Virtual Routes Community
previously known as
European Cyber Confllct Research Inltlatlve
Annual Report and Finandal Stst8ments
for the Year Ended 31 December 2023
WESTCOTTS
eH*RTERSD A¢eouNTAMT¥
• UUSIMESS ADVISFIt$

Virtual Routes Community
previously known as European Cyber Conflict Research Iniliative
Contents {continued)
Reference and Administrative Details
Trustees. Report
2to5
Independent Examlnerfs Report
Statement of Flnancial Activities
Balance She8t
Notes to the Flnanci81 Statements
9t014

Virtual Routes Community
previously known as European Cyber Conflict Research Initiative
Reference and Administratlve Details
Trustees:
Monica Kello
Max Smeets
James ShSres
Ja5mln Stadler (appolnted 25 July 2024)
Charlty Registratlon Numb•r
1190782
Principal Offlce
47 Boutport street
Bamslaple
EX31 1SQ
Indepandent Examlner
CatherTne Willlams FCA DChA
W8Stcotts {SW) LLP
47 Boutport Street
Barnstaple
Devon
EX31 1SQ
Page 1

Virtual Routes Community
previously known as European Cyber Conflict Research Initiative
Trustees. Report
The tnjstees present the annual report together the financial stalemenls of the charity for the year
ended 31 December 2023.
Objectlves and activities
Objects and alms
The objects of the charity are to advan￿ Èducatlon for the publlc benefit in relation to cyber confllcl
and slalecraft including.,
1. Promoting the study andlor facililatlng the informed analysis of issues such as national cyt*r
strategies, technologies used for conducting and defending against cyber attacks. prlvatfrpublic
sector partnerships and regional co-oper8t0on to prevent or reduce cyber conflict
2. Promotlng an understanding of cyber conflict and statacraft
3. Establlshing arrangements for collaboration in respect of c￿)er conflict studies. Mentoring and
research with andlor between nalional and intemation81 universities {all colleges, faculties and
departments within them), the government of the UK and other nations. non-governmental non-profft
bodies and other similar organisatlons involved Ylth such work.
Publlc benefft
The Trustees consider the objectives of the charity, as stated above, comply wSth the Charity
Commlssion Public Benefit requirements. The Tnjslees unanlmously agree that the requirement for
due rogard to the public benefit guidance are satisfied.
The Iruslees confirm Ihal they have complied wlth the requirements of section 17 of the Charities A
2011 to have due regard to the public benefit guidanc8 published by the Charity Commission for
England and Wales.
Activities
The 'core program. of ECCRI consiste¢J of five main parts.- Bindlng Hook, Reigniting Technology via
MuKilateralism IREMITI. cyber operations in conflict, The Cyber Security Seminar {CSSI and the
European Cybersecurity Fellowship {ECFI. We have made signlficant progress to 8Stablish all
programs.
nding Hook
In November 2023, ECCI launched a new ffledia outlet called Blnding Hook to gather expert
perspectives on digital 2nd emerging technologies and securlty. Binding Hook centres the
conversation on Europe In global context through opinions and analysis from practitioners and
researchers. It covers traditional cybersecurfty tOPlCS and is equally Interested in the effects of other
digitsl and emerging technologies on the security of people, organisatlons. and slates. Although the
outlet launched in November 2023. preparations for Its launch - indudlng editor rocruitment and site
development - began in June 2023.
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Virtual Routes Community
previously known as European Cyber Conflict Research Initiative
Trustees. Report (continued)
REMIT
In February 2023, ECCRI began a four-year project as part of the REMIT consortium. c￿rdInated by
Maaslritht Unlversity, the REMIT project brings together leading European researchers from nine
partners from Belgium, Estonia. Finland, Germany, Italy, the Netherlands, Romania and the Unlled
Klngdom. REMIT 81ms to re-mobilize a Iransnatlonal collective spirit that addresses global problems
through technology. It seeks to develop a better understanding of the statu5 quo, innovative
methodolo9ies. and policy recommendations that support effective policies lo revitalize global
democratic structures. ECCRI leads REMIT'S research stream on the economlc and societal factors
that shape technology govemance. Because ECCRI Is a UK-based organization in an EU Gonsortium
after Brexlt. ECCRI'S funding for participallon in this project come5 from UK Research and Innovation
IUKRI}.
Cyber operallons in conflict
In March 2023. ECCRI held a roundt8ble in London discusslng the impact of cyb9r operations during
the war in Ukraine, as a sequel to a similar event held in TallSnn in 2022. The roundtable included
yber threat Intelligen￿ and incldenl response practitioners, corporate representatives, academics,
and officials from key govemmenls and intematlonal instilutlons. It wa5 made possible with fundlng
from the UK National Cyber Security Centre INCSCI. ECCRI published an open report i)n the
roundtable dlscussions to ensure they are accessible to the general publlc.
ECF
The second fellowship 2023-2024 welcomed fourteen fellows from govemment. civil society,
academla. the prlvate sector, and joumalism. Follows were selected for their strong interest In
cybersecurlty and their passion for drivlng change. Fellows participated in a series of workshops with
topics ranglng from EU cyber policy, content moderatlon, and cW)er nomis bullding processes lo
building practlcal skllls in technical analysls. Fellows also received support in policy-relevant writing,
gained access to nehvorking events and receNed regular updates about the18test opportunities In th&
field.
ECS
The Europgan Cybersecurity Seminar (ECSI provides cfft)ersecurity researchers and practitioners
wlth a platform to present and gel feedback on research projects and papeTS. We hold monthly
hour-long seminar meetings where participants can present research to the community. This Seminar
has Ihree main goals. First, il promotes cutting-edge research and interdisciplinary dialogue. Second,
il alms to foster a community of trust among Europe's cybersecurity experts. Third. it aspires to
support Junior scholars who may lack local networks providing guidan￿ since cybersecurity remains
an emerging field of research. To that end. we explicltly welcome submissions by junior scholars.
Financlal review
During the year, the charity received dona￿onS totalling £119,677 {2022- £39,TIOI. During 2023
expenditure tolalled £86,25612022'. £30,787).
As at the year end the charity had reserves l018lllng £86,469 (2022.. £53.0481.
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Virtual Routes Community
previously known as European Cyber Conflict Research Initiative
Truste85' Report (continued)
Pollcy on reservfjs
Thg charity does not have a formal reserves policy, as the charity Ss still in a growth phase, its aim is
to grow its overall ineome including reseNes.
Structure, governance and rnanagemgnl
Nature olgovarnlng document
The charity Is a Charltable Incorporated Organisalion govemed by a formal constitution adopted 10
August 2020.
The Trustees meet regulady to revlew the progress of the Charity and to make strategy decisions
regarding its fvture. An advisory board of 12 members are consulted on decislons as required by the
CIO constilutlon.
Recruitment and appointm•nt of Irusts8s
Trustee recnjilment Bnd inductlon process
New trustees would be recnjlled based on expressions of interest, vetted by the existing trustees (via
inteNiew if necessary). Proposed new trustees would be nomlnated by existing Iru5tees lo the board
in the AGM and then confirmed. They would then have 8 handover period with the tmstee they
replaced (if applicable), and induction meetings with the other trustees and key staff le.g. managers of
the Fellowship programme and the semlnar).
statemont of Trustees. Respon5ibillties
The trustees are responsSble for preparfng the tru5tees' report and the financial sta'tements in
accordance with the United Kingdom Accounllng Stsndards (United Kingdom Generally Accepted
Accounting Practice} and app5icable law and regulations.
The law applicable to Gharitles requires the trustees to prepare financlal statements for 88ch finanual
year which give a true and fair view of the state of affairs of the charfly and of the incoming resources
and application of resources of the charity for that period. In preparing these financial statsmgnls, the
trustees are required to..
select sultable accounting polldes and then apply them consistent5y-
observe the melhods and prfncSples in Ihe Charitles SORP.,
make Judgements and estimates that are reasonable and prudent.,
state whether appllcable accounting stsndards have been followed, subject to any mater181
departures disdosed and explained in the financial statements; and
prepare the financfjal statements on the going concem basis unless it Is inappropriate to presume
that the eharfty wlll continue In buslness.
The trustees are responsible for keeping proper accounting records that dlsclose with reasonable
accuracy al any time the financial position of the charity and enable them to ensure that the financial
statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulatsons
2008, and th& provlslons of the ¢onstilution. The trustees are also responsible for safeguarding the
assets of the tha￿tY and hence for taking reasonable steps for the prevention and detection of fraud
and other irregularltles.
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Virtual Routes Community
praviously known as European Cyber Conflict Research Initiative
Trustees, Report (continued)
The trustees are responsible for the maintenance and integrlty of the corporate and tlnandal
inftirmalion induded on th8 charitable compallys website. Legislation governing the preparation 8nd
dissemination of financial statements may differ from legislation In other jurisdidons.
2911012024
The annual report was approved by the trustees of the charity on
behalf by..
and signed on its
James Shires
James Shires
Trustee
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Virtual Routes Community
prevlously known as European Cyber Conflict Research Initiative
Independent Examiner's Report to the trustees of Virtual Routes Community
I report to the trustees on my examinatlon of the a￿OUnts of Virtual Routes Community for the year
ended 31 December 2023.
Responslbllitles and bas15 of report
As the charty trustees ol Virtual Routes Community you are responsible for the prepardtion of the
accounts In accordance with the requlrements of the Charities Act 2011 {'the Act')-
I report In respect of my examination of the Virtual Routes Communitys accounts carried out under
section 145 of the 2011 Act and in carying out my examination I have followed all the applicable
Directions given by the Charity Commission under section 14515)Ib) of the Act.
Independent examlner's statement
I have completed my examination. I confirm that no materlal matters have come to my attent￿n in
connectlon with the examination giving me cause to belleve that in any material respect:
1. accounting records were not kept in respect of Virtual Routes Community as required by secllon
130 of the Act., or
2. the accounts do not accord wlth those records; or
3. the accounts do not comply with the accounting requlrements concAmlng the form and contgnt of
accounts set out in the cha￿tieS (Accounts and Reports) Regulations 2008 other than any
requirement that the accounts give 8 'true and fair vlew which is not a matter considered as part
of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to
whlch attention should be drawn in this report in order to enable a proper understanding of the
accounts to be reaGhed.
rine Williams FCA DChA
Weslcotts (SW) LLP
Independent Examlner
47 Boutport Strg6t
Barnslaple
Devon
EX31 1SQ
Date:..*.a.......
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Virtual Routes Community
previously known as European Cybar Confllct Research Initiatlve
Statoment of Financial Activitles for the Year Ended 31 December 2023
Unrestrlcted
funds
Totsl
2023
Total
2022
Note
Income and Endowments from:
Donations and legacies
119,677
119,677
39.770
Total income
119,677
119.677
39,770
Expendlture on:
Charitable 8Ctivitles
86,256
86,256)
130,7871
{30,787
8,983
Total expenditure
86.2561
186,2561
Net Income
33,421
33,421
Net movement in funds
33.421
33,421
8,983
Reconclllatlon of funds
Total funds brought forward
Total fvnds carried fO￿ard
53.048
53,048
44.065
10
86,469
86,469
53,048
All of the charity's actlvttles derive from conUnuing operatlons during the above ￿ periods.
The funds breakdown for 2022 is shown in note 10.
The notes on pages 9 to 14 form an integral part of these financial statements.
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Virtual Routes Community
previously known as European Cyber Conflict Research Initiatlve
(Registration number: 1190782)
Balance Sheet as at 31 December 2023
2023
2022
Note
Current assets
Cash at bank and In hand
87,544
54,048
Credltors: Amounts falllng due after more than one year
Net assets
11.075
11,000
53,048
86,469
Funds of the charity:
Unrestrlcted Income funds
Unrestricted funds
86,469
53,048
Total funds
10
86,469
53.048
The financial statements on pages 7 to 14 were approved by the trustees, and authorised for Issue on
291.1Q12oa4.... and signed on their behalf by..
James Shires
James Shires
Trustee
The notes on pages g to 14 fom an integral part of these financial statements.
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Virtual Routes Community
previously known as European Cyber Conflict Research Initiative
Notss to the Financial Statements for the Year Ended 31 December 2023
1 Accountlng pollcles
Statement of compliance
The financial statements have been prepared in accordan￿ wllh the second edition of the Charftles
statement of Recomfflended Practice issued in October 2019, the Financial Reporting Standard
8pplScable In the Unlted Kingdom and Republic of Ireland IFRS 102) and the Gharitles Act 2011.
Basls of preparatlon
Virtual Routes Communlty meets the definition of a public benefit entty under FRS 102. The accounls
{financial ststements} have been prepared under the historical cost convenlion wlth items recognised
at cost or transaction value unless otherwise stated in the relevant notelsl to these accounts. The
accounts are prepared in sterling which is the functional currency of the charity.
Golng concern
The trustees consider that there are no material uncertaintles about the tharivs ability to contlnue as
2 golng concem.
Income and endowments
Al incoming r8sour￿$ are included in the statement of financial actlvltles whBn entiuement has
passed lo the charitr, It is probable that the economlc beneffts associated with the transactlon will flow
to the charity and the amount can be reliably measured. The following speclfic poliGies are applied to
partlcular categories of income:
income from donations or grants is recognised when there is evidenc* of entitlement to the grft.
receipt is probable and its amount can be measured reliably.
legacy income is recognlsed when recelpt Is probable and entitlement is established.
iE)come from donated goods is measured at the fair value of the goods unless this is Impractical to
measure r81iabty, in whlch case the value Ss derived from the cost to the donor or the esllmated resale
value. Donated facilltleg and services are reccgnised in the accounts when received rf the value can
be rellably measured. No amounts are included for the contribution of general volunteers.
Income from contract5 for the supply of services is recognised with the delivery of the contfacted
service. This is classified as unrestricted funds unless there is a contractual requirement for it to be
spent on a particular purpos8 and returned If unspent, in which case it may be regarded as r8Stricted.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditlons Ilnked to
the grants have been mgt. Where performance conditions are attached to the grant and are yet lo be
mel, the income is r8cognised as a liability and included on Ihe balance sheet as defe￿ed income to
be released.
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Virtual Routes Community
previously known as European Cyber Conflict Rosearch Initiative
Notes to the Financial Statemants for the Year Ended 31 December 2023
(continued)
Expenditure
All expendlture Is recognised once there is a legal or constructive obllg81ion to that expenditure. it is
probable settlement is rgquired and the amount can be measured rellably. All (x)sts are allocated to
the applicable expenditure headlng that aggregate similar costs to that category. Where costs cannot
be directly attrlbuled to particular headings they have been allocated on 8 basis consislenl wlth the
usg of resources, wlth central staff costs allocated on the basis of time spent, and depreciation
harges allocated on the portion of the asset's use. Other support cosls are allocated based on the
spread of staff costs.
Charitablè actlvltles
Charitable expenditure cornprlses those costs Incurred by the charity In the delivery of its activitles
and services for ils beneficiaries. It Includes both costs that can be allocated directly to such adivlties
and those costs of 8n indirect nature necessary to support them.
Support costs
Support costs Include central fijnctions and have been allocated to activty cost categorles on a basis
consistent with the use of resources, for ex8mple, allocating property costs by floor areas, or per
caplta, staff costs by the time spent and olher Costs by their usage.
Taxation
The charity Is considered to pass the tests set out In Paragraph 1 Schedule 6 of Ihe FinanrE. Act 2010
and the￿fOre It meets the definition of a charftable company for UK corporation lax purposes.
Accor(iingly, the charity is potentially exempt from taxation in respect of Income or capitsl gains
received within categories covered by Chapter 3 Part 11 of th8 Corporation Tax Act 2010 or Section
256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are
applied exdusively to charitable purposes.
Cash and cash equlvalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-temi highly
liquld investments that are readlly convertible to a known amount of cash and are subject to an
insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that 8re avallable for use at the trustees discretion In
furtheraft￿ of the objectlvÈs of the chadty.
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Virtual Routes Community
previously known as European Cyber Conflict Research Initiative
Notes to the Financial Statements for the Year Ended 31 December 2023
(continued)
Flnanclal Instruments
Recognltlon and measurement
All financial assets and liabilltles are initially measured at transBction prlce linduding transaction
costs), ex￿pl for those flnancial assets classified as at fair value through profil or loss, which are
inillally measured 81 fair value Iwhlch is nomially the transaction price exduding transaction cost5},
unless the arrangement constitutes a finanung transaction. If an arrangement constitutes a financing
transaction. the financial asset or financial liabllity is measured at the present value of the future
payments dlscounted at a rnarkel rale of interest for a similar debt Instrument.
Financial assets and liabilities are only offset in the statement of flnanclal posltlon when, and only
when there exists a legally enforceable right lo set off the recognised amounts and the charity inlands
either to setue on a nel basls. or to realise the asset and setue the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows
from the financial asset expire or are settled. bl the charity transfeTS to another party substantlally all
of the risks and rewards of ownership of the financial asset. or cl the charity. despite having retained
some, but not all, significant risks and rewards of ownership, has transferred control of the asset to
another party.
Finanaal liabllities are derecognl$ed only when the obligation specified in the contract is discharged,
cancelled or expires.
2 Income from donations and legacies
Unrestrlctod
funds
General
Totsl
2023
Grants, induding capital grants.,
Grants received
119.677
119.677
119.677
119,677
Unrestrlcted
funds
General
Total
2022
Grants, Includlng capital grants,.
Grants raceived
39,770
39,770
39,770
39,770
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Virtual Routos Community
previously known as European Cyber Conflict Research Initiatlve
Notes to the Financial Statements for the Year Ended 31 December 2023
(continued)
3 Expendlture on charitable actlvltlos
Unrestrlcted
funds
General
Total
2023
Note
Charitable activities
Allocated support costs
82.947
3,309
82.947
3.309
86,256
86,256
Unrestrlcted
funds
General
Total
2022
Note
Charitsble actwities
AIIoc81ed support costs
27,675
3,112
30,787
27,675
3.112
30,787
4 Analy$ls of support costs
Support costs allocated to charltable activities
Total
2023
Total
2022
Offlce expenses
Computer soffvare and maintenanc8 costs
Sundry expenses
Independent Examlnatlon fees
Bank charges
1,024
1.088
104
767
1,C(JO
153
1,012
1.095
178
3,309
3,112
5 Net incomingloutgolng resources
Net incoming resour￿$ for the year include:
2023
2022
Forelgn currency lossesl{galnsl
315
14991
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Virtual Routes Community
previously known as European Cyber Conflict Research Initiative
Notes to the Financial Statements for the Year Ended 31 December 2023
(continued)
6 Trustees remuneratlon and expenses
No trustees, nor any persons connected wllh them, have received any remuneration from the charty
during the ￿ar.
No Iru5t&es have received any other benefrts from the charlty durfng the year.
During the year. 3 Trustees were relmbursed expenses totalling £7,458 {2022 £4,149
reimbursement of working capital 108ns and expenses paid on behalf of the charity by one Trustee)
7 Taxation
The charity is a registered chadty and is therefore exempt from taxation.
8 Cash and cash equlvalents
2023
2022
Cash at bank
87,544
54.048
9 Creditors: amounts falllng due after one year
2023
2022
Accruals
1,075
1,000
10 Funds
Balance at 1
January
2023
Balance at
31 December
2023
Incomlng
resources
Resource$
8xpended
Unrestricted funds
General
General Funds
53.048
119,677
{86,256
86,469
Balance at 1
January
2022
Balance at
31 December
2022
Incomlng
resources
Resources
expended
Unrestrfcted fund8
General
General Funds
44.065
39.770
30,787
53,048
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Virtual Routes Community
previously known as European Cyber Conflict Research Initiative
Notes to the Financial Ststoments for the Year Ended 31 December 2023
(continued)
11 Analysls of net assets between funds
Total funds
at31
Decamber
UnrestrfGted
funds
General
2023
Current assets
Creditors over 1 year
87,544
1,075
87,544
1.075
Total net assets
86,469
86,469
Total funds
at31
December
2022
Unrestrlcted
funds
General
Current assets
Creditors over 1 year
54,048
1,000
53.048
54,048
1.000
Total net assets
53,048
12 Related party transactlons
There were no relatsd paty transactions in the year.
Page 14