Charlty registration number: 119)782 Virtual Routes Community Annual Repm and Flnancial Statements for the Year Ended 31 December 2024 WESTCOTTS CM4*TtRFD ACeOIINT14fiTS • IIU#ItrI•S8 AtsVlSfRS
Vlrtual Routgs Community Contents (continued) R8ference and Admlnlstratlve Detalls Trustees. Ret 2to5 Independent Examlnerfs Rep)rt statemant of Finanaal Adlvlties Balance Sheet Notes to the Flnancial Statements 9t014
Virtual Routes Communlty Reference and Adminlstratlve Details Trustees: Monlca Kello Max Smeets James Shlres Jasmln Stadlor (appointed 25 July 2024) Charity Registratlon Number 1190782 Prlncipal Offl¢e 47 Boutport Streat Bamstaple EX31 1SQ Catherine Wllllams FCA DChA Westcotts (SW) LLP 47 Boutport Street Bamslaple Devon EX31 1SQ Indopendenl Examiner Page 1
Virtual Routes Community Trustees. Report The trustees present the annual report tcgether with the financial s18tements of the charity for the year ended 31 December 2024. Objectives and actlvltles Objects and alms The objects of the charity are to advance education for th8 publlc bengffit in relation to cr conflict and statecraft includlng.. 1. Promotlng the study andlor faci11181ing the infMed analysls of issues such as nalicnal cyber slralegies, technologies used for conducting and defending against Cyber attacks. private-publbQ sector partnerships and regional ¢o-operation lo prevent or reduce cyber confllct 2. Promotlng 8n underslandlng of cyber conlllct and statecraft 3. Eslabllshlng arrangernents for collaboration in respect of cyber conflict studies. Mentorfng and research with andlor beeen national and intemational universities 1211 colleges. facuftles and departments withln them), the govemmenl of the UK and oth8r nations, non-governm&ntal non-profit todles and olher similar organisations Involved wllh such work. Publlc b•n8flt The Tnjstees consider the objectives of the charty, as staled above, Comply with the Charlty Commission Publlc 8enefil requirements. The Trustees unanlmously agree that the requirement for due regard to the publlc bengfit guldance ar8 satisfied. Tha trustees nfirM that they have Complied with Ihe requlrements of sectlon 17 of the Charities Act 2011 to have due regard to the publlc benefit guldance publlshed by the Charity Commlssion for England ond Wales. Actlvltles The core activities of VRC In 2024 consisted of five maln parts: Binding Hook. RokJnitlng Technohjgy vla Multilateralism (REMIT), the Oxford Cyber Forum. Vlrtual Research Workshop5. and the Europgan Cybersecurlty Fellowshlp (ECFI- Wa have made signtficant progress across all activities. Bindlng Hook In November 2023, VR launched a new media outlet called Blnding Hook to gather expert perspectives on dlgit81 and &merging technologies and security. Binding Hook centres the conversation on Europe In Sls global context through oplnlons and analysis from practitioners and res8archers. 11 covers tradStional cybersgcurlty topics and is equally Interested in the effects of other digital and emerging lechnologies on the security of people, organisatlons, and states. Page 2
Wirtual Routes Community Trustees, Report (contlnued) REMIT In 2024, VRC continued Its corrtrlbution to a four-year project as part of the REMIT consortium. Coordlnaled by Maastrlcht University, the REMIT project brings together leading European researchers from nine partners from Belgium, Estonia, Finland, Germany. Italy, the Netherlands. Romania and the United Kingdom. REMIT aims lo re-mobilize a Iransn8llonal Collective spirit that addresses global problems through technology. It seeks to develop a better understanding of the status quo, innovallve melhodologles. and pollcy recommendations that support effective policies to revilalize global democratic slruclLJres. VRC leads REMITS research stream on the economic and societal factors that shape technology govemance. Because VRC 15 a UK-based organizalion in an EU consortlum after Brexit, VRC'S fundlng for participation in this project comes from UK Reseafch and Innovatlon IUKRII. Oxford Cyber FOrn In June 2024. VRC held the Oxford Cyber Forum, In partnership wlth the 8lavatnik School of Government. Unlverslty of Oxford, and NATO. The Forum open to the general public included debates over key cybersecurSty pollcy issues, as well as a dedlcated workshop for earty career scholars and cybersecurlly practitioners. Virtual Reseorch Wofftshops The Vlrtual Research Workshops provide cybersecurity researchers and practitioners with a p18trorni to present and get feedback on research projects and papers. We hold monthly hour-long meetings where participants can present research lo the community. 11 has three main goals. First, il promotes culllng-edge research and interdisciplinary dialogue. Second. 51 aims lo foster a community of trust among Europe's cybersecurfly experts. Thlrd, il asplres lo support junlor scholars who may lack local networks providing guidance Sin cyberseCuty remains an emerging fi8ld of research. To that end, we expllcllly w8lcorne submissions by junior scholars. Fellowship Th& thlrd fellowshlp 2024-2025 welcomed flfteen fell¢)ws from govemmenl. Givil society, academia. the prfvate sector. and journalism. Fellows were selected for their Strong interest in cybersecurlly and thelr P8sslon for drivlng change. Fellows partlcipaled In a series of workshops with topics ranglng frorn EU cyber policy. conl8nl moderation, and cyber norms building processes to building practical skills In technical analysis. Fellows also receivod support in policy-relevant writing. gained access lo networking events and received regular updates atoul the latest opportunities In the field. Financial revlew During the ye8r, the charity recefved Income totalling £134,840 12023.. £119,677). Dudng 2024 expenditure lolalled £123,493 (2023: £86,256) Poli¢y on reseryes The charity does not have a formal reserves policy. as the d)arfly is stlll In a growih phaso. its aim is to grow Its overall income Indudlng reseNes. Page 3
Vlrtual Routes Community Trustees. Report (contlnued) Structure. govemance and management Nature of governing document The charity is a Charitable IncorFKJf8ted Organlsation govemed by a formal constitution adopted 10 August 2020. The Trustees meet regularty to review the progress of the Charfty and to mak8 5tr8tegy dedsions arding its future. An advlsory board of 12 members are consulted on decislons as required by the CIO constltution. Recrultment and appointment off trustees Trustee recruitment and inductlon pro¢es8 New trustees wiyJld be recruited based on expressions of Interest. vetted by the existing trustees Ivla interview if necessary). Proposed new trustees would be nominated by existing trustees to the board in the AGM and then confimed. They would then have a handover period with the trustee they replaced (if appllcable). and induction meetings with the other trustees and key staff le.g. rnanagets of the Fellowship programme and the s6mlnar). statement of Trustees, Re8pon$lbllltles The trustees are responslble for preparing the trustee5' report and the flnancial statements in accordance with the United Kingdom Accounting Standards Iunlted Klngdom Generally Accepted Accounting Practice) and appllcable law and regulations. The law applicable lo charities requires the tnjstees lo prepare financial statements for each financial year whSch give a true and fair view of the stale of affaSrs of the charity and of the Incomlng resources and application of resources of the tharily for that period. In preparing these financial statements. the trustees are required to: select sultsble accounting policies and then apply them conslstently, observe the methods and princlples in the Charflles SORP., make judgements 8nd estimates that are reasonable and prudent; state whether applicable accounting stsndards have been followed, subject to any material departur8s dlsclosed and explalned in the financial stalemenls,. and prepare the financial ststements on the going concem basis unless It Is Inappropriate to presume that the charity will continue In bjslness. The trustees are responsible for keeping proper accounting records that dlselose with reasonable accuracy at any tim8 the financlal position of the chaTity and enable them to ensure that the financial ststements comply wlth the Charities Act 2011, the ChaTilies (Accounts and Reports} Regulations 2008, and the provislons of the conslitub'on. The trustees are also Tesponsible for safeguarding the assets of the charfty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Iruslees are responsible for tha malntenance and Integrity of the COTporate and finandal informatlon included on the ch8rilable CoMpanS website. Legislation governing the preparation and dlssemin8tion of financial statements may differ from leglslation in other jurisdictions. Page 4
Vlrtual Routes Cornmunity Trustees. Raport {contlnued) 3011012025 The annual report was approved by the trustees of the charfty on ............. behalf by. and 51gned on its James Shlres Truste8 Page 5
Virtual Routes Community Independent Examlner's Report to tho trustees of Virtual Routes Communlty I report to the trustees on my examlnatlon of the accounts of Virtual Routes Community for the year ended 31 December 2024. Rosponsibllltles and bas18 of report As Ihe chaiity trustees of Vlrbjal Routes Community you are responsible for the prep8ratlon of the accounts in accordance with the requirements of the Charities Act 2011 {'the Ac¥). I repcl in respect of my examlnation of the Virtual Routes Communllls a¢LY)unts c8rAed oul under section 145 of the 2011 Act and in carrylng out my examinatlon I have followed 811 the appllcable Directions given by the Chority Commission under secuon 14515)Ib) of thè ACL Independent examinevs ststement I have ¢J)mpleled my examination. I confirm that no materlal matters have come to my attentlon in connectlon wlth th8 examination glving me cause to belleve that in any material respect: l. accounting records We not kept In respect of Mrtual Routes Communlty as required by sectlon 130 ofthe Act. or 2. the accounts do not accoTd with those records.. or 3. the accounts do not comply with the accountlng requirements concernlng the fomi and content of accounts set out in the Charitles {Accounls and Reports) Regulations 2008 other than any requlrement that the accounts glve 8 'true and fair view, which is not a matter considered as part of an independent examlnalion. I have no ¢oncems and have com8 across no other matters in conneclion with the examinatlon lo whith attentlon should be drawn In this report in order to enable a proper understanding of the accounts to be rea¢hed. C8therfng Wllliams FCA DChA Westcotts (SW) LLP Independent Examiner 47 Boulport Slreel Barnstsple Devon EX31 1SQ Date...1 ....Q.&-&aW 20% S P8g8 6
Vlrtual Routes Community Statement of Financlal Activltles for the Yoar Ended 31 December 2024 Unrestrlctod Total funds 2024 Total 2023 Note Income and Endowments from.. Donations and legacies 134,840 134,840 119,677 Tolal Income 134,840 134.840 119.677 Expendlture on: Charitsble actltieS {123.493 123,4931 (123.493 {123.493 11,347 86,2561 Totsl expendlture Nel income 86,2561 11,347 33,421 Nel movement In funds 11,347 11,347 33.421 ReGonclll8tlon of funds Totsl lunds brought forward Totsl funds carrled forward 86.469 86,469 97.816 53.048 10 97.816 86,469 All of the charity's activllles derlve from continulng operatlons durfng the above perfods. The fund5 breakdown for 2023 is shown in note 10. Th& notes on pages g to 14 form an Integrdl part of these finanaal ststements. Page 7
Virtual Routes Communlty {Reglstration number: 1190782) Balance Sheet as at 31 December 2024 2024 2023 No Current assets Cash at bank and in hand Credltors: Amounts falllng due after more than one year Net assets 98.971 87,544 1.0751 86,469 1.155 97,816 Funds of the charfty: Unrestrfcted Income funds Unrestricted funds 97.816 86.469 Totsl funds 10 97,816 86,469 ial ststements on pages 7 to 14 were approved by the trustaes, and authorised for Issue on and signed on their behalf by.. James Shi TTUStee The notes on pages 9 to 14 form an integral part of these financial siatemenls. Page 8
virtual Routes Community Notes to the Financial Statements for the Year Ended 31 December 2024 1 Accountlng pollcles Statement of compliance The flnanclal s12tem8nls have been prepared in 8ccord8n¢ With the second edition of the Charilles ststemenl of Recomrnended Practice issued in October 2019, the Finanual Reporting Standard appllcable In the Uniled Kingdom and Republic of Ireland IFRS 102) and the Charitles Act 2011. Basis of preparation Virtual Routes Community meets the definM)n of a publlc benefil entity under FRS 102. The accounts lflnancl81 statements) have been prepared under the historical cost convention vlth items recognlsed at cost or transaction value unless otherwlse stateé In the relevant note(sl to these accounts. The aGwunts are prepared In sterling whlch Is the functlonal currency of the charfly. Going concem The trustees consider that there are no materfal uncertainlies about the charltys ablllty lo Gonlinue as a goiw concern. Income and endowments All incomlng resources are Induded in the statgment of financial actIlIeS when enlitlemenl has Passed lo the chadty., It is probable that th8 economic benefits associated with the Iransactlon wlll flow to the charlty and the amount can b& reliably measured. The following Spectr policies are applled to particular categories of Income-. income from donations or grants 15 recognised when there Is evldenGe of enlitlemenl to the gift. recelpl Is probable and its amount can be measured reliably. legacy incom818 recognlsed when receipt is prob8ble and entitlement Is established. Income from donated gcKJds is measured at the fair valu8 of the goods unless thls is impracticol to m8asure rellably, In which c8se the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised In the accounts when received if the v81ue can be reliably measured. No amounts are included for the contribution of general volunteers. Income trom contracts for the supply of servlces Is recognlsod th the delivery of the conlracted seNlce. This is dasslfied as unrestrfcted funds unless there Is a contractual requirement for it to be spent on a p2rt1cular purpose and retumed if unspent, In vthich cas611 may be regarded as restrScted. Grants roGeffvable Grants are reeognised when the Gharfty has an entleMent to the funds and any condllions Ilnked to the grants have been mel. WhetE perfomi8nce ndItIOnS are attached to the grant and are yel to be mel, the income is reGognised as a liabllity and induded on the balance sheet as deferred income to be rel88sed. Page 9
Virtual Routes Communlty Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) Expendltyr All expenditure Is recognised once there Is a lagal or constructive obligation to that expenditure. il Is probable settlement is requirod and the amount can be measured reliably. All costs are allocated lo the appllcable expendltur8 heading that aggregate similèr costs to that category. Where costs cannot be dlrectly attributed to partlcular headings they have been allocaled on a basis consislenl with the Use of resources, wllh central staff costs allocal8d on the b8515 of time spent, and depreciation charges 811ocated on the portion of the asset's use. Other support costs are allocated based on Ihe spread of staff costs. Charttable actlvltlés Chari18bl& expenditure comprlses those costs Incurred by the charity in the delivery of its activities and services for ils beneficiarles. It Includes both costs that can be allocated dlrectly to suth acliwties and those costs of an indirect nature necessary lo support them. Support costs Support Costs Indude centr81 fun¢llons and have been allocated lo activity cost categorles on a basls consistent wlth the use of resources, for example. allocatlng property C051s by floor areas. or per capits, staff costs by the tlme spent and other cos15 by their usage. Govornance costs These include the costs attrfbutable to Ihe charitls compllance I1h constllulional and statutory requirernenls. including audit. stralegtc management and trustees meetings and reimbursed exp8nses. Taxatlon The charfty Is considered to pass the tes15 set out in Paragraph 1 Schedule 6 of th8 Finance Act 2010 and therefore it meets the daflnllion of a charitable company for UK corporation lax purposes. Accordingly, the charity Is potentially exempl from taxation Sn respect of Income or capital gains received wlthin categories covered by Chapter 3 Part 11 of the Corporallon Tax Act 2010 or Section 256 of the Taxallon of Chargeable Galns Act 1992, to the extent that such income or galns are applied excluslvely to ch8rilable purposes. Cash and Gash equival•nts Cash and cash equlvalents Gomprise cash on hand and call d8posIts, and other short-tern hlghly Ilquid Investments thal are readlly convertble 10 8 known amount of cash and are subject to an Inslgnlflc8nl risk of change In value. Fund structure Unrestricted Incom8 fund5 are general funds that are avallable for use at the trustees dIsCtion in furtherance of the objectives of thg charity. Page 10
Vlrtual Routes Communlty Notss to tha Flnancial Statements for the Year Ended 31 December 2024 (continued) Financial Instruments Rocognltion and mèasurèment All flnanaal assets and li8blliU8s are initially measured al transaction price Ilncludlng transaclson costs), except for those financial assets classified as al falr value through prof51 or loss, which are inS1ially measured al fair value (which is nomially the Ir8nsaction price excluding Ir8nsaclion costs), unless the arrangement constitutes a ffnanang Iransaclion. If an arrangement conslilutes a financing ITans8Ction, the finand81 asset or financlal liability is measured al the present value of the future payments discounted at a market rate of interest for a slmllar debt instrument. Fln8ncial assets and liabilities are only offset In the statement of financial posltlon when, and only when there exists a legally enlorce8ble dghl lo sel off the recognised arnounts and the charity intends either lo settle on a net basis, or to re81ise the asset and settle the liability slmull8neously. Financial assets are derecognised when and only when al the conlraGtual rights lo the cash flows from the financial asset expire or are 5etUed, bl the charity transfers lo another party substantially all of the risks and rewards of ownership of the financial asset. or c} the Gharily, despite having retained some, but not all, signlficant dsks and rewards of ownership, has transferred control of the asset to anothèr party. Flnan¢ial Ilabilities are derecognised only when the obllgation specified in the contract is digch8rged. cancelled OT expires. 2 InGome from donations and logacles Unrestricted funds General Totsl 2024 Grants, indudlng capital grants,. Grants received 134,840 134,840 UnrestriGted funds General Total 2023 Grants, including Capital grants: Grants recelved 139,677 119,677 Pago 11
Vlrtual Routes Community Notes to tho Flnancial Statements for the Year Ended 31 December 2024 (continued) 3 Expendlture on charltable actlvltles Unrestrl¢ted funds General Total 2024 Nota Charitab18 aclivltles Allocated support cosls Governance costs 118.547 3,546 1,400 123.493 118.547 3,546 1.400 123,493 Unrestricted funds General Total 2023 Note Charitable activities AIIoc8ted support costs 82,947 3,309 82.947 3.309 86,256 86.256 4 Analysls of governance and support costs Support Gosts allocated to Gharftablo activities Total 2024 Total 2023 Offlceexpgnses Sundry expenses Indopendent Examination fees Bank charges 1.268 851 1,190 237 1,024 1,012 1,095 178 3.546 3,309 5 Net Incomingloutgolng resourcos Nel incomlng resources for the year include: 2024 2023 Foreign currnncy losses 1,109 315 Pago 12
Vlrtual Routes Community Notes to the Flnancial Statements for the Year Ended 31 December 2024 Icontinued) 6 Trusto•s remuneration and expenses No trustees, nor any persons Gonnected with them, have re¢efv8d 8ny remunerdtlon from the charty during the year. No trustees have received any other beneflts from the charlty during the year. During thg year, Trustees were reimbursed expenses totalling £647 (2023 £7,4581- roirnbursement of expenses paid on behalf of the charity to two Trustee and Iheir immediate famlly 7 Taxatlon The charity is a registered charity and Is therefore exempl from taxation. 8 Cash and cash equlvalents 2024 2023 Cash 81 bank 98,971 87,544 9 Creditors: amounts falllng due aftor one year 2024 2023 AGfflials 1.155 1.075 10 Funds Balance at 1 January 2024 Balance al 31 Dècember 2024 Incomlng resourtes Resources expended Unrestricted funds General General Funds 86.469 122.093 99,216 Balance al 1 January 2023 8alance al 31 December 2023 Incomlng resources Resources expended Unrestrlcted fuDds General General Funds 53,048 119,677 186.256} 86.469 Page 13
Virtual Routes Community Notes to the Financlal Statements for the Year Ended 31 Decembor 2024 (continued) 11 Analysls of net assets between funds Total funds at31 Decernber 2024 UnrestriGted funds General Current assets credito over 1 year 98.971 (1,155) 97.816 98,971 1,155 Totsl nel assets 97,816 Total funds at31 December 2023 Unrestricted funds General Current assets Creditors over 1 year 87.544 1,075 86.469 87,544 1.0751 86,469 Total net assets 12 Related party transactions There were no related party tran5actlons in the r. Pago 14