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. Re￿t
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
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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 c￿r conflict
and statecraft includlng..
1. Promotlng the study andlor faci11181ing the inf￿Med 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 be￿een 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.
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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 FO￿rn
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￿ cyberseCu￿ty 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.
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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 CoMpan￿S website. Legislation governing the preparation and
dlssemin8tion of financial statements may differ from leglslation in other jurisdictions.
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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
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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 repc￿l 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 act￿ltieS
{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.
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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.
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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 actI￿lIeS 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 entl￿eMent 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.
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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 I￿1h 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 dIsC￿tion in
furtherance of the objectives of thg charity.
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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