Charlty regi6tratlon number 1076660 (England and Wales)
TRIALOGUE EDUCATIONAL TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

TRIALOGUE EDUCATIONAL TRUST
LEGALAND ADMINISTRATIVE INFORMATION
Trustees
Mr Michael Maclay (Chalrman)
Mr Rowan Barnett
Mr Andrew Fraser
Ms Sarah Rainè
Charlty number
1076660
Prlnclpal address
Offic8 On8
1 Coldbath Square
Fafflngdon, London
EC1R 5HL
Gèneral Socretary
Franpls Le Goff
Independent axamlnor
Mr David PasseyACA
Landau Morley LLP
325-327 Oldfield Lan8 North
Gre8nford
Mlddlesex
UB6 OFX
Bankers
Lloyd5 Bank plc
25 Gresham Street
London
EC2V 7HN

TRIALOGUE EDUCATIONAL TRUST
CONTENTS
Page
Tru5tsas' report
Independent examlnerfs report
Statement of flnanclal activitie8
Bal8nc8 sheet
10
Notes to the financial s18t8m8nts

TRIALOGUE EDUCATIONAL TRUST
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report and financial statements for th8 year ended 31 December 2024.
The financial statements have been prepared In accordance with the accounting policias set out in notè 1 to the
financial statements and comply with th& charity's goveming document. the Charities Act 2011 and 'Accounting
and Reporting by Charities.. Statemènt of Recommended Practice applicable to charities preparing their accounts
in accordancè with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS
102)" (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Through Its operatlonal ami, the Club of Three. the Trfalogu8 Educatlonal Trust works wlth leaders In
government. business, clvil soclety and academia In France. Germany, the UK and across Europ8 In order to
develop cross-border responses to th8 major geo-strategic, social and economic challenges of our time.
RISK MANAGEMENT
Ov8r the course of th8 year, the Tru5t88s continued to Implement a compreh8nslv8 risk management strategy for
the Charity, in accordance with Charity Commlssion guid811nes. This includes a regular review of all risks to which
the Trust is exposed and the establishment of policies and procedures to mltlgate the risk, includiry the sourcing
of a comprehenslve Insurance policy.
PUBLIC BENEFIT
The Trustees confiryn that they have compll8d with the duty in section 4 of the Charltl8s Act 2006 to hav8 due
regard to the Charlty Commlssion's gen8ral guidance on public benefit, 'Charitles and Public Benaflf. All of the
activitles that ar8 undertaken by th8 Charity are for the advancement of its objectives.
ACHIEVEMENTS AND PERFORMANCE
2024 was the first y8ar of the Club of Three's new programme on European d8fence and securlty, which built on
series of highly successful m8etings between 2020 and 2022 and is currently Its main ar8a of focus. ThrÉ8 of
the fiv8 meetings held during the cours8 of the year were fully dedicaled to thls topic thanks to ongoing
partnership with thè Hertie Stiftung in Germany and the support of a numbar of industrlal sponsors Including
Safran, Babcock International, MBDA and Vodafone.
other prlorlty toplcs Included European competitlv8n8ss and reslllenc8 In the face of an Increasingly hostlle
global environment. The Club of Thr8è 81so returned to th8 sublect of the Western B8lkans- following an online
event in thls topic In 2021 wlth a 'Frontiers of Europe" speclal s8sslon in Athens, Greece, held In collaboratlon
wlth the Hanns Seld81 Stlftung and Rolhschlld & Co.
Meetlngs were once again wall attended with speakers of a hlgh calibre and a rlch mlx of senlor partlclpants from
business, politlcs and government, thlnk-tanks and th8 media in France. Germany, the UK and other European
countrl8s, as shown through th8 feedback and data collected on an annual basis,
The Club of Three also continued to pay particular attention to gender parity and the involvement of younger
leaders. Female participation at th8 2024 Plenary meetlng in Bedin reachèd 40% for Ihe second consecutive
year. and the majority of panel dlscussions throughout the year were led by an impressiv8 group of wmen who
are now regular participants.
There were sorne Innovation5 in terms of fomiat. The Club of Three successfully introduced breakout sessions
during the Berlln Plenary, allowlng participants to 8xchange more fluldly and in greater depth within sma118r
groups. Further thoughts wlll b8 given to this in 2025 in order to make these exchanges 8v8n more stimulating.

TRIALOGUE EDUCATIONAL TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
MEETINGS IN 2024
The 2024 programme of aclivities consisted of five meetings that varied in slze, format and focus. In addition to
the organlsation of meetings, the Club of Three also produced reports summarislng these exchanges and
highllghting their outcom8s, and publlshed 8 number of blog articles on related themes.
1. Flresldg Chat wlth Davld Lammy MP- 26 Fobruary 2024 London
The flrst meetlng of the y8ar was a Club of Thrae fireslde chat wlth David Lammy MP, then Shadow UK
Secretary of State for Foreign. Commonwèalth and Development Affairs. The evènt was hosted by Mlgu81
Berger. German Ambassador lo th8 UK, at G8rman House in London, on Belgrav8 Square.
It took place on 26 February as a number of Europèan leaders and allies wére meetlng for a major o)nference in
Paris to discuss a strengthening of Western support to Ukraine y8ars after Russia's full-scale invasion of th8
country. Some 60 sénlor figures from busin8ss, diplomacy and s8curity experts from France, Germany, th8 UK
and other parts of Europ8 took part in the Club of Three meèting.
David Lammy outllned what the UK'S foreign poliw would focus on under a new government In th8 event of a
Labour wln followlng the year's gener81 8lection In Britain, as well as the role that the UK could play
internationally in the comlng years. The dlscussion that followed was moderated by Ellsaboth Braw. Senior
F811ow at the Atlantlc Councll and author of "Goodbye Globalization..
Partlclp8nts Included.. Holène Duchane (French Ambassador to the UK); Pedro Serrano IEU Ambas8ador to the
UK),. Inigo Lambertlnl Iltalian Ambassador to th8 UK)., Norbert Rottgen (German MP, CDU,and Presldent of the
Club of Three): Ba8tlan GlegoTlch (Director-G8neral, IISS): Slr Sherard Cowper.Coles (Group Head of Public
Affairs, HSBC); Torry Berntsen (CEO, Europe & Americas, Standard Chartered)., Frang01s￿os9ph Schlchan
(Dlrector, Geopolitlcs and European Affalrs, Flint Global)., Vonly Rajakoba Imanaglng Director, Bosch UK}.
Pascal Borls CBE (Honorary President, French Chamber of Great Brftalnl. Jullan Moor8 (Direclor, Government
Affalrs and Strategy, Boeing UK). Malcolm Chalmers (Deputy Director-Gen8ral, Royal United Services
Institute)., Petor Barnes {Chairman, Brltlsh-cierman Assoclation)., Adam Forglel-Jenklns (Managlng Director,
Govemrnent R8lation8, BAE Systems); and Polly Scully CBE (Senior Adviser, UK Defence, Palantlr).
2. Club of Thr00 Woblnar "Bulldlng Indu8trlal resIllen￿ through technology: 1$ Europo up to th8
challenge?" _ 14 May 2024
This onllne dlscus8ion on the toplc of technology and Industrial resillence followed on from a Club of Three
webinar held In 2021 on Europe's open strateglc autonomy arnbltlon. Thar8 had been 8 cultur8 of cooperatlon
be￿88n technological and industrial players on building up a resilient Industrial base in Europe for some lime,
and there wa8 now a vibrant ecosyst8m of projects and partnerships to drive innovalion. increase
competitiveness and make infrastru¢tur8 more secure.
At the political level. the European Commisslon's focus on strateglc autonomy and resiliencè postscovld had
glven new Impetus to these efforts. As the EU was about to embark in a new 5-year political and leglslatlve cycle,
what had been achieved In terms of technologlcal sovereignty? Were we anywhere closer to reaching this goal?
The dlfficulties that companies Ilke Atos in France were going through and the purchase of European technology
success stories - including In the UK - by other players outside of Europe were a remlndgr that thls qu8St for
more autonomy was a quite tall order.
The dlscusslon was chaired by Laura Sandys CBE, Chair of th8 Green Alliance and Non-ExecutSve Dlr8Ctor at
SSE Transmlsslon, Hlghvlew Power, & Ohme Global, and former Chair of th8 UK Govemment's Energy
Digitalisation Taskforce.
The main spaakers wèrè..
'Joakim Relter. Chief External and Corporat8 Affairs Officer. Vodafone

TRIALOGUE EDUCATIONAL TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
omas Reynaert, Vic8 President, Europe, Middle East & Af17ca, IBM
'Frédéric Suttar, Head of Swlse Product & Service Line, Alrbus; Formerly Dlgltalisation Programme Director
{2015-20)
"Drago8 Trdoracho, MEP (Renew Europè); Chair. Speclal Commlttee on Al., LIBE rapporteur on Al Ac(. Fomier
Interior Mlnister (Romania)
Participants Indud8d'. Cédrlc Audanls (Acting Commlssion8r General for Pollcy Plannlng, French Prime
Minister's Offlce): Prof8ssor Paul Tlmmors (R858arch Fellow, Centrè on Regulation in Europe)., Nlck Coleman
(Managing Oirector, Technology Risk Academy)" Alberto Palomo (Chlef Strategy Officer, Gaia-x); Steffen
Hoffmann (Presldent Northern & E2st8rn Europe, Robert Bosch GmbH)', John Marks Wllllams (CEO, Institute
of L8adershlp)' Stefanie Stundel (Senlor Representalfve, Digltalisation and Innovation, German Industry
Association BDII- Nina Skero (CEO. Centre for Economics and Business Research)., Paul Aylieff (Chief Finance
Officer, Quant8xa Ltd)", Greg Rosen (Senior Counsel. SEC Newgate UK)., and Karlna Robinson (CEO. Redcliffe
Advlsory Ltd).
3. Speclal Sesslon "Frontier6 of Europe": Groece & the Balkans 20-21 Jung 2024, Athens
In June, the Club of Three h8ld a special sessloii In Athens in collaborallon with th9 Hanns Seldel Stlfbjng,
focusing on the Western Balkans and th8 rolo that Greece can play in the reglon. Some 35 senior flgLres from
th8 fields of politics, dlplomacy. busln8ss and think-tanks In France, Germany, thè UK, Greece and the Westem
Balkans participated in the meetlng. It built on a previous Club of Three 8V8nt held in 2021 and enltled 'The
Balkans in an age of renewed great power competlllon: can the EU still b8 a stabilislng forc8?" chaired by Milica
Delevlc of the EBRD and with Carl Bildt and Majlinda Bregu of th8 Reglonal Cooperatlon Councll as maln
speakers.
The discussions, whlch took place at the Athens Clty Museum, took stock of the Sltuation in the Westem B8lk8ns
in light of recent FU announcements, and notably Ihe Eu's 2023 Enlargement P8ckag8 and Growth Plan for the
region. They were dlvided Into three main themes.. Investment and growth,. EU Integration and regional political
dynamics; and 1fiiqrè.tion and the rul8 of law.
After the first session, 8 dlnner was hosted at the residence of the Gernian Ambassador, wllh Greek Defenc8
Mlnlster Nlkos Dendlas as keynote sP8aker. In hls speech, the Mlnlster addressed the security challenges In
the Balkans sinc8 Russla's Invasion of Ukraln8 and Gre8C8's efforts in support of Ukraine. Thè mèeting ended
wlth a lunchtlme dlscussion hostèd by Deputy Forèlgn Mlnlster Alèxandra Papadopoulou at Ihe Forelgn
Affairs Mlnistry. The Minister gave an address on Greece's dlplomacy towards the Balkans and southeastem
Europe.
Partlcipants Included.. Roné Troccaz (French Special cnvoy for the Westem Balkans),. Dora Bakoyannl$ (Greek
MP and former Foreign Minister)- Dlmitrls Kalridis (Greek MP and fomier Greek Minister for Migration)- Marios
Broustas (Managlng Director, Rothschlld & Co Greece)-, Mlchael Davenport (Head of MIs51on, OSCE Mission In
Kosovo) Majllnda Bregu (Secrotsry General, Reglonal Cooperalion Councll),. Christian Schmldt (High
Representative for Bosnia and Herzegovina),. Borko Stefanovlc (Serbian MP): Jovana Marovlc {Memb6r,
Balkans in Europe Pollcy Advisory Group). Edward Preec8 (Deputy Director, UK Home Offic8)'Allda
Vraclc (Director. Populari, Sarajevo): and Marlanna Nalhanall (Head of Rgpresentation, European Investment
Bank in Gr88C8).
4. Lunchtlme Discussion on European Securlty and Defence- 3 July 2024, Parl8
Some 30 senlor figures from the d8f8nce and policy fields in France. Gamiany, the UK and other European
countrles gathered in Paris In July for a Club of Three lunchtime discusslon on European def8nce and security. It
was hosted by his Excellency Stephan Steinleln, Gornian Ambassador to France, at his residence in tho
French capital.
The m88ting, which took plac8 ah8ad of the NATO summit and 75th anniversary celebration In Washington D.C,
discussed the adequacy of efforts to boost Europe's defence, induding re￿nt EU plans for industrial réadiness,
and their robustness in the face of Russia's reorganised mllitary and economy. Another important fows was how
far European countries could work with NATO to suslaln long term support for Ukrain8 - wlth or without strong
U.S Involvement.

TRIALOGUE EDUCATIONAL TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This off-the-record discussion was chalred by Elisabeth Braw, Senior Fellow at th8 Atlantic Council and lèd by
leadlng experts including Angus Lapsloy, Assistant Secretsry General for Dèf8nc8 Policy and Plannlng at
NATO, Ulrike Franke, Sonlor Policy Fellow at the European Councll on Foralgn Relations, and Camlll8 Grand.
Partlcipants Induded: Erlc Béranger (CEO, MBDA). Peer Horsimann {Deputy Diréctor, European Defencè,
German Foreign Office).. Anne.Charlotte Fredenucci (Chalr, Amelra Group)., Alexandr• Escorcia (Head of
Department, Europe, North America and Multilateral Action. French Ministry for the Armed Forc8s); Davld
Wllllams {Head of Europe Defence Policy. BAE Systems}: Edward Howard (Head of Intelligenca, Vodafone
Group); Peter Watklns (Dlrector Gener81 Strategy and Internatlonal, UK Ministry of Defenc8, 2014-18): Rym
Momtaz {Consultanl Research Fellow for European Forelgn Policy and SecLJrfty, IISS),. Ralph D. Thlele
(Chalmian, Politlsch-militarlsche G95ellschaft),' and Fransols H8lsbourg (Sp8clal Adviser, Foundatlon pour la
Recherch8 Stratégique).
5. Club of Three Plgnary Meetlng 2024 - 25126 October 2024, Berlln
Held In Octobèr In Berlin, the 2024 Plenary meeting of the Club of Three was organised in partnership wlth the
Hertie Stiftung and dedlcated to the topic of European defence and securlty. This exchahge with some 50 s8nlor
ross-sector figures. frorn France, Germany. the UK and other European countries took place at a critical time for
Europe, ahead of the U.S elections and wlth new parliaments and governments in France and the UK as ￿￿11 a5
In Brussels.
Particlpants took stock of the sltuation in Ukralne and dlecussed ways of strengthening Europe'5 own defence.
There were sessions on defence procuremènt, finance as well as other critical Issues including nuclear
deterrence, bulldlng resilience and the n8C8SSlty to a.8scria(e civll soc18ty in th8se efforts.
Th8 first part of the meetlng was hosted by the Gemian Foreign Offlce on the Frlday afternoon. during which the
Mlnlster of State Tobjas Llndner gave a kèynota a¢Aresbi . This was follow8d by a dlnngr at the residence of the
Brillsh Ambassador. The Saturday s8S81ons were held p.¥ TIYO Adlon K8mpinskl.
During the exchanges. particlpants were reminded o.. IJIYJ8ncy to prepare - 85 Europeans - to faca the threat
posed by Russia, which was existential. Two and a half yg2ry after Russia's full Invasion of Ukraln6, there were
Serious concerns th8t Europe had r)ot y8t woken up to this feality.
Th8 Situation on the ground favoured Russia which had adjusted well to West8rn sanctions. It had not taken the
balt In the Kursk region and was relentlessly pursulng Its objectives in thè Donbas whlle continulng to demollsh
Ukrain8'S Critical Infraslructure. At the same tlme it was unlikely that another US package of $60bn would bè
dlspatched agaln.
Any r8solutlon In the fornl of a Mlnsk 111 deal, 8 naw Budapest Memorandum, or other tr•aty could not b8
envlsaged until Rus81a had beon effectively confronted. There was an expectation that Its arms produ¢tlon mlght
reach a tlpping polnt around 2026127. but Ukralne was buming out at a faster rate In the meantlme.
Flnancing the r8bulldlng of a credible d8f8nce system wlthout free-rldlng was golng to b8 a dlfficult problem to
crack for Europeans. With little money to throw around, a partlal solution was to turn to innovation, agility. prfvate
sector parinership5, and e light8r regulatory environment. Wlthout the level of U.S support it had recelved until
n¢)w. Europe would face hard choices. The main options for building a European nuclear deterrent all had
drawbacks in terrns of cost and political acceptabS1ity both domestically and globally.
PartlClP8nts included.. Philippo Errera (Executive Vlce President. Safran)., Eli5abeth Braw (Senior Fellow,
Atlantlc Council),. Ulrike Franko (Senior Poliw Fallow, ECFR)., Charles Fri88 (Deputy General Secretary,
EEAS); Catherine Calothy (Deputy Director, Qual d'orsay)., Brigadier Gonoral Frank Graefo (D8puty Chief of
Stsff. German Air Force),. Thomas Gottschild (Managing Director, MBDA Germany),. Ruth Harrls (Director,
RAND Europe)., Ellsabeth Hauschild (Senior Vice President, Dlehl Stiftung & Co.),. Sylvain Berger (Diplomatic
Adviser. IH EDN},' Daniel Hallett (Director, Babcock Intemational)., Nick Pickard (Director Europe Bllateral,
FCDO),. Norbert Rottgen (German MP, CDU). Nomian Heit (SecL¢rlty and Resilience Director, Vodafone). Éiie
Tenenbaum (Director, Security Studlas Centre. IFRI). and David Wllllams (Head of Europe Defence Policy, BAE
Systems).

TRIALOGUE EDUCATIONAL TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
REPORTS AND BLOG ARTICLES
Two full mèetlng reports and one briaf summary of discussions were produced during the course of the year.
Thesa reports are available on the Club of Three's 'Reports' page: http:IlwMv.clubofthree.orglreports.
In addition to reports, thè Club of Three published a number of blog articlès written by external contributors.
focusing on various aspects of the Club of Thr88 programme of activitl8s, and nolably defenc8 and security.
These articles can be found here.. http'.Ilww.Glubofthree.orgiblog.
Organising meetings wlth high-profile figures from politics, business, academia and tho medi8 is not only down to
th8 work of th8 Club ofThree secreteriat and support from steering group membor8. It also depends on the
participation of sponsors and partn8rs who can help provide the righl setting for the open and frank discussions
taking place at Club of Three meetlngs.
In 2024, the Club of Three rec8lved.8upport (In-klnd ¢ontrlbutlons) from Germany's dlplornatic seNlce vla Its
embassles in London, Athens and, Parls. as well as th8 Foreign Office in Barlln where part ofthe Flenary meetlng
was held. This typ8 of,8UPPOrt was'also provlded by the Greek For8ign Mlni8try Ispeclal ses.-ion In Athens) and
British embassy In B8rtin {P18nary me8tlng).
As far as corporats spongors ar8 concBrhed,. Vodafon8 continued Its support of activitles. ngtably In the fie;ds of
technologlcal resilienca and dBfence and securty, while Safran. Babcock Internatlonal and MBDA were the main
sponsors of th8 d8f8nce pEogramm8. Other sponsors Included Rothschild & Co, which made p. financl81
contributlon towards the special s8ssion In Athens.
Finally, the success of th• 2D24 progr8rnm8 of activities was made possible thanks to excellani partnerships
established with two German fnundations: the Hertie Stiftung as part of the defencè and s8curitrM prcgramme,
and the Hanns Seidel Stiftung in relation to the meeting in Athens.
The Club of Three is exlrEthely gFateful for tha support of these organisations who helped wide-
ranglng programme of high quality international meetlngs during the course of that y8ar.
MAIN OUTCOMES
The Club of Thre6 dellverad an attractlve programme of well-attended weblnars and physlcel meetlngs with hlgh
quality dlscussions and speakers wlth first-hand Insights Into some of the major challenges faclng Europe In
2024, Includlng European d8fenc8 and security Sn the face of Russla's invaslon of Ukraln8, Industrial and
l6chnologlcal resilienca, and prospects for EU Integration In the Westarn Balkans.
Female partlclpatlon romalned at 34°/0 overall In 2024. For some evtsnts however (Athens Sesslon and Berlln
Plenary). this participatlon reached around 400/0, in line with our goal to move towards gender parity. The Club of
Three particularly makes sure thet wom8n are given key ro18s as panellists and $8sslon chairs.
Partlclpant surveys Showed that the Club of Three contlnues to be seen as a forum for hlgh quality exchanges.
Ov8r 800/0 of respond8nts ranked the quality of dlscussions during th8 SP8cial sesslon in Ath8ns and Berlin
Plenary as very good. The vast majorlty of th8m also found the fomiat provided for th9se exchanges very useful
In either addr8sslng the geopolilical and strategic challenges faclng Europe or in developlng a cross-sedor
dialogue bel￿een businessleaders, politicians. government officials and think-tanks.
One way of rn8asuring the wider impact of Club of Three meetings has tradition811y b98n to determine what
inftuence they have on the thinking of business leaders and sénior figures from govarnment, academia and the
media. and the decisions they make within their respeclive organisations. These decisions can have a signlficant
impact on society. the economy and foreign policy. In the case ofthe speclal session in Athens and Berlln
Plenary, over 800/0 of respondents fglt that the dlsoussions had had elther a very important or Important influence
on their thinklng.
There were some innovations in terms of format. The Club of Three successfully introduced breakout sessions
during the B8rlln Plenary, allowlng partlcipants to exchange more fluidly and in gr8at8r depth within smaller
groups.

TRIALOGUE EDUCATIONAL TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
FUTURE PLANS
In 2025, the Club of Three will continue to focus on the toplcs of competitivenéss and resilienc8 alongside
European defence and security, whlch wlll be once agaln the main toplc of the annual Plenary meeting. This
event will likely take place in Paris.
Much was said in 2024 about Europe's struggle to act more strataglcally to protgct its own Interests, and the
Draghl r8POrt was a much w81come step to addr8ss thls. We wlll s8ek to build a broad8r, cross-sector communlty
of strateglc thinkers to support the obJectlv8S Stated in thls report and whlch are now widely shared across
Europe.
In terrns of meetlng formats, further thoughts wlll be given to the organisatlon of breakout sessions and how to
facllitato axchanges wlthin smaller groups.
FINANCIAL REVIEW
Th8 total Incomlng resources for the year were £113,356 {2023.' £100,969),
RESERVES POLICY
Trustees c105ely monitor the lavel of free reserves avallable to ensure th8r8 is sufficient financial flexibility In
place. It is th& Trustees, policy to accumulate rgs8rv8s for future activities. The reserves available on 31
December 2024 were £78,696 (2023.. £39,681). It is the intention of the Truste85 to work towards building a
reserv8 of 3 months, administration costs in the following financial year.
STRUCTURE, GOVERNANCE AND MANAGEMENT
TfriQ Trlalogue Educational Trusl has 8 board of Trustees that meets ￿1c8 a year. It has a London-based
Secretariat head8d by Franco15 Le Goff under the leadership of Micha81 Maclay, Chairman of the Board ol
-1 rLlPt4?es. The thr88 Other Trustees ar8 Rowan Bamatt, Sarah Raine an4 Andrew Fraser,
The Trust operates through a Franco-Gèrm8n-Brltlsh leadérshlp Inltlatlve known as the Club of Thr88. Th8 Club
of Thr88 relies on the support and advlce of a Steerlng Group made up of 20 senior flgurès from France,
Germany and the UK. Its members h8lp to identlfy potentlal donors to support the Club of Three's annual
programme of activltles and provide advlco on future projects and objgcliv88.
The Charity was fomied und8r a Deed of Trust dated 8th June 1999. The rn8nag8ment of the charity is the
responsibility of the Trustees who arei e19cl8d and co-optgd under the term5 of the Trust Deed. The Members
may appoint any person who is able and willing to acl 85 8 new or additional Trustee. In selecting p8rson,% to be
apF)ointed as Trusta8s, the Trustees shall take into account the benefits of appointing a p8rson who is able by
vlrtue of hls or her personal or profèsslonal qualifications to make a Contrlbutlon to the pursull of the
objects of the management of the Charity.
Future Trustees shall be appointed for a period of thre8 years by a resolulion of the Trustees. TNstees may be
raappointed at thè and of thelr term of office. The Board keeps minutès of all proceedings al meetings of the
Charity and the Board including the names of those pr8sent at each such meetlng.
The trustees who served durfng the yearwere.
Mr Michael Maclay Ichalrman)
Mr Rowan Barnett
MrAndrew Fraser
Ms Sarah Raine

TRIALOGUE EDUCATIONAL TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Trust88s' Report was approved by the Board of Trusteès,
Mr Mlchael Maclay
Chair of Trustees
Dated: 22 July. 2025

TRIALOGUE EDUCATIONAL TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF TRIALOGUE EDUCATIONAL TRUST
I report to the trustees on my examination of the financial statements of Tri81ogue Educational Trust (the
charity) for the year 8nd8d 31 Decembér 2024.
Rosponsibilitlès and basls of report
As the trustees of the charity you ar8 responsible for thè preparatlon of the flnanclal statements In accordance
with the rèqulrem8nts of the Charlties Act 2011.
I report in respect of my èxamination of the charlty's financlal stat8m8nts carrted out under section 145 of lh8
Charlties Act 2011. In carrying out my exatninallon I have followed the Directlons given by the Charity
Commisslon under section 145(51(b) of the Charities Act 2011.
Indepondent oxamlnerfs statement
Your att8ntion Is drawn to tha fact that the charity has prepared the financlal statoments in accordance with th8
relevant version of the Statement of Recommended Pracilce appllcab19 to charities preparing their finencial
statements In accordance with tha Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS 102) in preference to the Accounting and Reporting by Charlties.. Staternent of Recommended Practice
issued on 1 April 2005 which is referred
LO in the extant rggulatlons but has now baen withdrawn. l understand
that this ha5 b88n done in order for th8 tinancial stgtem8nts to provide a true and falr vlew In accordance with
UK Generally Accepted Accountlng Practice.
I have completed my examination. I confirm that no matters hava come to my 8tt8ntlon in conn8Ction with the
examination giving me cause to believe that in any material respect:
accounting records were not kept In respect of the charity as required by sectlon 130 of the CharStles Act
2011.
the financial statements do not accord with those records. or
th8 finan￿al 8tstements do not comply with the applicable requirements concerning the form and content
of financlal 5tst8mènts set out in the Charities (Accounts and Reports) Regulations 2008 other than any
requirement that the flnancial 5tat8ments give a true and fair view, which is not a matt8r considared as
part of ali Independent examlnatlon.
I havè no concems and have come across no other matters In connectlon with the examln8tion to which
attention should be drawn in this report in order to enable a proper understanding of the financial statements to
be reached.
Mr Davld Pass8y ACA
Landau Morfey LLP
325-327 Oldfield Lana North
Greenford
Middlgs8X
UB6 OFX
22 July 2025

TRIALOGUE EDUCATIONAL TRUST
STATEMENT OF FINANCIALACTIVITIES
INCLUDING INCOME AND EXPENDITUREACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
Unrestrictèd Unreslrlcted
funds
funds
2024
2023
Restricted
funds
2023
Total
2023
Notes
Income from:
Charltable a¢tlvitle8
113,356
80,852
20.117
100,969
Totsl Income
113,356
80,852
20.117
100,969
Expondlturg on:
Charitable activlt18S
74,341
91,455
20,117
111,572
Total gxpendlturo
74,341
91,45ts
20,117
111.572
Nèt Incomel(expondlture) and movomont In
funds
39,015
{10,603)
{10,603)
Reconclllatlon of funds:
Fund balances at 1 January 2024
39,681
50.284
50,284
Fund balances at 31 Docember 2024
78,696
39.681
39,681
The statement of financlal actlvltl88 Includgs all gains arid losses recognised In th8 year. All incomg and expendlture
derlve from contlnulng activitles.

TRIALOGUE EDUCATIONAL TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2024
2024
2023
Notss
Flxod assets
Tangible assets
Current a8sèts
Debtors
Cash at bank and In hand
72
1,806
83,160
1,659
43,856
84,966
45,515
Crndltors: amounts falllng du• wlthln
one year
10
(6,270)
(5.906)
Net current assets
78,696
39,609
Total assets1088 curront Ilabilitles
78,696
39,681
Income funds
Unrestrlcted funds
78,896
78.696
89,681
The financlal statements w8re approved by the Trust88s on .22Jul¥2025.....
Mr Mlchael Maday
Trust80
10-

TRIALOGUE EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Accounting pollclas
Charity informatlon
Through the Club of Three. the Trialogue Educational Trust works with leaders In government, businèss, civil
SOC18ty and academia In France, Germany, the UK and across Europè In order to develop cross-border
responses to the major geo-strategic. social and e￿noMiC challenges of our time.
1.1 Accountlng conventlon
The financial statements have been prepared in accordance wlth the charity's governlng document, the
Charitles AGt 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practi¢e
applicable to charities preparing th81r accounts In accordance with the Flnancial Reporting Standard
applicabla in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods comm8ncing
from 1 January 2016}, The charity is a PubliG Bengrrt Entity as defined by FRS 102.
The charlty has taken advantsge of the provisions In the SORP for charitles applylng FRS 102 Update
Bulletin 1 not to prepare a Statement ol Cash Flows.
Th8 financial statements have departed from the Charities {Accounts and R8ports) Regulation5 2008 only to
the extent required to provide a true and fair view. This departure has Involved following th8 Statement of
Recommend8d Practlce for charities applylng FRS 102 rather th8n the version of the Stalement of
Recommended Practice which is referred to in the Regulations but which h85 sinc8 been withdrawn.
Th8 financial statements are prepared in 51er15ng, which Is the functlonal currency of the charity. Monetary
amounts In the58 financlal statement5 are rounded to the nearest £.
The financial statements have b8en prepared under the historical cost convention. The principal accounting
policies adopted are set out b81ow.
1.2 Golng concern
At the tlme of approvlng the financial stat6m8nts, the Trustees have a reasonablg expectation that the Charity
has adèquate resources to Support the current level of expendlture and to continue In operatlon81 existènce
for thè foreseeable future.
Th8 Trustees have, however, r8cognl88d that. due to th8 Impact of COVID 19, th8rg has been a slgnrflcant
Impact on the actlvltl8s of the charlty.
The Trusteès are commltted to supportlng the charlty and wlll contlnu8 to evaluate the sltuatlon on an ongolng
basis and to dev8lop plans ft>r the ¢harlty to manage the flnanclal Impact going forward.
1.3 Charltable funds
Unreslricted funds are availablè for use at the dlscretlon of the trustees in furtherance of thelr charltable
objectlves.
1.4 Incomg
Income Is rocognised when the charity Is legally entitled to it after any performance conditions have been met,
the amounts can be measured rellably, and it is probable that income will be received.
Cash donatlons are recognised on recelpt. Other donations are recognised once the charity has been notified
of the donation, unless performanc8 conditions requir8 deferral of the amount. Income tax recoverabl8 in
relatlon to donations r8celv8d under GiftAid or deeds of covenant is recognis8d at the time of th8 donation.
11

TRIALOGUE EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Accountlng pollcles
(Continued)
1.5 Expenditur8
Exp8nditur8 is recognised once th8r8 is a legal or constructive obligation to transfer economic b8n8fit to a
third paty, it is probable that a transfer of economic b8nefits will be requirèd in s&ttlement, and th8 amount of
the obligation can b6 measured reliably.
Expenditure Is classified by activity. The costs of each 8Ctivlty are made up of tha total of direct costs and
shared costs, including support costs Involved In undertaklng each aclivity. Direct costs attribulable to a single
actlvlty are allocated directly to that aclivlty. Shared costs whlch contribute to mor8 than ona adivity and
support costs which are not attributable to a single activty are apportloned between those acllvlties on a basis
conslstent with the use of resources. Central staff costs are allocat8d on the basls of time spent, and
depreciatlon charges are allocated on the portlon of the asset's Use.
Expenditure is recognlsed once there is a legal or constructive obllgation to transfer economic b8nefit to a
thlrd paty. Itls probablè that a transfer of economlc benefits wlll be requlred in settlement and the amount of
the obllgatlor, can b8 measured rellably.
Support costs are tlose costs Incurred directly In support of expenditur8 on the objects of the charity and
Include proj6ct ￿lanagernent carried out at the Headquarters.
Charitable activities costs and Governance costs are Incurr8d on the charlty's educational op8ratM)ns,
Including suppnrt costs and c051s r81ating to the governance of the charity-
Grants payable are cht3rged in the ye8r when the offer Is made except in those cases where the offer is
-h grants belng r8cognis8d as expenditure when the condltlons attaching are fulfilled. Grants
condltional, su-
offerad subject to conditions W￿,ICh have not been met at the year end ar8 noted as a commitmant, but not
accru8d as expenditura.
1.6 Tanglblè flxed assets
Tanglble fixed assets are iiiltlally measured at cost and subsequently measured at cost or valuatlon, net of
depreciatlon and any Impairment losses.
Computers
33.33% Straight Ilne
1.7 Impalrmant of flxad assets
At each rèporting end date. the charSty revlews the carrylng amounts of its tanglbl8 assets to det6rmlne
whetkier ther8 is any indication that thoso assets have suffered an impairm8nt loss. If any such Ind￿atiOn
exists, th8 recoverable amount of th8 asset is esllmat8d In order to detemiln8 the extent of the Impalmient
loss (If any).
1.8 Cash and cash equlvalonts
Cash and Cash equivalents include cash in hand, deposits held at call wilh banks. other short-term liquid
investmgnts with original m8turiti8s of three months or less. and bank overdrafts. Bank overdrefts are shown
within borrowings in current liabllllles.
1.9 Financlal instruments
The charity has 818ct8d to apply the provlslons of Section 11 'Baslc Financial Instrum8r)Is' and Section 12
'Olher Financlal Instruments Issues, of FRS 102 to all of Its financial instruments.
Financlal instruments ar8 r8cognised in the chaiity's balan￿ sheet wh8n the charity becomes party to the
contractual provisions of the instrument.
Financlal assets and liablllt18s are offset, with th8 net amounts presented in the financial statements. when
there is a legally enforceable right to set off the recognised amounts and there is an Intention to settle on
net basis or to realise the asset and settle the Siability simultaneously.
12-

TRIALOGUE EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Accounting pollcles
(Contlnued)
Inancial assets
Basic financlal assets, which include dabtors and cash and bank balances. are initially measured at
transaction price including transaction costs and are subsequenlly carried at amortlS8d cost using thé
effective interest method unl8SS the arran9ement constitutès a financing transaction, where Ihe transaction is
measured at the present value of the fulure receipts discounted at a mark8t rate of interest. Financial assets
classlfied as recalvable withln one year are not amortiS8d.
Basle fininclal Ilabllltles
Basic financial liabllitles, Including credltors and bank loans are Inltlally r8cognlsed al trans8dlon prlce unless
the arranggmant constitut88 a financing transaction, where the d8bt Snstrument Is measured at the present
value of the future payments discount8d at a market rate of Inier8St, Financial liabiliti85 classified as payable
withln on8 year are not amortls8d.
Debt Instruments are subsequent5y carried at amortised cost, uslng the 8ff8Ctive Interest rate method.
Trad8 cr8ditors are obligations to pay for goods or services that have been acqulr8d In th8 ordSnary cours8 of
operatlons from suppliers. Amounts payable Ere classlfled'as current Ilabilities If payment is due within one
year or less. If not, th8y are presented as non-current liabilities. Trade creditors are rgcognised ini118lly at
transaction prfce and subsequently measured at amortised cost using the effective Interest method.
Derncognltlon of Ilnanclal Ilabllltles
Flnancial liabllltl95 ar8 d8r8cognised when Lhe charlty's contractual obligations expire or are discharg8d or
cancelled.
1.10 Employeè bèneflts
Th8 GQSt of an
unused holiday 8ntitlement is recognised in the perlod In which the èmploy8e's service5 are
r8celv&d.
Termlnation b8neflts are recognlsed immadlately as an expense when th8 charlty Is dernonstrably committed
to tamiinate the employment of an 8mploye8 or to provide temiin8tion b8nefit8.
1.11 Rellrament beneflts
Payments to defined ¢ontrfbutlon retlrament benefit s¢h8m8s are charged as an 8xpense as they fall due.
Charltable actlvltl•8
2024
2023
Club of Three
113.356
100,969
Analysis by fund
Unrestricted fvnds
Restricted funds
113,356
80.852
20,117
113,356
100,969
13-

TRIALOGUE EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Charitable activitlas
Club of
Three
Total
2024
Club of
Three
Total
2023
2024
2023
staff costs
Travel costs - staff
Travel costs - particlpants
Occupancy costs
UK travel and hospltallty
Outside prof88slonal 8ervice8
Office costs
52,519
1,989
9,041
1,330
52,519
1,989
9,041
1,330.
53,443
726
31,375
14,047
184
9,690
698
53.443
726
31,375
14,047
7,567
1,817
7,567
1.817
9,690
1,907
74,263
74.263 ,
111,372
111,372
Share of support costs (se8 note 5)
78
78
200
200
74,341
74.341
111,572
111,572
Analysls by fund
Unrestricted funds
Restricted funds
74,341
74,341
91,455
20,117
91,455
20,117
74,341
74,341
111,572
111,572
Outslde profe5slonal servlces costs includ8 £3,250 {2023: £3,000) In respect of independènt examiner fees.
Trusteès
The truste8s have not recelved any remuneration durlng the yoar.
In the course of thelr dutles as trustees, no paym8nts or reimbursements of travel expenses w8re made to the
trustees in 2023 or in 2024.
Support ¢osts
Support
costs
2024
Support
costs
2023
Exchange Loss l (Gain)
Depreciation
72
72
197
197
78
78
200
200
Analys8d be￿een
Charftable activit185
78
78
200
200
14-

TRIALOGUE EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Employèas
Number of employèa8
The average monthly numb8r of employeos durlng th8 yearwas:
2024
Numb•r
2023
Number
Employm•nt costs
2024
2023
Wages and salaries
Social security cost8
other pension costs
50.000
644
1.875
50.000
943
2,500
52.519
53.443
The key management personnel of the Trust cofflprise th8 General Sacfetary. Thè total employee beneflts of
the key management personn81 of the charity wer8 £51,875 (2023: £52.500).
There V￿re no employ88s whose annual remuneration was £60,000 or more.
Taxatlon
The charlty Is exempt.from tax on Income and galns falllng wlthln Section 505 of the Taxes,Ict 1988 or secllon
252 of the Taxation of Chargeable Gain5 Act 1992 to the extent that th8S8 are applled to Its charitable objects.
Tanglble flxod a88ats
Cornput•rs
Cost
At 1 January 2024
1,042
At 31 December 2024
1,042
Depreclatlon and Impalrment
At 1 January 2024
Depreciatlon charged in the year
970
72
At 31 D8C8mber 2024
1.042
Carrylng amount
At 31 December 2023
72
15-

TRIALOGUE EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Debtors
2024
2023
Amounts falling duo wlthln one year:
Prepayments and accrued income
1,806
1,659
10 Crodltors: amounts falllng dua within one year
2024
2023
Trade ¢r8dltors
Accruals and deferred Income
1,420
4,850
1,306
4,600
6,270
5,906
11 Retlrement benefit schem08
2024
2023
Defingd contributlon 8chemo9
Charg8 to profit or loss in rèsp8Ct of defined contribution schemes
1,875
2.500
The charity operates a defined contributlon penslon sch8me for all qualifying employees. The assets of the
scheme are held separately from those of Ihe charity in an independently admlnistered fund.
12 Unrestrlcted funds
The unrestricted funds of the charty comprls8 the unexpended balances of donatlons and grants which are
not subject to speclflc conditions by donors and grantors as to how th8y rnay be used. These include
designated funds which have been $8t 8sid8 Out of unrestricted funds by the trust888 for specific purpos8s.
At 1 January
2024
Incomlng Rosourc•8
r•$ources
oxpgnded
At31
December
2024
General funds
39,681
113.358
(74,341)
78,696
Previou5 year:
At 1 January
2023
Incomlng
rgsources
Resources
expended
At31
December
2023
General funds
50.284
80.852
{91.455)
39,681
16-

TRIALOGUE EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13 Analysls of net assets betwèen funds
Unrestrlcted
funds
2024
At 31 D8cembor 2024:
Current assetsl(liabilities)
78,696
78.696
Unrg$trlcted
funds
2023
At 310acomber 2023:
Tangible assets
Current assetsllliabilities)
72
39.609
39,681
17-