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|||Pages|
|---|---|---|
|Legal and administrative|information||
|Report ofthe Directors||2 —7|
|Independent<br>Auditor's|Report|8-9|
|Statement of Financial|Activities|10|
|Balance Sheet|||
|Cashflow Satement||12|
|Note to the Financial Staements||13-23|





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European Council on Foreign Relations
Independent Auditorfs Report to the members of ECFR
Rè$ponslbllltlo5 of trusteds
As explalned more fully th the Iru$t8es' r8sponslblllUes slaternent, the trustee5 (who a￿ also the diréctorsofihe charitable
company for the purpoge8 of company lawl are responsible for the pre￿ratiOn of the finanThal statements and fw beirg
satisfied Ihet Ihey give e true f3ir view. and for Such intemal as the trustees determine is ne￿￿58ry lo enable
the prep3ration of financial statements that are free from malari81 mi8s18temenl. whether due to fraud or Brror.
In pr8p8rfng the financlal stalemenls, the truslees are reswnsible for aSseS￿n9 the charitable company's ability to
continue 85 3 going concem. discknslng, as applIcab￿, matters related to grAng concern and u5iry going con¢em
asi5 of a¢counlityJ unless Ihe trustee5 etther Intend to liquidate the charitable cotnpany orto ceose QPErabons. or have
no reali5tiG altemativ2 butto do 30.
Audltor's responsibilitle5 for the 3udit of the financlal Statements
Our objectives arè to obtain reasonatde assurance ab)ut whether the finantial statements as a whole are free from
material misstatem&ni, whether due 10 fraud or error. 8nd to 155ue an auditorfs repurt that indud85 our 0￿￿1(￿.
Reasonable 95surance is 8 high level of a5surence. but 15 nDi a guarante6 th81 an audit wnducled kn accorclance with
ISAS IUKI will always detect 8 rnalerial m1551alemenl when Il exisis. Misstalem8nls afj5e from frau(J orerroran¢J are
considered material if, IndivNlually or ￿ the aggregate, they could re950n8bly b¥ expo¢ted to Infiuence the 8conomlc
decisions of useis taken on the basis ol these financial ststemenl5.
Irregularities, including tra￿, 3re instartes of non-complianc? with laws and ￿ulatIons. We de￿9n tx<x*duFes in line
wilh our responsibllities, oullintd above, to delect material mis5tstement5 in re5ppciof Irregularities, induding f18ud. The
Specrfic procedures fty Ihis engagement end kne exlenl to whiGh IhesÉ are capable of delecling Irregula￿tieS. including
frwd is detailed below..
Enquiry ol management and those thar98d wilh govern8nce around aGlual and potential litigation ond dairns 43
W811 as actual, suspected 2nd alle9ed fraud,.
Reviewing minute5 of meetings oftrose charged bvllh gov8rnanee',
A55es51ng the 8xl8nt of cotnplian£e wlh the kws and regulalion5 consKlered lo hav& a direct matertal effa¢t on
the financial $latem8nls or the operations of Ihe cornpany through enquiry and inspection.,
RevIewir￿ financial stalemenl disdosij￿s and lesiing lo supportirrfJ cbcurnenlalivn lo 3$se55 compliance wilh
applirable laws and regulalion5',
Performing Budil work over th8 risk of managornenl bias and overrt¢b ¢f ¢antrols. indutling testing of journal
entries and other adluslmenis for appropriateness. evaluabng IhÉ bUsIn￿ fathMale of significant tr8nsactlons
outside the nornial couise of business and reviewing aGwunting estlrnalwts for indicatOFS of pot8nts.al bias.
BeLause of the inherent limitations 018n audit. thère Is a risk that we ￿11] not detect all irregularth8S, Induding Ih05e
leading to a m31erial misslalemenl in the financial statemen15 or non￿MPlI8￿ce with reguL81ion. This irKreas85
the more Ihal cotnplianTr wilh a law orregulalion is rémov&d from the events arKI transactions reflected in Ihe financial
5ts1ement5. as WB will be le55 likely to bgcDme awar8 of instances of non-compliance. The risk is 215Dgreatèr règarding
IM8gularilies occurring due to frauo rather than error, a5 tra￿1 Involves Inl&nlonal concealrnent, forgery, cc41usion,
omission or misrepresent8tion.
A further description of tyjr responsibl￿tIeS Is awailatleon the Fnanrial Reporting Counofs website Bt.
https.lA4w.frc.¢rg.uk￿r-wo1kIAudluAUd1t-an￿.asSuran￿lStand8[dS-and￿uidan¢e1stsndards-and-guIdance-f0r-
audlloTsIAuElllor5-responsibllrtiès-f¢r-audiUDe5rriplion-of-auditors-responsibililies-for-aU￿iI aspx. This de5cripl￿n form5
part ofourauditorfs report.
U8tr of our report
Thi5 report IS tnade sdely to th& chat¢tabEe company's members. os a body. In a¢tordance with Ch8pler 3 of Part 16 of
IhE CDmpanies Acl 20D6. Our 8udil WOTk h85 been undertaken so that w& might stale lo the ch8rilable eomp8ny's
member5 those matters w6 are requirgd lo state lo them in an auditor's report 8nd lor no olher purpose. To the I￿lest
exlenl pÈrmiiied by law, %Ye do not accept or 2ssume responslblllty to anyone Dther than the charitable company and the
cheritable company's m&mbers 88 8 body, fer our 8u(Jitwork. for this report. or for the oplnions wa have fem8d.
J Howard FCA (Senior Statutory Auditor)
For and on behalfof Azets Audit SÈrvittr$
Statutory Auditor, Chartered Accountanls
Floor, Regis House.
45 ￿n9 Williarn St.
London. EC4R gAN

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|||Unrestricted|Restricted|Total 2021|Total 2020|
|---|---|---|---|---|---|
||Note|6||6|6|
|Incoming Resources||||||
|Donations<br>&Legacies|2,3|281,841||281,841|334,952|
|Chaditable<br>activities|2|2,099,817|2,899,923|4,999,T40|5,310,202|
|Investment<br>Income|2|1||1|4|
|Other Income|2|548||548|1,774|
|Total Incoming Resources||2,382207|2,899,923|5,282 130|5,646,932|
|Resources Expended||||||
|Charitable<br>activities:||||||
|Asia & China programme||23,671|57,590|81,261|58,902|
|Middle East & North Africa programme||'136,973|1,011,944|1,148,917|1,114,124|
|European<br>Power programme||403,696|537,532|941,228|909,115|
|Wider Europe programme||145,002|154,834|299,836|439,417|
|Africa programme||32I455|128,761|161,216|91,066|
|Advocacy<br>&National offices||442,621|101,762|544,383|706,092|
|Regrant||563 500|90T,500|1,471 000|1,668,500|
|Total Resources Expended||1,747,918|2,899,923|4647,841|4987216|
|Net income/(expenditure)||634,289||634,289|659,716|
|Other recognised<br>gains/(losses)||||||
|Net movement<br>in funds||634,289||634,289|659,716|
|Reconciliation<br>offunds||||||
|Total funds brought<br>forward||2,342,627||2,342,627|1,682,911|
|Total funds carried forward||2,976,916||2,976916|2,342,627|





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|||||2021|2020|
|---|---|---|---|---|---|
||||Note|||
|Cash flows from operating|activities:|||||
|Net cash provided<br>by operating<br>activities|||17|(177,804)|2,286,215|
|Cash flows from investing|activities:|||||
|Purchase ofassets|||||2,136|
|Net cash used in investing|activities||||(2,136)|
|Change<br>in cash and cash|equivalents|in the year||177,804|2284,079|
|Cash and cash equivalents|at beginning|ofthe year||3,959,966|1,675,687|
|Cash and cash equivalents|at end of|year||3,782162|3,959,966|
|The notes on pages 13-23form part oithese financial statements.||||||





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|||Unrestricted|Restricted|Total 2021|Total 2020|
|---|---|---|---|---|---|
||||8|8||
|Donations|and legacies:|||||
|Donations|and gifts|50,000||50,000||
|Donated goods, facilities and services (Note 3)||231 841||231,841|334,952|
|||281 841||281 841|334,952|
|Charitable|Activities:|||||
|Grants||2,099,817|2,899,923|4,999,740|5,310,202|
|||2 099,817|2,899,923|4,999,740|5,310,202|
|Investment|Income:|||||
|Interest Income||||||
|Other income||548||548|1„774|
|||548||548|1,774|
|Total Income||2,382,207|2,899,923|5,282,130|5,646,932|



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||Total 2021|Total 2020|
|---|---|---|
|Asia & China programme|||
|Middle East & North Africa programme|19,270|76,350|
|European<br>Power programme|15,485|5,500|
|Wider Europe programme|47,000|18,142|
|Advocacy<br>& National<br>Offices|150,086|234,960|
|Total Gifts in Kind|231,841|334,952|





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|) Analy|sis ofe|xpenditure||||||
|---|---|---|---|---|---|---|---|
||||Direct Staff|Activity|Support|||
||||Costs|Costs|Costs|Total 2021|Total 2020|
||||6|||||
|Asia &China programme||||47,356|33,905|81,261|58,902|
|Middle East 8 North||Africa programme|377,954|367,086|403,877|1,148,917|1,114,124|
|European|Power programme||147,667|579,874|213,687|941,228|909,115|
|Wider Europe programme|||73,902|159,053|66,881|299,836|439,417|
|Africa programme||||99,725|61,491|161,216|91,066|
|Advocacy|&National|Offices|298,371|187,670|58,342|544,383|706,092|
|Regrant||||1,471,000||1,471 000|1,668,500|
||||897,894|2,911,764|838,183|4,647,841|4,987,216|



||||Total 2021|Total 2020|
|---|---|---|---|---|
|Support Costs|||||
|Staff Costs|||575,107|581,985|
|Office Rental|||242,491|224,637|
|Communications|||24,214|27,733|
|Professional|costs||71,664|52,327|
|ITcosts|||16,299|23,991|
|Depreciation,|equipment|hire &asset impairment|1,839|6,807|
|Bank charges|&loss on|exchange|(104,725)|123,376|
|Governance|costs||11,294|2,528|
|Loss on sale|ofassets|||660|
||||838,183|1,044,044|



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||||Total 2021|Total 2020|
|---|---|---|---|---|
||||6||
|Auditors|remuneration|for the charity:|||
|Audit fees|for the audit|ofcharity|12,649|11,447|
|Other services|||15991|7903|
||||28,640|19,350|
|Depreciation|||1,332|5,803|
|Operating|lease office|rentals|175,064|169,442|





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|Staff Costs||||Total 2021|Total 2020|
|---|---|---|---|---|---|
|||||6||
|Salaries 8 wages||||1,188,966|1,248,913|
|Social security costs, incl. pension||arrangements|for non-UK staff|156,887|159,786|
|Pension costs (defined contdibution||scheme for|UK staff)|88,187|61,354|
|Other employee|benefits|||38,961|33,741|
|||||1,473,001|1,503,794|



|Band|2021|2020|
|---|---|---|
|670,000 to679,999|||
|680000 to689,999|||
|690,000 to699,999|||
|6100,000 to6109,999|||
|6110,000 to6119,999|||
|6120,000 to6129,999|||
|6140,000 to6149,999|||
|6170,000 to %179,999|||
|t180,000to6189,999|||
|6190,000to6199,999|||
|6200,000 to6209,999|||
|%210,000 to6219,999|||



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|Charity|Computer<br>Equipment|Office<br>Equipment|Fixtures,<br>fittings 8<br>equipment|Total|
|---|---|---|---|---|
|Costs|||||
|At 1stJanuary 2021|62,833|50,910|22,570|136,313|
|Additions|||||
|Disposals|33,735|50,308|22,570|106,613|
|At 31stDecember 2021|29,098|602||29700|
|Depreciation|||||
|At 1stJanuary 2021|60,179|50,910|22,570|133,659|
|Charge for the year|1.332|||1 332|
|Disposais|33735|50 308|22,570|106613|
|At 31stDecember 2021|27776|602||28,378|
|Net Book Value|||||
|At 31stDecember 2021|1322|||1&322|
|At 31stDecember 2020|2,654|||2,654|
|)<br>Debtors|||||
||||2021|2020|
|Trade Debtors|||28,950|32,073|
|Accrued Income|||50,000|144,985|
|Property Deposit|||54,720|42,533|
|ECFR Group Debtors|||267,529|175,157|
|Other Debtors|||2,626||
|Pre payments|||64254|77,597|
||||468,079|472,345|



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|||||||2021|2020|
|---|---|---|---|---|---|---|---|
|Cash|at|bank|and|in|hand|3,782,162|3,959,966|
|||||||3,782,162|3,959,966|





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||||2021|2020|
|---|---|---|---|---|
|Analysis|ofcreditors||6||
|ECFR Group Creditors|||78,799|80,718|
|Trade Creditors|||102,071|44,863|
|Other Tax and Social Security Costs|||2,325|1,097|
|Pension|Contributions||9,403|7,949|
|Sundry Creditors|||107,751|65,183|
|Accruals|||105,765|113,722|
|Deferred|Grant income||868533|1,778,806|
||||1,274,647|2,092,338|
|Deferred|Income||2021|2020|
|Movement<br>in deferred||income account:|6||
|Balance|at 1 January||1,778,806|65,266|
|Amounts|added<br>in current period||868,533|1,778,806|
|Amounts|released to income from previous pedods||1,778,806|65,266|
|Balance|at 31 December||868,533|1,778,806|





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||||01|||31|
|---|---|---|---|---|---|---|
||||January|||December|
|Donor||Restricted Pur ose|2021|Income|Ex enditure|2021|
|Support greater than||8250,000:|||||
|Open Society<br>Foundations<br>(OSF)||Unlock 2021 &2020,<br>Democratic transition<br>in<br>Belarus|||||
|Bill 8 Melinda Gates<br>Foundation||Africa Programme<br>Support<br>2020-2022||1,691,158|(1,691,158)||
|Swedish<br>International||MENA &WE Programme|||||
|Develo<br>ment A enc||Su<br>ort 2021|||||
|Support between|6100,000 and %250,000:||||||
|Ministry ofForeign<br>Affairs Norway||MENA Programme<br>Support<br>2018-2020 8 2022-2024,<br>Africa 2021 with NUPI|||||
|Japan Bank for<br>International<br>Coo eration||MENA Programme<br>Support<br>2021||760,387|(760,387)||
|Ministry ofForeign<br>Affairs Sweden||EP &WE Programme<br>Support<br>2021, Economic Coercion TF<br>2021|||||
|Ministry ofForeign||MENA Programme<br>Support|||||
|Affairs Denmark||2019-2022|||||
|Support between|650,000and 8100,000:||||||
|Compagnia<br>di San||Strategic Partnership<br>2020-|||||
|Paoli||2021|||||
|Edcsson||Asia Programme<br>Support<br>2021-2022|||||
|Fondation<br>Calouste<br>Gulbenkian||EP Programme<br>Support 2021||290,626|(290,626)||
|Rockefeller Brother<br>Fund||Iran taskforce 2019-2021,Iran<br>SG and Women's<br>Dialogues<br>Initiative 2021-2023|||||
|Support between|%25,000 and 850,000:||||||
|JETRO —London||Asia Programme<br>Support<br>2021|||||
|Ministry ofForeign||North Africa &MEPP Core|||||
|Affairs Ireland<br>ECFR Italy||su<br>ort 2021<br>Strategic Partnership<br>CdSP<br>2021-2022||117,000|(117,000)||
|Banco Santander||ECFR Madrid Support 2021|||||
|Support below 425,000:|||||||
|||ECFR Madrid Support|||||
|||2020/21, Multilateralism|||||
|6 Donors||project, China's influence<br>in<br>Bulgaria, Turkey-Armenia||40,752|(40,752)||
|||normalization:<br>A policy|||||
|||wcrksho|||||
|||||2,899,923|(2,899,923)||





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||||01|||31|
|---|---|---|---|---|---|---|
||||January|||December|
|Donor|Restricted Pur ose||2020|Income|Ex enditure|2020|
|Support greater than|6250,000:||||||
|Open Society<br>Foundations<br>OSF|Unlock 2020 &2019Phase|Ill|||||
|Compagnia<br>di San|Strategic Partnership<br>2019-||||||
|Paolo|2020 &2020-2021||||||
|Ministry ofForeign<br>Affairs Norway|MENA Programme<br>Support<br>2018-2020, Afdca 2020 with<br>NUPI|||2,069,368|(2,069,368)||
|Swedish<br>International|MENA &WE Programme||||||
|Develo<br>ment A enc|Su<br>ort 2020||||||
|Support between 6100,000 and %250,000:|||||||
|Bill & Melinda Gates<br>Foundation|Future of Development<br>Aid,<br>Africa Programme<br>Support<br>2020-2022||||||
|Ministry ofForeign|EP &WE & MENA||||||
|Affairs Sweden<br>Japan Bank for<br>International<br>Coo eration|Pro ramme Su<br>ort 2020<br>MENA Programme<br>Support<br>2020|||643,933|(643,933)||
|Ministry ofForeign|MENA Programme<br>Support||||||
|Affairs Denmark|2019-2022||||||
|Support between 625,000and 650,000:|||||||
|Embassy ofthe UK in|Building bridges to a younger||||||
|Moscow|Russia||||||
|Enaghs|ECFR Madrid Support 2019-<br>2020 8 2020-2021||||||
|Rockefeller Brothers<br>Fund|Iran Taskforce 2019-2021||||||
|European<br>External<br>Action Service<br>EEAS|European<br>Sovereignty<br>Phase<br>II|||245,084|(245,084)||
|Konrad-Adenauer-<br>Stiftun<br>KAS|Al in geopolitics and warfare||||||
|JETRO —London|New Power Map||||||
|Equinor|Partnership<br>2020||||||
|Ministry for Foreign<br>Affairs Finland|Multilateralism<br>project||||||
|Support below 625,000:|||||||
||Trust and Security<br>in||||||
|6 Donors|Cyberspace,<br>Asia Programme<br>Support, Clingendael<br>Project,|||51,285|(51,285)||
||Unlock Pollin||||||
|||||3,009,670|(3,009,670)||





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|||||2021|2020|
|---|---|---|---|---|---|
|Net income/(expenditure)<br>for the|reporting||period|634,289|659,716|
|Adjustments<br>for:||||||
|Depreciation||||1 332|5,803|
|Loss/(profit)<br>on sale offixed assets|||||660|
|(Increase)/Decrease<br>in debtors||||4,266|(19,202)|
|Increase/(Decrease)<br>in creditors||||(817,691)|1,639,238|
|Foreign Currency Translation|reserve|||||
|FXmovement<br>on fixed assets||||||
|FXLoss/ (Profit) on sale ofinvestment||||||
|||||177,804|2,286,215|
|7)<br>Operating<br>lease commitments||||||
|||||2021|2020|
|||||6||
|The charity had total commitments||under||||
|an operating<br>lease as follows:||||||
|Not later than one year||||89,748|142,257|
|Later than one and not later than|five years|||88,338|11,855|
|Later than five years||||||



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