EUROPEAN COUNCIL ONFOREIGN RELATIONS ecfr.eu ECFR Report and Financial Statements For the Year Ended 31 December 2022 Charily Number: 1143536 Company Reglstratlon Number: 07154609 Contents Pag•• L•gil and *dmlnl•trntfv• Infomatlon Rgport Of th• Dlr•ctor¥ Ind•p•nd•nt Audttoe8 R•port statern•nt of Flnanclgl Adlvltl•# 10 8•lanc• Sh••t 11 C*aMow Stat•mgnt 12 Not• to th• Flnanclal Stat•m•nts 13-23 European Council on Foreign Relations L• al and adminlstratlve Information Gov•rnlng Doeum•nt- Mèmorandum and thd•s of A5SOry8tion R•glst•r•d Oftl¢•s: Flrst Floor 10 Queen Street Place London EC4R 1BE Trusth••lDlr•¢tor8: Franzi5ka 8rantn¢r 1resvd￿ l March 20231 lan Clarkson Lykkg Friis Teresa Gouveia At1am Lury lappoSnted l January 20231 Chalr of Board of Tru•t••¥lDlr•ct•r• Lykk• Frfls Ch•lr of ExKutlv• Commht4• Ian ClartBon K•y Man•g•m•nt P•rsonn•l: Programme Direclor D•puty Dir8etor- OperatKJn$ Mark Leonard Alba Lamberti Audltors: Azgts Audit S8nii¢o¥, Vd Fl)or, Regls House, 45 Kiffj W41om St. London, EC4R 9AN Bank•rn: Bardays Bank 2 Vidoria Street London SW1 Soll¢ltor•: Bat•s W•lls & 8r8rthwailè 24 Cannon Street London ECAM 6YH European Council on Foreign Relations Report of the Directors For the year ending 31 December 2022 The Direclors, who a￿ also Tnjslees for th8 p￿￿OSe$ of cornpany law, present their report together with the financial slalements for the year ended 31 December 2022. The financial 5t8tements have been p￿pared in accordance with the a¢¢ounting policies sel out +n note I lo the financial 5¢atemenls and comply with the Charitys mernoranduwn and articles of a$so¢ialion. the Charities Act 2011. the Companies Act 20[￿ and the Accounting and Reporting by Charilie5'. statement of Recommended Practice applKable lo ¢harities p￿Paring their accounts in acc(xdanc8 wilh th8 Fina￿la1 Reporting Standard applicable in the UK and Republ￿ of Ireland IFRS1021 efieclive 1 January 2015. Obj•etlv•$ and Activitle$ The objective of the European Council on Foreign Relations lalso the'chartty" "CThmpany'l is to conduci research and promote informed debate across Europe on the development ofa cohe￿nI and effectwe European value5-based foreign policy. First launched In October 2007. the Charity is part of the fitst pan-Euiopean Ihink-tank, compris8d of a Group of ECFR entits'es lalso"ECFR'I with presence in Selected EU member stales. ECFR has developed 8 strategy with three distinctive elements that define its aclivitr"es'. A distinctive research and policy development process. ECFR has brought together a team of distinguisf*d researchers and practitioners from all over Europe lo advance its objectives through innovab've projects with a pan- European focus. ECFR'S activities include pnmary research. publi¢alions of policy reports. private tneetings and public debates,'friends ol ECFR. gatherings in EU ¢apital$ and outreach lo strategic media outl8t5. A pan-European Covncil. ECFR has brought iogether a distinguished Council olover 330 Members- pdili¢ians. decision makers, thinkers and business executives from across Europe whith meets 0￿e a year as a full body. Through geographical and Ih&mati¢ task forces. members provide ECFR staff with advice and lèedback on policy ideas and help wrth ECFR'S activth.es within Iheir own wuntries. A physical presence in tho main EU member statss. ECFR, uniquely among European Ihink-tanks. has offices in Berlin, London, Madrid, Paris, Rome, Sofi8 and Warsaw. The offi￿5 a￿ platforms lor research, debate. advc¢acy and Communicat￿n$. The Directors ctsnfiFrn that Ihey have referred to the guidance provided by the Charity Commission on public benefit when reviewing the Company's aims and objectives and in planning future activities. The Charity, logelherwilh Its $151er organizalions and through their combined pan-European research and outrea¢h work supporls European govemments. fo￿l9n policy debate and diplomacy. Achievements and Performance For 2022. our effort was aimed at creating a more effective. ambrtious. an¢J woperalive European foreign pOI￿y. Vwithin ourfive research programs (Africa. Middle East and North Africa, Asia and China. Wider Europe and Europ8an Powerl, our efforts focused on gaining an analytical understanding of Europes foreign policy dilemmas. re¢ommentling innovative solutsons, and promoting those Solut￿)nS through publiGglions, convening COnfe￿nCeS. media appearances, and other forms ol aévo¢a¢y. In 2022. much olthiswork knused on the curr8nt arvj kntu￿ impacts and implications of the w8rin Ukraineon European foreign polKy and European integration. Prominent In this area was the work of ECFR'S Security and Defense, Climate and Energy and Technology Initiatives. wliose highlyhts includ8d.. A commentary on the provision of Leopard 2 tanks lo Vkraine.. an The publication of the EU Energy Deals Tra¢ker Outside of the conflict, many other areas of policy were 8150 tackled by ECFR5 Pro3rarnmes. Highlights lor the year included.. Insvjht China and the Inlemal Chlna debate on China's place in rrfional and global politics- The launch of the anfiual Africa Forurn in Berlin, The 2022 MENA forum in Amman., and The p￿bI￿atr￿ of "Biting back.. The Eu's digital all*8n¢8 Wlth L8tin Am8rica 8nd the Caribbean. The EU-Japan Forum in Warsaw European Council on Foreign Relations Report of the Directors For the year ending 31 December 2022 We prcKlu¢ed over 260 c(*nmen¢arses. 26 pdicy briefs. S web specials, 55 podcast episodes and 44 YouTube video5. The Impact oflhis bvork is reflected in a 35°A growth in media mentions overthe prewous yearand 150+ opinion edit(ffi81s in leading rnedia oulleis. In 2022. the wortd started lo come out of COVID 19 restrict￿n$ and ECFR Group again showed its prowess when it comes lo straiegic wnvening virtually or In.person. Across our five Prograrns and seven Nation81 Offices. we organized sorrie $4 virtual events and 84 in-person event5. ECFR'S Annual Council Meeting look place in June 2022 in Berfin. marking the 15th anniversary of ECFR. Over 200 high level guests. including 90 Counul members attended the event which corn￿5ed four public panel discussions and seven Policy SalTri$ where the rarnifications of the war in Ukraine an¢J EU enlargement were (Jebated. Financlal Review Results for th• yoar Net Incoming resources for the year ending 31st De￿rnbel 2022 were É6.3m and net resources expended were é6.4m. resulting in a deficit for the year of É68k. The Open Society Foundation provided an unrestricted grant of É2.2m lo support ECFR. Restri¢ted donations of more than f2SOk were ￿ceiVed from the Foundation for Democracy & Plura115m, the Open Sotiety Foundation. the Norwegian Ministry ol Foreign Affairs and the Swedish Ministry of Foreign Affairs The Chanty re-granted in total É2.4m to other ECFR entities and ￿ceiVed É44k froffl other ECFR entib'e$. R¢$erv?$ The Charivs ￿serveS ry)li¢y is lo build $uffKient reserves to meet tt)e identified risks assessed each year. The aim is to invest in reseNes unbl they cover at least four months operalional running ¢osts $0 that Ofganisational liabilities to staff and other stakeholders can be met at all times. The Charity ended 2022 wth a defI￿t of f68k before the addib'on of other gains 01 É168k leaving a final surplus of É100k. As a result, total lunds as of 31 December 2022 increased lo 3.1m. in 8Kces$ of 10 month8 of ECFR operational running costs. RestrKted funds al 31 December 2022 We￿ É626k and unrestricted funds were É2.452m. The Board has approved a break-even budge¢ for 2023 for ECFR to rnainlain strong ￿serveS. 8eyoné 2023 the Board is committed to continue break•en to surplus budget5 in line with the slated policy. Plans for the Future For 2023, ECFR will need lo continue adjusting its operations and strategy to reflect the geopolitical awakening wming from the Russian invasion of Ukrdine. The war has shown Europe that We are not living in an ear of global peace, but rather an era of pem)anent conflic¢ and ties that previously bound the world together ¢8n easily be weap)niz8d. ECFR stands ready In 2023 to take up the challenge to help govemrnent5, civil society organisati¢)ns and EU institutions explore how to maintain th8 European and global coalition against the Russian invasion. ECFR'S priorities for2023 ￿llect the majorfaclors of political thange and ¢on¢ems of European titizens and the growing need for Europeans to think and act more geopolitically. They also offer European decision-makers concrete solutions lo addre$5 those concerns by showing how Europe can serve a5 the first line of defence. In more detail our priorities are.. Vnderslandlng ¢he eff¢¢ts of the Russlo41kralne war on Ihe European and global order - As the intemational system wnlinues to be affe¢ted by Ihe geopolili¢al dynami¢s emerging fr(xn the war, we wll focus on how the evdution of the crisis ts affecting Europe's global Capacity lo act. We will use research meetings and expert cont￿bUtionS Irorn our policy fellow5 and council members to look at the opportunities and hallenges for the EU and its member slal85, focusing th8 tools that the Europeans have at their dispos 1$8nctions, lorce deployments, weapons transfers, etcl and trying lo map 8 long-lem) Irajeclory for re- establishing a European security order, either with or without Russia. R¢balan¢lng Transatlantlc Rtlations In th• United States Through our res88rch and through policy dialogues with VS counterparts, we will seek opportunities to Increase US support for European s0ve￿i9Th1Y and increase European conlribulions to cornrnon defens8 efforts. The effective US-European Co0￿ratIon over Ukraine presents opportunit￿$ for enhanced cooperation on key file$. from the Iran nuclear deal lo China policy. multilateralism and te¢hnolo9y. 8utthe possibility of radical changes in US foreign policy toward Europe under a new Cong￿$$ or a new adminlstraiion mean that Europeans must also popare for the possibilily of a pOSt-Ame￿[an European security order. European Council on Foreign Relations Report of the Directors For the year ending 31 December 2022 Bolst•ring th• Europoan n•i9hboiJrhood against •yt•mal thr•ats and int•rnal instability- Through our research and advocacy work on containing Russia. enhancing security in the 8asl8rn neighbouthood. promoting dialogue in the Western Balkans, building on diplornalic openings in Libya and assessing move$ to Teduce tensions in the Mmldle East, our goal first and loremost lo support our values. prevent escalation. promote concerted European action to pursue slabilizab'on ol the imrnediate neighbourhood while not losin9 Sight of ongoin9 ￿l0[￿n effort5. Bulldlng Europ6an capaclty to practlce cllmate for•lgn pollcy - Through our efforts to undersland the effe¢ls of European dimate policy on lo￿l9n wlicy and through detailed analysis ol opportunities to promote European climate goals in Africa. Ihe Middle East and Askl, we prornote Europèan to US8 loreign w1￿Y as a I to realise European clirnate goals and lo help parlner countrie5 join Europe in tr8nsitKJning tr) a more Sustainab￿ futufe. H•lp dèvtlop a cohtslvo Europoan poll¢y on th• Inlo-Pa¢lfie-We will launch a now slrand ofwork airning to map European wew5 on this region that B attractrng increasing geopolitical attention, exploring the potential lo build relationships that emkjdy democratlc Values and can stand as a counterweiohl lo Chinese ambitions in the region. Rèvèal th8 politleal foundatitsns of Europozn fortlgn poll¢y Through our pollTng efforts, we are helpiro European policymakers understand how the public sees key foreign policy issues such as the War In Ukraine. the Climate Crisis. and the TTrnsatlanti¢ Alliance. We use this dats to spot polrtical t￿ndS earfy and lo wam policymakers when their pdioes lack political r￿1$ Move towards new fomis of cofflmunlcatlons aml advocacy- Wè continue to I￿rease our use ol data visualization. of infographics. of podcasts and of social Media to allow our idea$ lo profit from new foms of communicatsons. As we work our way through the pandemic and look beyond the initial Cnsis phases. we continue lo develop new formals and innovative ways of working and communicating wlh partners that will enabl8 US to rnake the most of our opportunities and resource5. Structure, Governance and Management Constitutlon The Charity. a UK cornpany lirniled by guarante8 incorpora18d on 11 February 2010. is a not-for-profit organisalion which obtained UK ¢haritable ststus on 24 August 2011. The liability of rn8mb8r$ is lirnile¢Y to £1. The Company is governed by ils Memoran¢um & thcles of Association, as last revised and adopted on 16 August 2011. The objecls ol the Company a￿ Ihe advancemenl of education in the field ol forei9n pdicy and relala areas by undertaking and Promoting resoarch for the public benefit and publishing Ihe useful results thereof. ECFR is made up of the UK Company and five legal ECFR ents'ties established in Gemiany, France. Spain aThJ Italy under the common wntrol and unrfied m8na9ement of the German ECFR o.v. eoard of Trustees. Gov•rnan¢è Th8 Charity is govemed by a Board of Tru5tee51DirectOTS, which meets th￿e tirnes a year. TrusteeSlDi￿ctOrs are recruited by invitation based on the skills, experience and influence they have in the European political arena. Al Ihe en¢Y 012022 the Board was composed ol Lykk8 FTllS, lan Clarkson. Franziska Brantner and Te￿$8 &)uveia. The Boai¢J is supported by an Executive Commrttee whi¢h meets quartet1y and is comKx)sed of three or four Board mombeTS. This Cornmillee has been delegaled ￿SponSIbl11ty for overseeing the adMIn￿$tTa1ive and linanclal govemance of the Charity on behalf of the Board, whilst noting Ihal the Board retain5 final responsibility for the perforrnance of Ihal dele9aied authority. Its decisions and r8cornm8ndations are reported to the Board lo ensure the full Board can continue to discharge its overall ￿sponSibl11ty. All membeTS ol the Board give Iheir lime freely as volunteers, and none of the board membets received any rèrnuneration in the year. Delails ol expenses ￿1mbUrse¢ to trustees are disdosed In note 14. There are no T8lat8d party iransactions. K•y managem¢nt ￿￿$On￿l The management ofthe Charity is delegated lo the Director & Co-founder and through him to the members of the SenioT Management Team. Remuneration lor the Director is ￿VIeWed every three years and sel by the Board. R8tnun8fdtion for s8nior rnanagement and the rest of the stalf Is set by the Direelor and the Deputy-DiTedors. European Council on Foreign Relations Report of the Directors For the year ending 31 December 2022 Stru¢ture, Governance and Management- continued Prln¢lpal rl$k$ ond un¢•rtalnti•$ The Board of Directots is responsible for ensuring that there afè effectiv8 and adequate risk management and intemal control systems in place lo manage the rnajor risks lo which the Charity is exposed. It dis¢har9es this ￿pOnsibility through its review of the effe¢tiveness of the Charity's risk management framework as part of ECFR'S risk rnanagement framework. This Is designed to 5UPPQrt informed dea5ion-making regarding the risks that affect ECFR'S and the Charity's performance and their ability to achieve their obj8clives. 11 also provides for a consistent approa¢h to identtying, assessing anil dealing with the risks la¢ing ECFR and the Charity so as lo ensure that they do not exceed the level of risk ECFR and the Charity are wlling to assume. It should be noted that the frafflework 15 designed ¢0 mana9e. rather than lo eliminate. the risks Its ECFR'S and the Charity's objectives and to provide reasonable. bul not absolute. assurance against rnaterrdl misslaternent or Ios5. The Chaiity board logetherwilh the senjor management leam have ￿vieWed the risks faced by tho Charity and u[￿ated the risk ￿gIster Its capture and moniior all risks Identifièd. Thè key risks have been assessed as: Loss of key Trustees Loss of key stsff members Risks lo the organisalion ansing from cyber-attacks and k)ss ol key data Raisiry Insuffitsent funés to wver wsls Actions taken to miligale the risks associated with loss of key trustees includes active recruitmenl ol trustee5 with th8 right skillset to support the Charity's mission. Loss of key staff members is beiDo millgated through the annual performan¢e review and objective setling process. transp?￿nI slalf policies. and active line rnanagernenl combined with ￿gUlar communication wrth Staff. l.T. security risks are beirng addfessed through related investments in hard- and software. data back-up routi￿$ and staft training. Actions laken lo miligate the risks asso¢iate(I wlh funding include c105e monitoring offundraising strategy and pro9ress, diversifying sources of fundin9 10 include awider rangeof donors, seeking mulli-year partnerships. and maintaining good relations with current major funders. stst•ment of Dlre¢tors' responslbllltlès The Difectors 8r8 responsible for prep8T4n9 the Report of Directors and the financial Statements in accordance with appli¢able law. UK a¢counting standards and UK GAAP. Company law requires the Directors to prepare financral slatetnenls for eath financial year, which give a true and fair view of the state of affairs of the Charrtab￿ company and of incoming resources and application of resources, including th8 income and exp8ndilure of the charitable company for that period. In preparing these financial statements, the Dire¢loTS aTe requiTeil Its". Select suitable accounting policies and then apply tI￿rn C￿sIStent Observe the methods and prinCip￿S in the charitie5 SORP IFRS 1021 Make judgernents and accounting estimates that are reasonable and prudent Slate whether applicable UK a¢¢ounting stsndards have been followed. subject lo any rnaterial departures di$¢losed and explained in the fina￿181 $tatemenl$ Prepare the financial statements on the going concern basis unless it Is inappropriate lo presume that the charrtable company will continue in operation. The Directors are responsible lor keeping adequate ￿COuntIng records that a￿ svffi¢ienl to show and explain the company's Iransaclions and ¢isclose with ￿8$Onable accura¢y at any time the financial ptsslt￿n of the company and enable them lo Ènsure that the Iinan¢ial slalements ¢omply with the Cotnpanies Act 20(K. They are also responsible for safeguarding the assets of the company honce for laking rèasonab18 Steps for th8 prevention deleclion of fraud and other irregularities. ln so far as the directors are aware.. there is no rdevant audit infom)ation ofwhich the ¢harilat)le Company's audilof 15 un8war8.' and the Irustees have taken all 51ep5 that they ou9hl to have taken to rnake themselves aware of any relevant audrt informalion and to èstablish that tha auditor is awara ol that infomation. European Council on Forelgn Relations Report of the Dlrectors ear endin 31 December 2022 For the St•t•m•nt of Dlre¢torn' r•8pon8ibilrtl•*- conllnu•d Dl•¢lo•ur• d Inlorm•tkn to thè •udltor• We. the dir&torsofthe CompanyTrhfio 1*4dOir￿otIh$dateoI*PprOY* 01th￿ Flnand81 Statemerts89 wcKAat¢Jve oa¢h ¢Mfinn, 80 f8r88 ara aware, that thore 1$ Th) rd•v￿t audtt iTrfNmatiM 01whir*￿ Cc4npgrrys atyjtorn are unakn8re." and wtr ttav• token all the 8tOPS tlwtwe 0￿ht to h￿tsken as direL*orn in Lydw to make our¥efv•s aware olany relwant au¢*t infonn8lw to e•tstylsh tw the COM￿ny$ a￿lt￿S are ¥ware L* that infomiation. Audltorn Azets Audrt hBVO •xw•sead ￿¥ll￿gnesS to art 06 wobtorB in *ith S•dion 419 121 of CcffiporKBkt 2c￿. This r•pJrt has preprti tn the ol Part 1Softh• Companies￿2(￿6 r*lir to small comparle6 roN*(I by the t￿￿￿e# shJed th￿r￿t k• 4% 12-?)23 European Council on Foreign Relations Independent Auditor's Report to the members of ECFR Oplnlon We have audited the financial slaternenls of ECFR (the charitable company'l for the year 31 December 2022 which cornprise the statement of comprehensive ￿ncOMe. the balance sheel. the statement of changes in equity and notes lo the financial statements. in¢luding sKJnificant a¢¢ounling wlicies. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard 8ppIic8ble in the UK 8nd Republic of Irel&nd (United Kingdom Generally Acc8pled Accounting PraC￿ce). In our opinion the financial statements.. give a true and fair view of the stale of the eharilable companys affairs as at 31 December 2022 and of ils incorning r880urces and application of resources. including ils income and expenditure, for the year then ended., have been propeily prepared in a¢ctydance with Uniled Kingdorn Generally Accepted Accounting Practice.. and ave been prepared In aceordance the requirernenls of the Compan￿5 Act 2006. 8asls for opinion We conducted our 8udit in aco)rdance *ilh Inlemalional StaThYards on Auditin9 IUKI IISAS IUKII and ap￿Icable law. Our sponsithlilies under those starKlards are further described in the Auditors responsibilities ft)r the 8udit ol the fin&nGial slatements section ol our report. We are independent ol th8 charilable company in accordan¢e with the ethrcal requirernents that are relevant lo our audit of the financial statement$ in the UK, includiT)g the FRC'S Ethical Standard, and we have fulfilled our other ethiral responsibilits'es in a¢cordan¢e with these requirements. We believe that the audil evidence we hawe obtsined is sufficient and appr￿riat￿ lo provide & basis lor our opinion. Concluslons relating to going ¢oncèr In auditing the financial statements, we have concluded that the Iru$tees' use of the 90ing concem basis of accounting in the preparation of the financial stalements is appropriate. Based on the work we have perforrned, wo have not Iden￿'r1ed any rnalerial unc8rtainti6s rela￿.ng to evenl$ or ￿n¢￿tIOnS that, individually or coileclively, may cast 519nifKant doubt on the tharitab18 company's ability lo continue as a going concern for a period of at leasl twelve months from when the financial siaternenls are authorised for issue. Otsr responsibilities and responsibilitses ol the trustees with Te5pect Its going wncern are described in Ihe relevanl sects.ons of this report. Other Informatlon The other information comprises the Infomialion included in the annual ￿port other than the fillancial statements and our audilorfs report thereon The trustees are responsible lor the other information contsined within the annual report. Our opinion on the financial statements does not cover the other information and. eX￿p1 to the extent othemise explicitly 51at8d in our Tepori we do not expre55 any form of assurance conclus￿￿ thereon. Our responsibility is lo read the other infornation and, in doing so, ￿nSider whether the olh&r information Is materially inconsistent with the financial slatemenl$ OT our kno￿edge obtained in the course of the audit. or otherwise appears lo be materially misstated. If we identify such material iThconsistsn¢ies or apparent material misstatements. we ¥re requi￿1 lo deiem)ine whether this gives rise to a materral misstateffient in the financial statements themselves. If, based on the work we have perfomied, we conclude that thero is a matèrial mi5518lom8nt of this other inforrnat￿n, we are required lo report Ihal fact. We have nothin9 lo report in this regard. Opinion$ tsn othèr rnatt•rs prescribed by the Cornpanies Act 2006 In our opinion. based on the work undertaken in the course of our audit.. the informatson given in the truste88' report (incorporating the directors. reporti for the financial year for thich the finarrial Statements a￿ p￿pare(l is ¢onsi$tenl wilh the financial stalemenls.. and the dire¢lors' report has been prepared in accordance wth applicable legal reouirem&nts. Mattèrs on whi¢h w• ar• r•guirod to r•port by èx¢eption In the light ol the kTh0N￿edge and unders18nding of the charitsble company and ils environmenl obtained in the course of the audit, we have not identified material misstatements in the trustees. report. We have nothing to report in Tespecl of the following Matters in relation to which the Companies Act 2006 requires us lo report to you if. in our opinion.. adequate accounting ￿cOrdS have not been kept, or returns adequate for our audit have Th)t been receNed from branches not Vlsited by us., or the financi815tatements are not in agreement with the ac¢ovntin9 records and retums.. of C8rtain disclosures of directors. remuneration specified by law are not made.. or we have nol ￿CeNed all the inlom)alion and explanat￿n$ we require for our audit, or the trustees were not entilled to PTepare the financial statements in accordan￿ wth Ihe small companies. regime and take advantage of Ihe small CQTnpanies' exernptions in preparing the direclors. report and fiom the requirement to prepare a strategic r8POrt. European Council on Foreign Relations Independent Auditor's Report to the members of ECFR Rtspon$lblllti•s of tru$te•s A5 explained more fully in the trustees, responsibilities stal8m8nt, the trustees Iwho are also the directors orthe charilabl• company for the purposes of ¢ompany lawl are resp￿sible for the ￿paratIOn ol the financial staternenls and for being satisfied that they give a true and fair view. and lor such internal control a5 the trustees determin8 is necessary to enab the preparation ol financlal slatetnenls that are free frotn rnaleTial rnis5tat8ment. whetherdu8 tofraucl orerror. In preparing the finanaal stslements, the trustees are responsible for assessing the charitable companls ability to ￿nts'nue as a goi09 ¢onc8m. disclosing, as applicable. matters relateij to going ¢on¢ern and using the going Concern basis ol accounting unless the trustees either intend lo liquidate the charitable ¢(xnpany or lo cease operations. OT have no Tealistic alternative but to do ￿. Audltor's responslbllltles for the audlt of the flnanclal Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole ar8 free from matenal tnisstalement. whether due to fraud or error. aTrd lo issue an auditor'5 report Ihal includes our opinion. Reasonable assurance 15 a high level of assurance but is not a guarantee that an audit conducted in accordance wil ISAS IUKI will always delect a material rnisstalemenl when il exists. Misslatements can arise frotn fraué or error and aT6 considered material rf, individually or in the aggregate. they Could reasonably be expe¢ted lo InflUe￿e the econom e¢i$ions ol users taken on the basis ol these financial slaternents. A further descriplion of our responsibilities is available on the Financial Reporting Council's web$ite at-. hllps.'IlvAw.frc.org.uklauditorSresw)nsibili￿.es. This description forms Part of OUT auditor's report. Ext•nt to which the audlt was ¢onsiderod capabl• of d•tè¢ting irr•gularltits, including fraud Irregularilies, irtluding fraud. aTe instances of non-cOm￿lanCe with laws and regulations. We design proCedu￿S in line with our Tesponsibililws, outlined above and on the Finanoal Reporting Council's website. lo delect maieri miss¢atements in ￿spect of irregularities. including fraud. Weobtain and update our underslanding ofthe en14ty, Its aeb'Mt18S, itseontrd environment. and likdyfutUTe developments. illc1L￿lng in relation to the legal and regulalory framework applicable and how the entity is complying with that frarnework. Based on this understanding. we identify and assess the risks of rnalerial misstatement ol the financial Statements, whelher due to fraud or error. design ané perform audit pro¢edure$ responsive lo Ihose nsk5. and obtain audit evidenc8 that *$ suffi¢ienl antj appropriale Io Pfovide a basis for Ouf opinion. This indudes considefation ol the risk of acts by the entity that were contrary to applicable laws and legulati￿$, including fraud. In reswnse lo the risk of irregularities and non-comrAlan￿ wilh laws an¢ regulations. including fr8u¢J, we desvJned procedures which included.. Enquiry ol rnana9ement and those charged wrth ￿vernanCe around actual and potenb'al liD'galKJn and clalms as well as actual, suspected and alleg8d fraud., Reviewing minutes of meetings of those charged with governance.. Assessing the extent of compliance with the laws and regulation$ considered to have a direct material eff8cI on the financial statemenis or the operations of the charitable cornpany through enquiry and inspe¢lion.' Reviewing financial statement disclosu￿S and testing to supporting documentation to assess ¢omk4iance with applicab18 laws and regulations., Performing audit work over Ihe risk of management bias and overTrde of controls. including testing ol journal entries and other adjusbnents for appropnaleness. evaluating Ihe business rationale of signileanl transactions outside the normal course ol bu$ines$ and reviewing accounting estifflales for indicator5 01 potential bia5. Because of the inherent limitations ol an audit, there is a risk that we will not detect 811 irregularities, In¢luding those leadlng to a rnalerial rnisstater￿nt in th8 fin8nci81 statements or non-¢ompliance with regulation. This ti5k increases Ihe more that compliance with a law or regulation is removed from the Èvents and transactions reflected in the financial stalemenls, as we will be less likely to be¢ome aware of instances ol non-¢ompliance. The risk ol not delects'ry a material missiatement resulting from fraud is higher than for one resultin9 from erTor. as fraud may Involve collu8ion, for9ery, intentional ornis5ions. tnisr8presenlations, or tho overrido 01 internal control. European Councll on Forelgn Relatlons Independent Audltor's Re ort to the membors of ECFR ofa)ur r•port Thts report Is mado solèly to th8 charita￿8 cthxpany's mèmbers, 0$ 8 tody. In accwdance wjth Chapl&r 3 of Part 16 of th• Companl•s Act 2006. OL¥ audll has ￿ undwtaken 80 Ihat we Might stale to th• d)aiitobki ¢ompony Mam￿r3 th098 matters ￿ or¢ requlred to stste to them In an audllofs r•port and for no other purposg. To the fullest extent permltted by law. wo do r￿t ac￿p1 orassume rnsponslbHlty to anyon8 othsr than th? charftable ccmpany and th• chantable company's memb•rs as a t*)dy, for our ￿d￿t work, lor thi$ ￿Port. orfor ownions we havo lorrn•d. J Howard FCA IS8nlor Ststutw Auditor) For and on ￿half0( Azèts Audit S•Nu$ statutory Auditor, Chartwed Accwntants 2rf Fk)or. Regi8 House, 45 Klng Wllllam St. London. EC4R 9AN Date 20 December 2023 European Council on Foreign Relations Statement of Financial Activities for the year ended 31 December 2022 Unrestrlcted Restrl¢ted Total 2022 Total 2021 Note In¢omln9 Re$our¢e$ Donations & Legaaès Chafltable activities Inveslrnenl In¢ome Other Income Total In¢omlng R•sourcos 206.823 2,253,798 206,823 6,447,304 281,841 4,999,740 4,193,506 2,863 2 463 487 2.863 6.656.993 548 5.282.130 4 193 506 Rosourros Expend•d Charitablè activities.. Asia & China prc9ramme Middle East & North Africa programme European Power prograrnrntt WHJer Europe prograrnme Africa programme Advo¢a¢y & National offices Regrant Total Rosourc•s Expond•d 18,$77 91B,987 637,556 114,139 36,392 491,707 14,1S0 355,572 1,134,248 91,418 118,762 31.480 1 822 086 32,727 1,274.559 1.771.804 205.557 155,154 523,187 2 762 086 81,261 1,148,917 941.228 299.836 161,216 544,383 1,471,000 4.647.841 3 157358 3 567,716 6.725.074 Net Incomellgxpendlturel Other rewgnised gainslllossesl Ne¢ mov¢m¢nl In funds 693 871 168743 525 128 625 790 68.081 634.289 625,790 100.662 834.289 R•¢onclllatltsn of tunds Total funds brought forward Total fund5 csrrled forward 2,976,916 2.451.788 2.976.916 3 077 578 2,342.627 2,978.916 625.790 The ststement of financial actsvities includes all gains and k)sses In the year. All Income and expenditure derive frun continuing a¢tiwtio8. The notes on page5 13-23 lomi part ofthese financid stst8ments. io European Council on Foreign Relatlons Balance Sheet as at 31 December 2022 (Compan number: 07154609) 2022 Tal¥J￿e assets Totll Flx¢d a88010 218 210 Currnnta61•ts 1171.924 488,079 3 782 1fj2 C¥sh at bank and in h8nd Totsl Cu1r•nt•8￿ts 10 CuThvnt Credknr8'. •mounts Idliryj duevAthin cfie y Totsl ¢urr•nt Il•bllStl•* 11 037 1 274 847 Totsl a•••ts le•• current Ith￿111 578 2 976 918 2 976 916 Totll nst aM•l• Fund• ofts* Ch•rtJT R6sth'¢a8d FuThJs Unfestridod Fw)ds Totsl F￿dI 1¥13 2 978 918 2 978 916 d signed on its beheiftyr. 41/12-&zi ir Of￿ Board cITn￿86￿￿reclOr The notes w p8ges 1>23 ftyrn part ofthe8e ffinanra81 stAt•nents. li European Councll on Forelgn Relations Cashflow Statement for the year ended 31 December 2022 2022 2021 Not• Cash Ilow$ from op•ratlng aruvlllgs: Net cash provided by operatin9 8Ctivibes 1fj 1¢0.740 1177,8041 Cash flow• from In¥￿tIng a￿1VIll￿.. Pu￿has￿ 01 assets Not c4•h u••d In Inv•8tlng *Ctlvltl•• Chang• In eash and cash •qufval•nts In th• y•ar Cash and cash equivalents at beginning of th? year 3.782,162 3,959,966 C•sh and ¢•*h •qulvalents at end of y•ar 10 3 942 902 3,782,162 The notes on pages 1>23 form pwt of these financial 8t¥tem¢nts. 12 European Council on Foreign Relations Notes to the Financial Statements for the ear ended 31 December 2022 1) Accounting Pollcies lal General infomiallon and basls of praPara￿On ECFR (The European Council on Foreign RolalioThsl is a company limited by guarantee in England and Wales. In the event of the charty being wountj up, the liability in r8SP8Ct of the guarante8 15 lirniled to £1 per rnern￿r of the charity. ECFR ￿etS th8 definitiC￿ ol a public benefit entsty under FRS 102. The finan¢ial statements have been piepared In arcordance with Accounting and R8POrting by Charities.. Sla¢ement ol Recommended Practice applicable lo cha[￿leS preparing their account5 in accordance with the Financial Rewrting Standard applKable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014, the Finan¢ial Reportsng Standard appli¢able in Ihe United Kingdom and Republic of Ireland IFRS 1021. the Charities Act 2011. the Companie5 Act 2006 and UK Generalty Accepted Practice as it applies from 1 January 2015. The fi'nancial statement5 are presented in Euro IEURI, which is the pr8sentalion81 cvrr8ncy of the charity from 1 January 2018. The financial slalemenls are prepa￿￿ on a going concern basis under the historical cost Convention, modified to include certain iterns at lair value. Assets and liabilities are initially recognised at historical cost or transaction value unless olherwise 5tsted in the relevant accounling policy notelsl. The significant accounting pdKres applied in the preparation of these financial statements are set out below These policies have been corsislenlly applied to all year5 present8d unless othe￿ise $taled. Ibl Going Concern The financial ststemenls have been prepared on a going concem basis as the trustee5 believe that no material uncertainties &xisl. The Irusl¥es have Considered the16vel of lun¢$ held and the axpected level tsf incom8 and 8xpendilure for 12 rnonlhs frorn aulhorising these fi'nancial staternenls. The budgeted incorne and expenditure is suffirient with the level ol reserve5 for the charity lo be able io continue as a going concern. l¢1 Fund$ Unre51ricled fund5- represenlfunds which are free to be spent in accordance with the charitable rtjjecls al the diSc￿￿'0n of the trustees. Designaled reserve$ are set aside out of unrestricted ￿serveS by the Iruslees. for particular ptsrposas. R8Stricied lund5 represenl fund5 thal have ljeen given for parb'cular purposes andlor projects, which have legal reslri¢lions on their use and musl be spent wholly to undertake activities ITh accordance with donor requirements. Idl Income All incornitvJ resource5 are recognised whete th8 charity 15 leg811y entitled to the incorne. the amcrt¢nt ¢an be reliably rneasured and it is probable that the incorne will b& received. Donated Services and G¢ft$ in Kind are recognised at Iheir opeYTr market value in the period In which they are r&ceivable as incoming resources. where the benefit to the charity can be ieliably measured. An equivalent amount is in¢luded a$ expenditure under Ihe relevant heading in the Statement of Flnancial ACtivi￿"e5. Donations and lega¢ies are re¢ognis8d in the financial ststements when the trustees are convinced that there 15 entitlement to the income, rt is probable that Ihe in¢ome will be recwved and the amount in question is measurable. Any ataministration fee that is charged is recognised as unreslricted income. Grant incorne is rècognisèd in thè period the grallt felatas to and to th8 extent that certainty to their ￿ti￿ernent can be measured. 13 European Council on Foreign Relations Notes to the Financial Statements for the year ended 31 December 2022 11 Accounllng Policies- continuèd (•) Expendlture l expenditure is accounted lor on an x¢ruals basis and has tyeen tlassified under headings that aggregate all ¢o$ts related to the category. Expenditure is recognised where there is a legal or constructive obligaiDn lo make payrnents 10 third parties, it is probable Ihat the settlement will be required and the arnounl tsf Ihe obligation can be measured reliably. Expendilure on chantable acbvities In¢ludes Spending on ECFR'$ 5 Programmes IAsia & China. M￿dIe East & North Africa, European Power, Wider Europe. Africa) and the National Offices. Irre¢overable VAT is charged as an expense against the activty for which expenditure aros8. Staff costs are allocated beiw8en tost headings a¢¢ordiwJ lo the function of ea¢h employee. lfj Allocatlon of support and governance costs Support cost5 are those that assi51 the work of the ¢harity bul do not directly ￿present charitable actmlies and include governanc8 cosls. administratNe office funciion costs, and depreciation. HR and recruitment. and premises wsts. They are inturred direclly in support of expenditure on ECFR'S charitable objects. GovernanGe cts5ts comprise all ¢o$ts involvsrg the publi¢ accountability of the charity and its comptiance wth regulation 8nd wod praclice. These cost5 lrtlude costs relating to the slalulory audi¢. I￿21 fees. as well as slafl and wnsullan¢y costs in relation to senior rnanagement. Support and Governance costs have been allocated across charitable act￿￿88 using p8rc8ntage alloc8tKJns Ig} Tanglblt fixtd assèts Tangible fixed assets are slated al cost less accumulated depr8Clation. All assets costing more than £500 IÉS551 are capilalised. Asset$ are depretialed once the asset is ready for use. Depreciation is provided on all tan9ible fixed assets, at rates ¢al¢ulated to write tsff the cost of each asset on a straight-line basis over the assets estimated useful liv&s as folJow5'. Computer equipment 33°/0 straight line Furniture, Fixtures and filling$ 254/0 strai9ht line Offi'ce equipment- 33% straight Ilne Ihl Debtor$ Other debtors in¢luding amounts owed from ECFR Group entities are recognised al the setuement amount due. Prepayments are valued al the afflount prepaid. Accrued income including gift aid is measured at the amount due lo be r8C8ived. 111 cash at bank and In harbd Cash al bank and cash in hand In¢ludes ¢ash and short term highly liquid inveslmenLs wilh a short maturity of three month8 or less from Ihe date of a¢qUisit￿n or openSng ol the deposil or similar account. Ul ¢r•dltgrs and provlslons Creditors and 8￿rual$ are re¢ognised al their known or reliably estimated settlernenl amount due. Sundry Creditors Ind￿lIng provisions are recogni$ed where the Charity has a presentobligalion resulting from a pa$leventth8twll probably result in Ihe transfer ol funds Its a third party and the amount due to Settle Ihe obligation can be measured or estimated 14 European Council on Foreign Relations Notes to the Financial Statements for the year ended 31 December 2022 1) Accounting Policies- continued Ikl Flnan¢l?I In$truThnts Derivatives, including for6ign forward exchan9e contracts, are not basic financial instrurnenls. D6riVatives are initially recognised al fair value on Ihe date a derwative contract is entered into and are Subsequently re-measured at their fair value. Changes in the fair value of derivatives ar8 reco9nised as other gainsllosses on the fac8 of the Stslement ol Financial AGb-vities. 111 Operating Leases The ¢harity classilies the lease on the London office buildiThJ as an operating lease.. the title lo the I￿[1ding remains with the lessor. Rental Charges are charged on a slravJht-line basis over Ihe lerm of the lease. lrnl Pensions The ¢ompany $ubs¢ribe8 10 8 defined contribution pension scheme provided by Standard Life. cC￿l￿bUtyOns payable for the period are ¢har9ed in the Statement of Financial Activities. Inl F¢rei9n Currency In preparing these financial statements, transact￿nS in the foreign CUTrencEs have been tecorded in the pre58nlational curren¢y using an averag8 exthang8 ra18 or the raiè prevailiThJ at tha tirne. Monetary assets and liabilities denominated in fofeign cuNencies are translated al the rates of exchange ruling at the balance Sheet date. Foreign exchange drfferences arising on tranSlat￿n are reported In the Ststement of Financial Actiw118S. lol Taxauon No charge lo taxation arises on the Tesull for the year because the wmpany is at4e lo lake advantage of Ihe tax 8X8mptions 8vailable to charities. (pl Judgemonts and key $our¢¢$ of ¢stlmatlon un￿rtaInty Accounting esb"rnates andjudgetnents are continually evaluated and are base¢J on hIstor￿al experience and olher factors, in¢luding expectstions of future events that are believed to be re8sonable under the orcumstance5. The following judgements (apart from those involving e$tirnate81 have b8en made in the pr￿88$ ol applying the above accounting poliaes Ihal have had the r￿st significant effed on amounts re¢ognised in Ihe financial stalemenls." Useful economic Iiv8s of tsngible a5setS The annual depreciation Charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values ol the assel$. The useful economic lives and residual values awe re-assessed annually. They are amended when nece55ary to reflect current estirnales. based on lechnok)gi¢al advancernenl, future inveslrnents, economic utilisation and th8 physical condition of the a55ets. see note 8 for Ihe carying amount of the fixtur85 and equipment and wmputer equipment, and note Ilgl for Ihe useful economic liv85 for each class of asset5. There are no other key assumptions conceming the future and other key source$ of estimat￿￿ uncertainty al the reporting dale that have a significant risk ol causing a materi81 adjustment lo the cairying amounts of assets and liabilities within the next financial year. 15 European Council on Foreign Relations Notes to the Financial Statements for the year ended 31 December 2022 2) Analysls of Income Unrestrlcted Re8trlcted Toto12022 Total 2021 Donatlons and 1•ga¢l￿.. Donation5 and girts Donated goods. facilrtie$ and $ervi¢es INole 31 50,0 231,841 281.841 200 823 206.823 206 823 206.823 Chariiablè A¢tlvltles'. Grants 2 253 798 4.193.506 4 193 506 6 447 304 6 447 304 4 999 740 4,999.740 2 253 798 Inv•$tment Incomo: Interest Income Oth•r Incoma 548 548 2.863 T¢)t•l Income 2 463.487 4.193.506 6 656.993 5.282,130 ECFR 1$ very grateful for th8 continuing support of the Open Sorigty Foundalion for Iheir core funds ol f2.233.79812021'. ,099,8171. In 2021. all ol the f281.841 income in ￿latiOn lo donations and legacies was attributab￿ io tho un￿stricted lunds. In 2021. É2,099,817 of income from charitable activities was aitribUta￿e lo the unieslricted, fund and Ihe remaining ,899,923 of the incoma wa5 atlribuiable to the restricted lund. In 2021, all of the £548 incorne from other 1ncLYne was attributable to the unreslri¢led fund. 3) Donated goods, facllltles and seNI¢o5 Total 2022 Total 2021 Asia & China programme Middle East & North Africa prograrnme Europ88n Power programm8 Wider Europe progratnme Adv￿acY & f4alional Offices Total Gmts In Klnd 62,877 27.824 30,500 19,270 15,485 47,000 150086 231.841 20fj.823 Gifts in Kind consist of 11 Y412021.. 8.1Vol of donated office services and 894A12021.. 91.90/01 of event services. It includes ¢onlribulions to office spaee, speaker5 time. prowsion ol venue space and support to publ￿ events. 16 European Council on Foreign Relations Notes to the Financial Statements for the year ended 31 December 2022 4) Analysis of expendlture Dire¢t Staff Costs A¢tlvity Costs Support Cosi$ Total 2022 Total 2021 Asia & Chlna programme Middle East & North Africa programme European Power programme Wider Europe programme Africa programme Advocacy & National Offices Regrant 20,302 469,526 1.256.039 149.336 128.320 208.053 2.762.086 4.993.662 12.425 379,998 384.11 56.221 26.834 48,691 32.727 1.274.559 1,771.804 205.557 155.154 523,187 2,762,086 6,725.074 81.261 1,148,917 941,228 299,836 161,216 544.383 1,471.000 4,647,841 425.035 131.649 266.443 823 127 908 285 Total 2022 Total 2021 Support Costs Staff Costs Office Rental Communications Professional costs IT costs Depreciation, equipment hire & asset impairrr*nt Bank charges &1055 on exchange Gov8mance costs Loss on sale ol assets 572,630 133,783 31,721 89,496 17,188 1,796 56,940 4,S69 162 908.285 575,107 242,491 24.214 71.664 16,299 1.839 1104.7251 11.294 838,183 51 Net Incomel(Expenditure) for the year is stated after charging.. Trrtal 2022 Total 2021 Auditors rtmuntration for thè charity.. Audit fees for the audit of charty Other services 10.250 12.155 22.405 12.649 15,991 28,640 Depreciation Operating lease Offi￿ rents1$ 944 119.722 1,332 175,064 17 European Council on Foreign Relations Notes to the Financial Statements for the ear ended 31 December 2022 6) Staff costs and employee benefits Staff Costs Total 2022 Total 2021 Salaries & wages Social security costs, ind. pension arrangements for non-UK stsff PenS￿n costs Idefined ccnlribution scheme for UK staffl Other 8mploy88 benefiis 1.132.941 154.478 70.937 37.401 1,395,757 1.188,966 156,887 88.187 38.9fj1 1,473.001 Staff costs consistsofsupportstaff costs off572.63012021.. É575.1071 ond ￿1￿Ct8ctrVIts.e5 Staff costs ofÉ823,12712021'. 897,8941. Please See note 4. Average monthly Nmber ol employees during the year calculated on 8 full-time equivalent basis was 1612021.. 181. The followiw number of employees weived a gross salary between the below bands during the year. Band 70.000 10 E79,999 80 000 lo E89,999 90.000 10 £99,999 100,000 10 É109 999 110,000 10 É119.999 120 000 10 É129.999 130,000 to É139,999 140,000 to É149,999 150 000 to É159,899 160.000 to É189,999 É170.000 to É179.999 180.000 to É189,999 É190.000 to É199,999 200.000 to f209.999 210.000 to f219.999 2022 2021 Kèy manag8tn8nt D)mwse Ihe 58nior man8gefflent ieam (noted on page 11 The lotsl cost to company of key managen*nl for the group werè É441.73612021= E428.3011. Redundancy paymonts made dunng the year were ÉNIl12021.' ÉNill. Accrued annual leave tsf ￿6.￿6(2D21.. É42.5821 h8s bèen provided for. 7} Deflned Conlributlon The Standard Lrfe Group Self Invested Personal Pension is available lo all UK e￿￿OYeeS in line with Current stalulory requirements. The company makes SYO contribution to employees. in ex¢eplitsnal ¢ases up lo 10QA contribulion. The charity complied with Ihe requirements of auto-enrolment in the UK in July 2015 and re-enrolment by September 2019. PerS￿n ￿lated Costs for the year arnounted to É70.937 12021.. É88,1871. Pen5KJn conlribution payments of É8,674 12021.. f9.4031 were oulstanding at year end. Pension contributions for non-UK staff 8re paid in line with the 30cial security arraryements in F4èce in each country. 18 European Council on Foreign Relations Notes to the Financial Statements for the year ended 31 December 2022 8) Tangible Fixed Ass¢t$ Comput¢r Offi¢• Equlpment Equlpm•nt Fixiufes. flttln9$ & equlpment Total Charity Costs At 1s1 January 2022 Additions Disposals Al 31st December 2022 29,098 802 29.700 1.167 1.167 602 D•pr•¢latlon Al 1st January 2022 Chargo for th• yèar Disp05als At 31st December 2022 27.776 602 28,378 1,005 1.005 28.317 602 Net Book Value Al 31$t D•¢•mb•r 2022 216 216 At 31$t December 2021 1.322 1.322 9) Debtors 2022 2021 Trade Debtors A¢crued Income Property Deposit ECFR Group Debtors Other Debtors Prepayments Financial instrurnenl 42.090 28,950 50.000 54.720 267.529 2.626 64.254 23,514 2.891.924 45.653 168,743 3,171,924 468.079 10) Cash at bank and in hand 2022 2021 Cash at bank and in hand 3 942 902 3 942 902 3.782,162 3.782.162 19 European Council on Foreign Relations Notes to the Financial Statements for the year ended 31 December 2022 11) Crodltors: amounts falling duè withln one year 2022 2021 An•ly$l$ ol cr•dltors ECFR Group Crèditors Trade Creditors Other Tax and Soclal SeoJrsty Cosis P•nsion Contribution¥ Sundry Creditors Accruals Defarred Grant ineorng 2.S48.676 214.099 78,799 102.071 2.325 9.403 107,751 105.765 868.533 1274.647 8,674 29,703 S8,721 1 177 591 D•f•rr•d I￿Orn• Mov•m•nt In d•l•rr•d Incom• •eeount.' Balance a11 January Amounts added in cU￿ent penod Amounts r8lèasèd to Iii¢¢mo from provious periods Bala1￿ at 31 Do¢ombor 2022 2021 468.533 1,177.591 868 533 1 177591 1,778.806 868.533 1,778.806 868,533 Dèferr￿ incom8 r•lèt•s to intomè received during the ye8rfr¥r projects laklng place after th• y•ar •nd. 20 European Council on Foreign Relations Notes to the Financial Statements for the year ended 31 December 2022 12) Restricted Funds 01 January 2022 31 December 2022 Donor Restricted Pu Income enditur• Support gr•ater than Q50,000: Ministry of FO￿ign Affair5 Sweden Open Soctety Foundations OSF Foundation for Democracy and Pluralism Ministry of ForewJn Affair5 Norwa Support between (100.000 Ind É2S0,000: Bill & Melinda G8t¢$ Foundation 8uilding an EU-Africa program Ministry of Foreign Affairs Denmark Open Society Foundations OSF Support between ÉXI,000 and É100,000: CKI Transallanlic European Soverei ro ect Multiprogramme 2022 Unlock 2022 2,765,154 12,434.7121 330.442 FOP- Aletheia Data Project Norwegian MFA MENA 2022 MENA Danish MFA 621,811 1609,9811 11.830 Unl(Kk 2021 Charles Koch In5titul8 Fondation Calouste Gulbenkian Parln8rship 2022 Rockefeller Brothe Iran SG and WD Initia14Ye Fund 2021 2023 Support bglw•9n QS.OQO and ÉSO.OOO'. Ploughshares Fund Ploughhares Fund Jelro London- Asia Core ort 2022 OSF - Democratic tr8n5ition in Belarus 249.6(Y) 1228.0041 21,596 JETRO-London 108,459 180,4161 28,043 Open Society FOUndat￿nS OSF Support b¢lf)w É2S,000: 11 Dor￿r$ Variou$ 448.482 1214.6031 13.567,7161 233,879 4,193,506 625,790 ECFR 8ntitie5 across Europ8 contributed to the work support8d by each of these reslrided funds and the restnded funds were expensed in line with the guidelines applicable to each of those funds. ECFR is graleful to all its lunders for Ihelr nerous supp)rt prowded in 2022. especially from our core funder, th8 Open Society Foundation. 21 European Council on Foreign Relations Notes to the Financial Statements for the year ended 31 December 2022 13) Restrlcted Funds - Prlor Year (20211 01 January 2021 31 Decernbor 2021 Donor R•strl¢tod Pu In¢om• Ex nditur• Support grèatèr than É250,000.. Open Society Unlock 2021 & 2020. Ftyjndations IOSFI Demo¢rali¢ transition in Belarus Bill & Melind8 Galas Africa Pfogrammo Support Foundation 2020-2022 Swedish Internation81 MENA & WE Programme Devek) ment A enc rt 2021 Support be￿8*n É100,000 anil É250,OIJO'. MENA Programme Support 2018-2020 & 2022-2024. Africa 2021 with NUPI 1.691.158 11,691,158) Ministry of Foreig Aff8irs Norway Japan Bank ftkr Intemational eralion MENA Programrne Support 2021 760.387 1760.3871 Mintslry of Fofèign Alfairs Sweden EP & WE Programrne Support 2021. Et￿OrniC Coercion TF 2021 Ministry ol Fo￿l9n MENA Programme Support Affairs Denrnark 2019-2022 Support between fSO.000 and É100.000.. Compagnia di San Strategic Partnership 2020- Paoli 2021 Asia Programme Support 2021-2022 Ericsson Fondalion Calouste Gulbenkian 290,626 1290,6261 EP Prograrnrlle Support 2021 Iran laskforce 201￿2021. Ifan SG and Women's Dialogues Initialwe 2021-2023 Support between Q5.000 and ÉS0.000: Asia Programme Support 2021 North Africa & MEPP Core su ort 2021 Strategic Partnership CdSP 2021-2022 ECFR Madrd Support 2021 Rockefeller Brolher Fund JETRO- London Ministry of Foreign Aff8irs Ireland 117.000 1117,0001 ECFR Italy Banco Santander Support below e25.000: ECFR Madrid Support 2020121, Multilateralism woject, Clwna's influence in 8ulgaria, Tyrkey-Armenia nomializalion-. A pdiGy worksho 6 Domrs 40.752 140.7521 2.899.923 12,899.9231 22 European Council on Foreign Relations Notes to the Financial Stalements for the year ended 31 December 2022 14) Transactlons wlth trustees During th8 year, no tru51ee512021'. r41} were paid or received any olher benefrt from employm8nt wilh the charilab cofflpany. 3 truslees12021.. 31 were reimbursed for travel and rneeling expenses amounth.ng 10 É9,87712021.. É2,9251. 15) Transactionls) with related parties The ¢harity h88 tsken advantage of Ihe exemption not to dis¢lose transactions wlh entities Ihal art part of the Group by virtue of its status os 8 subsidiary of the parent whose lin8no81 $181ements afy consolmlated and are made publicty vailable. 16) Reconciliation of net incomel{expenditure) to nel ¢ashflow from operating activities 2022 2021 Net incomellexpèndilurel for the reporting pariod Adju5tment5 for- Depreoalion Lossllprofitl on sale of fixed asset8 Ilncr8as8yDecrea5e in deblu5 Int￿aSe1