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EUROPEAN
COUNCIL
ON FOREIGN
RELATIONS
ecfr.eu
ECFR
Report and Financial Statements
For the Year Ended 31 December 2023
Charity Number: 1143536
Company Registration Number: 07154609

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Contents
Pages
Legal and administrative inforniation
Rèport of th• Dirèctors
Ind•pand•nt Auditor's R•port
ststement of Flnanclal Actlvltles
10
Balancè Sh•at
11
Cashflow Statement
12
Note to the Flnanclal Statements
13-23

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European Council on Foreign Relations
Legal and administrative information
Governlng Document..
Memorandum and Articles of Association
Registered Offices..
First Floor
10 Queen Street Pla
London
EC4R IBE
TrusteeslDirectors'.
Franzi5ka Brantn8r Ir85igned 1 March 20231
lan Clarkson
Lykke Friis
Teresa Gouveia
Adam Lury lappointed 1 January 20231
Chair of Board of TrusteeslDirectors Lykke Friis
Chair of Executive Committee
lan Clarkson
Kèy Managemènt Pèrsonnel..
Programme Director
Deputy Diredor- Operations
Mark Leonard
Alb8 Lamb8rti
Auditors..
Az8ts Audit S8rvic85,
2" Floor. Regis House.
45 King William St,
London, EC4R 9AN
Bankers=
Barclays Bank
2 Victoria Street
London SW1
Solicitors..
Bates Wells & Braithwaite
2-6 Cannon Street
London EC4M 6YH

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European Council on Foreign Relations
Report of the Directors
For the year ending 31 December 2023
The Directors, who are also Trustees for the purposes of company law, present their report together with the financial
statements f(>r the year ended 31 December 2023. The financial statements have been prepared in accordance with
the accounting policies set out in note 1 t() the financial siatements and comply with the Charily's memorandum and
articles ol association, the Charities Act 2011, the Companies Act 2006 and the Accounting and Reporting by Charities..
Statement of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial
Reporting Standard applicable in the UK and Republic ol Ireland IFRS1021 issued in October 2019.
Objectives and Activities
The objective of the European Council on Foreign Relation5 la150 "Charity" "Company") 15 to conduct research and
promote informed debate across Europe on the development of a coherent and effective European values-based foreign
policy. First launched in October 2007, the Charity is part of the first p8n-Europe8n think-tank, comprised of a Group of
ECFR 8ntiti85 (also 'ECFR"I with pres8nce in s818Cted EU m8rnb8r stat85.
ECFR has developed a strategy with three distinctive elements that define its activities..
A dlstlnctlve research and pollcy development process. ECFR has brought together a team ol distinguished
researchers and practitioners from all over Europe to advan￿ ils objectives through innovative projects with a pan-
Europ88n focus. ECFR'S 8Ctiviti8s includ8 primary r858arch, publications of policy reports, private me8ting5 and
public debates,'friends of ECFR, gatherings in EU capitals and outreach to strategic media outlets.
A pan-European Council. ECFR ha5 brought together a distinguished Council of over 330 Mernber5
decision makers, thinkers and business executives from across Europe- which meets once a year as a full body.
Through geographical and thematic task forces, mernbers provide ECFR staff with advice and feedback on policy
ideas and h8lp with ECFR'5 activities within th8ir own countri85.
A physical presence in the main EU member states. ECFR. uniquely arnong European think-tanks, has offices
in Berlin, London, Madrid, Paris, Rome, Sofia and Warsaw. The offices are platforms for research, debate,
advocacy and communications.
Th8 Directors confirrn that th&y have r8f8rr8d to the guid8nC8 provid8d by th8 Charity Commission on public b8nefit
when reviewing the Company's aims and objectives and in planning future activities. The Charity, together with its sister
organizabons and through their cornbined pan-European research and outreach work supports European governments.
foreign policy debate and diplotnacy.
Achievements and Perfomiance
For 2023. our work continued to focus on creating a more effective, ambitious, and cooperative European foreign policy.
Within our six research programs IAfrica, Middle East and North Africa. Asia and China, Wider Europe, United States
and European Powerl. our efforts focused on gaining an analylical understanding of Europe's foreign policy dilemmas.
recommending innovative solutions, and promoting those solutions through publications, convening conferences, media
appearances, and other forms of advocacy.
In 2023, much of this work focused on the current and future impads and implications of the wars in Ukraine and G8za
on European foreign policy and Europ&an integration. Prornin8nt in this ar88 was th8 work of ECFR'S Midd18 East and
North Afri¢8 Prograrnrne as well the Security and Defense. Climate and Energy and Technology Initiatives. whose
highlights included..
The MENA Forutm that took place in Geneva in NoverntEr 2023 and asstLiated activities launched after the
Hamas 8tta¢k on 7 Ortober., and
The Kyiv initiative 8nd th8 Displ8C8d Voic85 project

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European Council on Foreign Relations
Report of the Directors
For the year ending 31 December 2023
Achievements and Performance- continued
Outside of the conflicts, many other areas of policy were also tackled by ECFRS Programmes. Highlights for tt)e year
included..
Two papers focusing on the impacts of changes in the world order'."Strategic interdependence- Europe's new
approach in a world of middle powers" and "The world is changing- and not in Europe's favor.,.
The launch of ECFR'S US Programme., and
A number ol public opinion polling exercises that spawned a number of key publications including Living in an
la carte worfd.. What European policyrnakers should learn from global public opinion.
We supported our activities through 184 commentaries, 36 policy briefs, 5 web specials. 67 podcast episodes and 32
YouTube videos. The impact of this work is reflected in over 14,000 rnedia mentions in over 700 leading media outlets.
In 2023. ECFR Group again showed its prowess when it comes to str8tegi¢ convening- Mrtually or in-person. Across
its five Programs and sev8n Nation81 Offices, it organized some 36 virtual events and 137 in-person events. EGFR'S
Annual Council Meeting took place in June 2023 in Stockholm. Over 200 high level guests. including 195 Council
rnembers attended the event which comprised five public panel discussions and eight Policy Salons where the
r8mific8tions of the war in Ukraine and EU 8nl8rgement were debated.
Financial Review
Results for the year
Total incorning resources for the year ending 31st December 2023 were É7.69m and total resources expended were
.68rn, resulting in a surplus for the year of É66k before currency losses. The Open Society Foundation piovided an
unrestricted grant of É3.8m to support ECFR. Restricted donations of more than É25Ok were received from the Open
Society Foundation. the Norwegian Ministry of Foreign Affairs and the Swedish Ministry of Foreign Affairs. The Charity
r8-grant8d in total E2.7m to oth8r ECFR entities and rec8iV8d É108k frotn oth8r ECFR 8ntities.
Reserves
The Charity's reserves policy is to build sufficient reserves to meet the identified risks assessed each year. The aim is
to invest in reserves until they cover at least four months operational running costs so thal organisational liabilities to
staff and other stakeholders can be mel at all times. The Charity ended 2023 with a final deficit including of currency
gains of É118k. As a result, unrestricted reserves as of 31 Decetmber 2023 Stand at É2.95rn, in excess of 10 months of
ECFR operational running costs. The Board has approved a breakeven budget for 2024 for ECFR lo maintain strong
reserves. Beyond 2024 the Board is committed to ￿ntinue break-even to surplus budgets in line with the ststed policy.
Plans for the Future
ECFR'S workplan for 2024 tuns under the banner"Europe in 2024- De-risking between Putin and Trump. Our
priorities in the workplan are".
Strengthenlng Eu's relevance In Its Eastern nelghbourhood.. ECFR will continue to analyse the developments of
the war in Ukraine and their mediurn to long term implications for the countries of the region, which is witnessing
renewed conflicts, e.g. in the South Caucasus and potentially the Westem Balkans. 11 will look at the instrurnents the
EU can Ljse to stabilise the region and enhance its geopolitical prtsfile, and specifically at the ways to adapt the
enlargement policy to this new geopolitical landscape.
R8thinking Russia.. ECFR facilitates Info￿atiVe discussions between Europeans and Americans on Russia and
Russia policy and continues to produce analysis about developments in Russia, the impact of the war, the state ol its
economy and foreign policy.
Thè Mlddla East Batwa•n War and P•aca.' After Hamas's attacks and the start ol the war in Gaza ECFR explores
European interest in tre region and how can European countries can support pathways to wider sustainable se￿rity
and st8bility in the Middle E85t.
Engaging with Africa's evolving position towards Global Order.. ECFR enhances research and convening on the
AfricalEurope deliberations of the wider global thinking on global order. The focus will lie on building Africa as an
important ally in a changing global older by advocating foi a more dynamic and nuanced approach on the European
side to alliance-building with Africa in global order than a simple binary offer.

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European Council on Foreign Relations
Report of the Directors
For the year ending 31 December 2023
Plans for the Future - continued
Chlna De.Rlsklng Agenda.. In this thematic area, the ECFR will conduct research and advocacy from the intemal
dimension in China Irisk factors emanating from intr8-paty dynamics and policy changes) to the challenges in the
broader Eu-china agend8 including European respons85 to China-Russia r8lations, China's n8w ro18 as a s8curity
actor and the Chinese green techldecarbonizalion agenda
Indo-Pa¢ifi¢ Boost= In this Ihernatlc 8rea, ECFR will continue to enhance research and convening on the politi¢81 and
economic developments in the Indo-Pacific region, with a specific locus on EU-India cooperati()n and enhanung EU-
Japan exchange.
Geoeconomics.. Through its Geoeconotnics work in 2024, ECFR will examine how geopolitical contests reshape
economic and financial flows, identifying the markers of economic fragmentation in trade, technology, and financial
flows. It will look at how Europe can develop a toolkit for de-risking from China. taking into account the unintended
nsequences of derisking and its imp8Ct on Europg's competitiveness.
Cllmate and energy.. Through its Clirnate and Energy work in 2024, ECFR will unpack the new dimate geopolitics to
infonn the Eu's approach to climate in a weaponised environment. ECFR will also seek to develop a blueprint for
more geopolitical climate diplomacy under the new EU institutions, exploring how such diplomacy should adapt to
build up strategic Interdependen￿ in the field ol climate.
Technolo9y= Through its T8chnology work, ECFR will map countries that the EU should build t8ch 811ianc851coalitions
with and on which issues. It wll explore how the EU can leverage the multilateral framework to advance its vision for
an open. free, secure, and a¢￿ssible internel and a rights-based approach to technology govemance and
developrnenl. The Initiative will also explore how the EU can meet the challenges and harness the opportunities of
emerging disruptive technologies such as Al and quantum computing.
Defen¢e, Se¢urity, and Te¢hnology'. ECFR will 8xtract the lessons learned on th& new 8nd extensive use of
emerging arid disruptive technologie5 (unmanned systems, cyber, Al, 5pacel and the renewed irnportance of air and
missile defence in the war in Ukraine and in the Gaza conflict. It will locus On preparing Europeans to boost their
defence capabilities to meet an increasing number of conflicts in the neighbourhood.
Multllaterallsm: With Europeans increasingly struggling to achieve their objectives via the international system,
ECFR will map which mults'lateral institutions can deliver on different global challenges and how Europeans can best
navigate the multilateral system to protect their interests and values.
Data and polllng: Through continued public opinion polling, ECFR will unpack the political consensus lor EU foreign
policy approaches. ensuring the priorities and sensitivities of the European public are taken on bo8rd. In addition to
this, continued polling in non-EU countries will enable ECFR to chart global public opinion on how Europe should
adapt to a post-westem world.

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European Council on Foreign Relations
Report of the Directors
For the year ending 31 December 2023
Structure. Governance and Management
Constltutlon
The Charity, a UK company limited by guarantee inctsrporated on 11 February 2010, is a not-for-prtsfit organisation
which obtained UK charitable status on 24 August 2011. The liability of members is limited to £1. The Company is
gov&m8d by its M8morandurn & Articles of Association, as last r8vis8d and adopted on 16 August 2011. The objects of
the Company are Ihe advan￿ment of education in the field of foreign policy and related areas by undertaking and
promoting research for the public benefit and publishing the useful results thereor.
ECFR is made up of the UK Company and live legal ECFR entities established in Germany, France, Spain and Italy
under the common control and unified management of the German ECFR e.V. Board of Trustees.
Governance
The Charity is govemed by a Board of TrusteeslDireclors, which meets th￿e times a year. TrusteeslDirectors are
recruited by invitation based on the skills, exp8rienoe and influen¢9 th8y h8vg In the European political ar8n8. At the
end of 2023 the Board was composed of Lykke Friis, lan Clarkson, Adam Lury and Teresa Gouveia. The Board is
supported by an Executive Commrttee which meets quarterly and is composed of three or four Board rnembers. This
Cotmrnittee has been delegated responsibility for overseeing the adrnini5tiative and finanaal governance of the Charity
on behalf ol the Board, whilst noting that the Board retains final responsibility for the perf0mlan￿ of that delegated
authority. Its decisions and recornmendations are reported to the Board so as to ensure the full Board can continue to
di￿h￿rg8 Its OV8r811 r8sponsibility.
All members of the Board give their time freely and no board members received remuneration in the year. Details of
expenses reimbursed to trustee5 ale disclosed in note 14. There are no related party tr8n58Ctions.
Key management personnel
Th8 tnanagem8nt of the Charity is de18gat8d to th8 Director and through hirn to the m8rnb8r5 of the Senior m8nag8tll8nt
team. Remuneration lor the Director is reviewed annually and set by the Board. Remuneration for senior management
and the rest of the staff team is set by the Director.
PrfncSpal rlsks and uncertaSntles
The Board of Directors is responsible for ensuring that there are effective and adequate risk management and intemal
control systems in place to manage the rnajor risks to which the Charity is exposed. It discharges this respon5ibilty
through its review ol the effectiveness ol the Charity's risk management framework as part ol ECFR'S risk management
framework.
This is designed to support informed decision-rnaking regarding the risks that affect ECFR'S and the Charity's
performance and their ability to achieve their objectives. It also provides for a consistent approach to identifying.
asse551ng and dealing with the risks facing ECFR and the Chaiity so as to ensure that they do not exceed the level of
risk ECFR and the Charity are willing to assume. It should be noted that the framework is designed to manage, rather
than to eliminate, the risks to ECFR'S and the Gharily's objectives and to provide reasonable, but not 8bsolule,
assurance against material misstatement or loss.
The Charity board together with the senior management team have reviewed the risks faced by the Charity and updated
the risk register to capture and monitor all risks identified. The key risks have been assessed as..
Loss of key Trustees
Loss of key staff rnembers
Risks to the organisation arising frorn ryber-*t8cks and loss of key data
Raising insufficient funds to cover costs
Actions taken to mitigat8 the risks associated with loss of key truste85 includ&s activ8 r8cruittnent of trustees with the
right skillset to support the Charity's mission. Loss of key staff members is being mitigated through the annual
performance review and objective setting process, transparent staff policies, and active line management combined
with regular cornmunioation with staff. l.T. security risks are being 8ddress8d through related investments in h8rd- 3nd
software, dak back-up routines and staff training. Actions taken to mitigate the risks associated with funding include
close rnonitoring olfundraising strategy and progress. diversifying sources of funding to include a wider range of donors.
seeking multi-year partnerships, and maintaining good ielations with cuirent major funders.

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European Council on Foreign Relations
Report of the Directors
For the year ending 31 December 2023
Statement of Directors. responsibilities
The Directors are responsible for preparing the Report of Director5 and the financial staternents in accordance with
8ppli¢able law, UK accounting st8nd8rds and UK GAAP.
Cotnpany law require5 the Directors to prepare financial statetnents for each financi81 year, which give a true and fair
view of the state of affairs of the charitable company and of incoming resourtss and application of resourees, including
the income and expenditure of the charitable company for that period.
In preparing these financial statements, the Directors are required to".
Select suitable accounting policies and then apply them consistently
Observe the rnethods and principle5 In the charities SORP IFRS 1021
Make judgements and accounting estirnates that ale reasonable and prudent
State whether applicable UK accounb.ng standards have been followed, subject to any material departures
disclosed and explained in the financial statements
Prepare the financial statements on the going concem basis unless it is inappropriate to presume that the
charitable cornpany will continue in operation.
The Directors are responsible for keeping adequate accounting ￿e0rd$ that are sufficient to show and explain the
company's tiansactions and disclose with reasonable accuracy at any ts.me the financial posits.on of the company and
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible
for safeguarding the assets of the company and hence for taking reasonable steps lor the prevention and detection of
fraud and other irregularities.
In so far as the directors are aware..
there is no relevant audit infomialion of which the charitable Company's auditor is unaware., and
the trustees have taken all steps that they ought tts have taken lo make themselves aware of any relevant audit
information and to establish that the auditor is aware of that infomation.
Dlsclosure of information to the auditors
We, the directors ol the Company who held Offi￿ at the date of approval of these Financial Statements as set out above
each conlim, so far as we are aware, that..
there is no relevant audit inlom)alion of which the Company's auditors are unaware., and
we have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any
relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
Azets Audit Service have expressed their willingness to act as auditors in accordance with Section 419 121 of the
Companies Act 2006.
Thi5 report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating
lo srnall companies.
Approved by the trustees and signed on their behalf..
Docu8*Mdty'.
Friis
29 October 2024
52(EFC14884489 .
Lykke Fri15
Chair of thè Board of TrustaèslDiraetors

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European Council on Foreign Relations
Independent Auditor's Report to the members of ECFR
Opinion
We have audited the financial stslements of EGFR Ilhe 'charitsble company'l for the year 31 De¢ernber 2023 which
comprise th8 statern8nt of compreh8nsive incorn8, the balance sh8et, the statern8nt of chang85 in 8quity and not85 to
the financial statements, including significant accounting policies. The financial reporting framework that ha5 been appli8d
in their preparatlon 15 applicable law and United Kingdom Accounting Standard5, including Financial Repotting Standard
102 Th8 Financial R8POrting Stsndard spplicable in th8 UK snd Republic oflr8land (United Kingdom G8nerally Acc8Pted
Accounting Practice).
In tsur opinion the finanaal statements".
give a true and fair view of the state of the charitable companys affairs as at 31 DeTrmber 2023 and of its
incoming resources and application of resources, including its Income and expenditure, for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Actspted Accounting Practice., and
have been prepared in accordanc8 Wlth th8 r8quiretMents of the Companies Act 2006.
Basis for opinion
We conducted ()ur audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our
responsibilities under those standards are further described in the Auditors tssponsibilitlES fDr the sudil of the finèncisl
statements section ol our report. We are independent of the chaiitable company in accordance with the ethical
requirements that are ￿levant to our audit of the financial statements in the UK, induding the FRC'S Ethical Standard,
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Concluslons relatlng to golng concern
In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in
the preparation of the financial slalernents is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions
that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going
con￿rn for a period of at least twelve months from when the financial staiernents are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going con￿rn are described in the relevant
sections of this report.
Other inforniation
The other information comprises the inforrnation included in the annual report other than the financial statements and our
auditorfs report th8reon. The trustees are r&sponsibl& for the other information wntained wthin the annual r&port. Our
opinion on th8 financi81 statements d085 not COV8r the Other inforrnation and, 8XC8Pt to the 8Xt8nt oth8rwise explicitly
stated in our report, we do not express any form of assuran￿ conclusion thereon. Our responsibility is to read the other
inforrnation and, in doing so, considerwh8ther th8 Oth8r information 15 materially inconsistent with th8 financial statements
or our knowledge obtained in the course of the audit, or otherwise appears to be materially tMisst8ted. If we identrfy such
material Inconsistencie5 or apparent material rnisstatements, we are required to determine whether this gives r15e to a
material rnisstatem8nt in the financial st8teni8ntS therns81v8s. If, based on the work we hav8 P8rforrn8d, w8 conclude that
there is a material rni5Statement of this other infortmation, we are required to report that fact.
We have nothing to report in this regard.
Opinions on oth•r matt•rs pr*seribad by th* Compani*s Aet 2006
In tsur opinion, based on the work undertaken in the course of our audit."
the information given in the trustees, report linctsrporaling the d1￿ctorS, report) for the financial year lor which
the Iinaricial Statements are prepared Is consistent with the financial statements., and
the directors, report has been prepared in accordance with applicable legal requirements.
Matters on whlch we are requlred to report by exceptlon
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of
the audit, we have not identified material misstatements in the trustees. report. We have nothing to report in respect of
the following matters in relation to which the Companies Act 2006 requires us to report to you il, in our opinion..
adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us., or
the financial statements are not in agreement with the accounting records and returns., or
certain disclosures of directors, remuneration speafied by law are not made., or
we have not received all the information and explanations we require lor our audit., or
the trustees were not entitled to prepare the finanaal statements in accordance with the small companies, regime
and take advantage of the small companies, exemptions in preparing the directors, report and from the
requirement to prepare a strategic report.

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European Council on Foreign Relations
Independent Auditor's Report to the members of ECFR
Responsibilities of trustees
As explain8d rnor8 fully in the truste8s' r8sponsibilitl8S 5tat8tTl8nt, the truste8s Iwho are also th8 dir8Ctors of the charit8bl8
company for the purposes of cornpany 18wl are responsible for the preparation of the financi81 staternent5 8nd for being
satisfied that th8y giv8 8 true and f8ir view, and for such intern81 control as the trustees determine is necessary to enable
the preparation of financial statements that are fre8 from tnaterial misstatetn8nt, wh8th8r due to fraud orerror. In pr8paring
the financial statement5, the trustees ale responsible for a5se55ing the chaiitable company's ability to continue a5 a going
concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting
unless the trustees either intend to liquidate the d)aritable company or to ￿ase operations, or have no realistic altemative
but to do 50.
Audltorfs msponslbllltlas for th• audlt of tha flnanclal stal•m&nts
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or eiror, and to Issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAS IUKI will always delect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material il, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council's website al..
https'.Ilwww.frc.org.uklauditorsresponsibilities. This description forrns part ol our auditorfs report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-cornpliance with laws and regulations. We design Pro￿dureS in line
with our responsibilities. outlined above and on the Finaneial Repor￿ng Council's website. to detect material
misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity. its activities, its Control environment. and likelyfuture developments.
inoluding in relation to the legal and regulatory framework applicable and how the entity is cornplying with that framework.
Based on this understanding. we identify and assess the risks of material misstatement of the financial statements.
whether due to fraud or error. design and perform audit procedures responsive to those risks. and obtain audit evidence
that is suffici8nt and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the
entity that W8r8 Contrary to applicable laws and r8gul8tions, including fraud.
In restx)nse to the risk of irregul8riti8s and non-complian￿ with laws and regulations, including fraud, we d85igned
proc8dures which indud8d..
Enquiry of rn8nageTnent and those th8rged wth govgrnan¢g around 8¢tual and potential litigation and Claims as
well as 8Ctual, suspected and alleged fraud.,
Reviewing minutes of rneetings of those charged with govern8nc8',
Asse55ing the extent of compliance with the laws and regulation5 considered to have a direct rnateiial effect on
th8 financial stat8m8nts or th8 OP8rations of th8 charitable cornpany through enquiry and inspection.,
Reviewing financi815tatement disclosur85 and testing to supporting documentab.on to assess compliance wth
applicable laws and iegulations.,
Perfortning audit work over the risk of management bias and override of controls, including testing of journal
entries and other adju5ttn8nts for appropriatene55, evaluating the business rationa18 of significant transactions
outside the normal course of bu5ine5s and reviewing accounb.ng estimates for indicators of potenb.al bias.
Because ol the inherent limitations ol an audit, there is a risk that we will not detect all irregLJlarities, including those
leading to a material misstatement in the financial statetnents or non-cotnpliance with iegulation. This risk increases the
more that compliance with a law or regulation is removed from the events and transactions reflected in the financial
statements, as we will be less likely to become aware of instances ol non-compliance. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, tsr the override tsf intemal control.

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European Council on Foreign Relations
Independent Auditor's Report to the members of ECFR
Use of our report
This report is tnad8 solely to the charitab18 COrnP8ny's m8mb8r5, as a body, in accordance with Chapt8r 3 Of P8rt 16 of
the Companies Act 2006. Our audit work has been undertaken so that we might state to the ch8ritable cornpany's
members those matters w& 8r8 required to st8t& to them in an aLJditor'5 r8POrt and for no oth8r purpos8. To the fullest
extent permitt8d by 18w, we do not accept or 8ssum8 r8sponsibility to anyon& oth8r than th8 charit8bl8 company and th8
charitable company's mernbers as a body, for our audit work, for thi5 report, or for the opinions we have fortned.
£￿￿LL4}
J Howard FCA IS8nior Statutory Auditor)
Foi and on behalf of Azets Audit Services
st8tutory Auditor, Chartered Acoount8ntS
2nd Floor, Regi5 House,
45 King William St,
London, EC4R 9AN
Date 30 October 2024

DoGusign Envelope ID.. BB5167E8-45184621-9394-B9DCD909045E
European Council on Foreign Relations
Statement of Financial Activities for the year ended 31 December 2023
Unrestrlcted
Restrlcted
Total 2023
Total 2022
Note
Incomlng Rasourc•s
Donations & L8gaci95
Charitsble activities
Investment Incorne
Other Income
Total Incomlng Resources
337,262
3,704,468
337,262
7,356,487
206,823
6,447,304
3,652,019
477
4,042,208
477
7,694,227
2,863
6,656,993
3,652,019
Resources Expended
Charitable activities-.
Asia & China programme
Middle Easl & North Africa prLyJramme
European Power programme
Wider Europe programme
Africa programme
US Programme
Advoc8¢y & National offioes
Regrant
Total Resources Expended
58,091
133,884
727,622
19,193
110.3121
260,666
177,435
2 609 800
3 976 379
52,618
1,131,824
1.550,250
473,466
276,394
110,709
1,265,708
2,277,872
492,659
266,082
260,666
344,902
2 609 800
7 628 398
32,727
1,274.559
1,771.804
205,557
155,154
167,467
523,187
2,762,086
6 725.074
3652 019
Net incomellexpenditurel
other recognised g8inslllossesl
Net movement in funds
68.081
168.743
100.662
184825
184 825
118996
118996
Reconciliation of funds
Total funds brought forward
Total funds carrled fO￿ard
2,451,788
2,332,792
625,790
625,790
3 077 578
2 976.916
3,077,578
2,958,582
The statement of financial activities indudes all gains and losses in the year. All income and expenditure derive from
continuing activities.
The notes on pages 13-23 form part of these financial statements.
io

DoGusign Envelope ID.. BB5167E8-45184621-9394-B9DCD909045E
European Council on Foreign Relations
Balance Sheet as at 31 December 2023
(Company number: 07154609)
2023
2022
Not•
Fix•d ass•ts
Tangible assets
Total Fixed assets
2,240
216
216
Currant ass8ts
Debtors
Cash at bank and in hand
6,245,672
8,070,910
14316 582
3,171,924
3,942,902
7,114,826
10
Total Current assets
Currant Liabilitiès
Creditors.. amounts falling due within one year
Total Current liabilities
11,360,240
11 360 240
4,037,464
4.037.464
Net Current Assets
2,956,342
3,077,362
Total assets less current liabilitie5
2 958.582
3,077,578
Total net assets
2,958,582
3,077,578
Funds of the Charity
Restricted Funds
Unrestricted Funds
12113
625.790
2 332,792
2 958.582
625,790
2.451.788
3,077,578
Total Funds
29 October 2024
Approved by the board of directors and trustees on
and signed on its behalf by..
Do¢u8*Mdty'.
Friis
52(EFC14884489 .
Lykke Friis, Chair ol the Board of TrusteeslDireciors
The notes on pages 13-23 form part of these financial statements.
li

DoGusign Envelope ID.. BB5167E8-45184621-9394-B9DCD909045E
European Council on Foreign Relations
Cashflow Statement for the year ended 31 December 2023
2023
2022
Note
Cash flows from operatlng act5vltles:
Net cash provided by operating activities
16
4,130,247
160,740
Cash flows from investing activities:
Purchase of assets
Net cash used in inv85ting activiti85
12,2391
Change In cash and cash equlvalents In the year
4128008
160,740
Cash and cash equivalents at beginning of the year
3,942,902
3.782,162
Cash and cash equivalents at end of year
10
8 070 910
3,942.902
The notes on pages 13-23 form part of these financial statements.
12

DoGusign Envelope ID.. BB5167E8-45184621-9394-B9DCD909045E
European Council on Foreign Relations
Notes to the Financial Statements for the year ended 31 December 2023
1) Accounting Policies
lal G&n•ral Infom)atlon and basls of praparatlon
ECFR (The European Council on Foreign Relations) is a company limited by guarantee in England and Wales. In the
event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
ECFR meets the definition of a public benefit entity under FRS 102.
The financial statements have been prepared in accordan￿ with Accounting and Reporting by Charities.. Statement of
Recommended Practi￿ applicable to charities preparing their accounts in accordance with the Financial Reporting
Standard applicable in the UK and Republic ol Ireland IFRS 1021 issued in October 2019, the Financial Reporting
Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, the Cornpanies
Act 2006 and UK Generally Accepted Practi￿.
The financial statements are presented in Euro IEURI, which is the presentational currency of the charity from 1 January
2018.
The financial statements are prepared on 8 going concem basis under the historical cost convention. modified to include
certain items 8t fair value. Assets and liabililies are initially reoognised at historical cost or transaction value unless
otherwise stated in th8 rglgvant 8ccounting poliry not&lsl. The significant accounting policies applied in the preparation
of these financial statements are set out below. These policies have been consistently applied to all years presented
(Jnless otherwise st*ed.
Ibl Going Concern
The finanaal staternents hav8 been pr8par8d on a going conc&m basis as th& truste85 b81iev8 that no material
uncertainties exist. The trustee5 have considered the level of funds held and the expected level of income and expendithre
for 12 tnonths from authorising these financial statements. The budgeted incotne and expenditure 15 suffiaent with the
level of reserves for the charity to be able tts continue as a gtsing concern.
lel Funds
Unrestricted funds- represent funds which are free to be spent in accordance with the charitable objects at the discretion
of the trustees.
Designated resetves are set aside out of unrestricted reserves by the trustees, for particular purposes.
Restricted funds - represent funds that have been given for parts"cular purposes andlor projects, which have legal
restrictions on their use and must be spent wholly to undertake activities in accordance with donor requirements.
Idl Income
All incoming resources are recognised where the charity is legally entitled to the income, the amount can be reliably
measured and it is probable that the income will be received.
Donated Servi￿$ and Gifts in Kind are recognised at their open market value in the period in which they are receivable
as incoming resources, where the benefit to the charity can be reliably measured. An equivalent amount is included as
expenditure under the relevant heading in the Staternent of Financial Activities.
Donations and legacies are recognised in the financial statements when the trustees are convinced that there is
entitlement to the income. it is probable that the incorne will be received and the arnount in question is measurable. Any
8dministr8tion fee that is ch8rged is recognised as unrgstricted income.
Grant income is recognised in the peri(Kl the grant relates to and to the extent th8t certainly to their enlillemenl can be
messured.
13

DoGusign Envelope ID.. BB5167E8-45184621-9394-B9DCD909045E
European Council on Foreign Relations
Notes to the Financial Statements for the year ended 31 December 2023
1) Accounting Policies- continued
(el Expenditure
All expenditure is accounted for on an a¢cru8ls basis snd h85 been ¢18ssified under headings that aggr8gate all costs
relatBd to the category. Expenditure is recognised where there is 8 legal or constructlV8 obligation to make paytnents to
third parties, it Is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Expenditure on charit8ble activitie5 includes spending on ECFR'S 6 Prograrnrnes IAsia & China, Middle East & North
Africa, European Power, Wider Europe, Africa, USI and the National Offiees.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Staff costs are allocated between cost headings according to the function of each employee.
lfj Allocatlon of support and governance costs
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include
governance costs, administrative office function costs, and depreciation, HR and recruitment, and premises costs. They
are incurred directly in support of expenditure on ECFRS charitable objects.
Governance costs comprise all costs involving the public accountability of the charity and ils compliance with regulation
and good practice. These costs include costs relating to the statutory audit. legal lees. as well as staff and consultancy
costs in relation to senior management.
Support and Governance costs have been allocated across charitable activities using per￿ntage allocations.
Igl Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Al assets costing more than £5001É5551 are
capitslised. Assets are depreciated once the asset is ready for use. Depreciation is provided on all tangible fixed assets,
at r8tes calculsted to writ8 off the cost of 8ach ssset on 8 straight-lin8 ba51S Over the assets estimated us8ful lives as
follows..
Comput&r equipm8nt 33Q/o Straight line
Furniture, Fixtures and fittings
25¢1¢ straight line
Office equiptnent 33010 Straight line
Ihl D8btors
Other debtors including amounts owed from ECFR Group entities are ￿COgnised at the settlement amount due.
Prepayrnents arè valued at the amount prepaid. Acctued ineome including gift aid is measured at the amount due to be
received.
111 Cash at bank and In hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three
months or less from the date of acquisition or opening of the deposit or similar account.
lil Creditors and provisions
Creditors and accruals are recognised at their known or reliably estimated settlement amount due. Sundry creditors
including provisions are recognised where the charity has a present obligation resulting from a pastevent thatwill probably
result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimaled
reliably.
14

DoGusign Envelope ID.. BB5167E8-45184621-9394-B9DCD909045E
European Council on Foreign Relations
Notes to the Financial Statements for the year ended 31 December 2023
1) Accounting Policies- continued
Ikl Flnanclal Instruments
Derivatives, induding foreign forward exchange contracts, are not basic financial instruments. Derivatives are initially
recognised at lair value on the dale a derivative contract is entered into and are subsequently re-measured at their lair
value. Changes in the lair value ol derivatives are recognised as other gainsllosses on the lace of the Statement of
Financial Activities.
111 Operatlng Leases
The charity classifies the lease on the London office building as an operating lease., the tiue to the building remains with
the lessor. Rental charges are charged on a straight-line basis over the term of the lease.
Im) Pen$ion$
The company Sub￿rIbeS to a defined contribution pension scheme provided by St8nd8rd Life. Contributions p8y8ble for
the period are charged in the Statement of Financial Activities.
Inl Forelgn Currency
In preparing these finanaal statements, transactions in the foreign currencies have been recorded in the presentational
currency using an average exchange rate or the rate prevailing at the time.
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the
balance sheet date. Foreign exchange differences arising on translation are reported in the Statement of Financial
Activities.
lol Taxatlon
No charge to taxation arises on the result for the year because the company is able to take advantage of tt)e tax
exemptions available to charities.
Ipl Judgements and key sources of estimation uncertainty
Accounting estirn8tes and judgements are continually evaluated and are b8sed on historic81 experience and otherfactors,
including expectations of future events that are believed to be reasonable under the circumstances.
The following judgements18P8rt from those involving estirnatg51 have been made in the proc8ss of applying the above
accounting polici8s that hav8 h8d th8 most significant &ffect on arnounts r8cogni58d in th8 financial stat8m8nts'.
Useful e(x)nOTnic lives of t8ngible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and
residual values of the assets. The useful economic lives and residual values are re-assessed annually.
Theyare amended when necessary to refleet cuirent estimates, based on technological advancement, futurè investments,
economic utilisats.on and the physical condition of the assets, see note 8 for the carrying amount of the fixtures and
equipment and computer equipment, and note Ilgl lor the useful economic lives for each class ol assets.
There are no other key assLJmptions concerning the future and other key sour￿$ of estimation uncertainty at the rerKJrting
date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year.
15

DoGusign Envelope ID.. BB5167E8-45184621-9394-B9DCD909045E
European Council on Foreign Relations
Notes to the Financial Statements for the year ended 31 December 2023
2) Analysis of income
Unr•striet*d
Rastrictad
Total 2023
Total 2022
Donations and lega¢ies=
Donated g(M)ds, facilities and Services (Note 31
337 262
337 262
206,823
206,823
Charitable Activities..
Grants
3,704,468
3.652,019
3652 019
7.356,487
7 356 487
6,447,304
6 447.304
Investment Income:
Interest Income
Other Income
477
477
477
477
2.863
2,863
Total Income
4 042 208
3652 019
7 694 227
6 656.993
ECFR is very grateful for tt)e continuing support of the Open Society Foundation for their core funds 01é2,233,79812022'.
2,233,798).
In 2022. all of the Q06.823 incorne in relation to donations and legacies was attributable to the unrestricted funds.
In 2022, É2,253,798 01 income from charitable activities was attributable to the unresiricted, fund and ihe remaining
4.193,506 of the income was attributable to the restricted fund.
In 2022, all of the E2,863 income from other incorne was atlribut8ble to the unrestricted tund.
3) Donated goods, facilities and services
Total 2023 Total 2022
Asia & China programme
Middle East & North Africa progr8mme
European Power progratmrne
Wider Europe programme
Africa programme
Advocacy & National Offices
Totsl Gifts in Kind
180,401
600
14,370
408
141,483
337 262
62,877
27,824
36,500
206.823
Gifts in Kind consist of 10ty/¢12022.. 11¢/0) of donated offits services and 90Vo12022.. 89¢AI ol event services. It includes
contributions to office space, speakers time, provision of venue space and support to public events.
16

DoGusign Envelope ID.. BB5167E8-45184621-9394-B9DCD909045E
European Council on Foreign Relations
Notes to the Financial Statements for the year ended 31 December 2023
4) Analysis of expenditure
Direct Staff
Costs
Activity
Costs
Support
Costs
Total 2023
Total 2022
Asia & Ghina progr8mme
Middle East & North Africa progr8mme
European Power progratMtM8
Wider Europe programme
Africa programme
US programme
Advocacy & National Offices
Regrant
1,074
78,602
598,188
1,361,103
209,284
103,074
260,666
236,504
2,609,800
5.457,221
31,033
667,517
914,286
279,235
163,008
110,709
1.265,708
2.277,872
492.659
266.082
260.666
344,902
2,609,800
7.628,398
32,727
1,274,559
1,771,804
205,557
155,154
2,483
4,140
9,631
98,767
523,187
2,762,086
6.725,074
17.331
2,153,846
Total 2023
Total 2022
Support Costs
staff Costs
Activity eosts
Office Rental
Communications
Professional costs
IT costs
D8pr8ciation, equipm8nt hir8 & asset irnpairm8nt
Bank charges & loss on exchange
Governance costs
Insurance, fees and charges
Loss on sale of assets
1.563,525
384,882
126,864
22,566
118,683
70,881
735
1172,1651
9,067
28,808
572,630
133,783
31,721
89,496
17.188
1,796
56,940
4,569
162
908.285
2 153 846
5) Net Incomel{Expenditurel for the year is stated after charging:
Total 2023
Total 2022
Auditors remuneration for the charity..
Audit fees for the audit of charity
oth8r services
Under provision of prior year fees
13,200
3,600
8,595
16,800
10,250
12,155
22,405
Depreci8tion
Op8r8ting lea58 office r8ntals
215
134,775
944
119,722
17

DoGusign Envelope ID.. BB5167E8-45184621-9394-B9DCD909045E
European Council on Foreign Relations
Notes to the Financial Statements for the year ended 31 December 2023
6) Staff costs and employee benefits
staff Costs
Total 2023
Tot812022
Salaries & wages
Social security costs, incl. pension arrangements for non-UK staff
Pension costs Idelined contribution scheme for UK staff)
Other ernployee benefits
1,331,668
145,557
80,630
1,132,941
154,478
70,937
1,580,856
1,395,757
staff wsts consists of support stsff wsts of £1,563,525 12022.. E572,6301 and direct a¢tiviti85 st8ff costs of E17,331
12022.. É823,1271. Please See note 4.
Average monthly nurnber of employees during the year calculated on a full-time equivalent basis was 1712022.. 161.
The following number of employees re￿iVed a gross salary between the below bands during the year..
Band
70,000 10 é79,999
80,000 10 é89,999
90.000 to £99.999
100,000 to £109,999
110,000 to É119,999
120,000 to É129,999
130,000 to É139.999
140,000 to £149.999
150,000 to £159.999
160,000 to £169,999
170,000 to É179,999
180,000 to É189,999
190,000 10 É199.999
200,000 10 É209.999
10,000 to £219.999
20,000 to É229,999
e30,000 to É239,999
40,000 to É249,999
2023
2022
Key rranagement comprise the senior managernent team (noted on page 11. The total cost to company of key
tnanagement for the group were É585,46412022.. É441,7361.
Redundancy payrnents made during the year were ÉNil12022.. ÉNill.
Accrued annual leave of É35,37312022.' É26,3661 has been provided for.
7) Defined Contribution
The Standard Life Group Self Invested Personal Pension is available to all UK employees in line with current statutory
requirements. The cornpany makes 5 /0 contribution to employees, in exceptional cases up to 10Yo contribution. The
charity complied with the requirements of auto-enrolment in the UK in July 2015 and re-enrolrnent by September 2019.
Pension related costs for the year amounted to É80,63012022.' É70,9371. Pension contribution payments ol Énil12022'.
8,6741 were outstanding at year end.
Pension contributions for non-UK staff are paid in line with the social security arrangements in place in each country.
18

DoGusign Envelope ID.. BB5167E8-45184621-9394-B9DCD909045E
European Council on Foreign Relations
Notes to the Financial Statements for the year ended 31 December 2023
8) Tangible Fixed Assets
Computer
Offlce
Equlpment Equlpment
Flxtures,
fittlngs &
equlpment
Total
Charity
Costs
At 1st January 2023
Additions
Disposals
At 31st Det￿mb￿r 2023
27,931
2,239
1,652
602
28.533
2.239
602
29.120
Dep￿cIall0n
At 1st January 2023
Charge for the year
Disposals
At 31st De￿mber 2023
27,715
215
1.652
602
28,317
215
602
Net Book Value
At 31st December 2023
At 31st December 2022
216
216
9) Debtors
2023
2022
Trade Debtors
Property Deposit
ECFR Group Debtors
Other Debtors
Prepayments
Financial instrurnent
1,241,256
23,514
4,933,288
4,911
42,703
42,090
23,514
2,891,924
45,653
168.743
3,171,924
6,245,672
101 Cash at bank and in hand
2023
2022
Cash 8t bank and in hand
8070910
8070910
3,942.902
3,942,902
19

DoGusign Envelope ID.. BB5167E8-45184621-9394-B9DCD909045E
European Council on Foreign Relations
Notes to the Financial Statements for the year ended 31 December 2023
11} Creditors: amounts falling due within one year
2023
2022
Analysis of cr•ditors
ECFR Group Creditors
Trade Creditors
Other Tax and Social Security Costs
Pension Contributions
Sundry Creditors
Accruals
Deferred Grant income
Financial instwrnent
4,760,610
275,519
17,5241
2,548,676
214.099
8,674
29.703
58,721
1,177,591
35,373
89,243
6.190,937
11 360240
4 037.464
Deferred Income
Movement In deferred Income account:
Balance at 1 January
Amounts added in current period
Amounts released to income from previous periods
Balance at 310ecember
2023
2022
1.177,591
6,190,937
1177,591
6,190,937
868,533
1,177,591
868.533
1,177,591
Deferred incorne relates to income received during the year for projects taking place after the year end.
20

DoGusign Envelope ID.. BB5167E8-45184621-9394-B9DCD909045E
European Council on Foreign Relations
Notes to the Financial Statements for the year ended 31 December 2023
121 Restricted Funds
01 January
2023
31 December
2023
Income
Expendlture
Asia & China programme
Middle East & North Africa programme
European Power programme
Widgr Europe prograrnme
Africa progr8mme
Advocacy & National Offices
25,322
318,316
113,156
83,862
131,2471
116,561
625.790
52,618
1,131,824
1,550,250
473,466
276,394
167,467
3.652,019
152,6181
11,131,824)
11,550,250)
1473,4661
1276,3941
1167,4671
13.652,0191
25,322
318.316
113,156
83,682
131,2471
116,561
625.790
Asia & China
The Asia programme seeks to help Europe rec8libr8te its relationship with China and its Asian partners. The programme
analyses China's domestic situation, its role in the region and its increasing influence around the worfd and put a renewed
emphasis on fostering Europe's relationships with India and Japan.
Middle East & North Afriea
The Middle East and North Africa programme follows political upheaval and sectarian conflict in the region, aiming to
identify political solutions and help Europe develop coher8nt responses to North Africa's transitions and the Middl8 East
peace process.
European Power
The European Power programme was created in 2015 to help Europeans develop policy responses to the issues affecting
the Eu's capacity to act on the global scene. The programme explores the obstacles to sustainable unity on current and
future foreign policy challenges and seeks to develop solutions for overcorning thern
Wlder Europe
To remain relevant in the region, the European Union needs 8 coherent and wnsistent strategy to prornote its interests
and values together with the political will to follow this through. The Wider Europe programme was launched in 2007 wth
the aim of fostering this process.
Afriea
The Africa programme analyses the geopolitics of the Africa-Europe relationship. This includes relats'ons be￿een the
Afri¢8n Union and the European Union., foreign policy tools and strategies,. and opportunities to find creative policy
solutions.
Ad¥o¢a¢y and National Offices
ECFR'S National Offi￿S are a vital component of our pan-European tsutreach. They help us understand and influence
the debate in the Eu's key national capitals, building networks amongst policy makers and journalists, and making sense
of th8 big policy qu85tions facing Europe in th8 21st C8ntury frorn the diff&ring p8rspectives of EU m8mbers.
21

DoGusign Envelope ID.. BB5167E8-45184621-9394-B9DCD909045E
European Council on Foreign Relations
Notes to the Financial Statements for the year ended 31 December 2023
131 Restricted Funds - Prior Year {2022)
01 January
2022
31 Dacèmb•r
2022
Incom•
Exp•ndltur•
Asia & China programme
Middle East & North Africa progr8mme
European Power progratnrne
Wider Europe programme
Africa programme
Advocary & Nation81 Offioes
79,864
1,232,250
1,880,004
497,745
236,401
267,242
4,193,506
154,5421
1913.9341
11,766,848)
1414,0631
1267,6481
1150,6811
13,567,716)
25,322
318,316
113.156
83,682
131,2471
116,561
625,790
141 Transactions with trustees
During the year, no trustees12022'. nil) were paid or received any other benefit from employment with the charitable
company. 3 Iruslees12022'. 31 were reimbursed for travel and meeting expenses amounting to É5,43012022.' É9,8771.
151 Transactions with related parties
The charity has taken advantage of the exemption not to disclose transactions with entities that are part of the Group
by virtue of its status 8s s subsidiary of the p8r8nt whose financial statements are oonsolidat8d and are rnade publioly
available.
161 Reconciliation of net incomel{expenditurel to net cashflow from operating activities
2023
2022
Net incomellexpenditurel for the reporting period
Adjustments for=
Depreciation
Lossllprofitl on sale of fixed assets
Iln¢reaseyDecrease in debtors
IncreasellDecreasel in creditors
FX movement on financial instrument
65,829
168,0811
215
944
162
12.703,8451
2,762,817
168 743
13,073,749)
7,322,777
184 825
4,130,247
160,740
171 Operating lease commitments
2023
2022
The charity had totsl commitments under
an op8rating 188S8 as follows..
Not later than one year
Later than one and not later than five years
Later than five years
94,189
217,560
83,770
22

DoGusign Envelope ID.. BB5167E8-45184621-9394-B9DCD909045E
European Council on Foreign Relations
Notes to the Financial Statements for the year ended 31 December 2023
181 Ultimate Controlling Party
The ultimate parent entity is European Counul on Foreign Relations IECFRI e.v, a not-for-prolit association registered
in Germany, No. VR 37797 B. The consolidated accounts may be obtained from the registered address of the parent
entty which is Unter d8n Lind8n 17, 10117 B8rlin, Germany.
23