Dowsign En¥elope10' 446D94124)2314A26-BFOA-002D14F22D60 EUROPEAN COUNCIL ON FOREIGN RELATIONS ecfr.eu ECFR Report and Financial Statements For the Year Ended 31 December 2024 Charity Number: 1143536 Company Reglstratlon Number: 07154609 Dorjjs￿n ErweloF4 ID.. 446o941241231-4A2&BFOA￿2Ol4F22D80 European Council on Foreign Relatlons Contents P*q•# Legal •nd •dMlnhtratl￿ Infornia￿On R•port of th• Dlrnctorn Ind¥p•ndont Audltof8 R•port stst•m•nt of Fln•nclal Actlvbtlg1 10 B•lan￿ Sh￿t 11 Cashfiow 8tat•rn•nt Nofy to th• Flnan¢lal Stat•m•nt• 13-23 DOy￿19n E￿￿oPe ID.. 446Dg41241tJ14A284F0￿o02D14F22D60 European Council on Foreign Relations Legal and admlnlstratlve Information Gov•mlng Docum•nt: M&morandum and Artides ofA$80¢i8tion Regl•t•r•d OfflcM: First Floor 10 Queen Street Place London EC4R 18E Tru•t•¢•lDlr•¢tor•: lan Clart(son Lykke Fril$ Teresa Gouvèia Adarn Lury Chalr ol BO4￿ of Tru•t•••lDlroctOrn Lykke Frfis ChaSr of Ex•cutlv• Commltto• lan Clathson K•y M•naq•m•nt P•r•onn•l: Programm• Dlr•ctor Deputy Ditsctor- Op•ralions Mark Ltronard Alba Lamb8rt1 Ir•slgn•d May 20241 AudStor•: A2•ts Audit S•rvI￿. 2rd Floor, R¢9is Hou8¢, 45 King Williarn S( London. EC4R 9AN B¥nk•rn: Barclays Bank 2 Victoria Str••t London SW1 $01ScStoro: Bates ￿11$ & Brallhw8ite 24 Cannon Stretrt London EC4M 6YH Dor#J￿gn Envelope ID. 446D9412-02314A28-BFOA4))2D14F22D60 European Council on Foreign Relations Report of the Directors For the year ending 31 December 2024 The Directors, who are also Trustees for th8 puwisès ol company law, present treif rerKJrt together with the financi81 statements for the year ended 31 December 2024. The financial statements have been popargd In o¢eordanca wth the a¢xounling poli¢1gs set out in notè 1 to the financkql statements and comply with the Chantys memorandum and arhde8 gf association. the Charities Act 2011. the COMpan￿S Act 2006 and the Attounting and Reportirrfj by Charities.. Statement ol Recommencjed Practy'ce applicable tg chariti&s preparing their accounts in accordance with the Financial Rapornng Standard applicable in the UK and Republi¢ of Irèland IFRS1021 effective 1 January 2015 Objactives and Activities The objective ol the European Council on Foreign Ralth"ons lalso"Charity Company'l is to condud resgarch and promote inforrned debate across Europe on the development of 8 cohèrent 8nd elfeetive European values-based fO￿Ign policy. First launchad in October 2007. the Charity is part olthe first P8n-European think-tank, comprised ol a Group of ECFR entIt￿5(also"ECFR.I with presence in selected EV member st8ts5. ECFR ha5 dtvèloped a strategy wth three distr'ncb've elements that define rts aCtIv￿"e5.. A dlslln¢tbve re$ear¢h and policy d•v•lopment process. ECFR has brought tOgetr•r 8 team of distsnguisthed researchers and praCt￿tiOnerS from all over Europe to advance its objectives thrgugh innovative projects with pan-Europ&an focus. ECFR'S activites include primary rÈsÈ8rch. publications of policy ￿pOrtS, private meetings and public debates. 'fn"ends ol ECFR, gatherirgs in EU caprtals and outreach to strategic Med￿ outlets. A pan4ur0p￿n Coun¢ll. ECFR has brought together a distinguished Council of over 330 Mernbars- politrcians, decision makers, thinkers and busines5 ÈxÈcubves from across Europe whKh rneets once a year as 8 full bc¥Jy. Through geographical and thematic tssk forces. members prowde ECFR staff with advic£ and feedback gn polLy idèas and help with ECFR'S activities within Iheir own countnes A physlrAI presence In the main EU mèmbèr states. ECFR, uniquely among European think-t8nk8. h8$ Offi¢08 in Berlin. London, Madrid, Paris. Rome. Sofia, Wars8w arKI Washington. The offi￿$ are pk8ttomis for research, debatè, advocacy and cfynmunicaty'ons. The Directors confirrn that they have refer￿d to tt)e guldance provided by the Charity c￿mISsion on public benefft when reviewing the Company's airns and objecbvès and in planning future activrties The Charity, together with its sister organo8ts.ons an¢J through their combined pan-Eurcpean tssearch and outreach worf( supports European govemments. foraign policy dtrbate and diplrynacy Achlevements and Performance In 2024. highlights cEntred around the following policy focus amas.. Prnparlng for Europè wlth I￿8 Am•rl¢a and TRUMP 2.0 Plan In January. ECFR opened an office in Washington D.C., enhancing our research on the country'$ foreign policy and expanding our prtSen￿ and transatlantic outreach Throughout the year. ECFR'S D.C. Offi￿ deepened rts ties with key 5tak8holdets, and espeoally In Republican circles to understand ovolving ijynamics and possible implications for Europe These insights fed into the publication Ima Inln ix sca cenarlos for a second tsm which outlined a typology of"tribes' wthin the Republican foreign policy e¢osystem. In the sg¢ond half 012024. ECFR focused extensively on pushing Europeans to d&v•lop a strategy of how to deal wilh the US rdless of th• ou of the ele¢tl n. Indeed. a Harri5 win would not have ne￿$sarilY meant that tr US would have priorits'zed Europe. Building on Camill• Grand's p¥per, a¢Yditional pwes fleshed out the ne8d for a European foreign policy and defence stratsgy with.less America.. induding Wnmentar￿$ from Council mernbgrs Arancha Gonzaltrz La a and Norfoert R DoutskJn Envelope ID." 44609412￿2314A2&BF0A4]02D14F22D6O European Council on Foreign Relations Report of the Directors ear ending 31 December 2024 For the Achievements and Pèrforniance- conllnugd Strengthening European Def•nc• & Crhl• Preparedness In February, ECFR inlrodue8d its D8fènc8, Security and Technology Inibative - led by Distirouished Policy F•lltsw CamilPe Grand - wth a avant In Brussels which brought together over 11X) policymakers and ￿aderS from the defèneè Industry, mèdia, diplomatic communty, and uvil society. Tr￿ wlicy bnel on Oef8ndin Euro with I America was amongst ECFR'S MostsuC￿9SfllI publications in 2024, with ty￿r 15K views since rts release ahead ol th• NATO summrt In July October $8w lh¢ launch of a War economy, task force to explore how Europe can Impr¢)Vè rts response to ongoiry and future aggressions. More concreiety, the task force is looking atways to buikl 8 robus¢ adrnini5trative, legal. and financial archrtecture to bring speed and agilty to Ihe EU s action in rnajor crises. Nicu Popescu togetherwth Laurence Boone laid out his idèas In Better firefi hty'n read in Euro eforana e behveen war and eace. Thèir recx)mmendations were taken on board in part by the Niniis R•framlng th• Polltleal D¢bate ¥round Ukralng In 2024, ECFR soijght to reframe the political debate on what a sustainable peace in Ukrain? could I￿k like, beyond the Issue ol recapturing lost territories. This effort started wth a private note to EU ministers, building on th& ￿Te rt on thè eount•r-offonsiv• by SenK)r Policy Fellow Gustsv Gr￿$?1 released in January. followe(J by a discussion during high-level, pllvate dirnnerco-hosted with OSF at the Munich Securty Conference. Soon aftèr, ECFR published its new ¢)pinion poll in fr￿1Ve EU counknes on Warn and •1gctlons.' How E ro an l•ad•rs ean malntaln Ano CF swp, ci pU￿1$hed in Intemth"Ona￿ Polrtik in August 2024, further sh8ped Gem)an debate on Ukraine. As an existential crisis for Europè. Ukraine is a k¢y angb in ECFR'S work on defen￿, EU-US ￿lationS, and on Mar ewnorny.. Th• War In th• Mlddle East Since the Hamas attad(s on Israal andthe Isr8è1iwar on Gaza, ECFR'S MENA team h35 bgen prowding regular analysis aThJ policy recommendations to EU déasitsn-rnakèrs to 8ddress thelsraelil Palestinian situation and ttelp p￿V•nt wider regitsnal ¢onflirt including through a new wh￿h wa5 publv&h&J in March with over 8k wsb$itg visits $0 far. Two publications have stood ojt 8s inloming thè debats around the war." and Salèh Hijazi, with over 30k+ website vrews aThY The Mi Lovatt and JulBn B8mes-Dacey with over 85k+ website views. in an Polltlcs by Hugh Lovatt battl• Ilnes by Ellie Geranmayeh, Hugh G•o•¢onomlc8 and Stratsgle Int•rd•pèndènc• In 2024, ECFR pursued its thought leadershp work on geoeconomic5, making the case for Europe to move from de- ri¥kin9 to a dè-risking and re- powering10gi¢. The poliGy paper by Tobias Gehrke and Filip Medunic, Fortune favours the bold.. u radln thg EU'$ •0geonomlc strat• launch8d In Juna, helped set the stage The need lor proactivity was further emphasized In Agat￿ Dèmarais. le8$on8 from ukraine.rel Taiwan eonniet se•nario. Inforniln9 the eu'$ new For•lgn Poll¢y Mandat• In 2024, the ECFR strategically ￿￿raged thè rnomentum of the European 8lects.ons to inform the EU'$ forthcoming foreign policy agenda. We laid thè ground for the political d8bat8 in two way$". firsuy. by ouuining how Europe s polth.cal 18nd5cape is changiry in A cri818 of wn: Th a In Euro '$ •1ottion èar by Ivan Krastev and Math Leonard wilh 34k+ website views and 200+ rnedia mentions. including In major outlets . In the run-up to the European elections, ECFR re￿aSed tsvo op1n1￿-poll reports. A New Polltlcal Ma Ggttln Euro n Parllamènt Eloction Ri and Waws El an L ders Can Malntain Publbc rt for Ukraine. Do¢u$KJn Envdope ID.. 446t)9412-02314A2&BFOA-002D14F22060 European Council on Foreign Relations Report of the Directors For the year ending 31 December 2024 Achievements and Performance- contlnued Advocaey and Outreach We 5UPPOrted our activities throu9h 166 commentaries. 34 poliw bn8f& S web Specials. 85 podcast èpisodes and 36 YouTube videos. The impact of this work 13 r8flÈcted In over 1.61J) media ments'ons in leadirrfj Europ&an and Global media outlets.on X Ifolrnerty known as Twtterl we have surpassed 165,000 followèrs In 2024 Icurrendy $t8ndirF * 165.093 wrth a growth rate of 2 5% year on yearl. Our presence on knnkedln ha$ grown by 12% since 2023. to 139.063 followers. We expanded our presance on YouTube and started new soclal rnedia channels on Instagram and Bluesky.. Our Int8met saw 3.3 million web page views. and 2.8 Million unique websits visits, a 18QA incwsa of unique website v￿lts thon thè prèvious year. In 2024. ECFR Group again Showed rts prowess when It comès to strategic convening- virtually or In-person. Acr03S its five Progrdms and seven Natyonal Offie8s. it organyzed 50rne 31 wrtual events and 118 in-person •vents. ECFR'S Annual Counryl Meetsng took place in June 2024 In Madrid Over 280 high level 9uests. attended the evènt. DuriwJ the ACM. ECFR partnerad with EuraktN for rngdia coverage and the event also received media mention5 In El Pais La Van uardiaand P LITICO Sèveral discussions wère live st￿amed. with 3.200+ vièws across YouTut* and 13.050+ irnpr85$ions on the livestrearned sessions on Linkedln. Finan¢lal Roview Rèsults for the year Total incoming resourcts lor the year erKYire 31￿ December 2024 werè ÉB.7m and total resources exFéndéd wera 9.1m, resulting in a defitit for the year of É361k bèfore currency gain. Thè Open Socrety Foundation provided an nr85trid*d grant off3.7m to support ECFR. Re5trictÈd donaknons of mgre than E300k We￿ re￿iVed from the Op Society Foundath"on. the Norwegian Mirnistry of Foreign Affwrs, Stand Together Tw5t and the Sw8(Jish Ministry of Foreign Affairs. The Charity re4ranted in tota1 É4.3m to other EGFR ents.ties and received f1.3M from other ECFR entrts"es. R•sèN•s The Charity's reservès policy is to build sUffI￿ent reserves to rneel thg identified risks assessed ?8ch year. Th• aim is to invest in rèserves unts"I they cover at ￿ast four months OP8T8tional running costs so that organisational liabilities to 5tafF and other stakeholders c3n bè met at all times The Chanty ended 2024 with a final dèficit including currency 98in5 of É106k. As a ￿suIt. unrèstrided ￿SerVeS a5 of 31 December 2024 stand at É2.25m, in excess of 9 months of ECFR operational running ¢osts. The Board has approvad a break-even budget for2025 for ECFR to maintain strong r*Se￿eS. 8eyoThJ 2025, thtr BOO￿ is committed to continue break-even to surplus budgets in line wth the stated policy. Plans for th& Future In 2025, many of the ¢hollèngas faung Europe will com• to a head On tcp of the wars raging in Ukraine. Gaza and Sudan, the continent needs to deal wrth a growing sèt of long-term strudural foreign policy challenges including the growing unpre(Jictability of Europe's most important partner. the U.S., the increasing fragm￿tatIon ol the global order and th8 growing systernic rivalry, and the geopolitical tensions around climate change and technology. Worse. these challeThJes come at a timtr when domesb'c politics divides many Europèan member ststes and with that the European Union who seems to ￿tinUe to lose agency on foreyn policy issuos. E¢FR'5 Wort in 2025 will Iwk to brldge the gap belmeen r•spondln9 to irnmediats eris•8 and adlusting Europeans to the con$equen¢es of longèr.term trends. Our projects will seek to enhan(* thè European capacity to act and push Europèans to articulate and deferKI thair Inte￿$t$ and to map out a vision for a European futuo. For that raason. our prq'ects on thè crisas in Ukraire, the Mkldle East, and Africa all $￿k to ￿Spond not sirnply with ideas to end the wars or restore st8bility. but to lay out sC￿nall0S ol how Europgan solutlons to tho crls•$ ¢¥n both restore European ageney and help Europe adapt to the longer.tsmi tmnds. Thus. for exarn￿e, the Wthr Europe team. together with thè US team, will look examine how an end to tho ukrai￿ war might sel a foundation for European secunty and what it tnwJht mean for the fijturè of Westem-Russian ￿la￿onS. The m￿dIe East and Atri teams wll similarly embark on projeus that respectivoly seek to advance Europèan Intèr•sts through the 5etUernent. or least calming, of thè conflicts in GazalLebanon and Sudan Beyond fftsponding to thes• crises. ECFR'$ ¢or8 adv8ntsge in helpiThJ Eurwans *Japt to the longer.twrn trgnd$ stems from rts cr05s-programmatic efforts cornbine and leverage rts van9ty ol regional and fvnctional oxpartise. For èxample, ECFR will carry out a variety of projècts across all Its programs that seeks to unL*rstsnd how Europ• can forge o new, mor• balanced relatign#hip wlth the Unltsd Ststès. even in a second Trump tem. DorJJsvJn En¥dw ID.. 446Dg412￿2314A2&BFOA-O02D1lF22D6O European Council on Foreign Relations Report of the Directors For the year ending 31 December 2024 Plans for the Future- Continued The US team will look al thè evolvirg domestic polrtics ol foreign poliw In t￿ United Ststès. while the other regional tearns wll seek to undarstand the mpacl of the election outcome on their region aThJ the Implicatsons for European interests. The geooconomics and dèfèncè tooms, meanwhile, will as part ofthe war economy proect investigate how Europe can provHYo ttta ra$our¢es and forces for its own defence wrth a smaller American contritrwtion. Similarty, nearty all thè ECFR proararns wll seek to apply different lenses to ltte trènd of fragmentation of the global order and Ihe increaslng role of geopolltlcal eompotition and systemi¢ rlvalry between th• US and Chlna. Th$ Asia team will seek to raise awa￿ne$S aeross of the nature of the rivalry with China. as well as explore the opportunih.ès It crèatè5 for a strong Europe-lndia relationship. The other regional programrne5 will explore how the tènsions affect thèir a1883 and examine how useful'systemic rivalry. Is analytically and in poli¢y terms The European Power programrne will look at how Us-china competitlon 15 reshaping the 9lobal order, Whi￿ the G808conomics tgam will knus on the effects of fragmènt8ti¢n on the glrt)al economy. Finally, wo ￿11 ¢ontinug to explore the growing effect ol cllmat• ehang• on gèopolltlc¥ through both Eurcyean and regional lenses Wth guidan￿ olthe European Powèr prograrn. Ihe geo9raphic programs will continue th&ir analysis ol how Europeans can bolh usè gaopctlthcs to achieve their dimate goals and use their climatè èxpèrtisè and technology to ereat8 more faVOurab￿ geopolibcal outcomes This wll invO￿e a Sp￿"al focus. led ty Asia prograrnrne. ht)w China f4ures in Europe's climate debatss. Structure, G0￿man¢* and Manag•mont Constitution Tre Charty. a UK company limited by guarantee inc0￿rated on 11 February 2010, is a not-for-profit Organ￿atiOn which obtained UK Charitab￿ Status on 24 August 2011. The liabilty of members is limited to £1 The Company is govemed by its Memorandun & Artscles gf Association. as last revised and adopted on 16 August 2011. Tho objects of the Company a￿'the advancèmènt of education in the field of foreign policy atKI relatsd araas by undertaking and promoting research lorthe publi¢ b￿￿fit and publishing the useful the￿Or. ECFR is made up of the UK Company and fvè Isgal ECFR entitps established in Gerrnany, France. Spain and Ita under the common conird and unified management ofthe Gennan ECFR t.v. Board of Trustees Governance Thè Charity is g0vem￿ by a Board of Trustee51Directors, which meets thr￿ timas a yè8r. TrusteeslDirectors are cruited by Inwtation basad on tha skills. experience and influence they have in the Eurwan political aièna. At the end of 2024 the 8oard was composéd of Lykke Fri15, lan cla￿s0n. Adam Lury and Teresa Gouwia Tha Board 15 supported by an Executive Cornmittee which meets quartèrly and 1$ cornp¢sed of three or four Board members. This Committee has t)een delegated responsibility for ovèrs8éing the &Yministrative and financial governan￿ ol the Charity on behalf of the Board, whilst notin9 that thè 8oard r¢tain5 final responsibility for the perfomance olthat d81egated authority. It5 decisions and recommendations are reported to thè Btsard so a5 to Qnsure the full Board can continue lo di$¢hargtr its overall responsibility. I memtors ol the Board give thèir tim¢ frstrly 8ftd no board Members received rernunerats'on in the yèar. Détails tsf •xpensos r•mbursèd to trustees disclos￿ in note 14. There are no Telated paty transactrons. K•y manag•m•nt pèrsonn•l The management of the Charity is dèlogatad to the D•rector and through him to the members ol the senior management team Remuneration lor the D1￿ClOr is rev￿Wed annualty and sèt by tha Board. Remuneration for senior managgmgnt and th¢ rèst of the staff team is set by the Director. Prinelpol ri¥kt #nd un¢•rt•intles Board of Direetys is responsible for ensuring that there are effective and adequatè risk managemenl and Internal control systern5 in placé to manage the major risks to whith the Chanty Is exposed. It discharg&s this responsibility through its review of the effectiveness ol the Charity's risk management tramawork Ès part of ECFR'S risk manwrnent framework Dowslgn En¥eknF* ID.. 446D94124)2314A2&8FOkOD2D14F22LKIO European Council on Foreign Relations Report of the Directors For the year ending 31 December 2024 Structure, Governane• and Management Icontsnuedl This Is (Jesigned to support inforned deasioTh-making regarding the risks that affect ECFR'S and the Charity's perfOMan￿ and ¢heir abilrty to *hiè￿ their objectives. It also prowdes for a consistent approath to idÈntifying, assessing and dealiTrJ wilh the risks faong ECFR and the Charity so as to ensure that they do not exceed ihe lÈvèl of risk ECFR and the Charity are willing to assume It should ba noted that the trarnework is d8signed to m&nage, rather than tg eliminata. th• issks to ECFR'S and the Ch8rty's objects'ves aTrS tt> prowd¢ rèasonable, but not absolute, assuran￿ against material mi$5tatement or loss. The Charity board togttl*rwth the seniormanagernentteam have ￿Viewell the risks faced bythe Charity and updated the risk register to captur* and monitor all risks identtfied The key nsks have been assessed 85." Lo$s of key Trustees Loss ol key staff mernbers RISKS to the organisation 8rising from cyber-attacks #nd loss of key data Raising insuffits$nl fvnds to cover ￿sts Actions tsken to rnitigata tha rrsks associated with 10s5 of key trustees includes acb've recruitment of trusteès wth the right skillset to support th8 Chanty's mission. Loss of key $t8ff rnembers is being mitigated through the annual perforrnanea r•view and objective Setting process. transparent stsff policies. and 8etive line management combined with regulai communication with stsff l T. sècurity nsks arè being addres58d through relat•d ￿n￿StMentS in hard- and sofN¥are. d*a back-up routines and staff training. Actitsns taken to mitigate the risks 85sociated wth lunding Include close monrtoring of lundraisirKJ strategy and progr¢5s, diversfying sources of fun(Sing to include a wider rangts ol donots, s•eking mults'.year partrerships, and maintaining gocAY rel*"ons with current major funders. Statemènt of DIre￿or$. rgsponsibilities The Directo￿ are résponsible for preparing the Report of Directors and the financial Ststernents in accoryjance wrth applicable law. UK accounting stand8rds and UK GMP. Company law r8quires the Directors to prepare finanua1 statements for each finanri81 yÈ8r. whieh give a true and fair view of the State of affaits ol the charitsble company and of incoming resource5 and applicatson of rèsources. induding the income and expenditure oftt)e chantable ccmpany for that Pgriod. In p￿8Trng these financia1 statements, the D1￿ctorS affj required to. Solect suitable accountirg policies and than apply them consistentty Observe the methods and principles in the chanties SORP IFRS 1021 Make judgernents and accounting estimates that are r$asonab16 and pnMYent State whether apjicable UK accounting standards have been followed, sutyect to any material departures disclose(J and explai￿¢1 in th8 fin8ncyal statements Prepaie thè financial statements on the going concern basis unless it is in8ppropnate to P￿sume that the charit8bl& company will continue in operation Tht Directors are responsible ft)r keeping adequate accounting records that are sufficient to show and explain the companrfs transactions and disclose wrth rea50na￿t accuracy at any b.rne thg financial position of the company and enabÈ them to ensure that the financial statgments comply with the Ccffipanies Act 2006. They ale also responsible for safeguarding the assets of the c(>mpany and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularib'es In so far as the directors are aware.. there is no relevant audit Infomiation of which the charitable Companls auditor is unaware,. and the trustees have taken 811 steps thatthey oughtto havè takèn to make themselves aware ofany relov8nt audit information and to estsbli5h thal tha auditor is aware ol that infamiation. Disclosure of Inforrnation to thè audltorg Vve, the directors of the Company who hekl Offi￿ atthedate tsf approval ofthese Financial Statements as $etout abov8 each confim), so far as we are aware, that. there is no relevant audit infomation of which the Company's auditors arè unawara., and we have taken all the steps that we ought to have taken as dI￿￿or9 in order to make outselves awa￿ of any relevant audit information and to establish that thg Companys audrtors are aware of that infotmation. Oocuswn Envelope ID.. 44609412-O2314A28-8FoA￿02Dl4F22￿0 European Council on Foreign Relations Report of the Directors ear ending 31 December 2024 For the Statemgllt of Dlrectors. responslbllitles {contlnuedl Audiior• A2ets Audrt Semce have expwss8d Ihair willingnes$ tg act as auditors in accordarKe with Section 419121 of th8 Companies Act 20C6. This report has been prepared in accordance wth the special prowsions ol Part 15 of tha Companies 2006 relating to small companiés. Approved by the trustees and signed on their behalt. Friis SIOÈFC148BII8B.. Lykk• Frlls Chalr of the Board of Trust•e8lDlr•ctors Dat• 21 August 2025 DorAtslgn Envelope ID 446D9412.02314A28-BFOA-002D14F22CfjO European Council on Foreign Relations Independent Auditor's Report to the members of ECFR Oplnlon We have audited thè financial statements of ECFR (tr* 'charrtabla company'l for the ye8r 31 December 2024 which comprise the statement of ccthpyehensive income, thè balance sheet. tha staternent of thange5 In 8quity and notes to th8 financial stslernents, including significant 8¢countsng policAes. The finanaal reporhng framework th8t has bèèn applied in their prÈparats"on Is applicable law and United Kingdom Accounting Standards, including Financial Reporbng Standarfl 102 The Financial Reporting St8nd8rd 8pplicat>le In the UK end ReptJbh"c of Ireland (United Kingdom Generally Accepted Accountsng Practicel. In our opinion the financial statèments". give a true and lair view of th8 state of tre charitsble company's affairs 8$ 8t 31 December 2024 and of its incorning resources and appliG3tion of ￿0￿r¢e$. including rts incorne and expenditure, for the year then ended." have been properfy prepared in accordance with United Kingdom Generally Accepted AceountirKJ Practice., aTh ha￿ been prepared in accordar￿e with the reqUirer￿nts ofthe Companias Act 2008. Basls for opinion We conducted our audit in accorLlance with Intèmaknonal Standards on A￿ltIng IUKI IISAS IUKII and ap￿Icable law Our re5pons1bilfhes under those 5tandar(Js are further dÈscriW in the Auditorfs rèsponsibilities for Ihe audit of Ihe financial stalements 5èdion of our report. ￿ are independent of the charitable cofflp8ny in accordance with the ethical requirement5 that a￿ ￿ levant to our audit ol the finan¢ial ststeTnents in the UK. including the FRC'S Elhiral Standard, and we have fulfilled our other ethical responsibilities In accord8n(* with these requiremonts. ￿ beliève that the audit eviden￿ we have obtsined is sufficient and appropriate to provide a ba&s for our opinion Conclu8lon$ r•latlng to golng ¢onc•m In audits'ng the finaficial statements, W8 have concIL￿ed Ihat tht trustees, use of the going concem basis ol accountiry in the preparation of Ihè financial statements is appropriate. BasÉd on the work we hav? p8rfom8d, we have not ld9nb￿d any maleri81 uncertaintes ￿latIry to #vents or ¢ondrtions that. indivmlually or collectwely. may cast significant doubt on the charitable company's ability to conb'nue as 8 going concern for a p8riL¥J ol at ￿ast ￿e1ve Fnonths from when the fin8n¢ial statsments are authorised lor issue. Our ￿SponsIbl11ties and the rasponsibilities of the twstees with respe¢t to going con￿rn are de$¢rib8(l in tha re￿vant sections of this ￿pOrt. Other Inlonnatlon The othèr Infomiation cx)mprises the inforrnaty'on included In the annual r8POrt otherthan the finanial statèments and our audito¢s report thereon. The trustees are responsible for the other Information contained within the annual report. Our opinion on tha finanoal ststernents does not o)ver the othèr infomiats'on and. gxeèpt to the exlenl otherwise explicilly stated in our report. wè do not expre$5 any fom) ol assuran￿ conclusion the￿On Our responsibilty is to ￿ad the other inform*"on ar￿, in doing 50, consvJerwhetherth8 tsthèr infom)ation is rnatèrially Inconsistent with the finanual 5tstements or our kn￿edge obtsined In th• course of the audrt, or othewise appears to be matefially misststèd. If wè identify such material InconsistenC￿S or appamnt material misststetnents, we a￿ required to dotarmine whether thi5 gives rise to material rni5Statefflent In the financial statements thernse1ves. If. base(J on trhe work we have perfonned. we conclude that the￿ is a material misststèment of this other inftsmiats"on. we are rgiuir8d to report that fa We ha￿ nothing to report in this regard. Oplnlon$ on othor matt•rs pr•$crlbed by t￿ CornpanSes A¢t 2006 In our opinion. based on the work undertaken in the course of our audit" the infornation given In the tru$tee5' report lincotporating the d11ectors' report) fgr thè finaneial year for which tha financial statement5 are prepared is consistent wth the financial ststèmènts, and thè directors, ￿port has beèn prepared in accordance with appli¢ab1e legal requirements. Matter6 on whl¢h w• ar• r•qulred to report by •xc•ptlon In the light of the knowle¢Jge and understanding of the chantable company and its ènvironment obtained in th¢ course of the a￿11. wè have not Identified rna￿r￿1 misstsiements in the trustees, report. We have nothing to report in respect of the following rn8tters in relation to which the Companie5 Act 2006 reqUI￿S us to feport to you if, in our opinion". adequate accounting records have not been kept, or ￿turnS adequatè for our audit have not been r¢¢trived from brand)es not visited by us", or the financial statements are not In ag￿eMeTrt wrth the aCLoun*ng record3 and ratums.. or rtain d1scltssu￿s ol 01￿clOr5. ramuneration specified by law are not mad8." or we have not recéived all the infoTrnation and •xplanatton$ we require for our audf(,' or the trustees were nOtenbt￿d to p￿pare the financial statements in accordance with the 6rnall eompaniès. regim8 and take advantage of tha small companies, exernpts.ons in preparing the directors, report and from the requirement to prepa￿ a str8tÈgic ￿pOrt. Dtxwgn Envelope ID. 446D9412-02314A2&BFOAQ)2014F22D60 European Council on Foreign Relations Independent Auditor's Report to the members of ECFR R•spon8lbllltl•s of trusts•8 A5 explained more fully in the trustees, ￿sponSibl1￿e5 statement. the trustees (who are also thè director5 of the charitable company for the pulposes ol company lawl are ￿spOnsible for the prèp8r8tion of the fin8n¢ial statements and for being satisfied that they give a true and fairview. and for such internal control as the trustees ¢Jetem)ine Is nècessary to ènabl thg preparation of finanaal sta18rn8nts that are free from material misstatement, whether (Jtse to tra￿ orerror. In preparing the financial staternents, the Iruslees are responsible for assessing the ehantabl8 comp8ny'5 abilty to continue as a going COn￿rn. disdosing. as applicable, matters related to going ctsncem and using the going GOn￿M ba515 of accounting unless the trustees either Intend to liquidate th& tharitsble company orto ￿ase operabons, or have no realistsc 8lt$mats"vè but 19 do so. Audltorfs r•sponslbllltl•s for th• audit of th• financial statements Our 0￿ectiveS are to obtsin ￿aSOnabl￿ 8s$uran¢e about whether the financk71 statements as a whole am frèÈ frorn material rn15Staternent. whether due to fraud or error, aThY to issue an auditorfs report that includes our opinion. Reasonable assurance Is a high level of assuran￿ but is not a gu8r8ntè8 that an audit conduded in accordance wrth ISAS IUKI wll a￿ayS detect a matènal misstat•ment when it exists Mi55tstements can arise from fraud or error and a considèred matèrial if. indimdually or in the aggre9ate. they could reasonably be expected to Influen￿ the eeon¢mi¢ decBions of user5 taken on the basis of these fin?Tr￿al ststements. A further descriptson ol our respon*bili*"ès is availab￿ on the Financial Reportiry CounrAI's w•bsrt& at." https.Ilhvww.frc.org.uklauditorsr$5pon$ibilities This description forms part ol our auditorfs report. Extent to whlch the audlt was eonsSd•r•d capablè ol dttsetlng I￿•gUI￿rItIe8, Including fraud Irregulanb"es, ir}￿u(ling fraud, are instan￿$ ol non-eomplianté with laws and regulations. We design prOcEdu￿S in line with our r8sptsnsibilitYdS. ouuined above and on the Financial Reporbng Counal's website. to detect materi81 rniss¢atements in respect ol irwularitEs. I￿]udirrfJ fraud. We otitain and update ourunderstan¢Jing oftheentty. its aetivitps. ts controlenvironrnent. and likelyfvlure developments. indu¢Jing in rèlation to thè ￿gaI and regulatory trarnework applicable and how the entrty Is complying with that framèwork. Based on ihi5 undÈrstsnding. we identify and assess the risks ol material missiatement of the fin8ncJo1 statements. whether due lo fraud or error. design and perfom audrt proc8durès rt5ponsive to those risks. and obtsin audit evidenc& that is sufficient and appropriate to provide a basis for our opinion. This includes con$Klerab'on ol the risk of acts by the entity that were eontrary to applicab￿ laws and regulations. Inc1￿11ng fraud In response to the risk ol irregularits'es and noncXS io Docus*Jn Envelope ID.. 446D9412-O2314A2&BFoA￿2o14F22Efjo European Council on Foreign Relations Statement of Financial Activities for the year ended 31 December 2024 Unrnstriet•d R•8triet•d Totsl 2024 Total 2023 Not• Incomlng R•soure•8 00ft8ti¢ns & Le9acies Charitable activities Investrnent Incomo other Intomè 171.250 3,687.744 171,250 8,529,717 337,262 7.356.487 4.841.973 477 Totsl In¢omlFVJ R•8our 4 841973 8 703 244 7,694,227 Rp8ource$ Expendgd CharitaNe acts"vthes'. Asia & China progi¥mm& Middle East & North Afn'ca programme European Power programm8 Wider Europe programme Alrica programrne US Programrne Advocacy & Nabonal offKes Regrant Total R•soure•s EX￿nd•d 25.377 491,432 787,920 393,488 126,2211 1173,6491 355,883 2 963.067 4817287 49,379 687,862 2,487,623 167,265 357,049 491,945 74,756 1,179,294 3.275.643 S60,753 330,828 318.296 355.883 2 963.057 9 058 410 110,709 1.265.708 2.277.672 492.659 266,082 260.666 344.902 2,609,800 7.628,398 4241 123 N•t ineom•lltxpènditur•l Other ￿cOgnised gainslllossesl Ngt Incomg1{•xpendl¢ur¢l before transfvr8 956 016 248.952 3SS 166 65.829 184.825 118. 106 214 Transfers bèts%*èn hJnds Not movement In fund$ 625.790 625,790 118.996 Rgconclllatlon of fund$ Totsl funds brought forward Total lunds cath•d foThvard 332 792 2 251 518 2 958 S82 3.077,578 2.958,582 600 850 2 852 368 The statsm$nt of financial 8ctiviti$$ indudes all gains and losses in the year. All incorne and expendittjre derive frcrn eonts"nuing activitias. The notes on pages 1&23 fomi part ol these financial ststem•nts. li Docusign Envelope ID." 44609412ffj231-4A28-BFOA-002D14F22D60 European Council on Foreign Relations Balance Sheet as at 31 December 2024 (Company number: 07154609) 2024 2023 Not• Fixed a55•ts Intangibk assets T8ngible assets Total Flxgd ¥8$ots 56,725 2,240 Currènt assots D#btors Cash at bank and in h8nd Total Currgnt a880ts 10 10,327.463 3 248 572 13576035 6,245,672 8,070.910 14 316.582 Currenl Uabllltlos Crèditors". amounts falling due within year Total Current Ilabllltlgs 12 10.781 886 10781 886 11,360.240 11,360,240 Net Currnnt A88•ts 2 794 149 Total a86ets108$ eurr•nt1Sabllltles 2 852 368 2.958 582 Total not assets 2.862.368 2.958.582 Fund8 of th• Charlty Restricted FuTh#s Unrestricted Funds Total Fund8 13114 600.850 2251 518 2 852,368 625.790 2.332.792 2.958.582 20th August 2025 Approvèd by the board ol diwtors and trustees on and signèd on its behalf by.. O&Èu5vaRedby.' L Friis $2LEFC148B4489 Lykke Friis. ChAir ol the Board ol Truste&slDiractors Tht notes on pages 1>23 fom p8rt ofthese financi81 st8tamants. 12 D¢tyAsigft Envelope ID.. 44e094l2￿23l4A2e-BF0A4)02Ol4F22Dao European Council on Foreign Relations Cashflow Ststement for the year ended 31 December 2024 2024 2023 ¢￿h flow4 Irom op•rntlng acllvlth•: Net cash provided by oper¥trng *ctiwties 16 {47I8A22) 4,130.247 Ca•h Ilt)wa from Inv•*tlng aetlvStlM: Purchase ol tangible fixed assets Purchase of iDtarvJible fixed assets Net ca¥h YBed Investlng acllvlu 12,2391 163,8161 12,2391 Ch*no• In ¢•#h and ¢*ih •qulv*lont• In th• y••r 4 822 338 4 128 008 Co$h and ¢ash equivalents al beginnin9 Ot thtr ytar 8.070,910 3,942,9)2 ¢••h ond ¢•$h •qulv410nt• 41 •nd of y•ar 3 248 872 8070910 The not•$ on ptyes 1&23 lorn part of these financial statements. 13 Docusign Envek)pe ID". 446D94124)2314N28-BFOA-002D14F22D60 European Council on Foreign Relations Notes to the Financial Statements for the year ended 31 December 2024 1) Accounting Policle$ lal General inforrnation and bas18 of prepara￿on ECFR IThe European Council ¢n Foreign Relatsonsl is 8 company limited by guarante? in England and Wales In the event of thè charity being wound up, tha liability in ￿spect ol the guarantee is limited to £1 per member of the charity. ECFR me8tS thè dèfinrtion of a public benefit entity under FRS 102. The finanual staternents have been prepa￿d in accordancè wrth Accounting and R8porbng by Charities.. Ststernent ol Rgcommended practi￿ applicabla to charibes preparing their accounts in accordan￿ wth ttte Financial RepDrting Stsndard applicable in the UK and Rèpublic of Ireland IFRS 1021 issued in October 2019. tha Financial Reporting Stsndard applicablè In the United Kingdom and Republic of Ire18nd IFRS 1021. the Charrtie8 Act 2011, the Compan￿8 Act 20l￿ and UK Ger￿TallY Accepted Practice. The finanoal statements are prwnted in Euro IEURI, which Is th8 presentstional currency of the chanty from 1 January 2018 The finanaal statements a￿ prepared on a going concern basis under the historical cost CL)nvention. modified to indude certain items at fair value A55ets and IiabililEs a￿ initially recognise£J at histornil eost or transactson value unless otherwise stated In the relevant accounting policy notels). The significant a￿OUnting poli￿&$ applied in the preparation of these financi81 statemants are set out below These p)liC￿$ have be¢n consistently applied to all ye¥rs presented unless otherwse 5tsted Ibl Golng Conc•rn The finanri81 stst$mènts hav8 been prepared on a going ¢onc8m basis as the trustees belitrvè th8t no material uncertainties exist Th8trustèes have considered the level offvnds held and the èxpected leve1 of income and expeThJilur• for 12 months trom authorising th&se financial statements. The budgeted inttsme 8nd expenditure Is SLsfficient wth the vel af reserves for the charity to be abk to continue as 8 going concem. lel Fund6 Unrestncted funds- represent funds wh￿h are free to bè spant in accordance with thè charita￿e objects at the discrètion of the truste•s. D•signated reserves are set aside out of unrestrieted reserves by the trust￿$. for particular purposes. Restricted funds ￿present fvjnds that have been given for parbojlar purpose5 andlor projècts. which have legal restrictions on their use ano must be 5pentwholly lo undertake activitses In ac£ordan￿ wth donoi ￿quIreMents. Id} Incomg All inuming ￿sourceS are ￿CogniSed where the charty is legally entitled to the incom&, tha amount can be reliably measured and It is probable that the incomo wll be re￿ived. Donated Serwces and Gifts in Kind are reojgnised at their op•n marfLel value in the PèlK)d in which they are receivablè as incomin9 resources. where the benefit to the charty can be reliably Measured. An 9quival&nt amount is included as expenditurs under the re￿VaTht headin9 ITI tha Statement gf Finanaal Activthes. Donations and legarjes ore ￿cOgnised In the financial statements when the trustees are convinced that thère •ntittement to the Income. r( is probable that the ircom¢ will be received and the amount In question is rnea5ur8ble. Any administration fee that Is char9ed 15 recognise¢l as unrestrieted Income. Grant income is recogni5•d In the period the grant relates to and to the èxtènt that certainty to their enb'utrmtrnt can ba measured. 14 Ooutsvdn Envelope ID.. 446[)9412￿2314A?&BF0A￿2D14F?2D6O European Council on Foreign Relations Notes to the Financial Ststernents for the year ended 31 December 2024 1) Accountlng Pollcles- contlnued (el Expendltur• l &x￿ndIt￿re is accounted for on an accruals basis and has been classified under headings that aggrègate all costs related to the category. Expenditure is reojgnised Whe￿ there LS a legal or Construct￿ oblig*on t) rnake payments to third parties. it is probable thatthe settlemant will ba reguirad and the amount ofthe Obl￿a￿On can be measured reliably. Expendituré on charitabk acts'vibes indudes spending on ECFR'S 6 Programm89 (Asia & China, Middle Ea$t & North Alrica. European Power. WLJer Europe. Africa. USI and the Nth"onal Offices. Irrecoverable VAT is charged as an èxpènsè ag8lnSt the activity for which expenditure arose. Staff costs are allocated b8ts¥een cosl headings according to the function ¢f 08ch gmployee. lfj Allocatlon of support and gov•man¢o ¢0sts Support costs are those that assist the worf( ol thè charity bLSI do not dire¢tly represent charitable actiwt￿s and indude governance costs. admintslrative Offi￿ fijnction ¢osts. and depretyaty'on, HR and recruitment. and premises costs. They ar8 Incurred dirady in support of 8xpenditure on ECFR'S charitsble objects. Governance costs comprise all costs Involving thè Publ￿ aceountabilty of the charity and its Complian￿ with regubtion and good practi￿. These costs include costs rèlabng to th? statutory audit. leg81 fees. as well as staff and consultancy costs in relation to senior managernenl Support and Govemance costs have been allocated across ehantabl8 ¥th'tva$ using F¢r¢entsge allocabons. Igl Intanglble fixèd 888•ts IntsngI￿e fLxed assets are ststed at c#)st kss accumulated amortts8tion. Assets ore amgrtised once the 85set is ready for use. Amortisab'on is prowded at rates calculated to writ• off thè cost of each a55¢ton a straight-line basis over the assets ests"mated useful lives as follows." Sofvare- 33% straight li Ihl Tanglblo flxgd as80ts Tangible fixed assets are ststsd at cost less accumulated dep￿￿ation. All assèts costiThJ more than £5001£5551 are capitslised. Assets are depreciated orKe the asset is ￿adY lor use. Dep￿￿atIOn Is provided on 811 t8ngibb fixed assets, at rates calcumed to write off the cost ol èach aS￿t on a straight-lino basis ov?r the assets estimated usefijl lives as follows.. Ccrfnputar equiprnent 33% straight line Office equipment 33Y¢ straight line li} D•bto Other debtors including amounts owed from ECFR Group entit￿$ are recognised at thè 5ettl8rnent amount due. Prepayment$ aro valued at the arnount prepaKS. Accrued income induding gift aKI Is Measur￿ ¥t tho amount dutt to be received. Ul Cash at bank and In hand Cash at bank aTrY c85h in hand includes cash and short terrn highly liquid Investments wrth a shtsrt maturty Of Ihree months or less trcm the date of acqutsith)n or opaning of thè dtposit or similar account. Ikl Cr•diitirs and provi#ion8 Creditors and accruals are recognised at their knowr? or reliably esbm8ted sèttlemènt amount due Sundry creditors includiro provisions are recognised where the charty has a present obli9atr.on rèsulting from o past event thatwill probatsly sult In the transfef ol lurKls to a third party and thè amount duè to S¥ttlÈ the obli9ab.on can be measured or ests'rnate(J liably. 15 DtKthign Envelope ID.. 446D9412-023l￿28-BFOA4jO2D14F22D6O European Council on Foreign Relations Notes to the Financial Statements for the year ended 31 December 2024 1) Accounting Pollcle$- continued 111 Flnanclal Instruments DerivatNes, including foreign fr>rward oxcharoe contracts, are not basic finants81 Instruments Deriv8tives ara inibally recognised 8t fair value on the datè a derivative contract is èntered into and are subsaquenlly re4me85ured at thwr fair value. Changes in tho fair value of derivatives are rewnisèd as other gainsllosses on the fa￿ ol the Ststement of Fin8nc¢al Activrties. Iml Opgrating Lèase8 The charity ciissifps thè lèase on the London office building 85 an optrratng lease.. the trtb to the building remains wf(h the lessor. Rentsl thargès are Charged on a str31ght4ine basis over th• temi of the lease Inl Pènslons The company subscribes to a defined contribution pension schama provided by Standard Life. Contribut'ons payab￿ lor the period are charged In the Ststernènt ol Financial Activiti"ès. lol For•lgn Currency In preparing these financjal statements, transaction$ in the foreign curren¢w hava beon recorded in the pr8santth.onal currency using an average exthangè rate or the rate prevailing at the tine. Mongtary assets and liabilits.es denominated in fo￿1gn currenryes are translated at the ratss Of axchange ruling at the balance sheet date. Foreign èxchange differen¢es arisiro on translaty'on a￿ reported in the Ststernent ol Financial (pl Taxatlon No thargo to taxation arises on the for the yèar because the company is able to take advantag8 of th• tax exemptions availab￿ to charitsgs. Iql Judgements and kèy SOUfC•$ of estimation unc•rtalnty A￿(￿ntIng •stimate5 and judgèmènts are continu811yevaluated arKY are based on histoncal experiencg and other factors. including expedations of future events that afe believed to bo rè8sonabl8 under the circumstances. The following judgernents (apart from those involving estimates) have made in the process ol applying the above accounting poliries that hav8 ha(1 the most signific8nt effect on amounts racognised in the financial statements.. Useful econornic lives of intsngible assets The annual amortisati¢n charge for intangible assets Is Sensit￿ to chaNJ8s In the estimated usefvl •conomic lives and residual valuès of the assets. The usèful economr lives and residual values are re-assessed annually. They are arnendedwhèn ne￿Sary to reflectcurrent estimate$, based on technological 8dvancement. future investments. economic uty'lis8tion and the physical ¢tsndition of the assets, $80 note 8 for the carrying amojnt of the fLXtures and equiprnent and computer equipmènt. and note Ilgl lor the useful economic lives for each clas5 of a$5ets. Useftjl e￿￿orn￿ lives ol tangible assèts The annual depreciation char9e for tangib￿ assets is sensitive to changas in the estimated usefvl èconomic lives and residual values of the assets. Thè us&ful economic live5 and resKJual values ats rè-assessed annu81ty. They a￿ amendgd when necessary to rafiect currentestimaies. based on technologi¢al advancement. fLrture investrnents. teonomic utilisatson and the physical condition of the assets. seg note 9 for the carrying amount of the fixtures and equipment and computer equipment, and note Ilhl for the usefvl economi¢ lives for each dass of assets. There are no otherkay assumptions conceming the futvre and other key sourc4s of85timation un￿rtainty al the repgrting date that have a signifie8nt risk ol causing o matarial adiu8tm8nt to tha carrying amounts of assèts and Ik2bilrties within the next financial year. 16 DO¢￿￿n Envelope ID.. 446D94124123f4A2&BFOA￿O2Dl4F22O6O European Council on Foreign Relations Notes to the Financial Statements for the year ended 31 December 2024 21 Analysls of Income Unr•stri¢t•d Rtstrieted Total 2024 Tolal 2Q23 Donations and ￿g¥£ie?.. Donat8(I goods, lacilitsès and ￿rvIceS (Nots 31 171,250 171,250 337,2fj2 Charltable A¢￿¥111•$.. Grants 3.687.744 4,841.973 8.S29,717 7,356.487 Investrnent In¢ome'. Interest Income Oth•r Ineomè 2,275 2,275 477 Total Incom• 3 861 271 4.841.973 8.703.244 7.694,227 ECFR is very grateful forthe continuing support ol the Open Soaety Foundation fgr their core fvnd5 of E2.497.69812023'. 2,233.79ei. In 2023, all of thè é337.262 inccffte in relab'on to donations and legacies was attributable to the unrestiieted funds. In 2023. é3,704,468 01 income Ircm charitable activit￿S was attribut8bb to the unrestricted. hjnd and the remaining 3.652.019 of the income was attributable to the restricted fund. In 2023, all ol the É477 inccme from other income was attn.butsb￿ to the unrestricted fund. 31 Donated goods, facllltles and seNlces Total 2024 Totsl 2023 Asia & China programrne Middle East & North Africa programme European Power programrne WKJèr Eurgpe programme Africa programme Advocaw & National Offices Warsaw Total Glfts In Klnd 2.000 108,929 180.401 600 14,370 408 141,483 26.750 18.656 171 250 337 262 Gifts in Kind consist of 42°/o12023'. 10Vol of doTra￿ Offi￿ serVI￿S and 580/012023 90%) of èvèrrt services. It ircludes contributs'ons lo office space, speakers b"me, prowsion ol venue Spa￿ and support to public 8vènts. 17 DrKu5ign Envelope ID." 446D94124)2314A2&BFOA￿02D14F22O6O European Council on Foreign Relations Notes to the Financial Statements for the year ended 31 December 2024 4) Analysis of expenditure Dir•ct Staff Costs Activity Costs Support Costs Total 2024 Totsl 2023 Asia & China programme Middle East & North Africa programme European Powgr programme W￿ler Europe progrydmme Africa prograrnmè LIS programrne Advocjcy & Na￿Ornal Offi Regrant 36,940 394,425 1.984,589 302,912 75.712 8.043 327.525 2,963.057 6 093.203 37.810 783.978 1,290.9(X) 257.841 255.116 310.253 74.756 1.179.294 3,275.543 560.753 330.828 318,296 365,883 2,963.057 9,058.410 110,709 1,265.708 2,277,872 4>2,659 2e6,082 260,686 344.902 2.e09 800 7,628.398 891 28.358 2,935 898 Total 2024 Total 2023 Support Costs Staff Costs Activity costs Office Rèntal Communicatsons Professional costs IT costs 08preaation, equipment hire & asset irnpaimient Bank charges & loss on exchange Gov8mance costs Insurarte, fees and th8r99S 2,073,032 199,076 204,425 22,162 143,673 96,871 12,568 171,471 3,491 1,563,525 384,882 126,864 22,566 118.683 70,881 735 1172.1651 9,067 28.808 2,153.846 2 935.898 51 Net Incomel(Expenditure) for the year is stated after charglng: Totsl 2024 Total 2023 Audltors remuneratSon for th• charity.. Audit fees for the audit of chanty other serwces Under provision of prioryèar fees 18,094 12,866 13,200 3,600 8,595 16,800 36,272 Dep￿(￿at10Th Amortisabon Operating leasè Off￿ rentals 746 7,091 176933 215 18 DoGusvJn Envelape ID." 446D94I2￿2914A28-BF￿A￿J2Dl4F22D6o European Council on Foreign Relations Notes to the Financial Statements for the year ended 31 December 2024 6) Stsff costs and ernployee beneflts $14ff Co$ts Total 2024 Totsl 2023 SalarK*$ & wages Sorial wurity costs. incl. pension arraroements for notFUK stsff PensKJn costs (defined contribjtion scheme for UK staffj Redundan¢y ￿$ts Other employee berefits 1,629.981 202.599 91,819 93,397 84.545 2102 341 1.311,868 145,557 80,630 1580 858 Staff costs consists of supFx)rt stsff costs of É2,073,03212023." É1,563.52518nd direcl acbvity'es staff cDsts of É29,309 12023.. É17.3331 Please see note 4. Avgr8ge rnonthty numtrEr ol employee5 duriro the year calculated on a full-ts.mè èquivalènt basis Was 1912023. 171. The followiro number ol 6mpk)y•8S fÉceivÉd a gros5 salary betsveen the below bands during the year.. Band f 70.000 to É79,999 80.000 10 É89,999 90.000 10 É99,999 100,000 10 é109.999 110.000 10 É119.999 120.000 to É129,999 130.000 to É139,999 140.000 to É149,999 150 000 to É159,999 160.000 to É169,999 180,000 to É189.999 240,000 to É249.999 360,000 to é369 999 2024 2023 Key management eomprise Ihe senior managernent team (noted on page 11. The total cost to company of key manogement forthe group were E726.13512023." E585.4641. Redundan￿ payments made during the year were É93,39712023." ÉNill. ACcr￿d annu81188va of É30,51212023'. £35.3731 ha5 been provided for. 71 Defined Contrlbutlon Tha Stsndard ￿fe Group Sdl Inve5tsd Personal Pension is avaii8ble to all UK emplo￿￿$ in lin8 wth current ststutory réquirèm8nts. company fflakes Contribulion to employees. in eX￿ptyonaI cases up to 10% contribution. The charity complied with the requirtments ol auto-èrirolmènt in the UK ln July 2015 and re*nrolrnent by Septembar 2019. Pension related costs for Ihe year amounted to é91,81912023". E80,6301. Pènsion contributions of É422 12023. Énill were outstanding at year 8nd Pension contributs.ons for non-UK staff are paKI In linè wth thè Social Security arrarsements in pla￿ in each country. 19 DocJJ5ign Envelope ID.. 446D9412412314A26.BFOA4)J2D14F221)60 European Council on Foreign Relations Notes to the Financial Statements for the year onded 31 December 2024 81 Intanglble Fixed Assets SoftwaY• Total Co8ts At 1st January 2024 Addib"ons At 31st Dgc8mb8r 2024 63.816 Arntsrtl$atlon At 1st January 2024 Charg8 for thtr year At 31st Decemter 2024 Not book Valu• At 318t Dg¢•mb•r 2024 At 31$t D•¢•mb•r 2023 91 Tanglble Flxed Assets Cornput•r Equlprn•nt Equlpm•nt Total Co8t• At 1st January 2024 AdditKJns DisposaLs At 31st 08¢•mber 2024 28,518 29.120 D•pr•clatlon At 1st January 2024 Charge for tho year Disposals At 3181 De¢4mbgr 2024 26.278 746 18,880 748 602 N•t 8ook V*lu• At 31•t O•c•mbèr 2024 At 31•t D0￿mber 2023 2,240 20 Docu8vJn Envelope ID.. 44609412-02314N28-BFOA-CQ2D14F22D60 European Council on Foreign Relations Notes to the Financial Statements for the year ended 31 December 2024 101 Debtors 2024 2023 Tr8da Dèbtors Propety Deposit ECFR Group Debtors Other Debtors Prepayments Accrued inccxne Financi81 instrurnent 1,241,256 23.514 4,933,286 4.911 42,703 30,168 9,437,182 422 15,861 610,960 232 870 10327463 6.245.672 111 Cash at bank and in hand 2024 2023 Cash at bank and in hand 3 248 $72 3.248.572 8,070.910 8,070.910 121 Creditors: amounts falllng due withln one year 2024 2023 Anolysls of ¢￿dItOrS ECFR Group Credrtors Trade Creditors Other Tax and Social Security Costs Sundry Cr6ditors Accrua15 Defer￿ Grant income Financial instrumènt 9,186.066 64,459 57,630 31.809 74,301 1,368,622 4.760,810 275,519 17.5241 35.373 89.243 6.190.937 16 082 10 781886 11,360 240 D•forrtd Incoffle Movem¢n¢ In dgferred Income account: Balance at 1 January Amounts added In current period Amounts ￿leaSed to income from prevK)us pedods Balance at 31 December 2024 2023 6,190.937 1.07S,203 6190937 1 075 203 1.177,591 6.190,937 1.177,591 6, 190,937 Deferred incorne ￿lateS lo incom6 r￿￿ed during thè yèar for prqectS taking after the year end. 21 DocLjS￿n Envelope10". 446D9412-02314A28-BFOA-002D14F22D60 European Council on Foreign Relations Notes to the Financial Statements for the year ended 31 December 2024 131 Restricted Funds 31 01 January 2024 Decembèr Incom• Expendlture Tran8f•rs 2024 Asia & China wogramme Middle East & North Afn"ca prcsramrna European Power programme Mfider Europe programrn• Afn'ca programme US programme Advocacy & Nats"onal Offi￿$ 25,322 318.316 113.156 83.682 131,2471 65.009 950,223 2.622,240 170.439 500,644 533.418 149.3791 125,3221 1687,8621 1318,3161 12,487,6231 1113,1661 1167.2651 183.6821 1357.0491 31,247 1491.9451 15,630 262,361 134,617 3.174 143,595 41,473 116,561 625,790 1116.6611 14,241,123) 1625.7901 4,841,973 61)0,850 Asla & Chlna The Asia progr8mme seeks to help Europ• re¢alibrate rts Mlth"onship with China and its Asian part￿r$. The programme analyses China's dornesbc situats"on. its role in the legion and rts incrèasing influence around the world and put 8 r8now8d emphasis on fostering Europè's relationship5 Wlth India and Japan. Moddlo Ea8t & North Afrlca The Middle East and North Africa programme follows polrtical upheaval and sectarian ¢onfiict In the region. aiming io identify political solutions and hèlp Europe develop coherent responses to North Alri￿.$ trans￿"0n$ and the Middle East PO8ce pritess. European Power The Europgan Pow•r programmewascreated in 2015 to help Europe8ns develop policy re3ponses to the issues affecting the Eu's capacity to a¢t on the global scene. The programme explores tre ob$ts¢l8s to sustainable unity on currènt and fvturè foreign policy challènges and seek5 to develop solvbcns lor overcorning thgm. Wbder Europe To remain relevant in the region. the European UnK)n needs a coherènt and consistent Str*8gy to promote ts interests and value5 together wrth tha polikncal will to folbw this through. Tha Wder Europe prcgiamme was launthed in 2007 wrth the aim ol fostering thi5 process. Alrfc¥ The Africa programme analyse$ the geopolitiG% of thè Afnca-Europè relationship This includes r8lats.ons be￿n th• African Union and the European Union.. foreign policy tools alld strategies., and opportunth"•s to fiThY creatwe policy Solutions. US Progrornmè The US programme helps Europ8ans create policy i$sponses to developm•nts in US dcrfnestic politics and loreyn policy. The programme seeks to strengthen transattanb"c relations by exploring the obstade5 to a more balanced partnership and develO￿Trg ￿e8$ to ovèrcome them. Advocacy and Natlonal Offi￿5 ECFR'S National Offices are a vital component of our pan-European oUt￿a0￿ They help us understaThd and inf uen the debatè in the Eu's key national capitals. building n8tworf(s amongst policy makers and journalists, and making sense of the bi9 policy questyons facing Europe in tha 21st century from the ijiffering perspactives of EU M￿nber5. 22 Docusyn Envelope ID.. 446D9412-02314A2&BFOA.(KJ2D14F22()60 European Council on Foreign Relations Notes to the Financial Statements for the year ended 31 December 2024 13) Restricted Funds- Prior Year {2023) 01 J¥nuary 2024 In¢om• Expendlture 31 D•e•mbtr 2024 A$￿a & China programrne Middle East & North Aln'ca proJramrn• European Power programme Widèr Euro￿ progiamme Afiica prograrntnt Advocacy & Nats"onal Offic8s 2S,322 318,316 113,156 83.682 131,2471 116.561 62S,790 52,618 1.131.824 1,550,250 473,466 276.394 167.467 3,652,019 152,6181 11.131,8241 11.550,2501 1473,4661 1276,3941 1167,4671 {3,652.0191 25.322 318,316 113,1S6 83,682 131,2471 116,561 625.790 141 Transactions with trustees Dunng the year, no trusteès 12023". nill wèrtr paid or received any other benefit from ernployrnent with the charitabl company. 2 trustees12023." 31 wgre rtrimbutsed fof travel and meeting expenses amounting to É12,30312023.' É5,4301. 151 Transactlons wlth related partles The charity has taken advantage ol the exemptron not to disdosè transac*"ons with 8ntiti8S that are part of the Group by virtue of ts $tstU5 as a subsidiary of the parent whose financial statemènts are Co￿011d3t8d and arè publKIy available. 16) Reconciliation of net incomel(expendlture) to net ¢ashflow from operatlng actlvities 2024 2023 Net IncomellexpeThJiturèl for thè rèportin9 period Adjvstm•nts for. Depreciation Arnorti5ation IlncrèaseyD8creasg in debtors IncreasellDecreasel in creditors FX rnovernent on finanual instrument {3S5,1661 65,829 21S 7.091 {4,081,7911 1578.3541 248 952 13.073.749) 7.322.777 184 825 4 768 $22 4.130.247 171 Operating lease commitments 2024 2023 The charty had total Commitments under an operthng lease as follows". Not later than one year Later than one and not laterthan five years Later than five years 107,809 118,588 94,189 217,560 23 DocuslgTr E[W￿0p•10." 44609412412314￿8.8F0￿0O2o14F22￿0 European Councll on Foreign Relations Notes to the Financial Statements for the year ended 31 December 2024 18) Uftlmate Controlllng Party Tho ullimalo parent 8ntty 15 EuroF4an Counal on Foreign Relations IECFRI e.V. a not-foryrofit 8$gotyation fegistered in Gemiany, No. VR 37797 8. Thè consolidated accounts may b• Obtained from the ogu8t*red oddress of tho parent enlty which rs Unter tjon Linden 17, 10117 Berfin. Gemiany. 24