Reglstered number: 06996970 Charity number: 1142875 THE GULF RESEARCH CENTRE CAMBRIDGE LIMITED (A Company Umited by Guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE GULF RESEARCH CENTRE CAMBRIDGE LIMED {A Company Llmlled by Guarantee) cOPETr{rS Page Reference and adminÉstrative detalls of the Company, Its Trustees and advisers Truslees. report Independent examlner's report Statement of financlal actlvlt io Balance Sheet Notes to the financial statemen1$ 12-18
THE GULF RESEARCH cEtrRE CAMBRIDGE LIMITED (A Company Limlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Dr Abdulaziz O Saoer Dr Christian Koch Mr Stuart Lain Professor Giacomo Luryani Professor Yasir Suleiman Dr Abdullah Saleh Baatood Dr Ahmed SaoeT Dr John Sfakianakis Company reglstgred number 06996970 Charity reglstered number 1142875 Reglstered offlce clo The University of CamtWKlge Centre ol Islamic Studies, Facufty of Asian & Middle Eastern Studies SWIck Avenue CafftbrKJge 9DA Independent Examlners Peters Elworthy & Mwre Chartered Accountants Salisbury House Slalion Road Cambridg8 CB1 2LA Bankers HSBC Bank P 63.64 St Andrew3 Street City Office Cambridge CB2 3BZ Sollcltors Mills & Reeve Botanie House 100 Hills Road Cambridge CB2 1PH Page 1
THE GULF RESEARCH CENTRE CAMBRIDGE LIMITED IA Company Umlted by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual rep)rt together %Mth the finanual statemerns of the Company for the 1 January 2023 10 31 December 2023. The annual report serves the purposes of both a Trustees, rwrt and a directors, report under company law. The Trustees confirm that the annual report and financial slalemenls ol the charitable company comply wrth the current statutory requirements. the requirements of the charitable companls governing document ar the prowstons of the Slalemenl ol Recommended Practice ISORPI applicable to charities preparing their accounts in accofdance the Financial Reporting Starard applbcable in the UK and Republic of Ireland IFRS1021 leffective 1 January 2019}. &nce the Company qualrfies as small under section 382 of ihe Companies Act 21J)6. the strategic report required ol medium and large companies urKler the Cofflpanies Act 2006 (Strategic Report and Directors, ReF)Ortl Regulations 2013 has LEen 0rttl. OBJECTIVES AND ACTIvlEs a. OBJECTIVES AND AcnvmES FOR THE PUBUC BENEFIT The Gulf Research Centre's IGRCI objects are.. lal the advancement of education, learning arKI research lor the benelil of the public- Ibl Witho prejudice to the generality ol the foregoing. the conduct of a centre known as the The Gulf Research Centre Cambridge loi the advancement of education a1 research on poliiical, social and security issues and any othei matters relating lo the member countries of the Gull Co-operation Council (Bahrain, Kuwait. Oman. Qalar. SaLKli Arabia and United Arab Emiralesl and other countries ol the Gulf region including Iran, Iraq Yemen. The Trustees conlirm that they have complied wtth the duty in Sect)n 17 01 the Charities Act 2011 to have due regard lo the Charity Commission's general guKJance on pubtic beneftt. The Gulf Research Centre Cambridge Limited is a registered charity of which the charitalje purpose clefined writhin the Chartties Act 2011 is outlined aVe. The Charity provides publio trnefft by promoling Ihe adVarment of education and research on political, economic. social arKI security issues and any other matters rdalirrfj to the memt*r countries ol the Gulf Co- operation Council. In setting objectives and planning lor actwrties. the Trustees have given due consideration to general guidance published by the Charity Commission relating to pUtlC benelit. including the guidance 'Public benefit.. running a harity IP821'. Page 2
THE GULF RESEARCH CEKfRE CAMBRIDGE LIMITED {A Company Lirniled by GUar8rtt) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES IcoTr¥llNUED) b. ACTIVfflES FOR ACHIEVING OBJECTIVES In practi the activities of the charite company ale Icsed on delNeriThJ these objects through a number of approaches and policies incluthng.. lal rigorous compliance international stylislic. pUlshing aThJ refereeing standards. The Charity engages some distinguished and oulslanding scholars and researchers who execute the Cenlre's programs and activities, in acklition to a number ol certified experts and members ol ils academic consultative board., Ibl to enlist a number ol young and promisiThJ researchers atKI experts to participate in Ihe Cenlre's actiwties and programs, ottering them an oNx)rtunity to communicate and inleracl wtth more experienced researchers., and Icl lo inject inrne back into new research wograms and actNities. As such The Gull Research Centre Cambridge is able to weserve and maintain its independence arKI continuity. ACHIEVEMENTS AND PERFORMANCE a. REVIEW OF ACTIVITIES The principal activities during Ihe first hall of 2023 centered around comyeting preparations for the thirteenth annual Gulf Reseaich Meeting IGRMI. The 2023 Gull Research Meeting Iwk lace on 11-13 July 2023. GRM 2023 consisted of 13 research workshops al various colleges ol the University of Cambridge and a number ol Cambridge hotels, bringing together 280 participants from across the globe. Wort(shops were co-direcled by a total 0133 co-direclors and covered a wide range ol issues relevanl lo the Gulf region arKI lrrternationIy. The follong research woiksFws IcM)k rlace within the GRM 2023 ITamework: 1. Sustainable Development FinarKing a1 the Role ot the Financial Sector in the GCC Flegion 2. Circular Economy and Sustainae Development M(*Jel= h's Role in the GCC States, National Visions 3. Perspectives on Hard Securtty Issues in Ihe Gu 4. Industrial Policies in the Gull and the Mthle East 5. The Renewed and ExparKled Role ol the Gull on the Gl¢thl Energy Scene 6. RenI Labour and Migration Reforms a1 Policies in the Gull.. Impact on Economies and Societies 7. The Leading Role of Gull Higher Education in Achieving Sustainability and Addressing Climate Change 8. Cultural Heritage in the Gum- Emerging TrerTrds, Identity Polttics. Challenges, and Concerns 9. Women in the GCC.. Negotiating Leadership. Power. and Change 10. Israel and the Gull Monarchies.. A New Region Security Comt4ex or Just Complex Flegional Security? 11. The Future of the GCC as an Inslilulion 12. The Gum and the Hoin of Africa.. Trans-RegionJ Competttion arKJ Co0ratiOn 13. Innovation and Development of Knovledge Societies - The Transformational Impact ol Intellectual Propety on Knowledge-Based Economic Giowlh wtth a Focus on Emerging TechnolcwJies. ArtiliciJ Intelligence and IP linaneing. Planning and information dissemination relating lo GRM 2024 was initiated directly after the eomplelion of GRM 2023 in order to give potential participants the maximum p)ssible lead lime to prepare. Page 3
THE GULF RESEARCH CENTrE CAMBRIDGE UMITED (A Company Llmlled by Guarnntee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE {collNuED) A number of edited volumes and journal issues based on research pwrs originJly presented at Gulf Research Meetings were either puNished or uThJer preparation dullrTrg 20ZJ'. a. Challenges and Reforms in Gulf Higher Education.. Confronting the COVIO-19 Pandemic and Assessing Future Implications IGRM 20221 Published (Hardback) b. Gum States and the Indo-Pacrfic: Agents or Objects ol GeoF(>lilical Competition? IGRM 20221 Published as a special journal issue c. Living Together Separately.. Social and Cullural Implulions of Migration to the GCC Countries IGRM 20221- Published as a special joumal issue d. Economie Statecraft, Coercion, and Resil1ee in tt)e GUM IGRM 20221 publication through CambrKlge University Press e. The Dimensions ol Saudi Arabia's Soft Power {GRM 20221- Under preparation Saudi Youlh 'Policy Relevance,: Dilemmas, Chalenges. Opportunities IGRM 20211- UrKler preparation g. Innovation a1 Development of Knovledge Societies IGRM 20¥31- UrKlei preparation. Under preparation for FINANCIAL REVIEW a. RESULTS FOR THE YEAR The results for the year are set out in the attached financial statements. Total income amounted to £311,558 12022.. £238,200) which. after total expenditure ol rJ17,843120T2'. £272.2651, resurted in a net deficit of £6,285 12022.. £34,065) lor the year. Al the end of the year. the Charity had nel assets of £10.00212022'. £16,287). RESERVES POLICY At 31 DMr 2023, reserves amounted to £10.CK)2 {2022: £16,28n, of which £Nil were restricted 12022.. £Nill. The Trustees have agreed to pul in FAace a reseeS KY wth the intention of building up and maintaining a six month operational reserve in future years to lacilTtate smoolh operations. including planning and implemenlalion of tuture Gtjtt Research Meetings, a1 enabling the Charity to cover delays in the ieceipt of income a1 olhei unforeseen circumstances in a timely manner. This will be achieved through additiorbal focused fu1raIsIng inibatives combined with well-reasoned cost reductions. b. GOING CONCERN The Trustees have remewed forecasts and bLgets and have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the forseeable future. Accordingly. the financial statements continue lo prepared on the goirwJ Conrn basis Page 4
THE GULF RESEARCH CEirrRE CAMBRIDGE LIMITED {A Company Umited by Guarantee) TRUSTEES. REPORT (CopINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ¢. FUTURE PLANS The world continues lo experienee a WKle range of conflicts. The question ol how lo address these confticls and how to reach solutions is more imwrtanl than ever the GUM Tegion and globally. This, together with the onlinuing Iranslormations and transitions taking place in the Gull countries, gives rise lo a challenging landscape to navigate into the lutuie. A great need exists to bring together kno¥edgeable researchers who have analysed this complex situation with the goal of lacililaling the exchange of research-based views and the identilicalion of innovative and sustainable paths into the fLrture for the Gull region and beyond. This is precisely the purpose ol the Gull Research Meetings organised by GRC Cambridge. Looking to the future. the Trustees therele interKI to ICS patticulaty on the following.. Continue the Gull Research Meetings in phYSic-esenCe mijde to maximise communication and synergy. with only very limited virtual-mode parncipation. Concentrate on choosing workshop topics ol high relevance and workshop directors 1h excellent credenlids. Stimulate deeper research collaboration on Gulf issues gl¢knlly provKle a space lor open arKI frank exchange of research-based views. Whe researchers ol dtfferenl backgrourKls and specialties can gather together to gain a better underStalINj ol the forces defining the Gum region and help lo shape these forces in creative. solution-oriented ways. Continue the work on estatAishing a GRC Cambrithje Advrsory Board of experts that could meet annually on Ihe SKlelines ol the Gull Research Meeting, Mlh the goal of introducing new and innovatory ideas relating lo the Gull legion and ils path into the future. Continue the ongoing Work of establishing long-temi relanShIpS wilh acthmic publishers lo facililale straighttorward and timely publication of research papers originating from the Gulf Research Meetings. Continue lo extend the GRC caMbre inleractM)n arKI engagement wlh the University of Cambridge environment. The goal is to enhance cooperalKsn th various departments and eentres ol excellence wthin the University through collaborative resewch projects focusing on the Gull region. Page 5
THE GULF RESEARCH CENTRE CAMBRIDGE LIMED {A Company Llmlted by Guaranlee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT a. CONSTITUTION The Gull Research Centre Cambri(kJe knmtted is regisler1 as a charitsue company limr(ed by guarantee, incofporaled on 20 August 2009 and registered as a charity on 14 Jufy 2011 as The Gull Research Centre Cambridge Lifflited. registered charity numter 1142875. The Company was constituted under a Memorandum ol Association, which established the obiecls and powers of the charitable company and is govemed under its Articles ol Association. b. METHODS OF APPo1FMENT OR ELECTION OF TRUSTEES The directors ol the Charitat4e Company are dso charrty Iruslees lor the purFrf)ses ol charity law and are appointed by the company in general meetings or by the directors. A director appointed by a resolution ol the other directors must retire al the l0Slowing annual general meeliThJ. The attairs of the Charity are on a relatwely small scale. Accordingly. there are no formal policies regarding the iinduction and training ol trustees. c. ORGANISATIONAL STRUCTURE AND DECISION MAKING The Charity is managed directly by the Trustees. The names of the Trnstees who served during the year are listed in the relerence and administrative detsils as sel out on page 1. The Board reports lo, and ratrfies applications lor membership ol, The Gull Research Cenlre Cambridge Limited. Members of the Board lead arKI coor(tinate the charilaue activiiies of the Charity.. Page 6
THE GULF RESEARCH CEprrRE CAMBRIDGE LIMITED (A Company Llmited by Guarantgel TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMEpif OF TRUSTEES. RESPON9BILmES The Trustees (who are also the directors of the Company lor the wtposes ol company lawl are responsible lor preparing the Trustees, report aThY the financid slalemenls ill accordance wth applicable law and United Kingdom Accounting Standwds (United Kingdom Generty Accepted Accounting Practice). Company law requires the Trustees lo prepare financiat slalemenls foi each financial . Under company law. the Trustees musl not approve the financial statements unless they are satisfied that they give a true and lair view ol the state ol affairs of the Company and ol its incoming resources a1 apPIation ol resources, including its income and expenditure, lor that peri(xl. In prepIng these financial slatemenls, the Trustees are required lo.. select suitable accounting pleS and then apwy them consistently,. observe the methods and prInUFes of the Chartlies SORP IFRS 1021- make judgments and accounting eslimales that are reasonatde arKI prudent- stale whether aswlicable UK Accounting &andards IFRS 1021 have teen lollowed, subject to any material departures disclosed armj explained in the financi statements- prepare the financial statements on the going coeM basis unless it is inarOpriate lo presume Ihal the Company will continue in business. The Trustees are responsible tor kegxng aduate a(xounling records Ihal are sufficient to show and explain the Companls iransactions and dI10$e wlh reasonable accuracy al any time the financial position of the Company and enable them to ensure that the financi slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets ol the Company and hence for taking reasonable steps lor the prevention and detection of fraud arKJ Olher irregulartties. Approved by order of the memtr*rs of the LKiard of Trustees a1 signed on their behalf by: Dr Abdulazlz O Sager Dale.. I l Page 7
THE GULF RESEARCH CEPRE CAMBRIDGE LIMITED (A Company Limlted by Guarantee) INDEPENDEp EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GULF RESEARCH CENTRE CAMBRIDGE UMITED {'the Company.) report to the charity Trustees on my examination ol the acc¢yJMS of the Company for the year ended 31 December 2023. RESPONSIBILrriES AND BASIS OF REPORT As the Trustees ol the Company larKJ ils directors for Ihe purwses of company lawl you are responsible lor the preparation of the accourts in accordan the re(NJirements of the Companies Act 2006 {Ihe 2006 Acri. Having satisfied fflysell that the accounts ol the Company are not required lo be audited under Part 16 of the 2006 Act and are eligible foi independent examination. l report in respect of my examination ol the Companls accounts carried out under section 145 of the Charities Act 2011 I'lhe 2011 Acl'l- In carwng out my examination I have followed the Directions given by the Charity ComMissn urKler section 14515){bl of the 2011 Aet. INDEPENDENT EXAMINER'S STATEMEP Since the Companys gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 01 the 2011 Act. I confirm that l am qualilied lo undertake the examination because l am a member of lenler body here), which is one ol the listed t(#thes. I have completed my examination. I confirm that no matters have come lo my altention in connection with the examination giving me cause to believe: accounling records were not kept in respect of the Company as required by section 386 of the 2006 Act. or the accounts do not accord with those rords.. or the accounts do not comply wtth the aecounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a Irue arKI view which is a matter consideied as part of an independent examination.. or the accounts have not been prepared in accordance with the melh¢yJs arml principles ol the Statement of Recommended Practice lor accounting and rewrtiThJ by charities lapplicable to charities preparing their accounts in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concems and have come across no other matters in connection %Mth the examination lo whieh attention should be drawn in this report in order to enable a proper UrKIersta1Ing ol the accounts to be reached. Page 8
THE GULF RESEARCH CEprrRE CAMBRIDGE LIMITED {A Company Limlted by Guarnntee) INDEPENDEKf EXAMINER'S REpoiYf (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 This report is made solety lo the Company's Trustees. as a body, in accordance with Part 4 01 the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so Ihal I might state to the Company's Trustees those matters l am required to slate lo them in an indetxndent examinerfs report and for no other purpose. To the lullesl extent permitted by law. l (lo not accept or assume responsibility lo anyone other than the Company and the Companys Trustees as a body. for my worl( or for this report. Signed.. ck)Aol tkK Dated. IL Twly ZOV FCA DChA Michael Hewett Peters Elworthy & Moore Salisbury House, Station Road, CambrKlge, CB12LA Page 9
THE GULF RESEARCH CENTRE CAMBRIDGE LIMITED {A Company Llmlled by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 Restrlcted Unrestricted lunds funds 2023 2023 Total funds 2023 Total funds 2022 Note INCOME FROM: DonatnS CharitabEe activilies 267,242 307,242 4.316 220,212 17,988 4,316 TOTAL INCOME 44,316 267,242 311.558 238,200 EXPENDITURE ON: Charitable actiwties 311,681 6,162 317.843 272,265 TOTAL EXPENDrruRE 311,681 6.162 317,843 272,265 NET IEXPENDITURE)IINCOME (267,3651 267.365 261.080 {267.36S) (6.285) 134.0651 Translefs between funds NET MOVEMENT IN FUNDS (6,285) 16,285) 134,0651 RECONCILIATION OF FUNDS: Total funds brought forward Net rnovement in furMIs 16,287 (6.285) 16.287 16.285} 50,352 134,0651 TOTAL FUNDS CARRIED FORWARD 10.002 10.002 16,287 The Statement ol financial aobmties includes dl gains losses reccrtjnised in the year. The notes on pages 12 to 18 form part of these financial statements. Page 10
THE GULF RESEARCH CENTRE CAMBRIDGE LIMITED IA Company Llmiled by Guarantee) REGISTERED NUMBER: 06996970 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 CURRENT ASSETS Debtors Cash at bank and in hand 13,917 8,963 11,168 14,532 22.880 Creditors.. amounts lafiing due %wthin one year (4.5301 16.5931 NET CURRENT ASSErs 10,oir2 16,287 TOTAL NET ASSErs 10.1102 16.287 CHARITY FUNDS Reslricled lunds Unrestricted funds 10.002 16,287 TOTAL FUNDS 10,002 16,287 The Company was entitled lo exemption from audrt uThJer sedion 477 of the Companies Act 2006. The members have not required the company to Lthn an a11 for the year in question in accordance with section 476 01 Companies Act 2006. The Trustees acknowledge their responsit4lilies for Comy1ng th the requirements of ihe Act with respect lo accounting records armj preparation of financial statements. The financial statements have prepared in accordance wilh the pmwsions awlicable lo enlilies subject to the small companies regime. The financial statements were awroved and authorised lor issue by th8 Trustees signed on their behalf by.. Dr Abdulaziz O Sager Date.. 11 Jul aoL* The notes on pages 12 10 18 lomi part of these financi staiements. Page 11
THE GULF RESEARCH cETrRE CAMBRIDGE UMITED {A Company Limiled by Guarantee) NOTES TO THE FINANCIAL sTATEmEs FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES 1.1 BASIS OF PREPARAnON OF FINANCIAL STATEMEPITS The financial statements have been prepared in accordance %wth the Charities SORP IFRS 1021- Accounting and Rewrting by Charities.. Statement of Recomfflended Practice applicable lo charities preparing their accoijnts in ac(x)rdance with the Financial Reporting Standard applicable in the UK armj Republic ol Ireland IFRS 1021 lettective 1 January 20191, the Financial Reporting Standard applicable in the UK Reput1¢ ol IrelaThJ IFRS 1021 aThJ the Companies Act 2006. The Gulf Research Cenlre Cambridge Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities a initially recognised at historic cost or transaction value unless otherwise stated in the relevant accwnling FK)Iicy. There are no signilicanl estimates al the rewrting ¢Jate that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities wtthin the next reporting period. 1.2 COMPANY STATUS The company is a company limited by guarantee. The member ot the company is the Gull Research Cenler Foundation and is represented by a trustee, Di Christian Koch. In the event ol the company being wound up, the liabilty in resF*ct ol the guarantee is limited to £10 per member ol the company. 1.3 GOING CONCERN The Trustees have reviewed forecasts and tdgetS arKI have a reasonable expectation that the charity has adequate resources lo continue in operational existence lor the foreseeable future. A small surplus is budgeted for 2024. wth a large prowrtion of the income being mel by Gull Research Center. Jeddah. Accordingly. the finan statements continue lo t£ prepared on the going concern basis. 1.4 FUND ACCOUNTING General funds are unrestllcted funds which are availaNe lor use al the discretion of the Trustees in ftjrtherance of the general objectives of Ihe Company which have not been designated lor other purposes. Restricted funds are lurKis which are to used in accordance th ssxcilic reslriclions imposed by donors or which have been raised by the Company for particular purFx>ses. The costs ol raising and administering such funds are charged against the SFwifK fund. The aim and use of each restricted fund is set out in the notes to the finarrial statements. Page 12
THE GULF RESEARCH CETrRE CAMBRIDGE LIMITED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (coPINUED> 1.5 INCOME All income is recognised once the Company has eItlement to the income, it is probable that the income Mll L* received the amount ol inu)me rNable can be measured reliably. Grants are included in the slatemenl of financial aclivtties on a re1Vable basis. The balance of income received lof SFxulic purFX)ses bul not expe during the period is shown in the relevant funds on the balare sheet. Where income is received in advance ol enlillement ol receipt, ils recognition is deferred and included in credrtors as deferred income. Where enlillemenl occurs betore income is ieeeived, th& income is accru&l. Other income is recognised in the period in which il is receN&le arKI lo the extent the gocxys have been provided or on completion ol the service. 1.6 EXPENDrruRE Expenditure is recognised 0e there Is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable Ihal a transfer of economic benefits will be required in settlement and the amount ol the obligation can be measured reliat4y. All expenditure is accounted for on an accruals basis. Al expenses including support costs and governance costs are allocated to the appEicable expendtture headings. Governance costs are those incurred in connection wlh administration ol the company and comFAiance with conslilulional and statutory requirements. 1.7 HNANCIAL INSTRUMEfrITS The Company only has financi assets and linancid liabilities ol a kind that qualify as basic financial instruments. Basic financial instruments are initiauy recognised at Iransaction value and subsequently measured al their settlement VVe. 1.8 DEBTORS Prepayments are valued al amount pryd net of any Irade discounts due. 1.9 CASH AT BANK AND IN HAND Cash al bank and in hand indudes cash and short-term highly liquid investments wilh a short malurily of three months or less Iiom the dale ol acquisiiion or opening ot the dewsil or similar account. 1.10 CREDITORS AND PROVISIONS Creditors and provisions a Tecognised where the company has a present obligation resulling trom a past event that wll probably result in the transfer ol funds lo a third paty and the amount due to settle the obligation can be measured or eslimaled Teliably. Creditors armj provisions are normally recognised al their settMent amount after allow"rvJ for any trade discounts due. Page 13
THE GULF RESEARCH CETrRE CAMBRIDGE LIMITED (A Company Limrfed by Guardnlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (COPINUED> 1.11 FOREIGN CURRENCIES Monetary assets and liabilities denominated in foTewJn currencies are Iranslaled into steding at rates ol exchange ruling al the repK)rting date. Transactions in foreign currencies are translated into sleAiThJ al the rate ruling on the date of the transaction. Exchange gains losses we rniSed in the Statement of Financial ActiMti8S. INCOME FROM DONATIONS AND LEGACIES Restricted Unrgstricled funds funds 2023 Total funds 2023 Total funds 2022 Grants atKI ch)nations 267,242 307.242 220.212 TOTAL 2022 150,150 70,062 220,212 INCOME FROM CHARITABLE ACTIVThIES Restrl¢ted Unrestricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Consultancy lees Listening Participant lees 14.000 3,988 4.316 4,316 4.316 4.316 17.988 Page 14
THE GULF RESEARCH CENTRE CAMBRIDGE LIMITED IA Company Llmiied by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ANAL YSIS OF EXPENDrruRE BY AcnvmES Aclivltles undertaken directly 2023 Support costg 2023 Total funds 2023 Total funds 2022 GFIC meetings 312.805 5.038 317.843 272.265 TOTAL 2021 266.956 5,309 272.265 ANALYSIS OF DIRECT COSTS Total funds 2023 Total lunds 2022 Meeting costs Organising wod(shops Prinling and shipping General expens6S 192,120 31,155 2,139 87.391 159,876 16,455 7.384 83,241 TOTAL 2023 312,805 266,956 ANALYSIS OF SUPPORT COSTS Total funds 2023 Total funds 2022 Accountancy lees Legal and professional fees 4,530 4.344 965 TOTAL 2023 5.038 5,309 Page15
THE GULF RESEARCH CENTRE CAMBRIDGE LIMED {A Company Llmited by Guaronleg) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2023 INDEPENDENT EXAMINER'S REMUNERATION 2023 2022 Fees payable to the Companvs i¥K*endent examiner in respect of.. The independent examination ot the Companys annual accounts All other services not irt[Ud above 2,000 2.530 1,920 2,424 TRUSTEES. REMUNERATION AND EXPENSES The Charity had emkknyees in the year. and consmlers tts key managemenl personnel to be the Tnjstees. who all gNe their lime arxl experhse wthout any form ol remuneration or other benefit in kind. During the year. no Trustees receNed any remuneration or other b8nefrts12022 - £NIL). During the year ernled 31 December 2023. 5 Trustees were reimtxjrsed a total of £13,081 in respect of travel expenses incurred on the Charivs behalf 12022.. £11,572 to 5 Trusleesl, including £1,500 of w&ved expenses. At the year end no t>alance vras payatAe lo the Trustees 12022.. £1,500 payable lo 1 Trusteel. DEBTORS 2023 2022 DUE WITHIN ONE YEAR Prepayments 3A64 13.917 3.364 13.917 CREDrroRS: AMouKfs FALLING DUE wrrHIN ONE YEAR 2023 2022 Accruals 4,530 6,593 Page 16
THE GULF RESEARCH CENfRE CAMBRIDGE LIMITED (A Company Limiied by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 20Z3 STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 31 December 2023 Balance at 1 January Transfors inlout IoMe Expenditure UNRESTRICTED FUNDS General Funds 16.287 267,242 16,162) 1267.365) 10,IX12 RESTRICTED FUNDS Gulf Research Meeting 44,316 {311.681) 267,365 TOTAL OF FUNDS 16,287 311,558 (317.843) 10,002 Restricted funds represent donations aTrY giants receiv1 towards the annual Gull Research Centre meetings. Transfers from unrestricted to restricted fur were made where spend on the athity was in excess of Ihe original income received. STATEMENT OF FUNDS- PRIOR YEAR Balance at 31 December 2022 Balar al 1 January 2022 Transfers inloul Income Expermliture UNREsfRICTED FUNDS Geneial Funds 48.207 84.062 113.2681 1102,7141 16,287 RESTRICTED FUNDS GUM Research Meeting 2.145 154.138 {258.9971 102,714 TOTAL OF FUNDS 50.352 238,200 {272.2651 16,287 Page17
THE GULF RESEARCH CENTRE CAMBRIDGE LIMITED (A Company Lirnited by Guaranleel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. ANALYSIS OF ASss BEtWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURREKf PERIOD Unreslricled funds 2023 Tolal funds 2023 Current assels Creditors due within one year 14,532 14,5301 14,532 14.5301 TOTAL 10,002 10.002 ANALYSIS OF ASSEfs BEtWEEN FUNDS- PRIOR PERIOD Unreslricled funds 2022 Total funds 2022 Current assets Ciedilors due within one year 22.880 {6,5931 22.880 16,5931 TOTAL 16,287 16,287 11. RELATED PARTY TRANSACTIONS The Gull Research Centre Cambbrdge Limiled has one member. Gulf Research Center Foundation. Dr Abdulaziz Sager is Chairman of GUM Research Cenler, Jethjah, which provided funding of £264,993 in the year12022= £70.0621. Page 18