R8gi5twed number. 06996970 Charlty Trumber. 1142876 THE GULF RESEARCH CENTRE CAMBRIDGE LIMITED (A Company Limited by Guarantso) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE GULF RESEARCH CENTRE CAMBRIDGE UIAITED (A Company Lknlted by Guarantee) CONTENTS Reference and admlnlstrnlive drtalls of the C(xnpany. Its TAtea8 and advisern IndOndent examlnets veport statem8nt of nclaI actlvlti•s 10 8alance she•t 11 Notes to the financl•l statwnents 12-19
THE GULF RESEARCH CENTRE CAMBRIDGE LIMITED IA Company Llmltod by Guardntse) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Dr Abdulaziz O S Dr Chiistian KcKh Mr Stuart Laing Professor Giac¢rn Luciani Professor Yasir Dr AbdLlkh Saleh 88&j Dr Ahmed Sager Dt John Sfa(k4nrs Company rnglsterod number LE970 Chwlty reglslered number 1142875 R¢gistered offi¢e rjo Tl CanhwSJe of lslamt StlIeS. F&ulty of Asian & Middkq Eastem SItMJEs Sidgv+ick Avenue CB3 9DA Indop•ndent examln•rn Peters Ery[hy & Mom Chartwed Accountarts Salisbury Hj$e Stion Ro•J CambrKJge CB12LA Bankers HSBC Bar P 6344 St An¢*ews Street Cty OffKe C82 38Z Sollcltord Mils & Retht Botanic House 100 Hils Ro&J Cbridge C2 1PH Page 1
THE GULF RESEARCH CENTRE CAIIBRIDGE LIIAITED IA Company Lmnliad lry Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Thé Trustees prgsenl their annual rewt tLWJel1r with Ihe ffinwKial statents d th8 Company for the 1 Januwy 2024 to 31 Decemb8r 2024. The amual reF•yI seThes the pu058S of both 8 Trustees, reF4)rt and diredors. report under c(mpany l•x. The Trust98s confm that the annual report and financial slatements of the tharitsble company CnplY wrth the current stalulory requirements. t requirements of the charitable companls goveming docL#nent and the pro of the Statement of Recommend8d Pract {SORP) applicable lo charilies preparing ther UnIS m x¢tydance vthh the Financial Reporting Stsndar(l applic&Jle in the UK aTrJ RepliC of Ireland (FRS102) lefferA 1 2019). Since the Ci)mfty quaifs as smal Lmder Se¢b 362 of the Companies Ad 20. the strategic Tewl required of medium and Ie c(ffipans unthf Ihe Acl 2(th IStralegi¢ RetJt and DirlOrS. Report) Reguki$ 2013 has been ¢ynitted. OBJECTIVES AND ACTMTIES a. OWECTIVES AMD ACTivrriES FOR THE PUBLIC BENEFIT The GU Research Cenlres (GRC) obieds are.. lal the aJvaneemenl of educ1, karn¥ and research the beneffl ofthe publi. Ibl with(yJt prejudKe to the generalty of the foregoing. the CCIt of a ¢entre known as th8 The Gtll Research Centre Cambridge for the lvancemeni d edl1)n aThJ research on pditie81, social and security i%sues and any other matters reln9 to Ihe member CotrieS of the Gulf Ctroperalpjn Council (Bahrain. Cynan. Qatar, Sauth Arabia aKI ithled A Emiratesl aryj other ¢ountries of the Gulf region rKludirvJ Iran. Iraq and Yemen. The Trustees confirm that they haNe compli&J the duty in Sect#)n 17 of the Charities Act 2011 to have due regard to the Charity CmisSIOn.$ general guidance on PLt)lic benefit. Gulf Researeh Centre Cambridge Lrfnrted is a regu8tered charty c whth the cjwitth pufFe deffid tythin the Chari5 2011 is oull'ned The Charity prodeS public benefft by thrwnent of education aTrd research on polrtical. economic, sock31 arKI se¢unty issues •iy other maters relaknr¥J to the member CntrieS of the G1 C operalh?n Council. In settry ctsj8clN8s planmg Th*ies. the Tntstees 9p1 due consideratic to general guwjance published by the Charity commiss reIng to public benefL IudI) the gu1.PUb1 be11.. running charity (PB2)'. Pag8 2
THE GULF RESEARCH CENTRE CAM8RIDGE LIMITED (A Company Limited by Guaranto8) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECT]VES AND ACTIVITIES (CONTINUED b. ACTIVITIES FOR ACHIEVING OWECTIVES In practrE the activities of the chw&)le company are fcKLwd deliverry Ihese c&je¢ts thwugh a number of appioxhes aThJ poli¢Es wludIng.. (a) rigorous COMparte intemali)nal stylis. ptl)lishng and rreeing slandards The Charity engages Some dlsts.nguhed and outstsnding scholars and researchers who execule the Cenlra's programs and actNit. in a(SJrtw to a wmber ofwtf¢d experts members of s academic consutt8tNe board. (b) to enlist a number of Y(j and prcrfnwng research5 and expert5 lo parttipate in the Cenlre's a¢twilw prcJrams, offering than an OppJnlty to c(ynM and inlaract wrfh more experEnced researchets.. arKI (c) to inject income bad( thito rw research programs WKI actrittw. As The GU Research Centre catld9e is able to preseNe maintw ils WJepekn a1 continuty. ACHIEVEMENTS AND PERFORMANCE a. REVIEW OF ACTIVITIES AS in wevious years. the primw 8ctfrAt durir¥J the first holr of 2024 were ftKused prepwa)n8 for the fourteenth annual Gulf Research Meets'rKJ (GRMI. The 2024 Guw Research MeetirJ toc rAace on 11 July 2024. GRM 2024 consisle(I crf 13 research workslw at various colleges of the UnNersty of cbr198 several CambrKlge hotels. The worksh¢¥s brought together al0me P•nts frcffn xross ttre globe. The GRM 2024 workshops re w4irecied by a trAal of 25 ctrdirectcfs and coTed a Viide range of issues relevant to the Gulf region and ln1wnatior1lY. 1. Towa8 a Global coalli.. Guff ntss. BRICS+. arKI the Fuiure clthe Gl¢al Order 2. Th8 GCC tets¥een the Kurdistan Region Ira] 3. Securing the Future.. The GCC States. Endeav(S in Defense IrKlustry, Warlare TechnokKJtes and Policy 4. The Struclural Econ(¥nic chaInge$ th GCC Eg)nomw Fxe to Move T¢y44¥d E¢¢)nomic ONersification d Suslainability 5. Blue Gulf.. N8w Models and Systtrns for RegwrTr Erftrnonments and Cc¥nmunities in Changing Cl¥nates Rising Seas 6. The Gulf Fami." Transit1. Tr8diM)n, and Tenxity 7. GUW SLes' Engagement SFrt)tt. De$l arKI Gk4)al Drilvs 8. NavigaliThJ the Future of ArtrfKHI Intelligence n the GCC Re9K)n'. Opportunities and Chalkrqes 9. COnfit ResolLrtion Initiives in the Gull and Be)rJnd: Strgies of Engagement and pspects of Success 10. Migration lo the Gum: Possible SClos for Future- A View from the GCC and from Countrbes of 0ri9il 11. GCC Energy TransitKJn li the Era of Energy Secwity 12. Silk Ro•J or Spice R(yJte? The GUWS Rising ConrciNIy TAith Aso, AfrKa, Eunwe 13. The Politics and Policy of Climate Change m the Gulf Page 3
THE GULF RESEARCH CENTRE ¢AM8RIDGE LIMITED IA Company L#nlled ty <41¥teèl TRUSTEES. REPORT (CONTINUED) FOR ThE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AKI PERFORAIAIKE ICONTINUED) A number of edited l)eS arvj pumal sueS based on research pws onginauy presented at Guff Research Meetings were either puIshed or urthr prepar# thriro 224", a Saudi Youth Policies and Praciw IGRM 2021) b. GUW CccperatDn khNvnents WKI Chw: NavyatiNJ Regional and Intemational Rdations IGRM 2023) c. Innoval)n Devekntnent cl scit.. Artificial Intelligerte Knth•Aedge.Based Sc£i0ecorw)m Grcthth IGRM 2023) d. Sustsliable EC(mI¢ Transit in GCC.. Exp.ng between Islamic and Sustainable Finance IGRM 2023) Intellectual Propety t¥dow ffi the Gulf Co-c4>w8tK COU11 (GCCI Stes (GRM 20231 f Intellectual Property Innovab)n. Ccthpcrdry DeNElcpmers th8 GCC Member Slates IGRM 20231 g. CIKnale Poky and PolitKs in the East.. Enmrwmertd. Econoffx Prfrtral ChalknJ8s IGRM 20241 h. Intellectual Propty arKI Inn(Nn". ContenyKwy Devekwents in the GCC Member Ststes IGRM 2024) The Future of morali to GCC C(wtrEs - Lthf Ref(Kms, Polrtics Migr•rts' A5piralions IGRM 2024) ANAMCIAL REVEW . RESULTS FOR THE YEAR The resutts for the year are set oul in the ahed financial stemwts. Tdal InCe •nounted lo £367.178 12023 £311,S58) whKh, after totsl expeTrJiture of £372.78712023. £317.843), resuled in a net defrrt of £5,609 (2023 £6,285) for the r. Ai the eNI ofthe year, ts Charty had net assets crf £4.393 {W23: £10.Tr)21. RESERVES POLKY Al 31 December 21r24. reser amourtsl to £4.393 {2023: £10.fM)2). of7thKh £Nil were $tred {2023: £NI). TTltee5 halt to wt in plxe a reserves poky ith tr£ Irtent of buitrJirvJ up and mants'ning a six morth Operatic01 reserve in future y$ to facililate sm(NXh operations. includirrfJ planniThJ and iMeMents13n of future G Research Meettys. WKI enthling Charty lo cover delays in the recei)t of incorre and other unforeseen cirm$nC8S in a timety mner. Thi8 will be achie1 thwh wJditK•)al f(1 fundra5vw inifoti¥es Combined WereasOned cost redl5. b. GOING CONCERN The Tnjslees have revi&¥ed forecasts and budgets and have a reasonable expe¢lation th the Charity has adequ*e iesources to continue in operabal exiskn¢e for the foyseeable fulwe. Accrydingty, th8 financial slalements Continue to be prepared on ng conc8m basis. PwJ8 4
THE GULF RESEARCH CENTrE CAMBRIDGE LIMITED (A Company Lmited by Guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 c. FUTURE PLANS ConfiKI situatM)ns nIe lo exisl glob aTrJ also threaen the Gulf region. The challenge is to undwsland these conflth - hcsw they se arKI hrmf tst to address them. This inNDfves bringing l¢gelher researchefs who have analysed this compkx situatim fr¢ drflerenl 1ftts of vw - including the relevant economic. political. securty, envirornnental, crf MIgratn-re1ated asFects - 4ilh the 9oal of ¥Jentfying innovative and sustairtable paths Mito the future for the G re9 and glc4ialty. This is &xactty the purpose of the Gulf Research Meetings organised by GRC cnbridge. Lwking to the future, Trustees Iteth irtaTrJ to fctus on th&fothl1ng'. Continue to or1Ze the Guw Resewth MethS in Canbial9e. Continue to extend the GRC Cambndge #lleraction •¥J eng•38m8nl with the Universty of CambrKJge, with the goal of enhancin9 ¢C#we(ation with wari(ws centres of excdlttn and ccAb3es ¥thin the Universty. Idenlbfy rthv retevanl research ttyKS •KI $timul deeFW re8ewch ColabatiOn on Guffqelated issues glLally. with the goal CA wovKJirvJ a ¥pxe for )valR. ¢wèn frank exchange of researc b8sed vie¢£. Define the optinum way of inckyJiTrJ a polry-rekted ¢Lrywent in tr Guw Research Meeting5, for exarnpte. through a policy rLwndtth. 1 to ffnplerT th"s for next GU Research Meeting. Expand donor partIpthn the goal of thbErstyThJ the spectrum crf those donakn.ng to GRC Cambridge to support the work that it is (xrt. CortsKJ8r 4'ustwig the Guff ReSh Meeting fom1 to altract addrtnal donors. including ccwporate don(ys. Work vrfth Ihe GUK Research MeetwYJ vAirftstrq) direclors to the per¢ertsJe of publishable research papers fftmn exh *rykshw. Continue the ongomg w(¥k of estth6W thJ.term rektiyWi4>s ¢akncts with academic publishars lo facilitate straighfforwwd and limdm of research papw5 orignaing frcmn tha GUW Research Me&ngs. Page 5
THE GULF RESEARCH CENTRE CAMBRIDGE LIMITED IA Compffj L•nited ty Guafanleo) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OECEMBER 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT a. CONSTITUTION The Research Centre CambrKl9e Lrnil&J regslered as a charitable company limrted by guarantee. incryrated on 20 August 2009 and regtstered as a charity on 14 July 2011 as The GUW Research Cent Cansrith39 Limtsd, registered ch¥ty numter 1142875. The c¢)mnY was constituted under a MemorarNlum of Assrtiation. eSlabts the Iwts of Ihe corrgany 1$ govemed under its Articles of Associathin. b. METHODS OF APPOIMThIENT OR ELECTION ( TrUSTEES The directors of Charitable Company are akn trustees for th8 purlse$ of ch8rity law and ¥e appointed by Ihe ccthpany in general meetings c* by the directcKs. A direcknr apwiTh by a resolution of the other dittors must retire at the fobymng annual gerÉral meetry. The aff•rs of the Charty are on a relalY4ety smal sca18. ACcOrdmg. ttre are no fcymal policies Rg¥ding the
ndwtion and traIng of trustee5.
c. ORGANISATIONAL STRUCTURE AND DECISION IAAlaMG The Charty is rnand direthy by the Trustees. The nwnes of Trustaes who served during the year are 'sted in the reference and aJMiristrai detals as set ryjl cffl page 1. The Boord reports to. and ratrfies applicaticffjs membwship of. The Guff Research Centre bridge Limited. Members of Ihe Board lead and coordinate the charitable xtivities of the Charity.. Page 6
THE GULF RESEARCH CENTRE CAMBRIDGE UIAITED (A Company Limilod lry Guarant•e} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2024 STATEMENT OF TRUSTEES. RESPONSIBILMES The Trustees {who aTe also the dirKtors of Ihe Crynpany for the purposes of company lawl are responsible for prepwing the Trustee$, rep)rt and the financi statemerts in aceordance with applicable law and United Kingdom AccountiThJ Stwdards IUned Kiwkn) Awted Accwnb'ng Prxknl. Compwy reQUiS the TNstees lo prepa rMla1 statements each fInCIal . Under company Law. the Trustees must not approve the finaKial stements unless are satisfd tha they give a true and fair view of the stale of affairs of the Company of its •KcffiiTrJ resources and applulKJn ol resources. in¢ludw)g its income aNJ e>4)enditure, for that period. In these fYwla1 ststements. the Twstees are required to.. select suitable accourting poliies aThJ apply them CsE$lent. observe the metlM)Js arvj prtn¢iples of the Charittes SORP (FRS 1021.. make judgments and accounlng estimates that are reasonle and wdgrt; slate whether UK ACC11ng Slarbdards IFRS 102> have been folloTd. 3ubJect to any merial departures disdosed and explaingj in the ffftancHI statements.. prepare the fi'nancial statements on the gc4ng concern basts unless it is inapproprth lo presume that the Company wll continue in business. The Trustees are resl)Ie fcy kpwvJ quale nIIng TLdS that are sutftnt to slw explain the Companls transactions and disclose wrth ieasonable accuracy at any time the financial FQSition of the CcpanY and enab them to ensure th financial statements ctsmpty with the Comparues Aet 20(E. They are also responsibk safeguarding the assets of the CoTr4>any and hence for takiry reasonab steps for the prerfention and detection cl fwd and cAher wwilarlw. Approved by order of the members ofthe bo¥d (rf Tfustees signed thew behalf by.. Dr Abdulaziz O Sager Tiustee Dale.. a4.0.Tr)Wf Page 7
THE GULF RESEARCH CEKfRE CAIABRIDGE LIMITED IA Company Lknited by Guarnnteel INOEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 INDEPENDENT EXAMINERE REPORT TO THE TRUSTEES OF THE GULF RESEARCH CENTRE CAMBRIDGE LIMITED I'thg C(¥np0nD I report to the tharity Trustees on my exanution CA the the ¢(PanY for the sear ended 31 December 2024. RESPONSIBIUTIES AND BASIS OF REPOI As the Truslees of the Company land ts directors for the purposes of crAnpany Iwl you are responsible for the prepion of the accounts in ar£Ordan vnth ihe requyemenls of Companies Act 2C {Ihe 21x6 Acl'}. Hamng satisfied myself that the xcounts of the Ccnpany are not requred lo be audrted under Part 16 of the 2006 Act and a eligible for widependent enInathjn. I report in respwt of my examination of the Compan1$ aCcOts carried ¢yJt under sectK)n 145 of the Charities Act 2011 ('Ihe 2011 Act.). In rryIng out my exam¥iatK)n I have folknwj the Dire¢tion$ grlen ty the Charty Crmmissb)n under sectK)n 14515){b) of the 2011 A¢1. INDEPENDENT EXAMINERE STATEMENT Since the cnpS gross Inco exceed•J £250.CW ex8m¥)gr must be a mber ol a bcdy listed in secltyjn 145 of the 2011 Act. I confimi thal I quaified to Klert the examinthn baUse l n a member of (enter bfyJy here). which is ¢)ne of iisied bc#d I have compkled my examinakn"on. I ccfflfmi It1 w matt$ Iw came to my thntTr nneCkn with the tlmIn.0n giwng me cause to believe: acctyjnting recdS vrne not kept in respect ot cnpY as requwgj by wlrjn 388 of the 20(B Act., the accounts do not the accountry rewiremerts of sec M of the 20C6 Act oth8r than any rwuirement that acmunts a Irue and whrh is a matter eonsideied as part of an independent aKlnat?n.' the ¥[1$ have rh)t baen prepar&J in )rdae with the melhods and princip9 of the Statement of Recommended Praclu for accountry and repjrtirg by charit518ppli¢ablg lo tharilie5 preparing their accounts in accordance with the Financial Reporting stard applicable in the UK RebI of Ireland IFRS 10211. I habe no concems 8j clime xross rn cther mrs Hi connection ryIh the eXaMinatn lo which attention shk1 be drawn in Ihi5 rekK*i to enable a prcw urnlerstanding cl the accounts to be reached. P488
THE GULF RESEARCH CENTRE CAMBRIDGE UMITED (A Company Limit•d by Guarantee INDEPENDEKf EXAMINER'S REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 This report is m&Je solety lo the Ciynpatys Tn•tees, as a a¢¢rydan¢e with Part 4 of the Charitie5 1COunt$ and Reports) Regulations 2Crf18. My wcxk has been uTrJertaken 50 that I might sLe lo the Companys Trustees thc6e matters l am required to sLite to them in in¢pendent examinerfs report and for no other purpose. To the fullest extent Fermitled by Iw. I do noi accept assume resFh)nsibility to anycme other than the Company and the Companrfs Tntslees as a body. my tsthis rerl Signed.. Mid1 Dated. ai sTL4LI LOLS Michael Hewett Peters Ek¥orthy & Mc*)re Salisbury H$8, StatKffl Road. Camwe. CB12LA Page 9
THE GULF RESEARCH CENTRE CAMBRICE LMITED IA Cornp Lknked ty Guwitoe STATEMENT OF F114ANCIAL ACTivrriES {INCORPORATING INCOME AND EXPENtMTURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Totsl funds 2024 Total fLmds 2023 lund$ 2024 funds 2024 IMCOME FROM: DOnatiS Charitable activities 288.018 358.018 9,160 307,242 4.316 8.381 TOTAL INCOME 98.381 26B.797 367,178 311,SS8 EXPENDITURE ON: Charitable actwities 6.388 371787 317.843 TOTAL EXPENDITURE 366.399 6J88 371n7 317.843 NET IEXPENDITUREYINCOME Transfers belween funds (268.0181 268.018 262.409 1268,018> 15,609 {6,285) NET MOVEMENT IN FUNDS 15.6091 {S,609 {6,285) RECOIKIUAnoN OF FUNDS: Ttxal funds trKcrtJght forward Net molwnent in ldS 10.1 10,W2 15,609 16,287 (6.2851 TOTAL Fuls CARRIED FORWARD 4.393 10,002 The &atement of f4cIal aclivibes irdeS all gains *KI bsses rwiL8ed in the par. The note8 pages 12 10 19 form pwi ofthe5e fmartial Statar Pagé 10
THE GULF RESEARCH CENTRE CAMBRIDGE L1411TED (A Company Llmlled by Guarantse REGISTERED NUMBER: 06996970 BALANCE SHEET AS AT 31 DECEMBER 2024 2023 CURREMT ASSETS 3.364 11,168 Cash at bank aThJ in hand 39.353 14,532 Creditors: fallirvJ tAilhin or sar 134.9601 (4.530) NET CURRENT ASSETS 4393 lo,02 TOTAL NET ASSETS 4,393 10,002 CHARITY FUNDS R8slricted furKIs Unrestricted fvrKIs 4J93 10,CH)2 TOTAL FUNDS 4,393 10.002 The Company was ertiéled to exemplwjn fr(xn under SeCtA 477 of the Crynpanw A¢t 2. The membws have not reqrnd the ccffipwry lo an alIt ar Wi questn in accordance ¥th sect¢on 476 of crynpans Act 2006. The Trustees nch¥ledge they res[¥) wlh Ihe requirements of the Act respect to accountiThJ records and prq>arntion of fma)cial statem. financial ststements have been wepared in the pro1$ applicab to entitEs subject to the smal ¢cryanies regine. The financial statementswere aFrj arKI arth¢rts8d for is8 by Twstees and $bJned on their behaw ty. Dr Abdulaziz O Sager TTu5tee Date: 24. 0*. 24)2 The notes pages 12 to 19 form part clthesefmatxd stanentS Page 11
THE GULF RESEARCH CENTRE CAMBRICGE LIMITEO IA Company Lkned ty {rtI NOTES TO THE FINANCIAL STATEMeNrs FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES 1.1 BASIS OF PREPARATKY4 OF FIIW4CIAL STATEMEvrs financial sements he teen prep¥•J in accordance wilh the Charities SORP {FRS 1021- AccounlKhg and Re[thg by Charibes: StemeA of Re¢cMnmenda Prnel apP1Kab to charities preparing their acwunt$ in )rdarKe the FanCIal Reportii¥J Standard applicab in the UK and Republic of Ireland IFRS 1(Y2) {effeebve 1 JUary 20191. the Financ1 ReportirvJ sdard applicab in the UK arnl Rewknlr of IrPd IFRS 102) and the Compantes Act 2. The 11 Researth cre C•bndge Lmtsd maets the definrtl of 8 pubk benefit entity uThYer FRS 102. Assets and habilitw are 1b'aNY rwnised at hi51orical wst or transt)n vaue unless The we no sonifil eslmates a ts rewting date that have a fisk of causing a malerAI adiustmenl to the C amounts of assets wilhin the next rewrting perico. 1.2 COMPANY STATUS Th8 company is a CLynpany lnited by gu¥antee. The mttrtber cl the ccthpwy is the GLlf Research Cenler Foundn and is represerled by a truste8. Dr Christian KcLh. In the event of the company b"n9 wound up, the liabilty in respect of the guararrtee is limtsj to £10 per member of the company. 1.3 GOING CONCERN The Tnjstees have reviwd le8¢4$ts twdg haNp a teasonable expectatic thal the charity has adequate resources to wrtinue Ni OperatK8[ exIsle ts the foreseeable future. A small surphjs is budwed for 2024. ryth a knge proportion of Ihe inCne being met by Gulf Research Center. Jeddah. Accordingty. fin¥Kial staemerrts corlinue to be prepared the Ing concem basis. 1A FUND Acc1NNG General funds are unrestric funds li we avale for use at the dwebon of the Tnjstees in furtheranee CA the (JeCb d the Ccrfnpany which have Th)t been designaled tor other purpose5. Restricted funds we furrtts aTe to b8 usej m accord•xe t*ith $cIr f1)n$ Impo by Ikjnors or wFM"ch haNe been raised by Crynpany f£ partthLgr purposes. T1 costs of raising and minislerirvJ sych funds are charged agai'nst the spgcifK fund. The and use of restricted fund is sot out in to the finarKial statentS. Pap 12
THE GULF RESEARCH CENTRE CAMBRIDGE UMITED (A Company Lwnited ty Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES (coKfiNLED) 1A INCOME All ire is recogntsed Or trft Company has wrtrtlom8nl to the income. il Is prcthble that the will be receibed aThJ the a)KnI (rf rCl¥able can be measured relabty. Grants a inded in the ststwnent of fnarKial athth$ on a receivable basis. The balance ol me reIVed for specift purposes bul ncrt expend8d durThJ the periLJ is sl¥Mn in the relevant fvnds on the balance sheet. Where irthme is 1Ved in adrdnce cl enlrtlement of receipt, its reCognrt is deferred and incknded wi crèjrtors as deferred inc(The. Where entiklement C$ before income is receifftl. the income 15 accrued. Othgr irK(Th is recognwj in the pwi(Nl in il is recer4able and to the extent the have been provided orcffl compkkn of serita. 1.6 EXPENDITURE Exwrnjilure is rec¢yJnised ¢)nce there is a l or constructNe oblp3alK)n lo transfer economi¢ tenefit to a third party. t is prc4¥1e thal a transfer of ecorh)mic benefts wll be required in setdement and the amount ofthe cknlb3at bg measwed reliably. All extNIrte accwnled fty an accruals tis. Al expenses ir¢luding SLPPOrt costs governance costs are aLtcated to the 4Fable exper4Jilure he8dvJs. Govemance costs are thosg ¥icurred in ¢onrwtion wth athinistratKX) of the Compary compkance with constilutK¥)al and slalLrtory requirements. 1.7 HNANCIAL INSTRUMENTS The Company onty has financAI assets aThJ ffinanck811obiir(igs of a kind that qualify as basic financial instruments. BasK fin41 instruments e recognised at transaction value aTrJ SubSnty measured at Iheir sell1wn Ye. 1.8 DEBTORS Prepayments are al Ihe arljnt PTepaKI net cl tradE d$Lnts due. 1.9 CASH AT BANK AND IN HAND Cash at bank and in harKI in¢ludes cash ar)d str#)rt-lemi 13Ny Iv4uid investments wth a short maturity of three M¢th5 or less from the date of acquisit or openwig of deposit or similar count. 1.10 CREDITORS AND PROVISIONS Credith arKI prCNi5KN we rerLgnd where the c£mpary ha5 a present oblylN)n resutting from past event that probabty resum in tsfer of furth lo a thr(1 paty and the amount due to seth the otAual¥)n can be measured or e5twnated relobly. CreditcKs and provisions are normally rgcognised al their settlwnenl after alkMtyNJ for Y Irade discounts due. 13
THE GULF REseARCH CENTRE CAMBRIDGE LMITED (A Company Lwnited ty Guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES {CONTINUED) 1.11 FOREIGN CURRENCIES ass8ts deMnThted i) fwwgn cw¥wKi8s are translated mto sterfing at rates of eXchge wling at the reptIrj d. Transacti$ in Currenc are translthl mto at the rate njlng on the date of the tranSOn. Exchy gains and k)sses are re¢cgn¢wJ li the St*emerf of Financ"wl ktrérti85. INCOME FROM DONATIONS AND LEGACES Total funds 2023 funds funds funds 2024 Grants and don8t¥M)s 268.018 368.018 307.242 TOTAL 2023 267,242 307.242 INCOME FROM CHARITABLE ACTIVTfiES Totsl funds 2024 Tclal fLmds 2023 funds funds 2024 Listenirvj Partiopant faes ccpyrits Fees 8.381 8.381 779 4.316 779 8,381 779 9.160 4.316 Pagè 14
THE GULF RESEARCH CENTRE CAMBRIDGE LWAITED IA Company Limitad by Guarnnts•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ANALYSIS OF EXPENDITURE BY ACTMTES undertaken dlrectly Supwt costs 2024 Total funds 2024 Total funds 2023 GRC meetings 367,58S 5.202 372,787 317,843 TOTAL 2023 312.805 5,038 317,843 ANALYSIS OF OIRECT COSTS Totsl funds 2024 Total fund$ 2023 Meeting costs Organis#ig rkShopS Printing and shiFPW Gener81 eynses 227,763 43.328 192,120 31,155 2.139 87.391 93,Iy11 TOTAL 2024 367.585 312.805 ANALYSIS OF SUPPORT COSTS Total funds 2024 Totsl funds 2023 Accountancy fees Legal and prOfesOnal fee5 5.202 4,530 TOTAL 2024 6.202 5.038 Page 15
THE GULF RESEARCH CENTRE cAMBRIE UPAITED (A Company Lkn•d ty Guarantoe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DEceiiBER 2024 INDEPENDENT EXAIAINER'S REIIUNERATION 2024 2023 Fees payabb to the cnpanS indepènd& exaniner in of.. The independent exarninat rl the Cryn(s annud 2.000 2.530 2.630 TRUSTEES. REMLWERATION AND EXPENSES The Chary empbw i) the yw. CCWhkn ts key manageffent personnel to ts the Tnee$. who al give Ihr tine extrtise wihrjjl Wyf1 of remuneration tx other benefit in kind. Durin9 the year. no Truslees any rwnuneratth or othw {2(r23 . £NILI. During Ihe Jtar erKled 31 Decerth 2¢r24, 4 Tntstees reIr$•I a total of £3.112 in resp1 of travel expenses incurred on the Chartys behalf 12023." £13.081 10 5 Trustees). At the r end no balarte was payable to the Tfuslees12023: £Nd payab18). DE8TORS 2024 2023 DUE WITHIN ONE YEAR Pagg 18
THE GULF RESEARCH CETrRE CAMBRI[E LIIAITED IA Company Limitod ty (ae) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CREDITORS: AMOUNTS FAWNG DUE V•lTHIN ONE YEAR 2024 2023 Other creditS Accruals 34,710 4.530 4,530 2024 2023 Resources deferred duriry the Page 17
THE GULF RESEARCH ceiiTRE CAMBRIDGE LIPalTED (A Conwny Lknlted ty Guarantsè) NOTES TO THE FINAIKIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT ( FUNDS STATlENT OF FUNDS . CURRENT YEAR Balance at 31 Transfers December lout 2024 Balance at 1 January 2024 Expendliurn UNRESTRICTED FUP4)S G8n8ral Funds 10.IX)2 268.797 16J88) I26818> 4,393 RESTRICTED FLWDS GUW Reswch Meeting 98.381 1366.399 268.0IB TOTAL OF FUNDS 10,IJ)2 367.178 1372.78n 4.393 Restricted furKls represent donal¥)ns and gr wi¥ed tMrds G1 Research Centre me81ings Transfers from unrestri¢ted to Rslitted fw*ds tAwe made Tknre the actNly was in 8xcess of the or¥Jinal income re¢eNed. STATEMENT OF FUNDS. PRIOR YEAR Balance at 31 TMsfers December inlc 2023 Bae 1 JarK UNRESTRICTED FUNDS General FuThJs 16.287 267,242 16.162) 1267.365} 10,002 RESTRICTED FUNDS Gulf Research Meelirnj 44.316 {311.681) 267.365 TOTAL OF FUNOS 16.287 311.558 1317,8431 10.002 Page 18
THE GULF RESEARCH CENTRE CAMBRIDGE LIMITED IA Company LknIt lyj Guarnntae) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BEfwEEN FUNDS- CURRENT PERK)D Unrestrlcted funds 2024 Total funds CLwrent assets Creditor$ due within one sear 39,353 (34.960) 39.353 (34,9601 TOTAL 4.393 4,393 ANALYSIS OF NET ASSETS BETWEEN FU14TJS. PIOOR PERIOD UnTe5tricted funds 2023 Total fvnds 2023 Current assets c110r$ due wthin one 14.532 {4,5301 14,532 14.5301 TOTAL 10.C(12 10,002 11. RELATED PARTY TRANSACTK)MS The GUW Research Cenlre Camts'rdge Limrted has ¢Th Mber, GUK Research cter Foundthon. Dr Abdulaziz Sager is ChaYm of GU Resech Center. Jedd, which prowded funding of £268,018 in the year 12023. £264,993}. Page 19