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 TA￿tea8 and advisern
IndO￿ndent 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(k4n*rs
Company rnglsterod
number
LE￿970
Chwlty reglslered
number
1142875
R¢gistered offi¢e
rjo Tl* CanhwSJe of lslamt St￿lIeS. F&ulty of Asian &
Middkq Eastem SItMJEs
Sidgv+ick Avenue
CB3 9DA
Indop•ndent examln•rn Peters E￿ry[hy & Mom
Chartwed Accountarts
Salisbury H￿j$e
St*ion 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
C￿bridge
C￿2 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 tLWJel1￿r with Ihe ffinwKial stat￿ents d th8 Company for the 1
Januwy 2024 to 31 Decemb8r 2024. The amual reF•yI seThes the pu￿058S 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 C￿nplY 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 Rep￿liC of Ireland (FRS102) lefferA￿ 1 2019).
Since the Ci)m￿fty quaif*s as smal Lmder Se¢b￿ 362 of the Companies Ad 20￿. the strategic Tewl
required of medium and I￿e c(ffipan*s unthf Ihe Acl 2(th IStralegi¢ Ret*Jt and Dir￿lOrS.
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 educ*1￿, karn¥￿ and research the beneffl ofthe publi￿.
Ibl with(yJt prejudKe to the generalty of the foregoing. the CCI￿￿t of a ¢entre known as th8 The Gtll
Research Centre Cambridge for the *lvancemeni d edl￿1￿)n aThJ research on pditie81, social and
security i%sues and any other matters rel￿n9 to Ihe member Co￿trieS 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 C￿misSIOn.$ general guidance on PLt)lic benefit. Gulf Researeh Centre Cambridge
Lrfnrted is a regu8tered charty c￿ whth the cjwitth pufF￿e deffi￿d *tythin the Chari￿5 2011 is oull'ned
The Charity pro￿deS public benefft by thrwnent of education aTrd research on polrtical.
economic, sock31 arKI se¢unty issues •iy other maters relaknr¥J to the member C￿ntrieS of the G￿1 C
operalh?n Council.
In settry ctsj8clN8s planmg *Th*ies. the Tntstees 9p1￿ due consideratic￿ to general guwjance
published by the Charity commiss￿ re￿Ing to public benefL I￿udI￿) the gu￿1￿.PUb1￿ be￿11.. 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 w￿ludIng..
(a) rigorous COMp￿arte intemali)nal stylis￿. ptl)lishng and r*reeing slandards The Charity engages
Some dlsts.ngu￿hed 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 research￿5 and expert5 lo parttipate in the Cenlre's
a¢twilw prc*Jrams, offering than an Opp￿Jnlty 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
ca￿t￿ld9e is able to preseNe maintw ils W*Jepe￿kn a￿1 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 Meetir*J toc* rAace on ￿11 July 2024. GRM 2024 consisle(I crf 13 research
workslw at various colleges of the UnNersty of c￿br￿198 several CambrKlge hotels. The worksh¢¥s
brought together a￿l0￿m￿e￿ P•nts frcffn xross ttre globe.
The GRM 2024 workshops ￿re w4irecied by a trAal of 25 ctrdirectcfs and co￿Ted a Viide range of issues
relevant to the Gulf region and ln1wnatior￿1lY.
1. Towa￿8 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 chaI￿nge$ th* GCC Eg)nomw Fxe to Move T¢y44¥d E¢¢)nomic ONersification
d Suslainability
5. Blue Gulf.. N8w Models and Systtrns for Regw*r*Tr￿ Erftrnonments and Cc¥nmunities in Changing
Cl¥nates ￿ Rising Seas
6. The Gulf Fami￿." Transit1￿. Tr8diM)n, and Tenxity
7. GUW SL*es' Engagement SFrt)tt. D￿e$l￿ arKI Gk4)al Drilvs
8. NavigaliThJ the Future of ArtrfKHI Intelligence n the GCC Re9K)n'. Opportunities and Chalkrqes
9. COnfi￿t ResolLrtion Initi*ives in the Gull and Be)rJnd: Str*gies of Engagement and p￿spects of Success
10. Migration lo the Gum: Possible SC￿los 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 Conr*ciNIy 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 pu￿Ished or urthr prepar#￿ thriro 2￿24",
a Saudi Youth Policies and Praciw IGRM 2021)
b. GUW CccperatDn kh*Nvnents WKI Ch*w: NavyatiNJ Regional and Intemational
Rdations IGRM 2023)
c. Innoval*)n Deveknt*nent 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￿ COU￿11 (GCCI St*es (GRM 20231
f Intellectual Property Innovab)n. Ccthpcrdry DeNElcpmer*s ￿ 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(N*n". 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 a*hed financial st*emwts. Tdal InC￿e •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). of7*thKh £Nil were ￿$tr￿ed {2023: £NI).
TTl￿tee5 halt to wt in plxe a reserves poky *ith tr£ Irtent￿ of buitrJirvJ up and mants'ning a
six morth Operatic￿01 reserve in future y￿$ to facililate sm(NXh operations. includirrfJ planniThJ and
iM￿eMents1￿3n of future G￿ Research Meettys. WKI enthling Charty lo cover delays in the recei)t of
incorre and other unforeseen cir￿m$￿nC8S in a timety m*ner.
Thi8 will be achie￿1 thwh wJditK•)al f(￿￿1 fundra5vw inifoti¥es Combined We￿reasOned cost
red￿l￿￿5.
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 operab￿al 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 ￿nI￿e lo exisl glob* aTrJ also threaen the Gulf region. The challenge is to undwsland
these conflth - hcsw they ￿se arKI hrmf t*st to address them. This inNDfves bringing l¢gelher researchefs
who have analysed this compkx situatim fr¢￿ drflerenl ￿1ftts of v*w - including the relevant economic.
political. securty, envirornnental, crf MIgrat￿n-re1ated asFects - 4*ilh 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 c￿nbridge.
Lwking to the future, Trustees It￿eth irtaTrJ to fctus on th&foth￿l1ng'.
Continue to or￿1Ze the Guw Resewth Meth￿S 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 Colab￿atiOn on Guffqelated
issues glL*ally. with the goal CA wovKJirvJ a ¥pxe for ￿￿)val￿R. ¢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 part￿Ipthn 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 ReS￿h Meeting fom￿1 to altract
addrt￿nal 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
Can*srith39 Limtsd, registered ch¥ty numter 1142875. The c¢)m￿nY 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 pur￿lse$ 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￿. ttr￿e are no fcymal policies Rg¥ding the
#ndwtion and traIn￿g of trustee5.
c. ORGANISATIONAL STRUCTURE AND DECISION IAAlaMG
The Charty is rnan￿d 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$, rep)rt and the financi* statemerts in aceordance with applicable law and United
Kingdom AccountiThJ Stwdards IUn*ed Kiwkn) Awted Accwnb'ng Prxknl.
Compwy reQUi￿S the TNstees lo prepa￿ rM￿la1 statements each fIn￿CIal . Under company Law. the
Trustees must not approve the finaKial st*ements unless are satisf*d tha they give a true and fair view
of the stale of affairs of the Company of its •KcffiiTrJ resources and applulKJn ol resources. in¢ludw)g its
income aNJ e>4)enditure, for that period. In these fYw￿la1 ststements. the Twstees are required to..
select suitable accourting poliies aThJ apply them C￿sE$lent￿.
observe the metlM)Js arvj prtn¢iples of the Charittes SORP (FRS 1021..
make judgments and accounlng estimates that are reason*le and wdgrt;
slate whether UK ACC￿￿11ng Slarbdards IFRS 102> have been follo*Td. 3ubJect to any
m*erial 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 res￿l)Ie fcy k*pwvJ *quale ￿nIIng T￿L￿dS that are sutft*nt to slw explain
the Companls transactions and disclose wrth ieasonable accuracy at any time the financial FQSition of the
Cc￿panY 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(¥np0n￿D
I report to the tharity Trustees on my exanu*tion 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
prep**ion of the accounts in ar£Ordan￿ vnth ihe requyemenls of Companies Act 2C￿ {Ihe 21x6 Acl'}.
Hamng satisfied myself that the xcounts of the Cc*npany are not requred lo be audrted under Part 16 of the
2006 Act and a￿ eligible for widependent e￿￿nInathjn. I report in respwt of my examination of the Compan1$
aCcO￿ts 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 c￿np￿S gross Inco￿ exceed•J £250.CW ex8m¥)gr must be a m￿ber ol a bcdy listed in
secltyjn 145 of the 2011 Act. I confimi thal I ￿ quaified to ￿Klert* the examinthn b￿aUse l *n a member
of (enter bfyJy here). which is ¢)ne of ￿ iisied bc#d
I have compkled my examinakn"on. I ccfflfmi It￿1 w matt￿$ Iw came to my thnt￿Tr ￿ ￿nneCkn with the
t￿lmIn*.0n giwng me cause to believe:
acctyjnting rec￿dS vrne not kept in respect ot c￿np￿Y 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 aK￿lnat￿?n.'
the ￿¥[￿1$ have rh)t baen prepar&J in ￿)rda￿e with the melhods and princip￿9 of the Statement of
Recommended Praclu for accountry and repjrtirg by charit*518ppli¢ablg lo tharilie5 preparing their
accounts in accordance with the Financial Reporting star￿*d applicable in the UK Re￿bI￿ of
Ireland IFRS 10211.
I habe no concems 8￿j clime xross rn cther m*rs Hi connection ￿ryIh the eXaMinat￿n lo which
attention sh￿k1 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
1￿COunt$ and Reports) Regulations 2Crf18. My wcxk has been uTrJertaken 50 that I might sL*e 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 re￿rl
Signed..
Mid￿￿1
Dated. ai sTL4LI LOLS
Michael Hewett
Peters Ek¥orthy & Mc*)re
Salisbury H￿$8, StatKffl Road. Camwe. CB12LA
Page 9

THE GULF RESEARCH CENTRE CAMBRIC￿E 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:
DOnati￿S
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 l￿dS
10.1
10,W2
15,609
16,287
(6.2851
TOTAL Ful￿s CARRIED FORWARD
4.393
10,002
The &atement of f4￿cIal aclivibes ir￿deS 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
s*ar
134.9601
(4.530)
NET CURRENT ASSETS
4393
lo,0￿2
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 req￿rnd the ccffipwry lo an a￿lIt ￿ar Wi quest￿n in accordance ¥￿th
sect¢on 476 of crynpan￿s 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 pro￿1￿$ applicab￿ to entitEs subject to
the smal ¢cryanies regine.
The financial statementswere aF￿r￿j 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 sta￿nentS
Page 11

THE GULF RESEARCH CENTRE CAMBRICGE LIMITEO
IA Company Lkn*ed ty {￿r￿￿tI
NOTES TO THE FINANCIAL STATEMeNrs
FOR THE YEAR ENDED 31 DECEMBER 2024
ACCOUNTING POUCIES
1.1 BASIS OF PREPARATKY4 OF FIIW4CIAL STATEMEvrs
financial s￿￿ements h￿e teen prep¥•J in accordance wilh the Charities SORP {FRS 1021-
AccounlKhg and Re[th￿g by Charibes: St*emeA* of Re¢cMnmenda Prnel￿ apP1Kab￿ to charities
preparing their acwunt$ in ￿)rdarKe the F￿anCIal Reportii¥J Standard applicab￿ in the UK
and Republic of Ireland IFRS 1(Y2) {effeebve 1 J￿Uary 20191. the Financ￿1 ReportirvJ s￿dard
applicab￿ in the UK arnl Rewknlr of IrP￿d IFRS 102) and the Compantes Act 2￿.
The ￿11 Researth c￿re 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 trans￿t￿)n vaue unless
The￿ we no sonifi￿l 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 l*nited by gu¥antee. The mttrtber cl the ccthpwy is the GLlf Research
Cenler Found*n 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 le￿8¢4$ts twdg* haNp a teasonable expectatic￿ thal the
charity has adequate resources to wrtinue Ni OperatK￿8[ exIsle￿ ts the foreseeable future. A
small surphjs is budwed for 2024. *ryth a knge proportion of Ihe inC￿ne being met by Gulf
Research Center. Jeddah. Accordingty. fin¥Kial staemerrts corlinue to be prepared the
Ing concem basis.
1A FUND Acc￿1N￿NG
General funds are unrestric￿￿ funds ￿li￿ we ava￿le 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 $￿cIr￿ f￿1￿￿)n$ 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 stat￿entS.
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 ir￿e is recogntsed Or￿ trft Company has wrtrtlom8nl to the income. il Is prcthble that the
will be receibed aThJ the a)K￿nI (rf r￿Cl¥able can be measured relabty.
Grants a￿ in￿ded in the ststwnent of fnarKial athth$ on a receivable basis. The balance ol
me re￿IVed for specift purposes bul ncrt expend8d durThJ the periL*J 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 ext￿NIrt￿e accwnled fty ￿ an accruals t*is. Al expenses ir¢luding SLPPOrt costs
governance costs are aLtcated to the 4F*able exper4Jilure he8d*vJs. 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 fin￿￿41 instruments *e recognised at transaction value aTrJ
SubS￿￿nty measured at Iheir sell1wn￿ Y*e.
1.8 DEBTORS
Prepayments are al Ihe ar￿ljnt PTepaKI net cl tradE d$L￿nts due.
1.9 CASH AT BANK AND IN HAND
Cash at bank and in harKI in¢ludes cash ar)d str#)rt-lemi 1*3Ny 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 rerLgn￿d where the c£mpary ha5 a present oblylN)n resutting from
past event that probabty resum in t￿sfer 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 eXch￿ge wling at the rep￿tIr￿j d*.
Transacti￿$ in Currenc￿ are translthl mto at the rate njlng on the date of the
tranS￿￿On.
Exch*y 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
ccpyri￿ts 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 prOfes￿Onal fee5
5.202
4,530
TOTAL 2024
6.202
5.038
Page 15

THE GULF RESEARCH CENTRE cAMBRI￿E 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 c￿npan￿S indepènd&￿ exaniner in of..
The independent exarninat￿ rl the Cryn(s annud
2.000
2.530
2.630
TRUSTEES. REMLWERATION AND EXPENSES
The Char*y empbw i) the yw. CCWhkn ts key manageffent personnel to ts the
Tn￿ee$. who al give Ih*r tine ext*rtise wihrjjl Wyf￿1 of remuneration tx other benefit in kind.
Durin9 the year. no Truslees any rwnuneratth or othw {2(r23 . £NILI.
During Ihe Jtar erKled 31 Decerth 2¢r24, 4 Tntstees re￿I￿r$•I a total of £3.112 in resp￿1 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 CETr￿RE CAMBRI[￿E LIIAITED
IA Company Limitod ty (￿a￿￿e)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CREDITORS: AMOUNTS FAWNG DUE V•lTHIN ONE YEAR
2024
2023
Other credit￿S
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
STAT￿lENT 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)
I268￿18>
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 G￿1 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
Ba￿￿e
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
c￿￿110r$ 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 M￿ber, GUK Research c￿ter Foundthon.
Dr Abdulaziz Sager is ChaYm￿ of GU￿ Rese*ch Center. Jedd*, which prowded funding of £268,018 in
the year 12023. £264,993}.
Page 19