Registered number." 06996970 Charity numbgr: 1142875 THE GULF RESEARCH CENTRE CAMBRIDGE LIMITED IA Company Llmited by Guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2025
THE GULF RESEARCH CENTrE CAMBRIDGE UMITED {A cOmnY Llmed by Guarantee) Page R•feranc• and administratlve detalls of th8 Comp•ny, s Trustees and advis•r5 Independenl examinfjts rgport Statement of Ilnanclal activitie5 10 Balance gh•0t Statement ol cash Ilows 12 Notes to the flnanclal sl•tements 13-21
THE GULF RESEARCH CENTRE CAMBRIDGE LlhltTED {A Company Limrf Guarantee) REFERENCE AND ADMINISTRAWVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2025 Trustees DrAbdulaziz O S Dr Christian KLxh Mr Stuart Lang Professor Gk?como Luciani Professor Yasr Sulevn Dr AJu1h Sabth Baatoxl Dr Atrffied Sager Dr John Sfakianis Comp•ny rnglst•red number C69%970 Charlty registered number 1142875 Registered ¢)ffice rjo Th8 Unrversty d Camwe Centre crf lmt Studiès. Fxutty of Asian & Middk Eastem Stud*s Avenue Cambrithje C83 9DA Independgnt Examiners PEM SalssbLry Hse Slation Ro Cbri¢J9e CB12LA Bankws HSBC Bank PIC 63-64 St ANlre4Y5 Stre Crty Office Cambrbjge CB2 3BZ &)Ilcitors Mills & Re Botanic FbJuse 11X) Hills Ro•J c)bridge C821PH Page 1
THE GULF RESEARCH CENTRE CAMBRIDGE UIAITED (A Limtted ty Guarnnlee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEIIBER 2025 ThE Trustees present the¥ annual rep1 twer wlh the fina1 $tatemenl$ of ts Company for the 1 Jawary 2025 to 31 December 2025. The nUal rerth seNes tr purp)ses of both a Trustees. r8port and directors. raport under company Law. The Trustees eonfim that the annual rwrt and financial statements ol the charitable c7panY comply wih the current statutory requirements. the requwnerts of the charilable company's governing documenl and the prows)n$ of the Stement of Reee¢nmended Pwtice {SORP} applicab lo charities preparing their acC(nIS in accordance wlh the Frla1 Rawrbng Standard applicable i) the UK Republic of Ireland (FRS102} leffectNe 1 January 20191. Since the Company qualiFs as smal under SeCtn 382 of the C(Jnpanbes Acl 21x6. the slrgtegic r8p)rt requred of madrn and large coMS under the Compaffts Act 20¢A Islratsgic Rewrt and Directors. Rewtl Reg1)nS 2013 has been omited. OBJECTIVES AKI ACTMTIES ObJgth8s and a¢tivitw for the publlc bènefit Guw Resèarch Ctntre's {GRCI otiects are.. 1. the advan¢ennt d edueatth. I9 and reSh the of the publt,. withoul weiudice to the generaty of the fwing. the conduct of a centre kncwn as the The GUM Research Centre Cambridge for the thncement of educat# aThJ rese¥th on polral. sc1 and securrty IS5ue5 and any other mattets relating to the memtrm countries of the Gulf Co-operation Council {Bahrain, KLwait, Oman. Qatar. Sa1 Arth'a Unrted Arkn Emirntesl her countrns of the Gulf region iluding Iran, Iraq and Yemen. The Trustees eonfim that tlw have compw ith the duty in Sect)n 17 of the Chariiies Act 201110 ha due regartl to the Chanty Ccmnmtssion's genwal guklance on publ benef((. The Guff Research Centre Cambridge Limited is a registwed chlty of whth the charitk pul$e Ikfmed within the Chant A¢t 2011 is ouuined The Charity pfovKles benefft by prL¥)iotsy the of education ar regearch on political, economic. social and securty issues and any other matters relating to the member ctsjnlries of the Gulf Co- q)eralion Cour11. In selts.ng objectives and pL4nning for acliwtie5. the Tntstees have gNen due consthraticn lo general guKlance published by Charity C¢jnmiKn relating to putr1 benetrt. including Ihe guwjance 'Pule benefrt.. rvnning charity IPB21'. Pa2
THE GULF RESEARCH CENTRE CAM8RIDGE LIMITED IA Company Limlled by fwrantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEPABER 2025 OWECTIVES AND ACTivrriES (CONTINUED) Activltle5 for achievlng obigctives In pr8Ctu the activities of the chartabk ccffnpany we fcKused delNerwig these ckniects Ihrough a number ol approaches and policies inckxlmg: rigorous ecknpliance wlh intemational st1$1. pubtshng and refereeing standards. The Charily engages some di51inguished and oulstanding sehdats and researchers execute the Cenlre's programs and activr¢ies. in additKJn to a number of c8rtrfied exwts and members of ils academK consumive toard" 2. to enlist a number of ycxjng promw SearchS aTrJ exFert$ lo pwticipale in th8 Centre's actNities and programs, offering tr an cpp¢ytunrty to ccthmunKab and interact experienced reswchers.. and 3. to inject income back into new researth pr(13rS and activities. As such The Gulf Research Centre Camlxidge is able lo preseNe and maintain its inder(re and continuity. ACHIEVEMENTS AND PERFORMANCE Review of actl¥iti•s The pri¥paI acbvlies during the first six months of2025 vHe ass(KJ with preparing for the 15th annual Gu Resear¢h Meeting (GRMI. The 2025 Gulf Research Meeting tcd( tAace on 22-24 Juty 2025. GRM 2025 consisted of 12 research workshops convened at Various colleges of the Unwersity ef Cwnbridge aThJ several Cambndge hote15. The workshops tKought together approximately 4CKI researchers from acfOSS the globe. The GRM 2025 V•tJrkshops ¢d1cted by a t(rtai d 24 C(dI[ec1(S co¥er&J a bro&J range of topirA relevant not onty to the GUW regn bul also glotrAty. 1. GCC 2030 BeYd.. NalK¥)al VlOn5. Finieth. and the Fulure d F0ft 2. Sustain&Jle and Regenerats"ve Tourism Slr8tegie5 in the Gulf after COVID-19 3. Nature-Based Solutions for a cIrlar Eeornmy TransformalDn in the GCC Count$ 4. Nel Zero Gulf Crties." InnOVatn$ and Sustainable StralegE$ 5. Power Competition in the As1&P1c". Challeryes fw Guw Economic and Political Interest5 6. GCC Stes Non-Arab Rwal Mi(Jle Pcthws.. OppxJ1unEs arKI Challenges Amidst Shifting Regional Balances 7. Power Relations Be) the GCC and the Hom of Africa in an Uncertain Workl 8. Digrtal and Social Media Infiuencer5 Imwa D"rj Ctyjnlry Im8 in Light of GCC Natnal Viwns 9. GCC FutUreapeS.. Past and Present 10. Internationalr11 rA Higher EdLKalion in the Gult. Realty ¢X Fantss 11. H¢ghly Skdled Migrants and Ihe GCC countries Dn"vers. Perceptiorts, Policies. and New namicS 12. Enhanon9 the Gull Slates S&ur agansl Hyts"d Thres: Resi1rKe Regional C¢)operion vthhin GCC In addition to the 12 research workstKys. a Polry Roundtable aL80 pkce duriThJ GRM 2025. during which Iicy-related issue5 asscKthd th the Gul region V4W8 dIU$$ed and analysed. Page 3
THE GULF RESEARCH CENTRE CAMBRIDGE LIMITED (A ConyThy Linlt•d tr4 Guarnniea TRUSTEES. REPORT ICONTINLED) FOR THE YEAR ENDEO 31 DECEMBER 2025 ACHIEVEMENTS ANO PERFORAIANCE ICONTINUEDI A number of edrted volumes and Icyjmal issues based on Tesearch paper5 onginaly presented at one of the previ)us Gulf Research Meetings ware ether Pubsh3 or uThJer prepawalw durng 2025: 1. confl1 Resohjtion ISFla1 Issue of the AS1 Jrnal of Ea5tem arKI Islarn Stles) IGRM 2024- WckshoP 91 2. The BRICS+ arKI Gull Cooperat)n Councd Cwntrw (GRM 2024- Workshop 11 3. Shaping the Future of Oevetomert in Ihe GCC ArtIrKi Intelligere PolKies, Chall8ng8$ and OpkX)rtunrtYas IGRM 2024- workSp 8} 4. Securing the Future.. Delense n the GCC States - Inthstry. Techrthies and Policy ITwh) Special Journal Issues) {GRM 2024- WCkShcP 31 5. The Future of to GCC Ctria$- LalKr Rths. Pokns Mhjrnnly, AspiratNJn$ {GRM 2024 -WorksFKJP 10) 6. Th8 Arab GU Sta8s and SpcxL' Gecrt. DrIMstic. and Social Change IGRM 2024- workSp 7) 7. Nature-Based Sohjtions ts a Circukn Ec(wny TfanSf0rnwt in the GCC Countries (GRM 2025 - Workshop 31 8. Tourism Sustainabilty in the GCC CwnIr - Polus, Technologs. PtiCeS IGRM 2025 - w0$hoP 21 9. GCC 2030 aTrJ BwrKI: Natn01 Vwor6, Finlech. and the Futwe c Finance IGRM 2025- Workshop 11 FINANCIAL REVIEW Results for the year The for ltr a set ¢xrt in the ¢ld finanu Staterr1& Tot in¢cKne amounted to £537.353 (2024.. £367.1781 after Iclal expeTrJiture of £484.019 12024.. £372.7871, resulted in a net surplus of £53.334 12024.. defKi of £5.609) for year. At the erKI of the >Ear. the Charity h•J net assets of £57,727 12024: £4,393). Resepies pollcy At 31 Decgmber 2025, re$w$ •n¢)untgJ io £57,72712024.. £4.393). of whith £Nd were restrKted {2024: £NI}. The Trustees have agreed to in plxe a resefves the intenlK)n of building up and maintsining a six month ty)eratK)nal reserve in future years to f&ilrtate smLXh op7$. inchjding planning and implementation of future Gull Research MeetirYJs. and enablry the Chy to dekys in the receipt of IrMe and other unforeseen circumstsnees in a timdy manw. Thi$ will be hEved Ihrough •lilKal fimdraiwry combined with ¥%Elkreasoned cost reductnS. Golng concern The Tntstees have revmved forecasts twdws and have a reaS(able exPtal)ft that the Chity has adequate resources to ¢on1ue in cperaticwpl exislence for the f(ee)* future. Accordingly. th8 fnancial statements continue to be prepafed C1 the gc#ng concern basis. Page 4
THE GULF RESEARCH CEPrnIE CAMBRIDGE UMITED (A Company Lhnlted by Guarant•e TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Future Won$ Open conflict has commenced the Gul reg. The ¢hroe ncw ts to uThJerstand h¢)w best to address this conflict. This wivdves bringiro t(geth researchers vtho have analyse(J this CoMpX confh.ct srtualion from diffeient points of view - including the relewdnt pollal, secunty. economic aspects - with the goal of identrfying innovNe and SUstsinab pahs into the fulure for the Guff region and globalty. Thi8 is exactty the purpose of the Gulf Research MeetiN4s and the Poky Rtable5 Nganised by GRC Camld9&. Lcoking to the fu1u, the Tnjstees therefixe intend to focus pUlartY on the folltr41irrfJ.' Continue to organize the Gulf Reswh Meetings annualy in Canbridge. Identsfy new rethnt research topics arKI 5ts.me deeper research collaTation cffl Gulf-related is8ues globally, with the goal p¥oving a $t for innovalfft. ryn and frank exchange of reSearcbaSed Having initted a GRM PICY Roundtabk c(¥ry>>. ertsufe that diSuS1Cs fotsjs on key issues. $u¢h as the ongoir¥J conflicts in the GUK reg#)n. Expand GRM donor p¥tsCip8tlr ilh ts goal of drrnsrfyrng the spectrum of those donating lo GRC Cambridge to support the that it is wying out. corlder ffine-tuning the GUW Research Meeting format to tract addrtKJnal donors. induding Co11ate donc. Continue the On9ng wcwk of eslablshirwj IrK¥>tern relatihipS contracts vthh acmic ptjblishers to facilitste straighrforward timety publicalKm of resewch papws originaliry from the Gulf Research Mèetings. Work wih the Guw Research Meetiro kS1)P co4lredor5 to enhance the percentage of pubknshable research papers from eath wothshop. ContinL to extend tho GRC Cambrid9e ln1eractK and engagement with the Univergty of Cambridge, with the goal of enhaIng Cooperat wth centres of exelkn and Cc within the UnNersty. Page 5
THE GULF RESEARCH CENTRE CAMBRIDGE UMITED (A Conwany Limit¢d ty Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 CECEMBER 2025 STRUCTURE. GOVERNAPKE AND MANAGEMENT Constttutlon The GUW Reswch Centre Cambr LIMI 15 regtstweil as • charita coMpY limited by guarantee, inccryraled on 20 August 2009 arnj re9iStered as a charty on 14 July 2011 as The Gulf Research Centre Cartiridp Limited, registered eharty nLmber 1142875. T Ccwnpany vras conslrtuted under a Memorandum of Assoeiion. which established the rk¥jects pcrS of the charitable company arKI is givemed under its Artid8s of AssociatK)n. Methods of appointment w election of Tnmtees The DiTect(Ks of Charitaile Company are also Trustees for the puryxjses of chity lav and are appointed ty the Ccmpany in general meets"ThJs or by the Oirectors. A Direckn q)poinle(I by a resoluts.on of the other Direct¢ys musl retire at the folkwng nal ge¥ madmg. The affaits af the Charity are on a felali¥ety small sc. ACCcdwty. there are no fomal WI$8$ regardiThJ Ihe ItIOn and traIng of Trustees. Oryanlsatlonal $¢rudure and decislon maklng The Charity is manaFd directty by the Trustees. The of the Tnlees who serv8d during year are listed in the reference arKI •jmtrNe d¥als as sot oul page 1. The Board reports lo. and ratifEs appIationS for t. The Guff Re$ear¢h Centre Cambridge Limited. Members of Board and eocdine the chitab xtNit*s the Chanty. Page 6
THE GULF RESEARCH CENTrE CAMBRIDGE UMITED IA Company Llmiled by (awranteel TRUSTEES. REP(XiT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 STATEMENT OF TRUSTEES. RESPONSIBILMES The Trust88s (who are also the direct5 of C(xnpany for the purrK)ses of ccnpany law} are respcmsible for preparing the Tnlee5. report the finarKTal slatwnerrts in aCCdanCe with applb and United Kingdom A¢¢OLting Standards IUnle(l Kirydcyn Gener81ty Accepted AccotIng Pracb"cel. Company law requires the Trustees to prepare finanoal Statements for each financpl . Under company law, Ihe Trustees musl not approve the finartd statements unkss Ihay are satisfBJ that they give a true and fair vthv of Ihe $late ol affairs of the Company of its incoming resources aTrJ applcation of $oUr, including rts income expendthjre. f¢x that perKKI. In prew.ng these financial stements. the Trustees are required lo.. seled surtable accounting polcies and then appty them consistentty.. observe the methcrtJ$ and principles of the Chities SORP {FRS 102): me jud9ements and accounling estimates that a reasonle and prudent: state ether apFAKabl& UK Accounting Standa5 IFRS 102} have been foll(hved, subj.ect to any maerial departures dusclosed ex[Aai1 in the financial ststemenls: Prep the finci81 slatemenls the going concem basis unless il is inaFvr0ate to presume that the Ccfflpany continue in business. The Trnstees we responsiblg for keen9 Jequate accountry records that We sufficpant to show and expLgin the Company's transactions and disclose wlh reas(Yle accwacy at any time the financial position of the Company and enable IhEm to ensure that Ihe fin)eAI statements compty wf(h the Compans Acl 2006. They e dso responsle ts $8fegu8rding the asset$ of the Company and hence f¢y ta9 reasonab steps for the prevention 8nd detection of fraud other irwulariiEs. Approved b order of members ol the board ofTruste8s and Suned on the* behalf by.. Dr Abdulaz TrLtstee Sager Date.. l ¥ Jc.I Page 7
THE GULF RESEARCH CENTRE CAMBRIDGE LIMITED <A Conwny Llmited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 INDEPENDENT EXAmER's REPORT TO THE TRUSTEES OF THE GULF RESEARCH CEKfRE CAMBRIDGE LWJITED Company. I to the charty Trustees on my tMI110n cl the acc(xJnts of the Ccnpany for the Year ended 31 Derrthr 2025. RESPONSIBIUTIES AND &Y615 OF REPORT As the Trustees of the Company land its direca(ffs for th8 pufFoses of CCffipY Ivwl JrJu are responsible for the preparation ol the accounts in accLYdarKe with ts requrements ofthe Cthnpanies Acl 20(6 2006 Acfl. Hwng sattsfied myEeff that the att(nts of the CTrTyany ¥e Th)t required to bé under Part 16 of the 20 Act and are eligible for independent examinatJn. I reFQrt in reSPt of my ewination of the Companls accounts carried out under secticm 145 of the Charits A¢t 2011 Ilhe 2011 Acri. In cafrwng Out my examinat#)n I have folh)wed the Drections by the Charity Ccnmi851)n under sectM)n 14515}(bl of the 2011 Act INDEPENDENT EXAhlNERE STATEMENT Since the Ccffipanys gross rK(me exceeded £250.CQO Jrjur eXIner musl te 8 member of a t¢4Yy listed in secrn 145 of the 2011 Act I confimi that l a)) qualthed to uTrJ8rtake the examination because l am a member of Insb'lutè of Charterej AccountarAs in Errfjld aThJ Ws. is one of ts listad ldies. I have ciynplgted my examvwtK)n. l ¢onkn that no malters have ctyne to my attentb)n in connectton wih the examination giwng me cause to b•. alUn1thg records nc kept in res of the CLwnpany as reqUWj by Secti( 386 of the 2006 Acl: or th8 accounts do nc accord with those told$. the accounts not compty with the requirernents of 8ectK)n 396 of th9 20C6 Act other than any reqiremenl that the accouNs gr4 a Irue and fair vp•rf whth is not a maller considered as part of an independ1 exanlnat?n.' or the xcounls have not been wepared in xcordwtt 7hh the methods and principles of the Stslemenl of Recommended Practice for nting reporting by charthes appluble to Charit Pfepamg their accounts in wrth the FKial Report¥vJ StsThJard applicable in the UK and Repthlic of Ireland IFRS 102). I have no concems have come across other matters in conneclion wth the examination lo whh attenl•)n should be drawn in this iewt n der lo a proper undStanding of the accounts to be reached. Pagé 8
THE GULF RESEARCH CENTRE CAMBRIDGE UMITED IA Company Limited ty Guavanteo) INtpEmoENT EXAIAINEFfs REPORT {CONTINUEDD FOR THE YEAR ENDED 31 DECEMBER 2025 This report is made solety to the Ccxnpany's Truslee5. a5 a bryjy, in accordan with Part 4 of the Charitie5 {Account$ and Reports) Regulations 2008. My tirk has b8en undertaken so that I might slate lo t Company's Trustees th)se matters I required lo sLite lo them in an wndenl examinerfs report and for no crther purpose. To the fullest extent pennitted by I do nrrt accwt asswne responsi)ilty to YOr other than the Company and the Companls Trustee5 a5 a bc#ty, my work or for this report. Signed. LI(. 2&l Michael Hewett FCA DChA PEM Saltsbury H(xK8e Station Roaj CambrKlge CB12LA Page 9
THE GULF RESEARCH CEPrnIE CJIBRIDGE UMITED {A Cwany Limited by (aRrant STATEMENT OF FINANCIAL ACTNMES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2025 Total funds 2025 TclaS fLmds 2024 fvnds 2025 INCOME FROM: oat1(S Charitable 176.198 35&580 531.768 586 358.018 9,160 TOTAL INCOME 181.773 355,580 537.353 367,178 EXPENDITURE ON: Chantable tiVitieS 476.723 484.019 372,787 TOTAL EXPENDrruRE 476.723 484,019 372,787 NET IEXPENDITUREVINCOhlE Tr8n$fers between funds 1294.950) 348.284 1294950) $3,334 <5.6CQI NET MOVEMENT IN FUNDS 53J34 53,334 15.6091 RECONCIUATION OF FUNDS: Total funds brought foThRrd Net mo¥8menl in funds 4.393 $3,334 4393 53,334 10.002 (5.6091 TOTAL FUNDS CARRIED FORWARD 57.727 57,727 4.393 The Slatement of financial activrties IKIeS 811 gairts h)sses recogni5ed in Jear. The Th)tes on pages 13 to 21 frym part of th8se fW)ar1aI stan&)ts. Page 10
THE GLLF RESEARCH CENTrE CAM8RIDGE UMITED (A Company Llmited by Guarantee) REGISTERED NUMBEIL. 06996970 BALANCE SHEET AS AT 31 DECEMBER 2025 2025 2024 Note CURRENT ASSETS Debtofs Cash al bank and in hand 20,416 72.510 39,353 91926 39,353 CURRENT LIABIUTIES Crethlor$". anounts falliTrJ due wlhin o year 135,1991 134,9601 NET CURREKf ASSETS 57.n7 4.393 TOTAL NET ASSETS 57.727 4,393 CHARITY FUNDS Restricted funds Unwlricted funds 57,727 4.393 TOTAL FUMDS 57.727 4.393 The cLpa)Y was enlbJ to exemption from audit SeCn 477 of CcfflPan Acl 201A. Tlk members have not required the to obtain an wJrt for the ar in queslK)n in accordan¢e with sectM?n 476 of ecrfnpanS Aet 20. The Truslees xknrywledge their le¥bIl5 comFty'ng with the requirements of the Act wth resFcI to accounting records and preparati of finatKo1 statements. The financial stslement$ haN been prep8r&J in xc(Ydance with ihe provisions 4)pli¢le to entities subj'ecl lo the small companies regime. The financial statements were apyoved and ?lth(fft for issue by the Trusle8s and syned on their behalf by. Dr Abdulaziz O Sager Trustee Date. I f ftJlJ 2016 The notes on pages 13 to 21 fomi part of Uwe finar181 stst•Jl$. Pag8 11
THE GULF RESEARCH CENTrE CAMBRIDGE UMffED IA CanY Llmtt•d by GIants¢1 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 202S 2024 CASH FLOWS FROM OPERATIMG ACTMTIES Nei cash used in opw*ing actiwlies 33,157 28,185 CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR 31157 28.185 Cash ar¥J cash eqiiwalerts at the beginn9 cl the >tar 39.353 11.168 CASH AND CASH E¢JIJVALENTS AT THE END OF THE YEAR 72.510 39.353 The noles pages 13 to 21 fcffm p¥i of these fCla ststern Page 12
THE GULF RESEARCH CENTRE CAIABRIDGE UMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING PoLlEs 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The fNncial statements have been prepar&J in accord ryth the Charities SORP IFRS 102) - Accounting and Reporting by Charities.. Statement of Recomm8nded Practs'ce applicable to charities ring their a¢counts in 1rdae wth the Financial Rewrtsng Stsndard ¥)plicabla in the UK d RepublK of Ireland IFRS 102) (effective 1 January 20191. the Financial Reporting Standard plicable in the UK and Republr ol Ireland (FRS 102) and CpanIeS Act 2006. The Gulf Research Centre Cambrge Limled meets the definitM)n of a public benefil entity under FRS 102. Assets and l)iirties are inib.alty re(wnised al histoncal ¢ost or transaction value unless othepwBe stated in the iet xcounlry pc4w. There are no signifrant estwn&es at the reFIng date that have a rtsk of causing a malerial adjustment to the cryIng lontS of assets ar¥J liablrtw Trhthin the next reporting perÈod. 1.2 COMPANY STATUS The C(xnpany is a lthrted by warantee. The member L the Company is the Gulf Research Cenler FoundatNM is repented by a trustee, Dr chrisb.an Koch. In the event of the Company being wound up. the IHbility in res1 of the 9urtee is limited lo £10 per marnber of the Ccmpany. 1.3 GOING CONCERN Tfusle8s have revM¥wJ fcCasls aryl W aTrJ have a reasonab expectati( th the Charty has adequ resources io Conte in op8rational existence Ihe foreseeable future. A small surplus is budwed f(K 2026. with a large prCwrtm of the Iorne met by Gulf Research Center, Jeddah. Accordmgty. the fmanual statements continue to be prepared on th8 going concern basis. 1.4 FUND ACCOUNTING General funds are unrestrKted fuThJs are use * the discretM)n of the Tnjsiees in furtherance of the gen¥ obpcti¥es of C(xnpany arKI which have n¢X been desYJnated for other purposes. ReStrted fd$ are funds wh e lo be used in xcordanee wlh specfft restr1)n5 wnposed by donors or which have been raised by Ihe Cc¥npany Ic p¥ts"cular purw)ses. The costs of rasing and adMl$lerij SLKh funds are charged agast the SFecifK fund. The aim and use of each restri¢ted fund is set oul n the notes to the sta1wn. P4e 13
THE GULF RESEARCH CENTRE CAMBRIDGE UMITED IA Company Limlted by Guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES (CONTINiED) 1.S WCOPAE All income is recognised the Cunpany has entitlemenl to the income. ft is probable thal the irKm wll be reCed and the ncyJnt of income e1Vable can be Measu rets"abty. Grants are lets in the slemert of fla1 actthEs on a re¢¢Na basis. The balance of income received for sp8afK purFoses not exFended during the period is slThn in the rebvanl funds on the bnce sheet. Where Irn8 is recewj in tharKe of enlitlement of receipt. ts recognit is deferr and IlUded in creditors as defened income. Whwe entitlement occurs Other inc(Mne B recognisèj in the PWiC#J in il 15 receiv and io the extent th8 9dS have been provKJed or C cclnpklion of the seThryce. 1.6 EXPENDITURE ExpeNliture recognrsed onee there i% a tyl or con$tfUCtNe cblvjation lo transfer economic enerrt to a third paty. it is proknJle that a transfer of econom benefrts wll be required in settlemenl and aYKwnt of the ()IgatK Can be m8a5ured reh"abty. l expenditure is aeeounted crt) an basis. Al expenses induding support costs and govemance costs are alhxated to the expendrture he>Jings. G)vemance costs are those incurred in Con110 wrth admintstralKJn of the company a1 wnplIan wth nStitUt)nal and ststutory requirwwits. 1.7 FINANCIAL INSTrLIIIENTS Th8 CnpanY only has fI)C1 assets finarwl h"ablities of 8 kind that qualify as bas fatal Instruments. Bas anCl instnments are reccgnd a transaciion and subsequ8nUy measured * their sduement value. 1 A DEBTORS Prepayments are Thrdld at the ¥nount prepad net of Ir discowts th. 1.9 CASH AT BANK AND IN HAND Cash at bank and in hand incbJ<s cash WKI short-tem) hbjhty IbJuid thivestments with a short maturty of th months or $$ the d 0fulSffi or cpening of the deposit or Sinilar w)unt. 1.10 CREDITORS AND PROVISIONS Creditors and provisKrf)s ¥e rwimsed wthere cThmpany has a present ob1¥atft fesutting from a past event th will ryc4)abty resu n the Iransfer cl funds lo a third paty ard the arrMwnt due to settle the obligatn can be measu1 or estinaed reliably. Craitors and provisions are nomially recognisad at their sdtlerrtht after any trade ¢Js¢wnts due. Page 14
THE GULF RESEARCH CENTRE CAMBRIDGE UMITED (A Company Llmltsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACC(XJNTING POUCIES (CONTINUED) 1.11 FOREIGN CURRENCIES kjrthy assets arnl denLYnind w) foresn currencEs transkted into sterling at rales of exchange ruling al the repcrfiw date. Trans1$ in fe3n currerKw are translated )to tsling at th8 r ruling on the date of the transa¢tion. Exchange gal and k)$5es are recC¥jni in tt stateTrrt of Financial ACtrt. INCOME FROM tX)NATIONS AND LEGACES Total funds 2025 Total funds 2024 fund$ funds 2025 Donations 176.188 355.580 531.768 358.018 TOTAL 2024 268.018 358,018 INCOME FROM CHARITABLE ACTIVITIES Restricted Unrestricled funds funds 2025 2025 Tolal funds 2025 Tcrtal funds 2024 Listening Participart fees Cepyrights Fees 8,381 779 5.585 9.160 TOTAL 2024 8,381 779 9.160 Pag9 1S
THE GULF RESEARCH CENTRE CAMBRIDGE UMITED IA Company Limited lry Guarnntee) NOTES TO T+E FIPIANCIAL STATEIAEMrs FOR THE YEAR ENDED 31 DECEMBER 2025 ANALYSIS OF EXPENtMTURE BY ACTMTES A¢tivities undertaken dlrectly 2025 sUprt Total ful5 2025 T(al funds 2024 2025 GRC meetings 478,535 484019 372.787 TOTAL 2024 367,585 5,202 372.787 01 the abovè total costs £7.296 {£6.388) rele to restriclèj fuTrJs and £476,723 {£366.399) relate lo ANALYSIS OF DIRECT COSTS Total funds Total funds 2024 Meeting costs Organising wr*kshops Website developm Prnts"ng shiwng 293.460 33.900 720 2,217 147.156 1.092 227.763 43,328 3,453 91,855 1,186 Bank charges TOTAL 2025 478.635 367,585 ANALYSIS OF SUPPORT COSTS Total funds 2025 Total funds 2024 Accounlancy fees {wvernance) 5.202 Page 16
THE GULF RESEARCH CEIITrE CAMBRIDGE UMITED {A Company Limlted by Guaranleèl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 INDEPENDENT EXAMINEFfs REMUNERATION 2025 2024 Fees payable to the CompaWs ll)dependenl exaniner in respect of". The independent exam¥latn clthe cCffipa$ annual accounts All oth8r seeS rh)t inded atthE 2.180 2,760 2,080 2.630 TRUSTEES. REMUNERATION WID EXPENSES The Charity hwj no empbjees in the yw. and ¢cffjhJers s key management personnel to be the Trustees, who all give their time and expertise any fcffli IA renumeralion clhw benefit in kind. Dunng Ihe ye¥, no Tntstees receibd any remuneratK>n beneffts (2024 . £NILI. thjring the year ended 31 December 2025. 1 Tntstee was r&Ynbursed a lolal of £78 in respect of travel expenses incurred the Chantls behaw (2024.. £3.112 10 4 Truslees}. At the year end Th) balan¢e was payable lo Ihe Trustees1224. £Nfi payable). DEBTORS 2024 DUE WTHIN ONE YEAR Prepayments 20,416 Page 17
THE GULF RESEARCH CENTRE CAlblBRIDGE UMITED {A Company Limited ty Guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 tECEM8ER 2025 CREDITORS: AMOUNTS FALLING tXlE V•lTHIN OtrIE YEAR 2025 2024 Other creditors 429 34,nO 250 34.710 Accruals defer1 rKc*r 36.199 2026 2024 Oeferred income at 1 Janu8ry 2025 Re50urce5 deferred during the ythr ArrJU3 released fr(xn prewous pJ5 30.(X)O 30.000 130.000) 30,OC 30,000 30.0 Page 18
THE GULF RESEARCH CEKfRE CAMBRIDGE UMITED IA Cowny Umltod lry Gu•rantee) NOTES TO THE FINANCIAL STATEPAENTS FOR THE YEAR ENDED 31 DECEMBER 2025 STATEMENT OF FUNDS srATEMEMT OF FUNDS- CURRENT YEAR Balance at 31 Transfers Dacember inlout 2025 Balance at 1 January 2025 Incomfr EXPendirn UNRESTRICTED FUNDS General Funds 493 17296) 1294.950) 57,727 RESTRICTED FUNOS Gulf Research Meeting 181,773 1476.723> 294.950 TOTAL OF FUNDS 4,393 $37.353 1484,019) 57.727 Reslr¢ted lunds represent and grants rtteiwj annual Gulf Research Centre meetings. Transfers from unrestricted lo restrictad furKls made wtsre $PaKJ on reslricled actNi1$ was in excess of the origina CLne receiwd. STATEMENT OF FUNDS- PRIOR YEAR Balance at 31 December 2024 BalaKe al 1 January 2¢Y24 Transfers IoLrt Incryre Expenditure UNRESTRICTED FUNDS General Funds 10.(Mf2 268.797 16.388) (268,018) 4.393 RESTRICTED FUNDS Guff Re5earth MeetiNJ 98,381 (366,399) 2.018 TOTAL OF FUNDS lo.(2 367.178 (372.787) 4.393 Page 19
THE GULF RESEARCH CE14TRE CAIA8RIDGE UMITED IA con41 Lkntted lry Guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 10. ANALYSIS OF NET ASSETS BETWEEN FUhs ANALYSIS OF NET A&8ETS BETWEEN FUNDS- CURRENT PERIOD Unr•stricted funds 2025 Total funds 2025 Current assets Creditors within one yaar 92,926 135,199> 92,926 135.199 TOTAL 57,727 57,727 ANALYSIS OF NEf ASSETS BETWEEN FUNDS- PRIOR PERIOD unstri1Xed funds 2024 2024 Current assets Credit¥ due ilhin 39,353 134.960) 39.353 (34.960) TOTAL 4.393 4,393 RECONCIUATION OF NET MOVEMEiif IN FLWIDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 11. 2025 2024 incomeleMperM1Ur8 for the (as per SIM of FinancHI 53.334 15,609 ADJUSTMENTS FOR: DecreaseJlincre8se) in debttys Increase in ¢reditors {24181 239 3,364 30,430 NET CASH PROVICED BY OPEIIATING ACTIE8 3&157 28,185 Paye 20
THE GULF RESEARCH CENTRE CAMBRIDGE UMITED (A Company Limited by Guarnnleel NOTES TO THE FINAMCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12. ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024 Cash in hwbj 72.510 39,353 TOTAL CASH AND CASH EQUIVALEiirs 72,510 39,353 13. ANALYSIS OF CHANGES IN NET DEBT At31 Oecembei 2025 January 2025 Cash flows Cash at bank and in hand 39,353 33.157 72.510 39.353 33.157 72,510 14. RELATED PARfi TRANSACTIONS The Gulf Research Centre cam13e Lynrted has (me ffrnber. GULI Re5eareh Cenler Foundat. Th8re were no rekted party tran$t$ in the Far (2024". £MII. Di At4Julaziz Sager is Champn of Guff Research Cen. Jeddah. which prOvKj unrestricted funding of £305.580 in the year (2024.. £268,018) Page 21