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 cOm￿nY Llm*ed 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 A￿Ju1￿h Sabth Baatoxl Dr Atrffied Sager Dr John Sfakian*is Comp•ny rnglst•red number C69%970 Charlty registered number 1142875 Registered ¢)ffice rjo Th8 Unrversty d Camwe Centre crf l*mt Studiès. Fxutty of Asian & Middk Eastem Stud*s Avenue Cambrithje C83 9DA Independgnt Examiners PEM SalssbLry H￿se Slation Ro C￿bri¢J9e CB12LA Bankws HSBC Bank PIC 63-64 St ANlre4Y5 Stre Crty Office Cambrbjge CB2 3BZ &)Ilcitors Mills & R￿e 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 rep￿1 twer wlh the fina￿￿￿1 $tatemenl$ 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 c￿7panY comply wih the current statutory requirements. the requwnerts of the charilable company's governing documenl and the prows*)n$ of the St*ement of Reee¢nmended Pwtice {SORP} applicab￿ lo charities preparing their acC(￿nIS in accordance wlh the Fr￿￿la1 Rawrbng Standard applicable i) the UK Republic of Ireland (FRS102} leffectNe 1 January 20191. Since the Company qualiF*s as smal under SeCt￿n 382 of the C(Jnpanbes Acl 21x6. the slrgtegic r8p)rt requred of mad￿rn and large coM￿￿S under the Compaffts Act 20¢A Islratsgic Rewrt and Directors. Rewtl Reg￿1)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¢en*nt d edueatth. I￿￿￿9 and reS￿h 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 pol*ral. sc￿￿1 and securrty IS5ue5 and any other mattets relating to the memtrm countries of the Gulf Co-operation Council {Bahrain, KLwait, Oman. Qatar. Sa￿1 Arth'a Unrted Arkn Emirntesl ￿her countrns of the Gulf region i￿luding 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 ch￿lty of whth the charit*k 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 Cour￿11. In selts.ng objectives and pL4nning for acliwtie5. the Tntstees have gNen due consthraticn lo general guKlance published by Charity C¢jnmi￿K￿n relating to putr1￿ benetrt. including Ihe guwjance 'Pu￿le benefrt.. rvnning charity IPB21'. Pa￿2 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 st￿1$1￿. pubtshng and refereeing standards. The Charily engages some di51inguished and oulstanding sehdats and researchers execute the Cenlre's programs and activr¢ies. in additKJn to a number of c8rtrfied exwts and members of ils academK consumive toard" 2. to enlist a number of ycxjng promw ￿Search￿S aTrJ exFert$ 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(13r￿S and activities. As such The Gulf Research Centre Camlxidge is able lo preseNe and maintain its inder￿(￿r￿e and continuity. ACHIEVEMENTS AND PERFORMANCE Review of actl¥iti•s The pri￿¥paI acbvlies during the first six months of2025 vHe ass(K*J 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 ¢￿d1￿cted 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 reg￿n bul also glotrAty. 1. GCC 2030 ￿ BeY￿d.. NalK¥)al V￿lOn5. Finieth. and the Fulure d F￿0ft 2. Sustain&Jle and Regenerats"ve Tourism Slr8tegie5 in the Gulf after COVID-19 3. Nature-Based Solutions for a cIr￿lar Eeornmy TransformalDn in the GCC Count￿$ 4. Nel Zero Gulf Crties." InnOVat￿n$ and Sustainable StralegE$ 5. Power Competition in the As1&P￿￿1c". Challeryes fw Guw Economic and Political Interest5 6. GCC St*es Non-Arab Rwal Mi(*Jle Pcthws.. OppxJ1un*Es 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￿￿￿"r￿j Ctyjnlry Im￿8 in Light of GCC Nat￿nal Viwns 9. GCC FutUre￿apeS.. Past and Present 10. Internationalr￿1￿1 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 Thre*s: Resi1￿rKe Regional C¢)oper*ion 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 dI￿U$$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 Pub￿sh￿3 or uThJer prepawalw durng 2025: 1. confl￿1 Resohjtion ISF￿la1 Issue of the AS1￿ J￿rnal of Ea5tem arKI Islarn￿ St￿les) IGRM 2024- Wc￿kshoP 91 2. The BRICS+ arKI Gull Cooperat*)n Councd Cwntrw (GRM 2024- Workshop 11 3. Shaping the Future of Oevetomert in Ihe GCC ArtIrKi￿ Intelliger￿e PolKies, Chall8ng8$ and OpkX)rtunrtYas IGRM 2024- workS￿p 8} 4. Securing the Future.. Delense n the GCC States - Inthstry. Techrthies and Policy ITwh) Special Journal Issues) {GRM 2024- WC￿kShcP 31 5. The Future of to GCC C￿￿tria$- LalK￿r Rths. Pokns Mhjrnnly, AspiratNJn$ {GRM 2024 -WorksFKJP 10) 6. Th8 Arab GU￿ Sta8s and SpcxL' Gec￿rt￿. DrIMs￿￿tic￿. and Social Change IGRM 2024- workS￿p 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, Technolog*s. P￿tiCeS IGRM 2025 - w0￿$hoP 21 9. GCC 2030 aTrJ BwrKI: Nat￿n01 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 *¢l*d finanu* Staterr￿1& 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 smL*Xh op￿￿￿7$. inchjding planning and implementation of future Gull Research MeetirYJs. and enablry the Ch**y to dekys in the receipt of Ir￿Me and other unforeseen circumstsnees in a timdy manw. Thi$ will be *hEved Ihrough •*lilK￿al fimdraiwry combined with ¥%Elkreasoned cost reduct￿nS. Golng concern The Tntstees have revmved forecasts twdws and have a reaS(￿able exP￿tal￿)ft that the Ch*ity has adequate resources to ¢on1￿ue in cperaticwpl exislence for the f(￿ee*)* future. Accordingly. th8 fnancial statements continue to be prepafed C￿1 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 ¢h*roe ncw ts to uThJerstand h¢)w best to address this conflict. This wivdves bringiro t(geth￿ researchers vtho have analyse(J this CoMp￿X confh.ct srtualion from diffeient points of view - including the relewdnt poll￿al, secunty. ￿ economic aspects - with the goal of identrfying innov*Ne 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 R￿￿￿table5 Nganised by GRC Cam￿ld9&. Lcoking to the fu1u￿, the Tnjstees therefixe intend to focus p￿UlartY on the folltr41irrfJ.' Continue to organize the Gulf Reswh Meetings annualy in Canbridge. Identsfy new rethnt research topics arKI 5ts.m￿e deeper research colla￿Tation cffl Gulf-related is8ues globally, with the goal ￿ p¥ov￿ing a $￿t for innovalfft. ryn and frank exchange of reSearc￿baSed Having init￿ted a GRM P￿ICY Roundtabk c(¥ry>>￿. ertsufe that diSu￿S1C￿s 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. cor￿lder ffine-tuning the GUW Research Meeting format to *tract addrtKJnal donors. induding Co￿11ate donc￿. Continue the On9￿ng wcwk of eslablshirwj IrK¥>tern relati￿hipS contracts vthh ac*mic 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 enha￿Ing 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￿ coMp￿Y 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 Assoei*ion. which established the rk¥jects pc￿￿rS 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 ch*ity 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 ￿n￿al ge￿¥ madmg. The affaits af the Charity are on a felali¥ety small sc*. ACCc￿dwty. there are no fomal WI￿$8$ regardiThJ Ihe I￿tIOn and tra￿Ing of Trustees. Oryanlsatlonal $¢rudure and decislon maklng The Charity is manaFd directty by the Trustees. The of the Tn*lees who serv8d during year are listed in the reference arKI •jm*￿tr￿Ne d¥als as sot oul ￿ page 1. The Board reports lo. and ratifEs appI￿ationS for t￿. The Guff Re$ear¢h Centre Cambridge Limited. Members of Board and eoc*din*e the ch*itab￿ 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 direct￿5 of C(xnpany for the purrK)ses of cc*npany law} are respcmsible for preparing the Tn￿lee5. report the finarKTal slatwnerrts in aCC￿danCe with appl￿b￿ and United Kingdom A¢¢OL￿ting Standards IUnle(l Kirydcyn Gener81ty Accepted Acco￿tIng 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 st*ements. the Trustees are required lo.. seled surtable accounting polcies and then appty them consistentty.. observe the methcrtJ$ and principles of the Ch*ities SORP {FRS 102): m*e jud9ements and accounling estimates that a￿ reason*le and prudent: state ￿￿ether apFAKabl& UK Accounting Standa￿5 IFRS 102} have been foll(hved, subj.ect to any maerial departures dusclosed ex[Aai￿1 in the financial ststemenls: Prep￿ the fin*ci81 slatemenls the going concem basis unless il is inaFvr0￿ate to presume that the Ccfflpany continue in business. The Trnstees we responsiblg for kee￿n9 *Jequate accountry records that We sufficpant to show and expLgin the Company's transactions and disclose wlh reas(Y￿le accwacy at any time the financial position of the Company and enable IhEm to ensure that Ihe fin*)eAI statements compty wf(h the Compan*s Acl 2006. They e dso respons*le ts $8fegu8rding the asset$ of the Company and hence f¢y ta￿9 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 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 f￿￿Cla 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 PoL￿lEs 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 ￿1rda￿e 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 C￿panIeS Act 2006. The Gulf Research Centre Cambr￿ge 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 i￿e￿t xcounlry pc4w. There are no signifrant estwn&es at the reF￿Ing date that have a rtsk of causing a malerial adjustment to the c￿ryIng ￿lo￿ntS 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 rep￿ented by a trustee, Dr chrisb.an Koch. In the event of the Company being wound up. the IHbility in res￿1 of the 9u￿rtee is limited lo £10 per marnber of the Ccmpany. 1.3 GOING CONCERN Tfusle8s have revM¥wJ fc￿Casls aryl W aTrJ have a reasonab￿ expectati(￿ th* the Charty has adequ* resources io Cont￿￿e in op8rational existence Ihe foreseeable future. A small surplus is budwed f(K 2026. with a large prCwrtm￿ of the I￿orne 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. ReStr￿ted f￿d$ are funds w￿h *e lo be used in xcordanee wlh specfft restr￿1￿)n5 wnposed by donors or which have been raised by Ihe Cc¥npany Ic* p¥ts"cular purw)ses. The costs of rasing and adM￿l$leri￿j SLKh funds are charged aga￿st 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 reCe￿d and the *ncyJnt of income ￿e1Vable can be Measu￿ rets"abty. Grants are ￿￿lets in the sl*emert of f￿la1 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 b*nce sheet. Where Ir￿n8 is recewj in tharKe of enlitlement of receipt. ts recognit￿ is deferr￿ and I￿lUded 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 9￿dS 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 prokn*Jle 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 Con￿110￿ wrth admintstralKJn of the company a￿1 wnplIan￿ wth ￿nStitUt￿)nal and ststutory requirwwits. 1.7 FINANCIAL INSTrLIIIENTS Th8 C￿npanY only has fI￿)C1* assets finarwl h"ablities of 8 kind that qualify as bas￿ f￿a￿tal Instruments. Bas￿ ￿anC￿l instnments are reccgn*d a transaciion and subsequ8nUy measured * their sduement value. 1 A DEBTORS Prepayments are Thrdl￿d 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* 0f￿ulS￿￿ffi 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¥at￿ft 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 obligat￿n can be measu￿1 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 denLYnin*d w) foresn currencEs ￿ transkted into sterling at rales of exchange ruling al the repcrfiw date. Trans￿1￿$ in f￿e￿3n currerKw are translated *)to tsling at th8 r* ruling on the date of the transa¢tion. Exchange gal￿ and k)$5es are recC¥jni￿ in tt* stateTr￿rt of Financial ACt￿rt￿. INCOME FROM tX)NATIONS AND LEGACES Total funds 2025 Total funds 2024 fund$ 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 sUp￿rt Total ful￿5 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) rel*e 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¥lat￿n clthe cCffipa￿$ annual accounts All oth8r se￿￿eS rh)t in￿ded 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 receib*d 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 Trustees12￿24. £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 defer￿1 rKc*r 36.199 2026 2024 Oeferred income at 1 Janu8ry 2025 Re50urce5 deferred during the ythr Arr￿JU￿3 released fr(xn prewous p￿J5 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 EXPendi￿rn UNRESTRICTED FUNDS General Funds 4￿93 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 ￿CL￿ne 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 FUh￿s 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 un￿stri1Xed 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 incomeleMperM1￿Ur8 for the ￿ (as per SI*M￿ of FinancHI 53.334 15,609 ADJUSTMENTS FOR: DecreaseJlincre8se) in debttys Increase in ¢reditors {2￿4181 239 3,364 30,430 NET CASH PROVICED BY OPEIIATING ACTI￿￿E8 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 cam￿1￿3e Lynrted has (me ff￿rnber. 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 prOvK￿j unrestricted funding of £305.580 in the year (2024.. £268,018) Page 21