THE CAMBRIDGE SECURITY INITIATIVE 2017 A CHARITABLE COMPANY LIMITED BY GUARANTEE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 REGISTERED CHARITY No 1175201 REGISTERED COMPANY No 10776032 THE CAMBRIDGE SECURITY INITIATIVE 2017 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 Contents Pages Trustees, Report Independent Exarninerfs Report ststement ol Financial Acts'vity incorporating the Income and Expenditure Account Balance Sheet ststement of Cash Flows Notes to the financial staternents THE CAMBRIDGE SECURITY INITIATIVE 2017 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2025 The Directors lalso referred to as Trustees lor the purpose ol charity lawl p￿sent their report with the linanaal statements of the charitable company foi the year end 31 October 2025. The financial statements have been prepared In 8ccoid8nce with the accounting pdicies Set out in the notes to the fin8nci81 statement5 and cornply ith the charity's trust deed, a plicable law and the requirements ol the Statement ol Recommended Practice, "Accounting and Reporting by harities 2019 and the Companies Act 2006. Reference and Administrative Details The Company was incoiporsted on 17 May 2017 and regIste￿d with the Charity CotnTnission foi England and Wales on 17 October 2017. Structure, Governance and Management The operation of the Gharity is governed by its Memoiandum and Articles of Association. It is a company lirnited by guarantee and a charity registered with the Charity Commission of England 3nd Wales. HM Revenue Customs have recognised the chaiity foi tax purposes. Since the charity only uses its funds for chaiitable purposes no taxation is then payable on the income or gains. The overall responsibility for the operations of the Charity and its finances is with the Directors. Directors The Directors who have served during the ear were". Dr A M Dawson. Sir R B Dearlove. Dr S P artland. J A Kno￿eS-CutIer. D Ludlow (appointed 15 January 20251. Prof M S Goodman lappointed 17 March 20251. Dr D Richterova lappointed 12 June 20251. Appointment and Training of Directors The power to appoint and remove Directors is vested with the Directors. On appointrnent each Director re￿iVeS cDpies of the prinapal constitutional and tK)Iicy docutnents of the Company. with current and forward financial planning inft>rmation. Directois ale provided with regular updates ol relevant information from the Charity Commission and other relevant sourtss. Charitable objects The objects of the charity are to advance education in relation to intemational security and intelligence issues through research, provision of educational programmes and collaborations in Intelligence studies. teaching and research with national and international universities, the government ol the UK and other nations. Public Benefit The charity was established in 2017 to offer 8 unique educational piryramme. The purpose of this unique educational progratntne are trNo-fold". to provide an opportunity for undergraduate and graduate students and early-career professionals with an intellectual or professional interest in statecraft and the interlocking themes ol intelligence, security. defence and foreign policy to meet and work with leading academics and practitioners from the intelligence and security communities and to examine the diverse and complex challenge5 f8ced by Western democracies". Secondly. through provision ol funding. to promote the study and understanding ol Intelligence and security issues. Themes explored include.. How western intelligence communities can operate in a world of seemingly ubiquitous SUNeillance, and how they might compete with - or harness- the revolLrtion in opensource data. Threats posed by intelligence, cyber warlare, radicalisation, acts of terrorism, regional insecurity and information operations. Modern conceptions of tr8nsp8ren¢y tempered by legrtimate clairns for stste secrecy and the role of the Intelligen￿ and 5ecuiity agencies in 3 tnodern detnociatic society. Analyb"cal challenges and the Intelligence-policy Interlats. Various mechanisms ol intelligence cdlection, analysis and dissemination, counter-intelligence and covert operations. Achievements In the summer of 2025 the Cambridge Security Initiative ran another very successful Intemational Security and Intelligence Programme hosted by Emmanuel College, Cambridge. The four-week Programme aimed at undergraduates, graduates and earfy-career professionals locuses on themes relating to contemporary security and Intelligen￿ issues facing the modern world. Seventy-eight students from many countries, the majority from North America, attended the Progiamrne. The Programme was very well retrived both for the quality of the teaching and the hospitality and accommodation offered by Emmanuel. Five students re￿Ived full turtion fee schdarships which were offered on a competitive basis One ol the highlights ol these Programmes is the Cambridge Security Initiative's tWO-d8y annual Conference entitled 'lntelligence and National Security in a Changing World, which offers ￿ctUres. 'fire-side' conversations and panels given by specialists frorn the professional and academic worlds. some of whom 8re. or weie, very senior and all of whom are well-pla￿d to explore the key themes of the Conference. All 78 ISI 2025 students attended gratis as did 10 alumni. Attendees from higher education pay a ￿dU￿d rate150.kl of the full fee which is £320 per delegate otherwise. In April 2025 Csi launched a new two-week Prograrnme geared towards executives and professionals with interests in Security and Intelligence issue5 which attrarted 38 delegates This new venture which wll be repeated annually allow5 Csi to look towards an Increase In its core staffing and in tuin to furthei Initiatives which 11 support its Charitab￿ aims. ## ## THE CAMBRIDGE SECURITY INITIATIVE 2017 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I report to the chsrity trustees on my examinab.on of the accounts of the for the year ended 31 October 2025 which are set out on pages 4 to 9. RESPONSIBILITIES AND BASIS OF REPORT As the charity trustees ol the company land also its d1￿CtOrS for the purposes ol company lawl you are responsible lor the preparation of the accounts in accordance with the requirements ol the Companies Act 20061'the 2006 Act'l. Having satisfi'ed myself that the accounts ol the company are not required to be audited under Part 18 01 the 2006 Act and are eligible for independent examination, I report in respect ol my examination ol your company's accounts as carried out under section 145 01 the Charities Act 2011 I'lhe 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Cornmission under section 145lSllbl ol the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I confirm th8t no matters h8ve come to my attention in connection with the examination giving me cause to believe that in any material iespect". 8CCOUnting records were not kept In respect of the cotnpany as iequiied by section 386 of the 2006 Act". 01 the accounts do not accord wth those recoid5, or the accounts do not cornply wth the accounting requirèments of section 396 of the 2006 Act othei than any requirement that the accounts give a 'ttue and fair view. which is not a matter considered as part of an Independent examination", or the accounts have not been prepared in accordance with the methods and principles ol the Statement ol Recommended Pradice for accounting and reporting by charities lapplicable to charth.es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 10211. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Paul Chubbock FCCA Chater Allan LLP 7 Quy Court Colliers Lane Stow-cutn-Quy C8rnbridge CB25 gAU Date". 27 April 2026 THE CAMBRIDGE SECURITY INITIATIVE 2017 STATEMENT OF FINANCIAL ACTIVITIES including Income and Expenditure Account FOR THE YEAR ENDED 31 OCTOBER 2025 Unrèstrietèd Funds General Fund Total Funds 2025 Total Funds 17 months to 31 October 2024 Note Income from.. Donations and legaaes Charitable activity Advancement ol Intemational Security Investment income 642,453 4,905 642.453 4.9)5 718,494 4,657 Totsl Income 647.357 647.357 723,151 Expenditure on: Gharitable 8ctivty Advancement ol Intemational Security 514.779 514.779 617.456 Total Expenditure 514.779 514.779 617,456 Net ineomellExpènditur•l and net movèrnènt in funds for thè year 132.578 132.578 105.695 Total funds brought forward 127,328 127,328 21,633 Ttstal funds carrièd forward 259.906 259.906 127,328 |||`2025`||`2024`|| |---|---|---|---|---|---| ||`Note`|`£`|`£`|`£`|`£`| |`FIXED ASSETS`|||||| |`Tangible assets`|`4`||`1,198`||`874`| |`CURRENT ASSETS`|||||| |`Debtors`|`5`|`1.804`||`1,340`|| |`Cash at bank`||`263,638`||`129,383`|| |||`265,441`||`130,722`|| |`CURRENT LIABILITIES`|||||| |`Creditors due within one year`|`6`|`6,733`||`4,268`|| |`NET CURRENT ASSETS`|||`259,906`||`127,328`| |`TOTAL ASSETS LESS CURRENT LIABILITIES`|||`259,906`||`127,328`| |`FUNDS OF THE CHARITY:`|||||| |`Unrestricted funds`|`7`||`259,906`||`127,328`| |`TOTAL FUNDS`|||`259,906`||`127.328`| THE CAMBRIDGE SECURITY INITIATIVE 2017 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2025 Note 2025 2024 Cash provlded used In operatlng actlvltles 135,265 1143,8001 Cash flows from Snvestlng actlvltles Purchase ol fixed assets 1,010 1,010 1,049 1,049 Change Sn cash and cash equlvalents In the reportlng perlod 134,255 1144,8491 Cash and cash equivalents at the beginning of the reporting period 129,383 274,232 Cash and cash equivalents at the end of the reporting period 263,638 129,383 Note8 to the Cash flow statement 1. Reconciliation of net income for the year to nèt cash flow from operating activities 2025 2024 Net movement in funds Adjustments for". Depreciation charges 132,578 105,695 175 Decreaselllncreasel in debtors (Decreasellincrease in creditors 14S41 2,465 41,805 1291,4751 Net cash inflow loufflowl from operating activities 135,285 143,800 2. Analysis of cash and cash equivalents At1 November 2024 At31 October 202S Cash flow C8sh * bank and in hand 129,383 134.255 263.638 129,383 134,255 263,638 THE CAMBRIDGE SECURITY INITIATIVE 2017 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 ACCOUNTING POLICIES 1.1 Basis of preparation The charity constitutes a public benefit entity as defined by FRS 102. The linanrial ststements have been prepared In accoid8nce with Accounting and Reporting by Charities". Ststement of Recommended Practice applicable to charib.es preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic ol Ireland IFRS 1021 issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companies Act 2006 and UK Gener8lly Accepted Accounting Pr8Ctice. 1.2 Golng concern basls The Tiustees consider that the going concem b8sis is appropriate as they consider the reserves levels and expected investment Income to be at sufticient levels to ensure that the Trustees can meet their financial obligations lor the next 12 to 18 months and on that basis the Charity is a going concern. 1.3 Funds Unrestricted funds are available lor use at the discretion of the trustees in furtherance ol the general objectives of the charity and which have not been designated for other purposes. 1.4 Tangibla fix•d assèts Individual fixed assets are c8Pitalised at cost. Tangible fixed assets are depreciated on a stiaighl line b8sis over their esb"mated useful lives as follows. Computer Equipment 3 years 1.5 Income All income is included in the Statement ol Financial Activities ISOFAI when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the incotne wll be reTrived. Income ielated to future years is treated as deferred Income. 1.6 Expendlture All expenditure is accounted foi on an acGru8ls b8sis and has been classified under headings that 8ggreg3te all costs related to the category. Expenditure Is recognised where there Is a legal or constructive obligation to make payments to third parties, it is probable that the setuement will be required and the amount ol the obligation can be measured reliably. Expenditure In relation to the administration of the charity are allocated to govemance costs. 1.7 Taxation The charity is an exempt charity wthin the meaning of schedule 3 of the Charrties Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 FinanTr Act 2010 and therefore it meets the definition of charitable cornpany lor UK corporation tax purposes. THE CAMBRIDGE SECURITY INITIATIVE 2017 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 EXPENDITURE ON CHARITABLE ACTIVITY Advancement ol Intemational Security Unrestricted Funds General Fund Totsl Total 17 months to 31 October 2024 2025 Dlrect costs Progr8mrne events Salaries Inote 31 Consultancy fees Grants, donations and scholarships Printing, stationery and computer Travel and subsistence Insuran Marketing and IT costs Bank charges Sundry expenses Professional fees Administration Depreciation Leg81 fees Support eosts Governance Independent exarnination Trustees meetings 343.968 49.124 26.413 52,060 1,325 303 1,689 11,516 103 346 660 12,280 343.968 49.124 26.413 52,060 1.325 303 1.689 11,51S 103 346 660 12,280 686 12.037 412,174 95.832 31,028 31,500 1.(E4 178 1,997 32,194 157 149 780 8,548 175 12.037 2,100 171 2.100 171 1.680 Total 514,779 514.779 617,456 STAFF COSTS 2025 2024 Wages and salaries Pensions 48.984 140 95,832 49.124 95,832 2025 2024 The average number of staff during the year was.. The trustees re￿iVed no remuneration or expenses during the year lor their role as a trustee. THE CAMBRIDGE SECURITY INITIATIVE 2017 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 TANGIBLE FIXED ASSETS Computer Equipment Totsl Cost Brought forward at 1 Novernber 2024 Additions 2.823 1.010 2.823 1.010 At 31 October 2025 3,833 3,833 Depre¢iation Brought forward at 1 November 2024 Charge lor year 1.949 68S 1,949 686 At 31 October 2025 2.635 2.635 Net book value At 31 October 2025 1.198 1,198 At 31 October 2024 874 874 DEBTORS 2025 2024 Other debtors Prepayments 1.804 491 1.804 1.340 CREDITORS 2025 2024 Wages, PAYE and pensions Accrued expenses 573 6.160 743 3.525 6,733 4,268 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrlcted Funds General Fund Totsl Funds Total Funds 2025 2024 Tangible assets Net assetsllliabil(oesl 1.198 258,708 1.198 258.708 874 126,454 Total net assets 259,906 259.90S 127,328 RELATED PARTY DISCLOSURES During the year the charitable company had the followng related party transactions.. Consultancy fees of £26,413 paid to the trustee. Dr A M Dawson.