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2024-12-31-accounts

The Institute of Ismaili Studies Trustees, Report and Financial Slalemenls for the Year Ended 31 December 2024 Company number.. 01324858 Registered Charity number.. 1179135 ENV218264044e07-DABE41529-ECAA 2910512025 13.03 PM UTC

Table of Contents Reference and Adminislralive inlormalion Trustees. Report for the year ended 31 December 2024. Independent Auditor's Report.......... Slalemenl of Financial A¢livities .12 Balance Sheel........... .13 Cashflow Slalemenl. .14 Notes lo the Financial Statements 15 ENV218264044607-DA8E-0529-ECAA 2910512025 13 03 PM UTC

Reference and Administrative Information Directors and Trnst$ès The members oflhe Board of Trustees. who are also Directors for CompaniesAcl purposes. al the dale on which the financial slalemenls were approved, the members who served on the Board of Trustees during the financial year and the Committee of the Board of Trustees that mernbers served on during thè financial year were as follows.. His Late Highness Prince Karim Aga Khan IV Ideceased 4th February 20251 His Highness Prince Rahim Aga Khan V lappoinled 18th February 20251 Mrs Karina Govindji lal Mr Naguib Kherai, CBE lal Mr Habib Molani lal lal Board of Governors Commitleo Board of Governors Professor Ali Asani Dr Farhad Daftary Mrs Karina Govindji Dr Arif Jamal Dr Nadia Eboo Jamal Mr Rahim Karim Mr Alykhan Kassam MrAmyn Kassim-Lakha Professor Tashmin Khamis Mr Naguib Kheraj. CBE Dr Sharofal Mamadambarova Dr Shogufa Mir Malekyar Mr Habib Molani Professor Nacim Pak-shiraz Professor Farid F. Panjwani Secreta Mr Habib Molani Re istered Offlce Ag8 Khan Centr& 10 Handyside Street King's Cross London. N1C 4DN istered Auditors UHY Hacker Young LLP Quadrant House 4 Thomas More Square London, E?W 1YW Bankers Lloyds Bank 113-117 Oxford Street London W1D 2HW Company number.. 01324858 Register￿ Charity number.. 1179135 ENV218264044607-DA8E-0529-ECAA 2910512025 13'.03 PM UTC

Trustees. Report for the year ended 31 December 2024 The Trustees, Report incorporates the Directors, and Strategic Report for the year ended 31 December 2024. ACCOUNTING POLICIES Basls of Preparation The financial slalemenls have been prepared in accordance with the a¢¢ounling policies sel out in the notes lo the accoun15 and ¢omply with the governing document of The Inslilule of15maili Studies, I'The Institute "IIS" or 'lhe charity"), the Charities Act 2011, Accounting and Reporting by Charities". Slalement of Recommended Practice ISORPI 2019 applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ ol I￿land IFRS1021, and the Companies Act 2006. STRUCTURE, GOVERNANCE AND MANAGEMENT Organl$atlonal Structure The Trustees have ultimate responsibility for all aspects of thework of The Institute and for Its acadetnic, linanGial and investment policies and strategic direction. In 2024, they delegated the day-lo-day management of The Institute to its Director, Professor Zayn Kassam, who operated through her departmental and unil heads. The co-ordination of the work of The Inslilule was the responsibility of the Director. The Trustees continued to participate in the strategic decision-making processes of The Institute through the Diieclor and the system of committees and sub-committees. Gov&rning Document The Institute is a company limited by guarantee and having a share capital and was incorporated on 9 August 1977. 11 becatne a registered chartty on 10 July 2018. The objects and powers of The Inslilule were established in ils Memorandum of Asso¢i8lion, and f( is governed by (fs Articles of AssocialK)n as arnended by special resolution on 2 July 2018. Key Managgm•nt Personnel The charity's Trustees, ils comrnittee5 and sub-committees, the Director and the departmental heads comprise the key management personnel of the charity in charge of directing. controlling and running th& charity Dn a day-lo-day basis. All Trustee5 give their lime freely and nts Trustee re￿iVed remuneration for their roles in the year. The remuneration of key management is determined within a framework approved by the Trustees. The framework seeks lo lake into consideration various factors, such as inflation, performance and remuneration levels al comparable institutions. Trustees, Appointment, IndLbCtion and Training As sel out in the Articles olAssociation, the Trustees are appointed and removed by the holderlsl of a simple majority of the issued share capital of The Inslilute. Arrangements are made lo ensu￿ that Trustees are aware of the aims and objectives of the charity, as well as their responsibilities. All the Trustees have acquired an in-depth knowledge of the work of The Inslilule. including its charitable objectives, and through ((s annual budget process they monitor The Inslilule's perfomance in achieving ils charitable objectives. The Trustees were also involved in the approval of The Inslrtule's new strategic plan. Additionally, information published by the Charity Commission for trustees is made available lo the Trustees. On 4 February 2025, The Inslilule'5 founder and Chair, His Highness Prince Karim Aga Khan IV, passed away peacefully al his residence in Lisbon. Portugal. The Trustees wish to record their gratitude on behalf of The Institute for the extraordinary visionary direction and support which the Founder Chair provided ID The Inslilule since ils inception. Following his accession as the 50th hereditary Imam of the Shia Imami Muslims, His Highness Prince Rahim Aga Khan V was appointed as a Trustee of The Inslilule on 18 February 2025 and became ils Chair. ENV218264044607-DABE-0529-ECAA 29105r2025 13'.03 PM UTC

Prlnclpal Rlsks and Uncertalnties The Truslees have assessed and continue lo reass&ss the major risks lo which the charity is exposed. in particular those ielaled lo the operations. compliance with law and regulation and finances of the charity. The major risks facing IIS are il the loss of key acadernics and faculty staff, who cannot be readily replaced due lo IIS operating in a specialised field, ill significanl damage lo the holdings of the library and the special colleclsons due to fire, flooding or other risks, iiil the inability to recruit students due lo geopolitical developments and UK immigration ¢onslrainls ivl cybersecurity risk and vl the level of inflation in the UK and ils likely impact on the charity's future plans and budgets and ils funding. The Trustees, through the Director and various committees. monitor the above risks on an on%oing basis and are satisfied with the plans put in place ID miligale them. Related Parties The Inslilule owns no subsidiary companies bul itself is owned 98Qh by the Aga Khan Foundation, a registered foundation in Switzerland. The Institute has common interests with the Aga Khan Universty Foundation, Aga Khan Foundalk)n (United Kingdom) and Islamic Publications Limited. OBJECTIVES OF THE CHARITY Aims and Ob5¢ctiv&s The objects of the charity are, for the public benefrt. to assi51 in the advancement of education and learning or any other exclusively chaiilable obje¢l (under the laws of England and Vvalesl, including {wilhoul limiting the generality of the foregoingl.. to encourage, extend, increase, di5seminale and promote knowledge of. and lo promote. CDnducl and 5UPPOrt research (including through the dissemination of the useful results of such research) into, the religious, spirilkjal and cultural heritage of the Shia Imami Ismaili Tariqah of Islam, and lo conduct and support research into any other religious fa11hs, beliefs or practices and lo disseminate the useful results thereof.. and Its establish, carry on, and SUPPOrt the educational inslrtulion known by the charity'5 name and such other educational instrtutions and programmes as the Board of Trustees sees fil. Public benefit The Institute, through ils governing body. the Board of Trustees, is aware of its responsibilitios as a Charity lo act for the public benefi't across rts activities and has had due regard lo the latest version of the Charity Cornmission's publi¢ benefit guidance. The Institute endeavours lo advance education and knowledge ol Muslim Societies and civilisalions through leaming, leaching and research lor the benefrt of individuals and society.11 conlribules lo the development of professionals and scholars who have a broader, deeper and critical understanding of Islam and ils diverse 8xpfessiDns in the modern contemporary conlexl. As a resull. scholars are better equipped lo promote understanding and social cohesion amongst diverse communities in society and to analyse theological, social, economic and educational problems faced by contemporary soeielies, offering creative solutions lo address them. Location The Institute is located in a purpose-designed home al the Aga Khan Centre in London's King's Cross. where il 15 co-located with The Aga Khan University Ilnlernalionall in the United Kingdom and the Aga Khan Foundation Iuniled Kingdornl. The Aga Khan Centre is a place for education. knowledge, cultural exchange, and insight into Muslim civilisations. The organisations that are located there work together to bridge the gap in understanding about MLJslim Cultures and their diversity, as well as lo connect the public to global development issues. The three institutions host a variety of event5, exhibitions, tours, and talks that are open lo the public. TRUSTEES. RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS The law applicable to charitable companies in England and Wales requires the Trustees lo prepare financial slalemenls for each financial year, which give a true and fair view ol the state of affairs of the charity and of the incoming resour¢es and application of reSoUr￿S of the charity for that period. In preparing these financial slatemenls, the Trustees are required lo.. ENV218264044807-DABE-0529-ECAA 2910512025 13.03 PM UTC

select suitable accountin9 policies and then apply them Consistent￿., observe Ihe methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent., stale whelhei applicable accounting standards and slalemenls of recofflmended practice have been followed, subject lo any material departures disclosed and explained in the financial slalemenls., and prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume that the chaiily will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy the financial position of the charity and enable Ihern lo ensuie thal the financial slalements comply with the Charities Act 2011, the Charity (Accoun15 and Reports) Regulations 2008 and the provisions ol the charity's governing documents. They are also responsible for safeguarding the assets of the charity and hence foi taking reasonable steps for the prevention and detection of fraud and breaehes of18w and regulations. The Trustees are responsible for the maintenance and integrity of the charity as well as the financial infoimalion included on the charity's website. Legisl81ion in the United Kingdom governing the preparation and dissemination of financial statements may drffer from legislation in olherjurisdiclions. STRATEGIC REPORT 2024 was a year tsf solid programmatic progress and also saw the completion of a new medium-lerm strategic plan. The latter has now been formally approved by the Board of Governors and Trustee5 and reaffirms The Inslilule'5 commitments lo high-qualily research, publications, and educational programmes, particularly in Ismaili and broader Islamic studies. Key 51ralegic priorities in¢lude expanding ils research agenda, enhancing knowledge dissemination for the Ismaili community, expk)ring degree awarding status, preseNing Ismaili h&ritage. integrating digita5 learning, and slrenglhening 115 inslilutional capacity. While maintaining fiscal prudence and opliTnising resources. Ils aims to reinforce ils role as a centre of eX￿llence. serving both academic and 9lobal Isrnaili communities. Achievements of the Chari The Institute evalLJales ils qLJalilalive perfomiance by assessing the delivery of various prograrnmatic activities outlined in Ils objectives and strategy document. This is achieved through its academic. research, teaching, and learning departments, all of which adhere to quality assurance guidelines. The Inslilule is committed lo student success, ensuring high course completion and graduation rates while fostering a ¢uttLJre of research excellence through peer-rev1ew￿4 publications of academic and curriculum materials. R¥sear¢h and Academic Publications In 2024, The Institute published four academic book5 and one non-specialist book in English.. il The Early Nizari Ismailis.. ill The Banquet of the Brethren," iiil The Book of Unveiling.. iv) On Ethics and Character Trails., and vl Ismailis in Iran. The Institute also PLJblished three academic book5 in Persian. Additionally, it published translations of non-specialisl books in Gujarali {11, Persian11}, and Urdu111, and of academic books in Persian {21. The Inslilule continued various research projects and documented sites of histori¢ significance across 15 countries, bringing the lolal lo 1665 sites across 89 countries. The Institute continued rts development and production of curriculum materials for chiklren, available in 10 languages, and some of these educational materials are now available on The Inslilule's e-book platform. In 2024, three conferences were organised by The Inslitule, and il also hosted the prestigious International Qurfanic Studi8s Association IIQSAI. All these conferences attraded a pool of international academics. Graduate Programmes The Inslilule provides two graduate programmes.. the Graduate Programme in Islamic Studies and Humanities IGPISHI and the Secondary Tgacher Education Programme ISTEPI, both of which result in the award of an MA validated by SOAS University of London. For STEP, su¢¢essful graduates are ENV218264044607-DABE-0529ECAA 2910512025 13.'03 PM UTC

awarded a PGDip by University College London IUCLI, in addition lo the MA. During 2024. The Inslilule completed ils review of the STEP programme, the results of which will be implemented during the course of the strategic plan period. The Inslilule continued lo attract candidates from a diverse background for these two programmes, recruiting the desired number of students. based on ils sel cri16ria, from six Countries. Further, two new d￿toral scholarships were also awarded. The Institute has been registered with the Office for Students since 2019 and has a Quality Assurance function which works wrth the Board of Governors and Senior Management lo ensure that The Inslilule is cognisanl of ils compliance respon5ibililies and informed of evolving trends in higher education. Aga Khan Library The Aga Khan Library I the Library" or 'AKL"l is jointly operated by The Inslrtule and Aga Khan University Ilnlernationall in the United Kingdom. In 2024, the Library continued lo grow its colle¢lion with more than 800 new print lilles. This included 380 books donated, mainly. by members of the Ismaili community. The Library completed ils transilion to a new digitsl collection platfomi which will help in the redLJCtion of maintenance costs. The Library hosted tho 45th MELCOM Inlemational conference which allracled 110 allendees. and ils outreach efforts included hosting more than 190 external researchers and organising bibliographical exhibitions on Hajj, and the partition of India and for Black History Month. The Head ofAKL was nominated lo the MELCOM coordination eommillee, which reflects the leadership of the Library in regional and global networks. The Library has continued lo expand rts impact, offering invaluable resources. fostering cultural dialogue, and establishing Itse￿ as a worfd-class institution for research and community engagemènt. Financial Review The financial position of The Instrtute is sel out on pages 12 10 25. In summary, The Inslitule's total income in 2024 amounted to £19.7m12023". £18.5ml with expenditure of £20.4m12023.. £19.5ml. The increase in income of £1.2m17°1 I was roughly Consistent with the increased expenditure of £1.Om150/0 increase) driven by the increase in staff cost due lo hiring and inflation impact on both salaries and operational costs. In 2024, the nel eXpend￿ure was £0.7m 12023.. £1.Oml. The resources expended were aligned with the charitable objectives of The Inslitule. Reserves Policy The Inslilule does not consider il necessary lo hold significant levels of reserves as funds can be drawn down from ils regular sources each monlh lo invest in the ongoing charitable objectives of The Inslilule. The Trustees consider that the current level of reserves as referred lo below, together with continued access lo grant funding. are sufficient to rnainlain the short, medium, and long-lerm suslainabilty of The Inslitule. The resulting cumulative unreslricled funds balance carried forward was £1.Om12023.. £1.7m) which is in line with The Inslitule's reserves policy, and there were no reslricled reserves at the year end. The Trustees consider that the lev&1 of reserves is sat15faclory, and that sufficient progress has been and continues to be made lo achieve the charity's objectives. Fundraising and Funding Sources The Institute is not involved in fundraising activities directly from the genèral public. From lime lo lime. il organises events for ils past donors, who are all from the Ismaili community, and al such events, some indicate a wish lo make an unsolicited donation. The Inslilule's principal sources of funding are the Aga Khan University Foundation, Aga Khan Foundation Iunrted Kingdom), and His Highness the Aga Khan. ENV218264044607-DABE-0529-ECAA 2910512025 13.03 PM UTC

Investment Pollcy The Inslilule, having regard lo ils liquidity iequirements, has operated a policy of keeping available funds in an interesl-bearing account until su¢h lime funds are needed. The account provides a standard rale of interest while providing immediate access lo the funds. Plans for Future Period The Institute will continue to develop and support ils research, teaching, and community educational programmes and other initiatives as the Board of Trustees sees fil in pursuance of ils objectives. The first year of implementation ol The Inslilule's new strategic plan and ils priorities, including the implernenlation of Ihe organisalion restrLJ¢lure sel out therein, will be 2025. The Institute has a stable financial base and il expects to continue to benefit from ongoing and consislenl funding SUPPDrt in 2025 and beyond. The Trustees, Report, including the Strategic Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by Ihe Directors on 28 May 2025 in their capacity as Trustees of the charity. The Trustees, Report is signed as aulhorised on their bghalf by. N Kheraj Director and Trustee 28 May 2025 ENV218264044607-DABE-0529-ECAA 2910512025 13.'03 PM UTC

UHY iIHY Ha¢k*rY•uttg LLP Quadiant Hotsse 4Thom35 Mor& S4uar4 London EIWIYW INDEPEI NDENT AUDITOR'S REPORTTO THE MEMBERS of4 THE INSTITUTE OF ISLVIAILI STUDIES Opinion We have audited the financi21 statements of The Institute of Ismaili Sttidies {"the chil ritable company") foi. tli¢ year ended 31 Decen)ber 2024 which conipri5¢ the Stat¢m¢nt of Financial Activiti¢s, including Income and Expenditure Accouiit. the Balance Sheel, the ca.sh Flow Statement and Ihe related iiotes, inclLidiiig sigiiificant accounting policies. The financial i'eporting franiewoi"k that has been appli¢d in tlieir prepiiration is applicable law and United Kingdoni Accounting SLindards, including Financial Reportin¥ Staiidard 102 T17¢, Fina17cicII Rcpoi'liv.¥ Siund£ir(l éipplic'cible ihc UK lind Rcpiiblic of lielovd (United Kingdom Generally Accepted A¢¢ounting Practice). In our opinion, the fii)aDcial statements.. give a true and fair view of the stale of the Charitable cotnpally's affairs as at 31 December 2024 and of its incoming re￿OUrc¢S and application of Tesources for the yeai. then ended. have been properly prcpared in accordaiice with United Kingdom Generally Accepted Accounting Practice., aiid have be¢n prepared in accordance with the reqU1￿MentS of the Companies A¢t 2006. Ba515 for opinion We conducted our aiidil in ac¢ordan¢t with Inlemational Standards on Aiiditing {UK) (ISAS (UK)) and applscable Iclw. Oui responsibilities under thtsse staiidards arc furtlier dcscrib¢d in the Aiidii(Jr's re.rpon.Yibiliiigsfor ihe audii ofihgfinanciL71 sirtlemenl.¥ seetson of our ieport. We are independent of the charitable company in accordance with tlie ethical requirenients that are relevant to our audit of tlie rinancial statemellts in thc UK. incliiding the FRC'q Ethical Stand41rd, and we h1£ I'e fulfilled oui other ethical rcspon5ibilit1¢5 in accordance wsth thcsc rcquirements. We believe that the audit evidence we havc obtained is suffi¢ient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statcm¢nt5, wc hav¢ concludcd that the trustee5 use of the going concern basis of a¢¢ounting in the preparntion of the financial qtaiem¢nts is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may Last signifiLant doubt on the entity's ability to continiie as a going concern for a period of at least twelve months from when the financial statements are authoriscd f(>r issue. Our responqibilities and the responsibilities of the trustees with r¢spc¢t to going concem are described in the relevant sections of this report. Other inf(>rmation The other inforniation comprises the infonnation included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the financial statenients. Our opinion on the financial statements does not cov¢r the other inforniation 3nd, cxc¢pt to the extcnt othei'wise cxplicitly stated iii our report. we do not express any form ot assurance conclusion thereon. ENV218264044607-DA8E41529-ECAA 2910512025 13."03 PM UTC

UHY UHY Ha¢kerYoung LLP Quadrant House 4ThomJs More Square London EIWIYW In col￿eCli0n with our biidit of tlie financi<l1 statcmcnls, oiir responsibility is to read the other infoiniatioii and. iii doiiig so. cviisidei. wlietlier tlie otlicr infornalion is matCl'l2¢ Ily ineonsislenl with tlie finJii¢idl sl¥Ltements. or our kiiowltdgFe ubtdined in ihe coiiise ol the audil, or otheimiise appears to be mat¢i'i8lly misstated. If ￿'e identify such maierial inconsistcnLics c)r appareiit mat¢i'ial Inisstaleineiits, we are irqiiired to deterniine whetlier tlicr¢ is a material misstatenicnt in il)e financial slateiiients 01 a material iiiisstalemei)l of the other iiiforination. If, based on the work we have perfoi'med. we conclude that thcrc is a material misstatemeiit ol. tliis otliei iiifomation, wc 81'c required to report that fact. We have notliing to report in this regard. Opinions on other matter5 prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in tlie coiirse of our audit.. the infoi'mation given in the trustee￿, report. which includes tlie directors, report and the strategiL report prepared for the purpos¢s of coii)pany law. for thc fiiianciJI year for which the financial statement5 are prepared is consistent with the finaiiLial slalemeiits. and the strategic repoit and the directors. report iiicluded within tl)e tr115tees' repoi1 have been prepai'ed ii) accordance with applicable legal requircinents. iWIAtters on which we are requirLid to report by exccptitsn In the light of the knowlcdgc and iinderstl£ nding of the company and its environmciit obtained iii the COILrse of the audit, we liJve not identified material mi55tatements in the strategic rcport 01 the directors, report included within the trustees, report. We have nothing to report in respect of the following matt¢i'5 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate and proper accoiinting recoi'ds have not bcen kept. or relums adequatc for our &udit haille not been received from bianLhes not visited by us., 01 the fiiigncial staleinents are not iii agre¢meiit witli tlie accounting r¢cords and returns. or ertain disclosures of Iriistees. remuneration specified by law are not niade. or we have not reLeived all the inforniation and explaiiations wc rcquire for oiir aiidit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees {who are also tli¢ directors of tlie charitable company for the puipo%eq of company lawl are re%ponsible for the piepai'ation of the financial statements and for being satisficd that they give a trLiC and fuir view, and for siich intcnial control as thc twstees detemiine is necessary to ¢Ii<ible the prepic ration of financial stateinents that arc free from material misstatement, Ivhether due to fraud or error. In preparing Ilie financial stateJn¢nts, tlie triistees are responsibl¢ for assessing the charitable cotnpany's ability to Lontinuc as a goiiig concern, disclosing, a8 applicable. matters related to going Loncern and using tl)e going con¢em basis of accounting Linless tli¢ Inistees either intend to liquidate tlie cliaritable company or to c¢a5e operations. or have no rcali5tic alternative bui to do 50. Auditor's responsibilities for the audit of the financlal statements Oiir objectives are to obtain reasonable assurance about whether the finai)cial statements as a whole are free from material misstatcment, whether diie to fraiid or error, and to issue an auditor's report tliat ENV218264044607-DABE-0529-ECAA 2910512025 13'.03 PM UTC

UHY UHYHa¢k•rYvung LLP Quadrant House 4Thotnas Moro sguaro London EIWIYW iiicliidcs our opinioii. Reasoiiable assurance is a high Icvcl of as511rance but is not a guarantee that an aLidit condiicted accordJii¢¢ with ISA5 IUKI will always deteLt a material misstatctnciit whcii it cxists. Misstatemeiits can ari.8e ti'oni traud oi. errol" dnd are considei'ed material it. iiidividually or in the aggrcgate, tliey Loiild Icasonably be expected to influence tlie economi¢ decisions of iisers iakcn on thc basis of tlicse financial stalemeiils. The extent to which our procedw'¢s arc capable of detecting irregularities, including fraud is detailcd below. B8.%ed on our understRnding of tl)e charitable compaiiy 2nd tlie.%ector in wliich it operates, we idcntified Ihal th¢ principal risks of non-compliance with laws and regulations related lo ihe acts by the charitable company, which were contrary lo applicable laws and regiilations including Iraud, and we ¢0115idered the extent to wliich non-conipliance might have a material effect on the financial statements. We also coi)sidered thos¢ laws and regulations that have a dii'ccl impact on the preparation of the fiiiancial statements siich th¢ Componie% Act 2006, charitie.s Act 201 l and Chai'ities SORP 2019. We evaliiated maiiag¢m¢nt's inc¢iitives and opportiinities for fr211dul¢nt manipulation of tlic fii)ancial statements (including the risk of override of controls) and detern)ined that the principal risks were related to posting maniial journal entries to manipulate financial performance, managemeiit bias througl) jiidgemenls and assiiinptions in significant accountiiig cstimatcs, iii particular in relation to incoine recognilioii, and significant oiie-off or unusual transa¢tion5. Oiir iiidil procedures were designed to respond to those idcntified risks, includinE iion-¢ompliance with laws and regulations lirregulariliesl and fraud that are material 10 the finaiicial slatemeiits. Our audit procedures included but wcrc not liniitcd lo.. Discussiiig witli maiiageinent theii. policies and procedures regarding compliance with laws and regulations. Conirnunicating identified li£ WS k)iid regiilations throiiglioiit our ¢ngag¢m¢nt team and r¢tnaiiiing alert to iiy indiLation5 of iion-compliaiicc througl)out Qui. audit; aiid Considering the risk of acts by the charitable company which were contrary to the 2pplicable laws and regLilations, including fraud. Oiir aiidil procediirts in relation to frdud included biit were not limited to.. Making enqLiiries of management on whether they had knowledge of any actual, suspected OT alleged fraud.. Gaiiiing an iinderstaiiding of the intcnial controls established to miiigate risks related to fi'aud., Substantively testing of revenue and testing of journals aLid eYalLlating whether there was ¢vidence of bias by the Triistees that represented a risk of Inatci'ial misstateinciit due to Eraud: Discussing among%t the engagement teatn the ri8k8 of fraiid siich a8 opportunities for fraudiilent Inanipulalion of financial stateinents; and Addi'essing the risks of fraud through management override of controls by perfomiing journal entry testing. Thei'e ale inheTent limitations in tlie dudit procedures described above and the ftirthei. removed non- conipliai)¢¢ with laws and regiilalions is fioin tlie events and traiisaction5 rcflcclcd iii the financial 10 ENV218264044607-DABE-0529-ECAA 2910512025 13.03 PM UTC

UHY UHY Ha¢k•rYibung LLP Quadrant Hous 4Thomas Mor9 Squarè London EIWIIW statemeiit5, the le$4 likely we would become aware of it. Also, tlie risk of iiot dctccting a mic tLrial misstaleineiii diie to fi'aLid is higlier Ilian the risk of not dcteeling one resiilting froTh en'or. as fraiid may iilN'alve dclibcratc conccalmini by, for exaniplc, IoTgCI-y or intentioIial iiiisi'epresenlcitioiis, oi. tlirou¥li collusion. A further de.%cription of our rcsponsibilities for the aLidit of the fini£ ncial statemcHt% 18 located on the Fiiiaiici£il Reporting Coiincil s ivebsite <lt'. littp.'Ilwwiv.frL.oi'g.uLlauditor%i-esponsibililies. This dcscriplion fonns part of oiir audiior's report. Use of our report This report is made solely to the chciritable Lompany's members, ag a body. in accordai)ce ￿'ith Chapter 3 of part 16 ot the Companies Act 2006. Our audit work has been undertaken so tliat we stale io tile charitable coii)paiiy's inen)bers and tnistces tl)osc iiiatters wc Jrc rcqiiired to state to tlicm io an 8iiditor's report and foi. iio oilier purpose. To tlie fullest extent pcnllittcd by law, we do not acccpt or assume responsibility to anyone otlier than th¢ chaTit<ible company ajid, the chai'itable company's membe[% as a body and thc cliarit¢ible company's trustees as a body. for oiir audit wurL loi. this report, oi. for the opinions we hai'c fornied. Colin Wright Senior Statutory Audltor 2910512025 For and on behalf of UHY Hacker Young Date.. Chartered AccouDt%nt$ and Statutory Audltor 4 Thomas More Square London Elw I YW 11 ENV218264044607-DABE-0529-ECAA 2910512025 13."03 PM UTC

Statement of Financial Activities Including Income and Expenditure Ac¢ount5 For the year ended 31 Decèmber 2024 Total 2024 Total 2023 Notes Incoming rèsourcès Incomè from Donations and Legacies- Grants and donations 2&20 12,755,400 12,022,841 Gift in Kind 2&20 6,950,632 6,423.889 Other In￿Me 43,123 21,597 Total 19 749.155 18,468,327 Rasourcès •xp•nd8d Expendlture on.. Charitable activities 20,441,953 19,473,385 Total 20 441953 19,473 385 Net expenditure 1692,7981 11,005,0581 Re¢oncillatlon of fund$: Total Funds brought forward Nel movefflenl in funds 1,714,180 2.719,238 1692,798) 11.005,0581 13 Total Unrestricted Funds carried forward 1,021,382 1.714,180 All of the above results are derived from continuing activities. There were no recognised gains or losses and no reslricled funds. The notes on pages 15 to 25 form part of thesg financial statements. 12 ENV218264044807-DABE-0529-ECAA 2910512025 13.03 PM UTC

Balance Sheet As at 31st Decembèr 2024 Notes 31 December 2024 31 December 2023 Fixed assets Intangible assets 53,529 Tangible assets 132.704 103.372 Herila e assets 208,786 202.050 Total fixed assets 395,019 305,422 Currènt assets Debtors 748,032 1,435,941 Cash at bank and in hand 18 1,386,496 1.634,996 Totsl current asset5 2,134,528 3.070,937 Crèditors: amounts falllng dua withln on8 yaar 11 11,508.165} 11,662,179} Net current assats 626.363 1,408,758 Net assets 1,021,382 1,714,180 Share capltal and reserves Called up share capital 12 100 100 Funds of the charlty Unrestricted fijnds 13 1,021,282 1,714,080 Total funds 1,021,382 1,714,180 Company Number.. 01324858 The notes on pages 15 10 25 form part of these finan¢ial slalemenls. The financial statements were approved by the Trustees on 28 May 2025 and were signed on their behalf by.. N. Kheraj Director and Trustee 28 May 2025 13 ENV21826404-4607-DABE-0529-ECAA 2910512025 13.03 FM UTC

Cashflow Statement For the year ended 31 December 2024 Notes 2024 2023 Net cash outflow Ilnflow from o •ratin actlvitlos 17 51,796 361,146 Cash flow from investing actlvltlès Purchase of intangible assets Purchase of tangible assets 19 19 {80,2931 1116,4111 195,3791 Net cash used in investin activities 196,704 95,379 Net IdecreaseVin¢reas• in cash 18 1248,500) 285,767 Cash al beginning of year 1,634,996 1,369,229 Cash 8t the and of the ear 18 1.386.496 1,634,996 Cash ¢onsists of: Cash at bank and in hand 18 1386,496 1,634,996 The notes on pages 15 10 25 form part of these financial slalemenls. 14 ENV21826404-4607-DABE-0529-ECAA 2910512025 13".03 PM UTC

Notes to the Financial Statements for the year ended 31 December 2024 1. Accounting policies Charity and Company Information The Insl(tule of Ismaili Studies is a Public Benefit Entity, registered as a charity in England and Wales and a company limited by guarantee wrth a share capital. 11 was incorporated on 9 August 1977 Icompany Number". 013248581 and registered as a charity on 10 July 2018 Icharily Number.. 1179135}. Basis of Preparatio These financial slalemenls are prepared on the going COn￿M basis, under the histori¢al cost convention. in accordance with the Financial Reporting Standard, applicable in the UK and Republic of Ireland IFRS1021, the Companies Act 2006 and the Slalernenl of Recommended Practice ISORPI applicable lo charities preparing their accounts In accordance wrth the Financial Reporting Slandard applicable in the UK and the Republic Df Ireland 2019. The principal accounting policies, which have been applied consislenlbj throughout the periods shown, are sel out below. The reasons for preparing Ih&se financial slalemenls on the going concern basis are sel out in the Trustees, report. A¢¢ounting Estimates and Key Judgements The preparation of financial statements Iri Gonformily with FRS102 requires the use of certain critical accounting eslimales.11 also requires management to exercise its judgement in the process of applying the charity's accounting policies. These eslimales, judgttments and assumptions are rnade based on a conTrbination ol experience, professional expgrt advice and other evidence that is relevant to the particular circumstance. The key areas of judgement includèd in the financial statements are.. il gifts-in-kind ill recognition of Heritage Asset by way of donation iiil impairment of fixed assets and ivl depreciation of intangible and fixed asset using rates lo write off the cost over their expected useful economic lives. See below for details. al Golng Concern The Trustees assess whelherlhe use of going concarn is appropriate i.e. whether there are any material uncertainties related lo events or conditions that may cast signrficant doubl on the ability of the charity lo continue as a going concem. The TrLJslees make this assessment in respect of a period of one year from the date of approval of the financial slalements. In making this assessment the Trustees have considered the potential Impact of ¢osl-of-living increases and CPI inflation in the UK and are satisfied that The Inslilule will be 5UPPOrted by its existing funding sources. Foi this reason, the Trustees continue lo adopt the going concern basis in preparing these financial statements. bl Incoming Resources and Glft$4n-Kind Grants, donations and other income are recognised in the period in which The Institute is enlilled lo receive them. and the amount can be measured with sufficient reliability. Gifts-in-kind are measured al fair value, unless it is impractical to measure this reliably, in which case the cost of the item lo the donor is used. This is recognised as income under gifts-in-kind and a corresponding amount is included In the appropriate expendiluro. cl Resources Exp•ndgd and Irrecoverable VAT Liabilities are recognised as resources expended as soon as there is a le9al or constructive obligation committing the charity lo the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Irrecoverable VAT is charged against the category of resources expended for which il was incurred. 15 ENV218264044607-DA8E-0529-ECAA 29105r2025 13."03 PM UTC

dl Apportlonment of Costs by Actlvlty Overhead and support costs are allocated lirsl between those that pertain lo The Inslilule's charitable activities and those that support those activities. Overhead and support costs have been apportioned based on the value of the costs within the activity ￿nIreS as that is deemed lo be the most accurate basis of allocation. el Cost of Generating Funds The Inslilule did not incur any cost in relalign lo generating funds since il did not undertake any fundraising activities in the year. Charitable Activities Costs of activities incurrèd in the allainmenl of Th& Inslilule's edu¢alional objectives, including the apportionment of overheads and support costs. are shown in notes 3 and 4. g} Govgrnanca Costs Govemance costs comprise all costs involving the public accountability of the charity and rts compliance with regulation and good practice. These costs include costs related lo slalulory audit and legal fees together with an apportionment of overhead and support costs. h} Fund Accounting The Inslilule primarily receives unrestricted donations and grants and does not hold any restricted funds. 11 Intangible, Fixed and Heritage Assets Intangible assets represent the cost of software purchased and ils development for use in the medium ID long lenn. Only costs relating lo the implemenlalion phase exceeding £1000 are capilalised. Training and subsequent renewal ¢o$t of maintaining the software are expensed as incurred. Costs are amortised over their economic useful life which is three years. Fixed assets and herrtage assets are slated al cost, less accumulated depreciation. Cost includes the original purchase price and costs directly attributable lo bringing the assets lo their intended use. Assets lincluding heritage asse151 received by way ol donations are slated al fair value where practicable al the time of thè donation. If a reliable estimate cannot be made or the cost of valuation is likely lo exceed the benefits provided by obtaining the information, the asset is not recognised in the accounts and infomalion is disclosed. Fixed assets with an acquisition Cost of less than £500 are not capitalised. Provision for depreciation is made so as lo write off the value of fixed assets on a straighl-line basis over the expected useful economic life of the assets concerned. A full yearfs depreciation is charged in the year of purchase. The principal annual rates used for this purpose are". Intangible assets- software Furniture, lixlLJres & fillings Office machinery and equipment Books HeritageAssels 33 10 33 20 No depreciation has been charged on Heritage Assets bought or donated as the Trustees believe that the residual value can always be expected lo be al least equal lo their cost because the estimated useful lives are expected lo be indefinite. An impairment review is perfomied annually and based on this, there has been no impaimienl in the carrying value of these assets. Il Taxatlon As a registered charity The Inslilule of Ismaili Studies is not liable for UK corporation lax lo the extent il applies rts income for ils charitable aclivilies. ENV2182e4044607-DABE-0529-ECA4 2910512025 13'.03 PM UTC

kl Foreign Currencles lil Fun¢tional and presentation currency The Inslitule's functional and p￿sentatiOn currency is the pound steding. lill Transaction5 and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates al the date of the Iransaclions. Al each period end, foreign currency monetary items are translated using the closing rate. Non- monetary items measured al historical cost are translated using the ex¢hange rale al the dale of the IransacliDn and non-monetary items measured at fair value are measured using the exchange rale when fair value was determined. Foreign exchange gains and losse5 resulting from the settlement of transactions and from the translalion al period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profil and loss account except when deferred in other comprehensive income as qualifying cash flow hedges. 11 Pension The Institute participates in a groLJP pension scheme ol the defined contribution type. The assets of the scheme are held separately frorn those of The Institute in an independently administered fund. Contributions are charged to the income and expenditure account as and when they accrue. The pension cost charge disclosed in note 6 represents the contribution paid by The Institute Its the fund. 2. Analysis of Income 2024 2023 2 {il Grants and Donations Grants and major donations Other donations 12,565,000 190,400 11,713,000 309,841 12,7S5,400 12.022,841 2 {lil Glfts in Kind Gifts in Kind from a Khan Foundation United Kin dom note 20 6 950,632 6.423,889 6,950,632 6.423,889 2 {iii) Other Income Other income 43,123 21.597 21,597 2 liv} Income Analysed by Country Swtserland United Kin 10.265,000 9.484 155 11,713,000 6,755,327 dom includin Gifts in Kind 19,749,155 18,468 327 17 ENV218264044607-DABE-0529-ECAA 2910512025 13.'03 PM UTC

  1. Analysis of Charitable Expenditure FY 2024 Rèsearch and Graduate Academic Programmo$ Publications Library and 2024 Total Spè¢lal Collectlons Direct Educational Expenditure 4,718,017 6,479,533 744.343 11.941,893 Support Costs 3,275.405 4,504,771 554,377 8,334.553 Governance Costs 65,389 89.802 10,316 165,507 8,058,811 11,074,106 1,309,036 20,441,953 FY 2023 Research and Graduatè Academic Programmes Publl¢ations Library and 2023 Totsl Special Collections Direct Educational Expenditure 4,230,591 6,656,970 668,413 11.555,974 Support Costs 2,830,647 4.448,514 452,680 7.731,841 Governance Costs 67,936 106,900 10,734 185,570 7,129.174 11.212,384 1,131.827 19,473,385 18 ENV218264044607-DABE-0529-ECAA 2910512025 13'.03 PM UTC

  2. Allocation of Support Costs and Governance Costs FY 2024 Research and Academic Publlcattons Graduate Programrne5 Library and Special Collections Governan¢e Costs 2024 Total Legal and profession81 fees 47,241 47,241 Staff costs 780,134 1,072,944 133.334 118,266 2.104,678 Other ¢0sls Total Support and Governance costs 2.495.271 3,431.821 421,043 6.348 141 3,275,405 4,504.771 554.377 165 507 8.500,060 FY 2023 Research and Academi Publications Graduate Programme$ Library and Special Collectlons Governance Costs 2023 Tolal Legal and professi{￿al fees 34,39) 34,390 Staff cos15 611,165 960.479 98,645 151.180 1,821,469 Othèr costs Total Support and Governance costs 2,219.482 3,488,035 354.035 6.061.552 2 830,647 4 448 $14 452.680 185.570 7,917411 Included within support costs are Gifts in Kind of £5,068,23712023". £4.377,1541 relating lo the market rental value and occupancy cost of the premises.

  3. Net Movement in Funds The net movement in funds for the year is slated after charging.. 2024 2023 Auditors, remuneration.. audit fees 28,000 27.000 Auditors, remuneration.. Secretarial and lax services 19.241 7.390 Depreaalion of tangible fixed assets 80.343 78,369 Amortisalion of intangible fixed assets 26,764 19 ENV218264044607-DA8E4)529-ECAA 2910512025 13'.03 PM UTC

  4. Paid Employees lil Staff Costs 2024 2023 Permanent staff.. Salaries and wages Social security costs Pension costs Idefined contribution scheme) Other costs 6,955,298 6,308,595 739,080 681,956 661,605 630,170 302,195 283,465 8,658.178 7,902.186 Other cost includes severance payments for staff of £59,457 and ben&fils for the Director empSoyed of £73,06812023.' severance payments of £64,130 and bengfil for the Director £107,516). The Institute ensures severance amount are in compliance with the applicable laws and re9ulalions. lill Salary Bands The following number of employees received lolal remuneraliDn in excess of £60,000 (excluding national insurance and employer pension conlributionsl wrthin the bands shown.. 2024 2023 Bond £60,000 to £69,999 £70,000 to £79,000 £80,000 to £89,999 £90,000 to £99,999 £100,000 to £109,999 £125,000 to £129.999 £130,000 to £134,999 £135,000 10 £139.999 £140,000 to £144,999 £145,000 to £149,999 £155,000 to £159,999 £215,000 to £219,999 £235,000 10 £239.999 12 13 liiilAverage Head Count in the Year The average number of full-lime employees during the year ended 31 December 2024 was 14112023.. 1301. 20 ENV218264044607-DA8E-0529-ECAA 2910512025 13.03 PM UTC

  5. Management Remuneration lil Emoluments of Key Management The emolLJmenls of key management who are not The Inslilule's Trustees excluding employer's national insurance and pension contributions are.. 2024 2023 Aggregate emoluments 998,819 895.032 Aggr2gate employer's ¢ontributions to pension scheme 92,252 78,751 Key management are also the beneficiaries of The Inslitule's pension scheme underwhich conliibutions are made lo a defined contribution pension plan. Remuneration and benefits psid lo the Director of The Institute were £300,06812023". £321,667) and pension contributions of £22,70012023.' £21,4151. The Director's basic salary and total remuneration was 4.6 times12023'. 4.4 limes) and 6.0 limes12023.. 6.4 timesl the median pay and median total remun&ralion of staff respectively. The median pay is Calculated on a full-lime equivalent basis for the basic salaiies and lolal remuneration paid by The Inslilule to ils stsff. lill Trustees Remuneration and Expenses Trustees may be reimbursed for travel and subsistence properly incurred Dn The Inslilule's affairs and The Institute can make similar payments directly lo third parties on behalf of Trustees. The charity did not reimburse Trustees for any expenses in the year.

  6. Intangible Assets Cost Softwara AS 1 January 2024 Additions 80.293 80,293 At 31 Decembar2024 Al 31 De¢ember 2023 Amortlsatlon As 1 January 2024 Charge for the year Al 31 Dec&mber2024 26,764 26,764 At 31 December 2023 Net Value at 31 December 2024 53,529 21 ENV218264044607-DABE-0529-ECAA 29105r2025 13".03 PM UTC

  7. Tangible Fixed Assets Office Equipment Books Heritage Assets Total C05t5 Al 1 January 2024 Additions Disposa At 31 December 2024 982,270 88,608 893,862 202,050 2,07B,182 21,067 9,114 11B,789 2,378 2,378 914.929 208,786 2,194.593 1,070,878 Depreciation Al 1 January 2024 Charge for the year At 31 December 2024 931,913 55,827 987,740 840,847 24,516 865,363 1,772,760 80,343 1,853 103 Net book value Al 31 December 2024 Al 31 December 2023 83.138 50,357 49,566 208,786 53.015 202,050 341,490 305,422 All assets are held for charitable purposes. The Institute was donated certain manuscripts between 2011 and 2015. In 2022, these donated manuscripts were valued by an independent valuer and their fair value was determined al £1.26m. The Trustees are of the view that these manuscripts will continue lo be used for research by The Inslilule and The In51ilute will follow the a¢¢ounling recognition principle referred in note 111).

  8. Debtors 2024 2023 Amount owed by Islamic Publications Lirniled Irelaled partyl Prepayments Other debtors S34,213 712,900 188,828 748,032 1,435,941 826,051 121,981 Amount falling due within one year The Inslilule owed £48,752 to Islamic Publications Limited al year end which is reflected in note 11 of the accounts. 22 ENV218284044607-DABE-0529-ECAA 2910512025 13.03 PM UTC

  9. Creditors 2024 2023 Analysis of credltors Trade and other creditors 1,014,239 1.344,395 48,752 445,174 317,784 1.508,165 1,662,179 Amount owed to Islamic Publications Limited Irelaled patyl Accruals Creditors fallin due within one ear Trade and other credilors include an amount of £161,543 12023.. £471,060> lo Aga Khan University Foundation in relation ID procettds of Talim materials.

  10. Share Capilal: Authorised, Issued and Fully Paid 2024 2023 100 ordina shares of £1 each 100 100 According lo the Articles of Assccialion the liability of the members is limited by guarantee. In addition, the charf(able company is precluded from making any distributions to members either by way of dividend or on a winding up.
  11. (1> Unrestricted Funds 2024 2023 1 January Nel movement in funds 1,714,080 692 798 2,719,138 1005,058 31 Decgmber 1.021,282 1,714,080

  12. (li) Reconciliation of Movements in Funds 2024 2023 Nel movement in funds Funds brought forward Funds c8rrled fotward 1692.7981 11,005,058) 1,714,180 2,719,238 1,021,382 1,714,180 Represgnted by: 2024 2023 Tangible and intangible fixed assets Current assets Current liabilities 395,019 305.422 2,134,528 3,070,937 {1,508,1651 11,662,179) 1,021,382 1,714.180 Balan¢e at 31 Decamber 23 ENV218264044607-OABE-0529-ECAA 2910512025 13.03 PM UTC

  13. Total Funds The accumijlated surplus shown in the balance sheet includes specific grants received lo dale which have been applied by the Board of Trustees in the purchase ol fixed assets for the use of The Institute and in the publication and distribution of religious and cullural education books and for other accumulated expenditure. Any unutilised grant re¢8iv&d will b& used during the following year for that year's expenditure and to cover expenditure in future years. The Board of Trustees, therefore, and in accordance with The Inslilule's Articles of Association, regard the accumulated surplus as being unrestricted funds for use in furtherance of the charity's objectives.

  14. Taxation The Inslilule of Ismaili Studies became a charity on 10 July 2018. Prior to this date, il was liable to Corporation tax. From 10 July 2018 onwards, the charity is no longer liable for Corporation lax on income derived from ils activities, as these fall within the various eXempl￿n8 available lo charf(ies.
  15. Pension The Institute of Ismaili Studies operates a pension scheme. The pension cost charge for the peri¢xl represents contributions payable by The Inslilule of Ismaili Studies to the scheme and amounted lo £661,605.12023. £630,1701
  16. Reconciliation of (deficit)Isurplus to Net Cash from Operating Activities 2024 2023 Net expenditure Depreciation on tangible fixod assets Amortisalion ol intangible assets IDecreasellincrease in creditors Decrease in debtors {692.7981 80,343 26.764 1154,0141 687,909 {51,7961 11,005,058) 78,369 805,079 482,756 381,146 Net cash loutflowl l inflow from operatlng actlvltlès

  17. Cash and Cash Equivalents 2024 2023 Changes in the year Al 1 January Nel Ide¢reasel l increase in cash Al 31 D8¢ember 1,634,996 1248,5001 1,386,496 1,369.229 265,767 1,634,996 24 ENV218264044807-DABE-052WECAA 2910512025 13 03 PM UTC

  18. Capital Expenditure 2024 2023 Purchase of tangible and intangible assets Disposal of tangible assets Net cash outflow for Capital èxpènditure 199,082 12,378} 196,704 95,379 95,379

  19. Related Party Transaction Income includes £10,150,000 12023.. £8,713,000) of grants received from Aga Khan Univetsity Foundation IAKUFI, £115,00012023.. £3,000,0001 of grants received from His late Highness the Aga Khan IV, Trustee and a shareholder of the charity and £2,300.000 12023.. £93,4681 from Aga Khan Foundation Iuniled Kingdom). Included within expenditure is £311,00712023'. £180.839} relating lo the purchase of publications from Islamic Publications Limited IIPLI, a company that has a number of common Direclorsttruslees with The Inslilule of Ismaili Studies. The Inslilule has a payable of £48.74212023.' debtor balance £534,213) lo IPL and £161.54312023.. £471,0801 to AKUF for Talim materials, details of which are set out in note 10 and 11 to these accounts. The Gifts in Kind amount of £6,950,632 consists of the market rental value and OCCLJpancy costs of the premises and sludenl ac¢ommodalion12023.. £6,423,889), which are owned by Aga Khan Foundation (United Kingdom). An equivalent amount is included in expenditure.
  20. Ultimate Holding Company and Controlling Parties Aga Khan Foundation, a foundation registered in Switzerland, has a 980A Inte￿$1 Irepresenling 98 sharesl in the equity capital of The Inslilule of Ismaili Studies. 11 is the immediate, ultimate, and controlling parent enlily. 25 ENV218264044607-DABE-0529-ECAA 2910512025 13.03 PM UTC