Charity registration number 1211200 (England and Wales) IBRAAZ ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 IBRAAZ LEGAL AND ADMINISTRATIVE INFORMATION Trustse¥ Mr M Heilegaard MrA Munir Mr K Lazaar IAppointed 18 Jung 20251 IAppoinled 2 December 20241 IAppoirhted 2 Dwmber 20241 S•nlor managèm•nt Ms L Lazaar Chief Executive Officèr Charlty reglstratlon EnglaThJ and Wales 1211200 Reglster•d offi 93 Mortimer Street London W1W 7SS Audltor Thomson Cooper 3 Castle Court Carnegie Campus Dunlemline Filé KY118PB IBRAAZ CONTENTS Page Trustees. report Independent auditofs report 9- 11 Statement of financial activities 12 Balance sheet 13 Statement ol cash flows 14 Notgs to thg flnan¢ial statemgnt$ 15-24 IBRAAZ TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Th8 Trustees pr858rht their Annual Report and finanual statem8nts for th8 year 8nd8d 31 08C8tnb8r 2025. The financial statements have been prepare(l in accordance Ihe &counting policies set out in note 1 to the financial statements and comply wlh the Chariws goveming document, the Charities Act 2011, FRS 102 Yhe Financial Reporting Standard applicable in the UK aThJ Republic ol Ireland. and the Charities SORP "Accounting and Reporting by Charities.. Slalement of Recommended Practs'ce applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" Background and founding Ibraaz wa5 lound8d by the Karnal Lazaar F￿ndatth IKLFI. a Ge￿¥8-baSed philanthropic org8nis8titsn 8St8blishèd in 2005 by Kamel Lazaar, with deep roots in Tunisia and across Ihe wider Mid(Jle East and North Africa. Ibraaz was originally eslablishe¢J by KLF in 2011 as an online publishing plattom) dedicated lo visual culture from the Middle East and North Africa and has since evolved into a broader plaffom for art, cullure and ideas from the Global Majority. To provide Ibraaz with 8 permanent instfiulional hom8 and an inde￿ndent charitable structvre in the United Kingdorn, the Chanty was constituted as 8 Charitable Incorporated Organisation ICIOI and registered with th8 Charity Commission lor England and Wales on 2 Decembèr 2024 l¢haniy number 12112001. Following an intènsiva period ol eslablishmenl and refurbishment, Ibraaz opened its pwmisès al 93 Morlimèr Street, London, to the publie in October 2025. ObSectlv•8 and actSvS11•8 Thè objècts tsf thè CIO, as sèt out in its constilulion, are. for the public bènèfrt.. To advance the arts and cultur&. particularty (but nol limited lol Ihose ol regions and countri8S Wthin the Global South, and to promote public appreciation of them. including Ibul not limited tol through the establishment and maintenance ol a c*nlre lor arts. cullure and edu¢a¢ To advancè èducation in the arts, cultur8, history and hèrilap. particularly (but not limltèd tol ralallng to regions and countries within the Global South In delivering thesè objeds, the Charity uses Ihtr ttrm 'Global Majoriw in its publi¢-tscing work lo describe the eommunitiès, règions and culturas its progr8mmès Se￿￿. Public benefrt The Truslees confirrn that they have complied their duty under seCr￿n 17 of ¢he Charities Act 2011 to have due regard lo the Charily Commission's guidance on public benofit when derAding syhal 8Ctivititr$ the Charity should undertake. Ibraaz delivers public benefft through.. Providing open access to editowial contenl Supporting artists, writers and resèard)èrs through c(Mnmissions and programmes Crealing opportunities for public engagement wilh conlemporary cultural and political que3tions This includes engaging with the condits.ons that shape ojliural prcmjuclion and public life and ensuring that diverse perspectives are not only represenled bul meaniThJfvlly explored wlhin a Sha￿ avic spa￿. IBRAAZ TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Achievements and perlorrnance 2025 marked the initial months of Ibraaz operating from its London base. establishing a public programme that brings together publishing. exhibitions and live events wthin a single framework. Ibr88Z OP8r8t88 as both a cullural venu8 and a pla￿{￿ for arli5tic. 8dit0ri818nd putAic work. It brings tOg8th8r artistie praetice, researeh and public discourse ￿￿thIn a single ecosystem. with a particular f￿JS on voiees and ideas that do not consistenuy find instilulional support. The organisation's approach is grounded in the belief that Cultu￿ is not neutral. and that institutions have a responsibility to create space for complexity. where difficult histories and contemporary realities can be engaged with rigor. openness and civility. Activitie5 combiried wmmissioned writing, 8xhibition-making and public pro9rarnming. positioning Ibra82 as both 8 sit8 ol cultural production and a platform lor crilical and sustained engagemènt. Edltorfal and Dlgltal Publlshlng Editorial publishing ￿MaInS central lo Ibraaz. s wort. During the period. the organisation cornrni&sioned and published e%￿Y$, interview5, mullimedia works and sound- b85ed projects engaging wilh ¢yJnlemwrary cuNural. soryal and political questions. These u)ntn'bubons 8r8 made 8V8ilable through an open-8¢¢s$s plattom. The editorial programme functions both as a site for new writin9 and as a growing archive ol critical research and discourse. reinforcing Ibraaz's rokg as an independent publisher operating at the intersection ol art, politics and knowledge production. Exhlbltlons and Publlc Programme The organi581ion presenled ils inaugur81 exhibitions programme from its MorUrner Streel Bpace. This included.. Parfiament of Ghosts by Ibrahim Mahama, the Ghanaian at*st known for his large4cale installats'ons engaging with histories of labour, trade and poslcolonial economies. often through the use of industrial materials such as jute Sacks and architectural fragments. The exhibition engaged with his¢ories of labour. m￿ratIon 8nd material ￿r￿latiOn. forming the centre of 8 wider programme ol talks. screenings and perfornances. Across èxhibitions and 8SSOCiatèd 8elivib"ès. Ibraaz w8lc(Mn•d 0￿r 15.OLN) visitors during thè rèporting pèriod. IBRAAZ TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Talks. Screening5 and Live Events Alongside its exhibth"ons, Ibraaz delivere(l a progomme of more than 50 putAic events, spanning talks, screenings, concerts and live performances. This included conversatsons between arb'sts. architects and wrilers. panel discussions examining questions ol technology. power and culiural product1￿. as well as film sc¥eenings and curated seiies. Music 8nd performance forrned a signifirant strand of the pr(vJramme. Ibraaz prgsentgd 13 Goncgrts during the reporting period, bringing ttNJelh8r artists working across a rang8 of musical traditions arnd cont8rnpor8ry practiC8S. These perfomances engaged with sonic cultures spanning North Alnca. the Middle East and beyond, with references to movements and scenes from Morocco, Yemen, Iran, Turkey an¢J the wider Global Majonly. In parallel. the programrne included four dance and live performances. extending the institution's engagernent with ernbodied and ts'rne-based practices beyond music. and offering distinct modes of artistic expression and audience encounter. Structurad sèries suth as Technology and Power. a mults-part programmè èxamining digltal culture and govèrnancè, provided a sustain￿1 fram¢work lor dI$￿$S1On and inquiry during the first two and a half months following Ihg opening. Public programming also engaged with urgent politscal and ojttural questions. induding hosting the launch of G8za.' The Story of a Genocide. Such moments formed part of a broader commitment to addressing the realities that shape con¢emporary cullural life, and to creating a space where cornplex ar￿ often difficult subjec15 can be appr08¢h&d with seri¢)u$ne$$, ¢8rtr and respscL Togèlhar, thèsa activities craaled B contaxt for sustainad publk an9a￿MOnt. wherè complèxity Is not simpllflad but held, examined and shared. Resld•ncl•s, Research and Llbrary Programm• A key Strand of aclivily during Ihis inilial period was the development of reseaTch4ed and residency-based work. This included.. A FIL￿ ol Kè8n-eyad an¢J Far-saèing Magpies, a Library4n41asidènc8 projèct by Th8 Otollth Coll8etlv8 Associated public sessions, including discursive and contemplative fomiats, acts'vated the library as a working and critical space. These initiats'ves broughl iogether 8rthival m8lerial. collective reading and public exch8nge. contributing lo the developrnent of a living researth environm¥nL IBRAAZ TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Workshops and Educational Activity Ibraaz delivered workshops and educab"on31 priNJrammes aligned vrith its charitable objecknves. This included.. Pasl Disquiet.. Workshops. exploring culiural histories and political narrdtives A collaboration with the Palestine Literature Festival, comprising 8 programmg of literary events and book 18unche5 8ngaging with conlemtK)rary Palestinian writsng and cultural Irf8 A collaboration wlh Debatè Male. engaging more than 40 school-age partiapants in structured discussions on colonial histories A programme of university and facuty lours and workshops, engaging students and academic cohorts from institutions including Gok15miths. King s College London, Ihe London School of Economi￿ ILSEI, the University of Westminsler, the ArGhileGtural Asswali into lh& current Website. making previously cornrnissioned material publicly accessible Establish a board tsf 9UeSt eontributing edilors to oxlend ediknal rga¢h o¢ro$s th& Global Majority IBRAAZ TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Structure. governance and management Ibraaz is a Charitable Incorporated Organisabcffj ICIOI govemed by a (onstilulion adopted on 2 Decernber 2024 las arnended on 15 Decernber 20251. Structure and Mana98ment The Charity is govemed by Its Board of Tnjstees. vtho are reSp￿SIb￿ for its strategic direction and oveislght. The Trustees meet ￿gUladY to review programme delivery. finatKial perfom)ance and organisational development, with a minimum offour meetings held each year. Day-to-day operations are managed by the executive leam, supported by extemal o)Ilaborators where appropriate. The Trustegs who servgd during the year and up lo the date of sign8ture of the fin8na81 stslements were.. Mr M Hedegaard (Appointed 18 June 20251 MrA Munir (Appointed 2 December 20241 Mr K Lazaar (Appointed 2 December 20241 MS L Lazaar (Appoinled 2 0￿mb￿r 2024 an(1 ffj$igned 18 June 20251 Recruilmont and appoinlm6nt of Trusteas Trustees are appoinled in accordance wlh Ihe provi5iMS Strt out in the Charity's goveming docurnenl. The Board identifies and appoints new Truslees b8sed on the skills. eX￿rIenCe and experti59 required Its Support the Charity's a¢tivities. Organisational structur8 The Chadly is administered by th¢ Board ol Tnjsleès. which megts regularty to d&t&mine strategy, monitor Performance and ensure complianc6 with the Charity's goveming document and regulatory obllgatlons. Responsibility for the day.t￿daY management is delegaled lo the senior management leam which is set out below. Induction and training ol Tnjstees Naw Trust8ès ar8 provid811 with an induction covèring Ihè Chariltys activits8s. thmu9h.. A review of govemance arrangements as set out in the goveming document. recent minutes and financial records Meetirig3 with key slaff to understand operations Trusless ar$ tsncouraged to maintsin an appropnate urbderstanding of th¥ir duti¢s and th¥ Charity's work on an ongoing basis through attandancè at sèminats and wèbinars. Remuneration polKy The Trustees consider the Board of Trustees and senior management team {wmprising the Chief Executive Officer, the Chief Operating 8nd Fin8nce Officer and th8 8Ctor ol Programm8sI to compris8 the key man898rn8nt P8rsonnel of the Charity in charge ol dir8Cting and conlrollin9 the organisatson on a day-to-day basis. Trustees are not remunerated. The Chief Executive Officer also serves wiihout remuneration from the Charity, providing her services on a voluntsry basis. Any remLJneration for other key rnanagement personnel is reviewed and approved by the Trustees with reference to the reS￿nSIbIlItIeS of the role, the finanual posibon of the Charty and, where appropri8te, comparable sector benchmarks and against similar-sizèd organisations. to ensurè pay remains fair and cornpetitive. IBRAAZ TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 R8lationshAP Wlth relatedparti85 The Charity was founded by the Kamel Lazaar Foundalion IKLFI. which during the peri{￿ funded a significant proportion of the Charty's activities. induding one-off eslablishment funding for the refurbishment and fit-out of the Morbrner Street premises. The Charity and the Foundation work collaboratively in pursuit of shared charitable obj8CtIV85. K8m81 L8Z8ar, a TnJste8 of the Charity, is the FOUr￿er and 8 Trustee of the Katnel L8Z88r Foundation, and Lina Lazaar, Chief Executive Officer of the Charity and a founding Trusiee of the Chanty until her iesignation from the Board on 18 June 2025, serves as Presidenl and CEO ol the Kamel Lazaar Foundation. Any potential conlliets ol interest a￿ declared and approprialely managed by the Twslees in accordance with the Charity's constitution and conflict ol interest wocedures. with conflicted Trustees taking no part in decisions in which they have an interest. Details ol transactions with related parties are set out in note 17 to the financial ststements. ststoment of Trust•es' rgJpon¥iblllti•s The Trustees are responsible lor preparing Ihe Trustees. Reporl and Ihe financial statements in accordance with applicable law and United Kingdom Acc£wJnting Standards Iunited Kingdom Generally Accepted Accounting Practicel. The law applicable to chanties in Er4Jl8nd and Wales requires the Truslees lo prepare financial stalernents for each fin8n¢ial ygar which give a true and fair view of the state of affairs of Ihe Charity and of the incoming resources and application ol resour¢¥s ol the Charity for Ihai ytrai. Thè Trust68s arè rèsponsibl6 for the mainlènanca and Int￿rity ol thè charity and financial infomation includèd on the Charity's website. Legislation in the United Kingdom 9ovemiThJ the preparats'on and dissemination of financial statements may differ from18gislation in 0th8r jurisdictions. The Trustees are responsible for keepiThJ sufficient accounbng recLKds thal disdose wrth reasonable accuracy at any lirne the financial position of Ihe Charity and enable them to ensure tha¢ Ihe financial stalernen¢s comply with Ihe Charities Act 2011, Ihe Charity (Accounls arKI Reports) Regulabons 2008 and Ihe provisions of the trust dee¢J. They are 81s0 responsible for saleguarding the assels of lh¢ Charity and h¢n¢o lor taking w8sonabl8 steps for the prèvention an(J dètection of fraud and other Irr￿UlaritI*$. The Trustees are responsible for the maintenance and integrity ol the charity and financial infomation included on the Charity's website. Legislation in the United Kingdom govemitYJ the preparation and dissemination of financial statements may differ from legislation in other jurisdictiorts. Auditor Thomson Cooper were appointed as audilor of Ihe Charity and a resolu11￿ proposing thal Thomson Cooper be appointed as auditor of the Charity will be pul 81 a General Meeling. Diielosurè of iftfomation to auditor Each ol the Trustees has conf1mied tha¢ Ihere is ￿ infomialion ol vthich they a￿ aware which is relevant to the audit. but of which the auditor is vnaware. They have further confirnied that they have laken appropriate steps to identify Such relevant inforrnation and to eslatAish Ihat the audrtor is aware of such informaD'on. The Trustees. report was approved by (he Board of Twsiees. Mr K Lazaar 13 July 2026 IBRAAZ INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF IBRAAZ Opinion We have audited the financial slaiements of Ibraaz Ilhe 'Charity'l for the year ended 31 De￿mber 2025 which comprise the statement of finanryal activities. the balance sheet. the statement of cash flows and note5 to the fin8ncial staternents, inrjuding signfficant accounbng policies. The financial reporting framework that has been 8ppli8d in their pr8paration is applicable law and United KIn￿10M Accounts'ng St8nd8rds, including Financi81 Reporting Standard 102 The Flnancial ReportAng Stèndanj èpplicable the UK and Republic of Ireland Iunlted Kingdom Generally Accepted Accounling Practice). In our opinion, the financial statements.. give a tru8 and fair view of the ststs of the Charity affairs 8S at 31 December 2025 and of its incorning restsurces and application of rèsources, lor the year Ihen ended- have been prop8rty prepared in aCC￿l￿anCe wilh Unrted Kingdom Generalty Accepted Accounting Praclic8', and have b8en prèpared in accordancè wth lh& Charil*sAct 2011. Ba858 for oplnlon W$ condu¢t&d our audit in a¢cordan¢e with Intemational Standards on Auditing IUKI IISA$ IUKII and applicable law. Our rèsponsibilities undèr thosè standards arè furthèr dèscribed in Ihè Audilorfs r&sponSibilit￿S lor Éhè Budil of Ihe financial statem&nÈs section ol our reFxM. We are Independent of the Charity in accordance VAth the ethieal requirements that are relevanl to our audit ol Ihe financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical ￿SpOnSIbl1111eS in accordance wth these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis lor our opinion. Emphasls of rnatter: First y•ar ol tradlng We draw attents'on lo Note 101 the financial stalem&nts. disdosas that thes8 ar& tho first financial stat8m8nts prepared by the charity since its incorporation on 2 December 2024. Consequently. no comparative figures lor the preceding period are presented. Our opinion is not modif￿d in respect ol this matter. Concluslons relatlng to golng concern In auditing the financial slalemenls, we have conduded that the Trustees. us6 of the going concern basis ol accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not idenl1r￿d any rnaterial uncertainties relating to events or conditions th81. individually or colleclively. may c8sI 5ignrficant doubl on Ihe Charity's abilily to continue as a going concern for 8 period ol at le8SI twelve months from when the firban¢ial statements ar& authorised for issu?. Our resptsnsibilitiès and the responsibilths of th& TnJste&s wth r&sp6Ct to going concem are deseribad In the relevant sectsons of this report. Other Infomiatlon The other inforrn8tion cornpris8S the information included in th8 annual report other than the financial st8tem8nt5 and our auditorfs report thèreon. The Trustees are responsiblè for the other infomiation contained within the annual rewrt. Our opinion on the finanaal statements does not cover the other infomation and we do not express any form of assuran￿ conclusion thereon. Our ￿SponsIbl11ty is io read the other infomation and, in doing so, consider whether the other information is rnaterially inconsislenl with the financial ststemenls or our knowledge obtained in the course of the audit. or otherwise appears ¢0 be materially misslated. If we identify such material inconsistencies or apparent material misstatements, we are requireil to deterrnine whether this gives rise to a material rnisstaternent in the financial statements themse￿&5. If, bas8d on the work w8 have performed, we tx)ncJud8 that ther8 is 8 material rnisstaternent of this other inforTnalion, we are required to report that fact. We have nothing to ￿port in this ward. IBRAAZ INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF IBRAAZ Matters on which we are required to report by exception We have nothing to reF¥)rt in respect ol the following malters in ￿la110n to which the Charities IAc£ounts and Reports) Regulations 2008 requires us to reFX)rt lo you if. in our opinion.. the inlom)ation given in the financial statements is inconsistent in any mateiial respect with the Trustees, report., or suffiaent accoLJnting records hav8 not b88n kept. or the financial statements are not in agreement with the accounting records.. or W8 have not r8C8iV8d all th8 inforrnation and 8xplanations w8 r8quir8 for our audit. R•sponslbllltl•s of Trusto•s A5 explained more fully in the ststemenl of Twstees. resp￿sIbilities. the Trustees are responsible for the pr8p8ration of the financi81 stat8m8nts and for b8ing satisfi8d thal they givg a Inje and fair vi8w, and for such int8rn81 control a5 the Trust88s d8t8rming is n8cessary to enable the preparation of fin8nc181 stat81n8nls that ar8 free from material misstalemenl. whether due to Iraud or error. In prepanng the financial stalementg, the Trustees are responsible lor assessing the Charity's abilily lo continu& as a going concem. disdosing, as applicable. matters related to going concern and using the going concem basis of accounting unless the Trustees either intend to cease operats'ons. or have no realistic altemalive bul to do so. Auditorfs responsibilities for the audit of th• financial stst•m•nts Wa hava bèan appointed as auditor und•r s•clion 144 01 the chanb.es Act 2011 and rèport in accordanc8 with th Act and relevant regulations made or having &ffect th&reunder. Our objectives are to obtain reasonable assurance aboul whether the financial slatements as a whole are free from material mi5s181ement, whether due to fraud or error, and lo issue an 8udilorfs report Ihal includes our opinion. Reasonable assurance is a high level of assurance bul is nol a guarantee that an audit wndLJcled in accordance with ISAS IUKI will always d$l$cl 8 mat$iial misstatement when it 8xisi$. Misstatements ¢&n arise from fraud or èrror and ar8 considèrtsd material il, individually of in thè aggwate, thèy could rèasonably bè èxpècted to influancè the economlc decislons of us6rs taken on th& basis ol these financial statsments. The extent to which our procedures are capable of detectiThJ irregularities, induding fraud, is detaised below. Extont to whlch the audbt was con8ld•red capabh of detectlng Ir•gularltles. Includlng fraud We Considered the opportunrties and incentives that may exist wthin the organisats.on for fraud and identified the greatest potential for fraud in the following areas". existence and ts.ming of recognition of grant income and the posting ol transactions to the correct funds. We discussed these risks wtth management, designed audit procedu￿$ lo lesl the liming and existen￿ of donat*Jns and grant Income. including reviewing of grant papetwork and terms and conditions. reviewing Ihe allocalion of costs againsl Ihe wrrecl funding and reviewed areas of judgement lor indicaiors ol managemenl bias. We id8ntif18d areas of 18Ws and regulations that coukl reason8bly ￿ 8xp8Cted to hav8 8 material effect on th8 financial stat8rnents from our sector experier￿e through discussion wth the offic8ts and 0th8r management la5 required by the aud￿n9 standards). We focused on specffic laws and regulations which may have a direct material effect on the finanoal statements or operation of the chaiity. I￿uding the Charities Act 2011. We assessed the extent of Complian￿ of the laws and regulaiions identified atxjve by inspecting any legal correspondence and making enquiries of managemenl. W8 revi8w8d the laws and regulati￿S in 8r8as that diredly gffed the finanual stat8m8nts induding fin8nci818nd taxation legislation and considered the extent of compliance wth those laws and regulations as part of our protsdures on the related finanaal statement items. 10- IBRAAZ INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF IBRAAZ With the exception of any known or possibl8 r￿-COrnplla￿r£ with relevant and significant law5 and regulation5, and as required by the auditing standards, our work in respect of Ihese was lirnited to enquiry ol the offieers and management of the company. We communicated identified laws and regulations throughoul our ieam and ￿mained alert to any indications of non- compliance throughoul the audil. However. the primary responsibility for the prevention and detection ol fraud r8Sts with the trustees. To address the risk of fraud we identified intem81 controls established to identy'fy risk. performed analytical procedures to identify unusual m¢)vements. assgssed any judgements and aSSLJmptions tnadg in d8t8rrnining accounting estimates, reviewed journal entries lor unusual transactions and id8ntified r81ated parti8$. Owing lo the inherent limitations ol an audit, there is an tsnavoidable risk thal we may not have detected some material misstatements in the finanaal statements. even though we have propedy planned and performed our audit in accordance with auditing standards. We a￿ not resFM)nsible for preventing non•compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are partictrlarfy significanl in the case of misstattrmenl resulb'ng from fraud as this may involv8 sophislicaled sth8rnes d8sign8d to avoid dèt8ction. induding deliberate 18ilur& to rècord transactions, collusion or thè provision ol intentional misr6prèsenlalions. A further description of our responsibilib'es is availab18 on the FinancA81 Reporbng Council's website at.. http5.'11 www.frc.org.uklauditorsre5ponsibilities. This description forms part of our auditorfs report. Oth•r mattors Your attèntion is drawn to thé laet that thè Charity has pr8parèd finan