2022-12-31-accounts

Aga Khan Foundation (United Kingdom) Report of Council and Financial Statements 31 December 2022 Registered Number 01100897 Registered Charity Nurnkr 266518

Aga KhaD FouDdation {Unittd Kingdom) 31 December ?0?2 Registered NuJnb¢r'. 01100897 Registercd Charity Number.. ?66518 Contents Report of the Council Sialement of the Council's resp>nsibiliiies in respect of the Report of the Council and Strategic Report and the fmancial statements Independent audiior's report to the members of the Aga Khan Fixkndation (United KiTh8dom) Statement of Financial ActLVltits, incltsding Income and Expenditur¢ A¢¢ount Balance Sheet 10 13 14 Cash Flow Stat¢ment Notes 16

Aga Kh#ll Foundation {United Kingdom) 31 Decemh¢r ?0?2 Regisiered Number". 01100897 Registered Charity Nutnber.. 266518 Report of the Couneil The Tnembers of the Council, who are also direcrors for Companies Act purpose4 present their annual report and the audited finaiicial statements of the Aga Khan Foundation (United Kingdom) {hereinafter"¢haritsble company" or"AKF IUKI") for the year ended J l DeCem￿r 20?2. The Council has adopted the ptovisions of the Statement of Recomniei)ded Pr3ctice (SORPI"A¢counting & Reponing by Charities" in preEIAriTrg the a[￿U81 report ond f￿ancial staiements. Reference and administrative information Members ol the Council The n)embers of the Council during the year to 31 December 2022 were: His Flighness the Aga Khan Prince Aniyn Mohamed Aga Khan Prince Rahim Aga Khan Princess Zahra Aga Khan Alai) Abela Jaiie Piacentini-moore Nalional Commiltee The Coiin¢il are 511PPOrted by a National Commiitee. whose Mem1￿ (who art directors) at 31 December 2022. were.. Mahmood H. Ahmed Abyd Kam)ali Salin)ah CLirrimbhoy Naiishad Jivraj Faaiza Lalji Dr. Glirdofarid Miskinzoda MLiiiira Nathoo Dr. Nacim Pak-shiraz Shaiiiila Pradhan Chaimian Vice Chainnan Serret4ry Habib Motani Chief F,x¢cutive Offi¢eT Dr. Matthew Reed Senior M8nagement The members of S¢nior Managemenl at 31 December 2022. wtte.. Jasmin Jahanshahi Christina Jorgensen Gradleigh Ruderharn Christopher Wilton-Ste¢r Regist¢r¢d office 3 Cromwell Gardens, London SW7 2HB Registered auditor Crowe UK LLP 55 Ludgate Hill, London EC4M 7JW Bankers Lloyds Bank plc 39 Threadneedle StreeL London EC2R 8AU

A8a Khan Foundation Iunited Kingdoinl 31 Dec¢mb¢r 20?2 Registered Number". 01100897 Regi51cred Chariti. Nutnb¢r'. 266518 Report of the Council (conlin1￿￿) Structurey governance and man#gement Governing document Aga Khai) Foundation Iunited Kingdorn) i5 a wmpany limited by guarantee and having share capital, incorporated on 9 March 1973. and registered as a charity, in England and Wales on 4 December 1973. The objects and powers of AKF (UK) were established in its Memordndum of Association and are governed by its Articles of Associaiion. Ap￿*1￿1￿¢DI The members of the Council who held office during the financial yearand at the date of this re￿)rt are set oiit on page l. A5 set oiit in the Articles of AS5￿]￿tiOn, the members of the Council (other than His Highness ihe Aga Khan) are appointed by the holderfs) of a simple majority of the issued shares in the capithl of AKF (UK). The Coiincil are supported by the National Committee for governance and supvfvision of AKF {UK). The National Committee is appointed by the Council. The names of the MCmbc￿ of th¢ National Committee are set out on page l. Induction #nd training Ne%i' niembers of Ihe CoLincil review writien materials and Unde￿0 #n infonnal orientation to brief them on their legal obli￿allOnS under charity and company law, the conteni of the Metnordiidum and Articles of Associalii)n, the decisioii niakiiig processes, the objectives and strate8ies. and the receni fman¢ial performance of AKF IUKI. The ciirrent metnber5 of the Council have acquired in-depth knowledge of the ￿'ork. of AKF {UK) and ihe Aga Khal) D¢v¢lopnieni Network (hereinafter "AKDN") ￿ a whole. The annual global Aga Khan Fouiidation budget m¢¢iing iiivolves the prodii¢ti(bn of comprehensive information, including a progress rew)n oil all si8nificaiii activiiies. an update oil perfomiwice against annual budgets UFdaie on the wogrdmmes. Addiiional infomiation is submiited to the Couiicil regLilarly throu8hoiil the year. to ensure they are kept abreasi of key developments. Additional meeiii)bFs on specific lopics of ¢oJic¢rn to til¢ Council are scheduled on an as-needed basis. This process ensures that the Council are kept ab￿a51 (Trf the on-going w¢ivities of AKF (UK) and has a stron8 understhnding of ihe relaiionships and ira115a¢tioiis with relal¢d parties of AKF (UK) within the AKDN. In view of thÉ& no addiiional on-goin8 trainuig for the n)embers of ti)e Council 15 needed. The National Committee was re-appoinied on I Sepiember20?O. When new Natioiial Committec m¢rnb¢r5 are appointed. a forn)al indiiction is arrdnged. Neiv members are briefed alM>Ut how AKF (UK) eng)ges in its different roles. its objectives and Ihe role of the National Conimittee io help achieve those objKtives. The Nption)I Committee comprises n)embers represeniing a mix ofskills including mana8em¢ni A¢C￿nI1￿8, legal and c￿nM￿nICation$. OrgAnis#tion The Council, which can have up to seven members. governs AKF (UK). A Chief Executive Officer {CEO) 15 appointed by the Coiincil to manage the day-l(￿aY operatLi)n5 of AKF (UKI. The Council meets annually, with meeiings of its s11b- ommittees throughout the year. and is supwrted by the National Committee, a5 51ated above. in the governance aiid 5upervi5ion of AKF (UK). DaY-l￿daY rnnnin8 and managemenl of AKF (UK) has been delegated by the Council to die CF.0 who, in addition to reporting to the Coun¢il, also reports to the Genernl Manager of the Aga Khan Fourtdatioii in Geneva and the National Committee. The Nalioiial Comniittee has established a sulKommittee to support tht fJn8nc¢ and adn)inistrdtioi) of AKF (UK). This 5ub-cotllmittee mcet5 motlihly. The skills and experience of thi5 Finance Conimiltee have helped AKF (UK) in achieving it5 objectives. As a niember of the AKDN, AKF (UK) draws UPOD the eX￿rienCe of the wider AKDN neThvorL However, il has stan alone operdting policies and pr￿edUreS. The CEO and Heads of Departments are considered to be the senior management rKTsonnel of AKF (UK). The remuneration of th¢ CEO is recommended to the Council by the General Manager and leadership of (he Aga Khan Foundation in Geneva and in con5ultatii)n with the Nalional Commiltee. This process includes benchmarking against the UK charities and development sector, Eenchmarking acro&8 AKDN agencies and other internatitsnal development charities worldwide and consideration of the CEO'S deExh of experience in the sector and role. Interests of mtmbers of the Council No member of the Council had. at any time during the year, any interests in any shaw of AKF IUK) which would require disclosure wsthin this report.

Aga Khan Found4tioTh {Unit¢d Kingdom) 31 December ?0?2 Regisl¢r¢d Nutnb¢r: 01100897 Regist¢rd Chllrity NumbeT.. ?66518 Report of the Council (conliniied) Ch2rity GoverngD¢¢ Code The Charity Goveniance Code is designed as a lool to support Continuous improvement of #D orgw)isation's govenianee. Ihe Council has reviewed the Code and its key principles and believes that the goveman¢e of AKF (UK) is in liiie with the Code. Objectives and Aetivities Principal activities AKF {UK) is registered a5 a charity in England and Wales, is an affiliaie of the Aga Khan Foundation, ￿ld is part of the Aga Khan tkvelopment N¢tWOTk. The meM￿rS of the Council confm thai they have had regard to tlie Charity Comniissioii guidwice oil public ￿nefIt when reviewing and seiiing AKF (UK)'s ttitns and objertives. Its principal activities are social developnienL institutional development and social aclivilies. These 8¢tivities pron)ote and provide for the advancemeiii of ediication. health, rural developmenL the envirimunent and 5UPPOrt to civil society. The objects of AKF (UK) as set out iii its menioMidum 8nd articles includes the advaneement of educatioi) through the creatioi) ai)d support of educational instiiutions. to provide faciliiies forsDJdy. accommod￿10n and r¢ligiousworship, to relieve liuman suffering aiid sickness, to provide cf assist in ihe interests of social welfare. and to reliev¢ poverty. Fundraising AKF (UKI'S fundraising activities are substantially direC￿d81 governrnent8gen¢ie$ #nd institutiOn5and not atthe general piiblic. Whilsi AKF {UK} receives unrestrlc￿d income from individuals it does not 8divety fundraise forthis and as such no special nieasures are reqiiired to protect vulnerable pec4)le and other mem￿r$ of the piiblic from unreasonable intriisioii or behaviour. AKF (UK) organises even￿ io increase awareness of its the AKDN'5 activilies, and donations are ofteii received following such events. Iii the contexi of significant events or initialives relating to the AKDN or tlie Isii)aili comniiiniiy. supporters someiimes choose io make donaiions lo AKF (UK). In many yeats individuals eiiter charity nins orsimilar events selecting AKF {UKI as theirchosen beneficiary.. AKF (UK) itself also holds a charity walk and niii in some years. AKF (UK) is not regisiered with the Funthaising Regulal(TrT. Any ￿ndraising activitie5 that tske place are carried out by AKF (UK) siaff or volunleers and no complaints were received rel￿1118 to them during the year. Grant-making policy AKF IUKI seeks 10 promote susiainable and equithble social development by encouraging innovative approaches lo a range of development challenges in Ihe fields of education. health, ruTrl developmeiiL the environment aiid civil society. lid by SLlPPOrting these approAthes throiigh grants LO organi￿110￿$ that 5haTe its goals. AKF (UK) does not accept applications for grants. bLlt instead works collaboratively with pather orgpnisalion5 lo develop prop)sals for doiiors and then acts as ihe prime agency in making grants io the partner orgonisjlions. These pamer orgaiii5ations are primarily figencies of AKDN and or8anisaiions selected by those agencies in the field based on common values. approaches, goals find objectives. AKF IUKI work$ very close]y with these grantees in the design. llnplementaiion and moniiorii)g of projeets. The aim 15 to ¢rea¢¢ a CTitical of r￿used and innovative activities. complemeniing each other within )nd ross S¢Ctors, in order to make a Signifi￿￿1 contribution to social development and improving qiiality of life. Additionally in 2022 AKFIUKI ac*d #s a conduit for a number of entities. These ￿ndS were received by AKFIUKI tiiig as w) agen¢ and therefore are not recognised as an assd in these financial statements as they ar¢ not within AKF{UKI's control. Consequently, the receipt and distribution of these are not r¢¢ognised a5 income or expendilure. Soeial development The primary role of AKF (UK) in the area of social development is to act a5 an Interface between institutional and priva￿ donors on the one hand and the range of projects kmpletnented by AKDN agencies on the other haiid. It represents the agencies of AKDN to parffier governments pnd institutions in Europe. the Middle East. aiid Asia, a5 well a5 to multilat¢rdl agencies in th0￿ region5. Principal a¢¢ivities are the development of loi)g-teTt]1, strategic r¢lationship5 Wlth institiitional donors, %curing resources for projects implemented by AKDN 88eiicies, managiiig and reporting on grants. and other as50Ci8ted liaison between institutional donors and impletnenting agen¢ies. AKF (UK) has established long temi Telationship5 Wlth significani partners such as.. Asian Development Bank, European Commission (ECI, the UK'S Foreign, Commonwealth & Development Office {FCDO), GernJan Developnient Cooperaiion. the Swiss Developmetkt Cooperation. French tkveloptnent Cooperdtioji, J8pan International Cooperation Agency, Children's Investtnent Futhd Foilndation, IKEA Foundation, Jacobs Foundation, Lego Foundation, Oak Foundation, PortlCU5 Foundation, Johnson & John50n {J&Jl, Dubai Cares, Education Above All Foundatioi) ai)d vari011s Other charities, foundations and governmenl agencies through Memoranda of Under5tandin8, graiit contracts, or their equivalent.

Aga Khan Foundaiion (Urtited Kingdotnl 31 DeLetnbei ?Q?2 Regist¢T¢d Number". 01100897 Regisiercd Charity Number." ?66518 Report of the Council (continue Strategic Report Institutional development li) furtherance olAKF IUK)'s educational charitable objectives. AKF (UK) makes high quality educational space aiid facilities available to The Institute of Ismaili Studies IIISI and the Aga Khan Univetsity-lnslitute for the s￿dY of Miislim Civilisatioiis {ISMCI at th¢ Aga Khan Centre in King's Cross London. the building which h0115es AKF IUK)'s offices. In addition, AKF (UK)'s nearby Victoria Hall building provides accommodalion forhigher education studeiils, n)ai)y of whom w¢ Jttending programm¢s at IIS or ISMC. SociAI development Achievements and performance AKF {UKI assesses its perfomiance and impaci in the area of srfial developm¢nl primarily through winual targets for raisiiig funds. as well as moniioring the spending tales. quality of implernentAtion, ynd compliance of the projects li 5UPPOrts. In addition. AKF (UK) sets annual targets for proEM)skl development and donor cultivation. grants maiiagemeni, and comtniitlications and public affairs. Thes¢ are reFKTrrted on a quarterly basis to the Aga Khan Foundaiioii Geneva aTsd ¢0 th¢ Chair of th¢ Nationol Committee. In 2022. At(F (UK) s￿llred 17 grants at a total of £63.8 million to SUPPOrt AKDN and partner programmes prinlarily in Asia aiid Africa. The largest granl. for £1 1.2 million, w&5 serured froni the UK'S FCt)o. In addition, AKF (UK) helped IAher AKDN 8gencies Secure significant grnnts from Eunwean donors with whon) AKF (UK} has the primary relationship. A further £60.2 niillion was obtained for these AKDN agencies from a wide range of partners including the French, Gemkn. and Swi5s Governrnenl in5tiWlions as well as from UN ageiicies. Of particular relevance iii 2022, AKF (UK) helped the Aga Khan Foundaiion in Afghanisthn secure £51.6 millioii lli new grgnt5 to support humanitarian relief and b05ic ne¢d5 in response to the crisis in Afghanistan. Political events in Afghan￿lan in mid-Au8U5t 2021, kd to some do[￿[5 suspending AKF (UK)'s gratJL8 in Afghanistan. This wa5 P8rti¢ulaTly the case for G¢nnwi-fvnded grant& as well as two grants supponed by Ihe ELirope#n Comniissioi). AKF (UK) Ca￿led out a legal review across its entire pornfolio in Afghaniswi. which concluded thai tli¢ Dature of the work iii Afghaiii5tan which AKF {UK) 5UPP)rt& wid the sectors offocus of thai Work. fall within the humai)itsrian and basic hiim?n Jie¢ds aclivitie5 which the major sanclions regimes Telating to Afghanistan pemii. Iii addition. AKF (UK) regularly reviews the latest lists of individuals sanclioned under Alghanisthn ￿ laied sanciions regimes io ¢heck that listed 5aiictioi)ed iiidividuals are noi Eting supported by our work. As a resuli. AKF IUKI has be¢n able ¢0 effectively eiigage with doiiors to re•commence most projects or io mobilise addiiional resources for the growit)g huinaiiitarian Deeds iji Alghaiiistan. In 2022, AKF was able to secure new funding from the goven)menis of France. the Netherlands, Switzerland, and the UK. as well as the European Commission and its humanitarian braD¢h, ECHO. Despite the continued challenges in Afghanistan, 2022 wL8 a yeor ofsignificttnt activity and achievement. A few examples inclLide'. Continued gnd expanded 5UPPOrt from the UK gov¢rnmenf for Alghanistan.. In 2022. folli)wiiig FCDO pprov81, the LNGB+ project {part of the UK'5 Girls Educalion Challenge Fund} was able to re-start w?d wa5 extended to enable the cohort of gir15 lo complete the fvll cycle of primary ediication. LNGB+ contiJ)ues to provide edLication opportunities for s,0￿ highly marginalised girls liv￿8 in 230 remote comrnujiities. alongside a package of life skills trainings and psychosocial support. The project was also expanded to provide viial hiinianilarian siipport for the girls. families to minimise the risk of drop-out a5 8 r¢5uIt of economic constraints. In addition. Fctx) has provided further resources through a 5epprdte grant to support critical livelihoods interventiorhs and acces5 to eS5eThtial healthcare services. This new grant will reach over 800,000 people acros5 nine provin¢¢s. Schools2030.' Schools2030. 8 10-year partnership beNeen AKF (UK) and a coalition of other private foundations and leaders in lliiemational early childho(xl development and education, completed its f￿st year of 11 implementation. This included the inaugurdl Schools2030 Global Forum held in Dar es Salaam Tanzania, which broughi together Ministers. teachers, community representatiYe5, investors and Tesearchers to share ideas on how to equip the next generdtÈon t(Tr bec9rn¢ skilled and resilient in the face of inc¥easitJg uncertainty. Schools2030 is siipported by the following organisations.. Dubai Cares. Jacobs Foundation, LEGO Foundation. OAK Foundation, Porticus Foundaiion and others.

Aga Foundation IUnit¢d Kingdotnl 31 D¢ceinber ?0?2 Re8islcrcd Numixr.. 01 IIKJ897 RegisieTal Charity. Number.. ?66518 Report of the Council (continued) Further re50llrces secured for Madaga$e#r". Adding to the 3-year project funded by the European Cotnmission called SANIDA signed in 2021, another 3-yfdr grant wa5 signed ui 2022 with the EC. This project will support improved economic and climaiic resilience of 11.800 farnily farnis in Iiorthern Madagascar. A new partnership was also esthblished with Blue Aclioji Fut)d to tr*)Ister comniunity_led n)arine conservation efforts aiid eiiable sustalliable livel]hoo(Ls of small-scale fi￿lerS in the Bar￿7 Isles (a chain of 5rnall islaiids 2(k30kms off the coasi of the maill island of Madagascarl. Over the next five years. die project will aim to enipower communities to safeguard theirnattLTal resou￿¢$ and diversify their income-geiierating op¥x)rtunities. Building resilience in Pakislan". With funding from ECHO through AKFIUKI. AKF and AKDN parhiers in Pakisiaii implemeiited an 18-month progratwne on 'Strengthening community and heald) system disaster preparedness in vulnerable areas of Gilgi¢-Baltis¢an.' The Project reached aimosi 75.000 people through disasier managemeni training, healthcare equipmen¢ and emergency res￿)nse stockpiles. Comniunity Emergency Response Teams (including s￿/0 female members) have been rrallied to aci as firsi respoiiders lli ai) emergeiicy, and health facility stsff tTrined in mas5 casualty managemeni. When ihe devastating floLyJs c<¢urred in August 2022. communities were able to niobilise quickly. and provide support to those affected. Deepenlng and ¢xpllnding partnership wilh Ihe EC.. In 2022. AKF(UK) helped to secure secoiid phAse$ of pi'oj¢cls in Tajikistan and Mozambique. as m.ell &s new projects in Egypt and Syria. Institutional development IehÉtvements and performance 111 2022 AKF (UK) made institLilioTral developmeni 8ranis ioialling £2.2n) prin)arily to ihe Aga Khaii Universily. AKF IUKI also provided high quality cducational space and facilities to The Iiistitute of Isniaili Studies (IISI ai)d the Aga Khan Univer51ty-InslLtiite for the Siudy of Muslim Civilisaiions (ISMC) #nd a159 provided accomn)odation for hi8her educatjoll Students, many of whom are aiiending programmes at IIS or ISMC IIS is a higher edLication and academic research insiilute. estsbli5hed iii 1977 to promote scholarship and leaming about Miislini ciiltlires and socieiies. IIS 8ims to tontribute to ¢he academic study ofthe diversi(y of Islani a5 a faith and as a civilisaiion, by addressing iniellectuhl and prncti¢al issues t&Jih hislorically and in ihe present con¢ext. Ils ol'fers two Masters level laiighi programmes. Both progTammes of study draw on ￿a¢hIng fftcul(y fron) it5 research department As well as visiting scholars from 1¢8ding national and iniernational academic insiituiion5. IIS, graduate programmes, as well as 11$ range of doctoral $¢holor5hips and fellowships, attract studethts and scholars from across the world. ISMC wa5 founded in 2002, as an educational and research unit within the inlernational A8a Khan University. ISMC is an iiiter-disciplinary ins¢itiite. carrying oiit iniernaiionally recogni5¢d scholarship, educaiion and outreach in the hiimanilies and social sciences on Muslim societie5 and ¢uliures. ISMC promotes scholarship that ope115 iiew perspectives on Muslim heritage, modemity, culture, religion, and society. It offers a Masters level taught programme in Muslim Culiures. Seetion 172{1) statement The nieniber5 of the Council have regular disCU5sions on and are sa11sf￿d thai all key deeisioiis token have considered the loiig-tern) llnpact of such decisions and the impact on AKF (UK)'s donors. irnplementing partner& employees and the coniniunit1¢5 that we work in and with. AKF (UK) takes great care to ensure its activities are implemei)ted in a collaborative manneT and will deliver impactful change in the lon8-ierm. Staternent ofengagement with suppliers. cllstomer5 and others in a business relationship with the company The niembers of the Council consider thai maintaining collaborative business relaiionships is a key factor for AKF {UK} in order for us ￿ continue to mtti our 5trategi¢ goals. This is especially when it ci)mes to our relationships with our gTant-giving donors and the unpleTnenting parmers with whom we w￿￿- in parthership. AKF (UK) strives to thisure diat all decisiotjs iaken on our progrnmmes are taken in alignmeni with the wishes and regulat10115 of those who fiind them taking into Consideration ihe inteTests of those who are restxjnsible f(Trr programme delivery, as we feel thi5 is the mosl effective and efficient way of achievuig la#ing change forthe ¢[￿mUnitIeS that we WO￿ with.

Aga Khan Fourthtion (United Kingdom) 31 tkceinber ?02? Rcgist¢r¢d NuJsib¢r'. 01100897 R¢gisl¢r¢d Ch8Tity' Nu[n￿r.. ?66518 Report of the Council fcoiilinmed) Stre#Nilined Energy and Carbon Reporting 111 2022 AKF {UKI Lised 5,709,690 kwh of eneJEY120?1- 5.544.437 kwh). thi5 equated to a carboji footpriilt of444 toi)nes CO:12021 720 tonnes C(Yl. This represents a ¢arbon inieijsity rdtio of 0.01 tothnes CO: per m {2021- 0.02 toi)nes C(F per m ). UK energy use covers the provision of electricity and heating at the Aga Khan Ceiitre ￿ld Vicioria Hall, whicli ar¢ both I(￿ated in the Kings Cross es￿le. li also includes electricity gas consUlliPti(Trn related to the 5ev¢titeen social wid culturdl c¢Jitres owned by AKF IUK}. There has been an increase in usage of 165,253 kwh from 2021. This has been driven by a greater presence in ea¢h of the propertÈes bul also by the faci Ihal 20?? represents a ¢oniplete year of dath for the sociavculiural centres acquired ill the prior year. The K2ngs Cross Cslate has IOOO/o renewable electricity contracts. and reduced emissions from the district heating network. Data on energy usa8e was collected di￿llY from billing infom)￿1￿7 and where available, information collected in kwh was converted ai the rate disc105¢d by the suwjlier. In the absence of this. emissions were ¢onverted usijig the UK GovernnieTrl'S 20?2 GHG Conversion F8ctors. Financi#l review Diiriiig ihe year AKF {UK)'s fixed assets decreased by l /• froni £179.7m to £177.3m as a result of depreciaiion, cash iiicreased by 25è/D from £41.7m lo £52.2n) and iotal reserves inCre￿¢d by 6•/Th froni £218.On) to £230.8m. li) the opinioi) of the members of the Coui)cil, adequate assets are avaklable 19 fijlfil the future obligations of AKF (UK). A sumn)ary of die result of AKF {UK)'s aclivities durin8 the period 1$ given in th¢ Swt¢menl of Financial Ac¢ivities on page 13. Ineome Duriiib the year. the total incon)e lexclLiding foreign eXCh￿Ige ￿1n) increased by 2501• 10 £71. Im (_?O?l.. dea¢￿¢d by 4Yo lo £56.9ni). This was driven principally by an increase iii grants for our social development work and also an iliCTease iii doiiations received in commemoration of His Highness. Diamond Jubilee. In 2022 ihe social development income was £46.6ni (?021.. £37.8m}and donations received incomm¢moration of Hi5 Highness. Diamond Jubilee were £8.5m (2O?1.. £3.5IiRI. The majority of social developmenl income is from grants. which increas¢d by 36•/• to £43.Om (2021 decreased by 7¥ 10 £31.Oni). Agreen)ents with main funders are on-going and iinderpin the su¢¢essfvl resour¢¢ mobilisation strategy that has enabled AKF (UK) lo secure significant levels of fundin8 for AKDN projects 8round the world. Maintaiiiiiig on- going relationships with major donors and estsblishing new PTtherships are critical to AKF IUKI'S success and SL151ainability. These relaiionships should ensiire the fijwre strength of AKF (UK}'s income for social developnieiit PLifposes againsi a backdrop of continuing financial austerity among donor in51itutions. The in¢ome recognised ii) the Sialemeni of Financial Activities represents ihe proportion of multi-year grants that were recogni5ed in 2022 accordii)g to Ihe accoiinting policies sd out in n¢xe l io the and $0 does not correspond to the total value of grants sccur¢d and signed in the year. Expenditure In 2022, loial expendittire increased by 8Yo to £59.Om (2021.. increofed ty 21Y• lo £54.4m) 0$ 9 re5uI¢ of increased expendiliire on social development activities. The most Si8nificant expenditure related ￿ so¢ial developmenl PTogrammes of which £46.7m (?0?1.. £39.5m) wa5 disbursed diiring the year, ben¢fJtin8 projects implernented by AKDN insiiDJiions around the world. For ijiteniatioiial programmes siipported direcily through AKF (UK) in 2022. resources expended contributed io significant efforts in ediication, early childhood d¢velopmenL agriculture and food security. health and putrition, civil society, energy and culiure. The largest progrnmmes were implemenied in Afghanistan. where £21.6m project expenditure was made (2021.. £14.Iml, in particular on projects funded by SDC, FCDO and the EC Inote 7). The other main category of resources expended institutional development pmgrammes amounting to £10.7m (2021.. £14.3iv). This mainly consists of funding for the Aga Khan University (note 81. The main reason for the decrease was that a one-off grant of £3.Om wa5 mJde to the Aga Khan Foundation, Geneva in 2021 for V#TiOUS project5 funded from donations received in commemoration of the Golden Jubilee ofHis Highn¢5% the Aga Khan. The core cost5 of managing AKF (UK) and adrninistering the resource mobilisation and grants management functions increased to £2.2m {2021= £1. 9m). These core ¢05ts are primarily fvnded by the Aga Khan Foundation Geneva. All donation income 15 applied to AKF (UKI'S chariiable objectives, specifically to progranune expeiiditure on social development and insti￿tIOnal development projects.

Aga Kharl Foundation (United Kingdom) 31 D¢c¢fflber 2022 Re£ister¢d Nurnber.. 01100897 R¢gisleial Charity Nutnber.. ?66518 Report of the Council {eonilRtsed) Reserves policy AKF (UK) requires reserves in order to meet its funding c¢)mmilments in respect of its joint-funded projects aiid for the furtherance of its activities. AKF (UK) has esthblished a policy whereby the level of its free reserves {beiiig ihose funds noi lied up in fixed assets and nol part of designaied funds or resiricied funds) should be sU￿1¢ient io sustain its administrative expejises for at least two months. AKF {UKI considers thai the tsrget level of free reserves at 31 December 2022 w35 £0.4m (?O?1.. £0.3ni) and anticip8les thai the targei level of Iree reseryes at 31 December 2023 will be approximately £0.4m. A5 of 31 December 2022, the iotsl unttstricd general reserve of £0.3m (2021.. £0.4m) represented actual frtt reserves. AKF (UK) h&$ established a policy whereby the level of ILS designated reserves for projects should be sufficient to n)Eet COTnmil]nents on an a]mual basis. At 31 December 202? the totsl balance of designated funds wa5 £215.8m ?0?1.. £?07.5ml. lil order to maintain the level of such reserves. AKF (UK) ui)dertakes ¢vents to ra15e awareness of AKF IUK) which resuli in support. for example throtsgh donations pnd commitments on a long-temi basis. Designated fiiiids held by AKF (UK) a5 Part of its charitable aciivities for insi1￿tional development Purposes totalled £190.4m (2091.. £181,3m) of which £137.9m was represenled by fixed assets. Designated funds held by AKF {UKI as part of lis chariiable aciivities for social purposes iotalled £24.0rn1 ?021.. £2? 3in) of M'hich £19.5m was represented by fixed assets. Designated fund5 h¢ld by AKF (UK) a5 Port of it$ ¢hori1Oble a¢¢ivities for social developnient PllTP05es totalled £1.4m ?0?1.. £4.Oml of which £O.Om was represent￿ by r￿ed gs5e¢ Golng coneern The busiiiess niodel of the charity is such thal its charitable activities are limited to those which are priniarily fuiided by funds received from external doiioTS. Other than commilments which are so funded. Ihe chariiy therefore has no specific conimilments and no comniitted costs beyond its fixed costs of operaiion which are deiailed in iiote 5 and 8ranis to be paid 10 panners from funds already received. The Council have reviewed forecasts covering Ihe period of 12 nioiiihs from the date of approval of these financial s￿￿ments which indicate thai the charity will have sufficient fLiiid5 to meet lis liabiliiies as Ihey fall due for that period. The Coiincil ¢on$ider that 9$ a result of the chority'$ operating model explained aEJve, even if no further funding is received in the 12 months period. the charity has S￿￿1¢ient cash reserves to pyy all ¢onimitled cos¢$. A5 a result, the Couiicil consider 1¢ appropriate for th¢ fmancial stat¢ments io be prepared on a going conceTn basi5. Investment policy The Council has the power to invest in such assets a5 it sees fit. The Council are sup￿)rted in the exercise of these power5 by the National Commillee. AKF (UK), having regard to its liquidity requirements and r¢xrve5 policy, has operaied a policy of keeping available funds in interes¢_beariiig deposit ac¢oun15 and s¢¢king to a¢hi¢ve an appropriale rate of deposit interest. The Fiiiance Committee review5 the placement5 on a re8ular ¥nd d¢¢ide5 the appropriale placemenl period5 on the basis of available flinds and their intended use. Future plans In 2023, AKF (UK) will continue io develop a robu$i proje¢1 pipeline with AKDN agencies, with emphasis on AKDN'S significant and growing initiative$ in ¢ivil society, cultu￿, education, economic dev¢lopmenl, energy. health, livelihoods, climate adaptation and disaster preparedness. AKF {UKI will continue to pursue new pamerships and fiinding opportunities with bi-laterdl and mulii-laterdl donors, especially to deepen lis relationships with muliilateral flinders siich as Asiaii Development Bank and Islamic tkvelopment Bank. non-traditional funders such as the UAE and Qatar. as well as the Eiiropean Commission. FCDO, France. Gemhany, and Swiizerland among others. In recent years, AKF (UK) has established a diversified funding base through new partnerships with foutLdation5 ajid orporation5, and this work will continue.

Aga Khan Foundation {Uttiled KLtk8doinl 31 DeceinbLr 20?2 R¢gi51¢r¢d Numb¢T.' 01100897 Registered Charity Numbcr.. ?66jlS Report of the Council Icoiiliiiiied) AKFIUK) will maintain its efforts to secure fijnding for AKDN'S humanitarian and basic iieeds response in Afghanisian. including a ureater focus on engaging with regional fiuiders. In additi￿1. AKF (UK} will continue io explore opportiinities under disciission with the European Conllnission. France, Japaii. Qatar. UK, and several other doiiors for key ii)itiatives in Afghanistan as well as other ci)re geographies, such as Egyp¢. Madagascar ajid Mozambique, India. Pakistan, Tajikisian and Syria. Additionally. in 2023. AKF (UK) will continue to transforni our operations to mttt the organisation's nei zero goal by 2030. AKF (UK) will support our sisier oiflces and agenci¢5 in other countries to do the same. AKF {UK) works with field imits of AKF and AKDN to SLhPPDrt them in securing grants directly from Eumpean, Asian and multi-lateral donors. AKF IUKI h&$ strengthened its Loiidoii-based ieam to engage a wider range of partner5. represeLiI AKDN ll) public fora, and siipport the design and prepaTalion of graiit prowsals and bLidgets. AKF {UK) coordinate5 extensively between fjeld units and donors. ttquiring ex¢eiisive commujiication ai)d travel to the COLlI)Iries where AKDN 15 active. AKF {UK) also uses funds raised from private donations to match dtsnor fundii)g where there 15 a mat¢h-fundiiig requiTemenl. AKF (UK) eontillues to proniote awar¢ne55 ofihe work of AKF {UK) and AKDN through presentations events and exhibition5. Thi5 work is ¢xp¢cted to coiitiDue to grow in the future. Principal Risks and Uncertainties I'lie Coiiiicil, assisied by AKF {UK}'s Nationalcommilltt and AKF(UK)'s CEO. asse55es the majorrisk5 to which AKF IUKI is exwsed on an on-b>oing basis. On a monihly basis. the Financ¢ Comr])itlee tneets and reviews ongoiiig risks and conipliaii¥e issues, in particular those related ￿ its operations and rtnanc¢. The majorrisks to which AKF (UK) is exposed are.. Reliance on a small nilmber of 5iztsble. traditional donors The potential impact of the global economic situaiion, political trends and security Crises on the Hyailability of d¢v¢lopm¢nt funding for regions where AKDN is active Compliance violations or donor 8uidelines that aye not adhered io by implem¢n¢ing agencies The first and second risks are miiigaied both by cultivaitng new donor relationships, diversifyin8 OPPOrtuiiities. wideiiing and deepenin8 ciirrent relationships. and sustaining high levels of trust through conslstenl professioi)al perlomiance. The third risk is miiigaied through enhanced cotnmunicati¢)ns with and nioiiitoring of in)plei)ieiiiii)g partners. independent evalliaiions. donor assessment of pro8ramm¢5 and oiher key iiiforniation, slrengtheiiing grant agreen)eiiis and moniioring requirements. AKF Geneva employ5 internal audits to monitor implemeiiiing partners,. when necessary. these also monitor grani conipliance with donoT guidelines and the repotts that rel8￿ to AKFIUKI fiinded projects are shared with AKF {UK). AKF (UK) 15 5ati5fKd thai appropriate syslems are in place to mitigate AKF {UKI'5 ¢XPOSLire to n14jor risk5. Disclosure of inform4¢ion to auditors Eacli of the meniber5 of the Council 81 the date of approval of this Report of the Council and Sirategic Report conf￿rn that, 50 far as they are each aware, there is no Televani audii infomiaiion of whith AKF IUKI'S auditor is ui)aware,' and the niembers of the Council have each ¢aken all the steps that they ought to have taken a5 directors to n)ake themselves aware of any relevant aiidit in(orn￿lion and to esthblish that AKF (UKI'5 auditor 1$ aware of that iThforniation.

Aga Khan Fourldalion (Uniied Kingdom) 31 Dece]nbcT 2022 Regist¢T¢d Number.. 01 l(X)897 Regi5ter¢d Charity, Nuinber.. 266518 Report of the Council {coftilTrued) Statement of the Council's responsibilities in respecl of the Report of the Couneil and Strategic Report and the finydncial statements The members of the Council are responsible for preparing the Report of the Coun¢il and Strategic Report and the rinancial statements in accordance with oppli¢able law and regulaiions. Company law reqiLifc5 the Council to prepare financial smtemcnts for each finonch?l yeaT. Under that law they are reqiiired to prepare the financial stalements in accordance with UK AccountiDg Stsndard5 and applicoble law IUK Generally A¢cepied Accounting Practice). including FRS 102 Th¢ Financial ReporlingSiandardapplicobl¢ in the UK oKdRepublic of lieland. Under company law the Council must not ?pprove the financial ststements unless they are satisfied that they give a tNe and fair view of Ihe state of offoirs of the charitable company and of the excess of income over expenditure for that period. In prepdring these financial ststements, the Council are required to.. select suitable accounting policies and then apply them ¢onsistendy- observe the methods and principles in the Charities SORP- make judgemenis and estimate5 that are Teasonable and pnjdenl. stale whether applicable UK Accounting Standard$ have been followed. subject to any mat¢rial departures disclosed and explained in the financial ststements., use the 80ing concern basis of accounting unless they either intend to liquida￿ the charitable company or to cease operaiiong or have no realislic alternative to do so. The Coiiiicil are responsible for keeping adequate J¢¢owiling records thai are surricient io $how and explain the charitable company's transactions and disclose with reasonable accuracy ai any lime the financial posi(ion of the charitable company and enable them to ensure that the f￿all¢la] sthtements comply with the Compaiiies Act 2006. They are responsible for such internal control ?s they delerniine is necessary to enable th¢ preparation of fii)ai)tial staiements thai are free from material missiatemen4 wheiher due to fraud or error. and hav¢ g¢Th¢r81 Te5ponsibilily for takiii¥ siich steps as are reasonably open io them lo safeguard the assets of the chariiable com￿nY wid to prevent and delect fraLid and oiher irregulaiities. The Council are responsible for the maintenance and integrity of the corporate and financial infomiation included oli the charitable conipany's website. Legislation in the UK governing the prepardiion and disseniinatign of financial statements may differ from legislation in other jurisdi¢tions. Report of the Council and Strai¢gic R¢p)rt approved by order of the Council e Pi centini-moore Member of t Dale..

Aga Khan Foundaiioii Iuniitd Kingdoinl 31 Deceinber 20?2 R¢gi51¢red Number.. 01100897 Regisl¢r¢d Lharity. NumlK'r." 266518 Independent auditor's report to the members of the Aga Khan Foundation (United Kingdom) Opinion We have audited the [￿anCIal ststements of Aga Khan Foundation Iunitrd Kingdom) ('the charitsble Company,) for the year elided 31 Decenib¢r 2022 which comprise the staiemeni of financial activities. the balAnce sheets. the cash flow statement and note5 to the financial statements, including significant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards. includin& Flliancial Reporting Standard 102 The Financial Re¢x)ning Stsndard applicable in the UK and Republic of ITelaiid (Ut]ited Kingdom Generally Accepted Accounting Praciice). In our opinion the fin#n¢ial 51atement5'. give h true and fatr vi¢w of the state of ihe charitsble company's affairs as at 31 December 2022 aiid of the incoming ￿soUrCeS and application of resources. including its income and expenditure for th¢ year theii ended: have been properly prepared fft accordance with United Kingdom Generally Accepted Accounting Practice,. and: have been prepared in accordance with the requirem¢nL4 of the Compony Act 2006 Btsgls for oplnlo We condiicted OLir aLidit in accordance wilh Iniemaiionjl Siandards on Auditing (UK) (ISAS (UK}l aiid applicable law. Oiir responsibilities under ihose standards are further described in the Auditor's respoiisibilicies for the aiidit of thc rinancial SlAien)enis seciion ofour report. We are ind¢penden¢ of the group in accordaiice with the e(hical requircmciits Ihllt are relevat)i io otsr atsdii of the firhAn¢ikl stat¢ments in ihe UK, including ihe FRC'S Ethical Siandard. #lid w¢ have fulfilled our other ethical responsibililies in accordance with these requirements. We believe that the oudit evidenc¢ we hav¢ obtained is sufficien¢ apd appropriate to provide a basis for our opinion. Conclu51ons relallng lo going Concern In aiiditiiig the fiiiaiicial siaiemenis, Ive have concluded that lh¢ Council's use of ih¢ going ¢on¢ern basis of accoiinting in the preparation of the financial statements is appropriaie. Based on thc work we have p¢rfoTmed, we have not idenlified any material uncertainties relaiin81o evei)ts or ¢oi)dilions that, individually or collectively, may ca51 significan¢ doubt on the group's or charitable cotnpany's ability to Contiiiue a5 a going concern for a period of at least twelve months from when the financial statements are auihorised for issue. Our responsibilities and the responsibilities of the Council with respect lo going concern are described in the relevan sectiorts of this rewrt. Other information The Council are responsible for the oiher infomialion contained withlli the Report of Council. The other infom)atioii comprises the infomialion included in the Report of Coiincil, other than the financial stat¢ni¢nts and our auditor's report thereon. OLir opinion on the financial 5tatcnients doe5 not cover ihe other iiiforniation and, except to the exlei)I otherwL5e explicitly stated in our rcprt, we do not expre55 any forni of assurance conclusion thereon. Our respoiisibility is to read the other inlomiation and, in doin8 so. consider whether the other iiifonnation is n)aierially inconsistent with the financial staiements or our knowledge obtained in the audit or otherwise appears ¢0 be materially misslaled. If we identify such material inconsistencies or apparent material mis5tatemeiits, we are required to deiemiiiie whether this gives rise to a material misstatcmenl in the f￿ancial 5tatemeiits ihem5elves. If, based on ihe work we have perfottned, we Conclude that there is a tnaterial tni$5tat¢ment of this other infomiation. we are required to report that fact. We have nothing to report in this regard. io

A8a Khan Foundaiiott Iuniied Kuigdoinl 31 [k.ce￿ber ?11?2 Registered Num￿￿.. Gl100897 Regisicrcd Charil). Nu]nbcr". 266518 Independent auditor's report to the members of the Aga Khan Foundation (United Kingdom) {rofiilNued) Opinton on other rnatters prescribed by the CO￿PanieS Act 21106 In our opiiiion based on the work undenaken iii ihe course of our audil.. the infomation given in the Report of Council, which includes the direciors. report and the strategic report prepared for the piirwses of company law. for the f￿ancIal year for which the fmancial sthtrmenL8 are prepared i5 consistent with the finai)cial staietnetLt5: and the strategic report and the directors. report included within the Report ofthe Council have been prepared in accordance with applicable legal requirements. Matters on whieh we are required to report by txcepfion In libjht of the knowled¥e and under5taiiding of the charithble company and their envirotmieni obtained in the course of the aiidit, we have not id¢ntified malerial misstatements in the straiegic report orthe directors. report included within the Report of Council. We have nothing to report in respeci of the following matter5 in relation to which the Companies Act 2006 r¢qiiire$ u5 to Teport lo yoii if, in our opinion.. ad¢qu8te and proper accounting record5 have noi been kepL or reiurn$ adequaie for our audit have not been received from branches noi visiled by us. or the financial statem¢nts are not in agreement with the accounting records and rebjrns: or certain disclosures ofmembers of the Council'5 remuneration specified by law are not made; or we have not Teceived 811 the inforniation and explana¢ions we rwuir¢ for our audit. Council's responsibilities As explc1ined n)ore fully in their siaiement sei out on page 9, the members of the Council (who are also the directors of the charitable company for the piirposes of company law) are responsible for the preparatLOI) gf the fiiiancial statements and for beitlg sat15fi¢d that they give a t￿¢ and fair view. and for such iiiiernal coiitrols a5 the Couiicil detemine are necessary lo enoble the prepardlion of financial statements that are free from materi41 mi5Statement, whcther dile to fraLid or erroT. In preparing the financial statements, the members of the Council are resw)n5ible for assessing the charitable company's ability to conliniie as a goin8 concern, disclosing, a5 8pplicable, nia¢ters related to 801118 concem aiid using the going concern basis of accouniing unless the Council either intends to liquidate the charity or io cease operalioiis, or have no realistic al(emative bilt lo do so. Auditor's responsibilities for the audit of th¢ financial statements We liave beeji appoinlcd as auditor under the Companies Ari 21K>6 and report in a¢¢i)rdance with the Acts and relevant regiilatioiis mpde or haying effect thereunder. Our objectives are to obtain reasonable a55uran¢e about wheiher the fmgncial ststements as & whole are free from material tni55taiement. whether due lo frdud or error. and io issue an auditor's report that ii)cludes our opinion. Reasgnable assurance is a high level of assurance. bui is not a guarantee that an audit coiiducted iii accordance wilh ISAS IUKI will alway5 detect a material mi5s¢atement when li exists. MÈsstateHients arise from frdud or ern)r and are ¢oi)sid¢red material if, individually or in the aggregate. they could reasonably beexpected to influence the ecoThomi¢ decisions of users taken on the basis of these fmancial statements. tktails of the ex￿nI to which the audit wa5 considered capable of dete¢ting iTregul8rilies, including fraud and non- compliance with law5 and regulations are set out below. A further description of our responsibilities for ihe audit of the fthancial statements is located on the Financial Reporting Council's website at: www.frc.org.uklauditorsresponsibilities. This description fornis part of OUT auditor, report.

Aga Khan Foundation (Uniled Kin8dornl 31 Dcctinber ?0?2 R¢gisl¢T¢d Number.. 01 IM897 Rtgisiertd Charity. Numbcr." 266518 Independent auditor's report to the members of the Aga Khan Follndation (United Kingdom) (conlinNed) Extent to which the audit was ¢on$Tdered capable of detecting irregularities, intluding fraud Irregularities, iiicliiding fraiid. are insiaii¢es of Doll-compliance with laws athd regulatioiis. We idejitified and assessed the risk5 of material misstatement of ihe financial Sta￿ments from irregularilies. whether due to frdud or error, and discussed th¢5e between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficieni and appropriate Lo provid¢ a b8si5 for our opinioi). We obiaii)ed an understanding of the le8al and regulatory framewot*s within which the group and charitable ¢ompany operates. focusing on those law5 and regulations that have a direct effect on the delerniinaiion of material amouiits aiid disclosiires in the finatL¢ial statements. The law5 and regulations we considered in this contexi were the Con)pai)ies Act 2006 and the ChArilie5 Act 2011 together with the Ch8rities SORP IFRS102). We assessed the required ¢ompliance with these laws and regiilations as part of our audit procedures on the relaied financial staiement items. In additioi), we considered provisions of other laws and regulations that do not have a direct effect on ihe finai)cial statements biit compliance with ivhich might be fundamental to the group'5 and charitable company's ability io operate or to avoid a niaterial penalty. We also considered the opportunities and incentives that may exist within the group ai)d cliarilable company for fraud. The only other laws and regulations we ¢oJisidered in ihis context are Geiieral Data Protection Regulations. healih and safety re8ulaiions and employment lax. Auditing Siai)dard5 lirnit th¢ required audit procedures to ideniify nonrfonipliaiice with these laws and regulatioi)s to ¢iiqiiiry of the Council and other manag¢nient and inspection of regUla￿ry and legal correspondwi¢¢, if aiiy. We idei)lified the greatest risk of material impaci on the fin8ncial 51atements from irregularities. including fraud, to be within the recogiiition of income. the recogiiiiion of granl expenditure. the valua¢ion of the iiives¢nienl property and the override of controls by managemenl. Our audii prw¢dure5 to respond to these risks iiicluded enquiries of managenient ai)d the Finance Con)miiiee about iheir own id¢nlificalion wid assessment of the risks of irreb?ularilie5, saniple testing on iiicome, grant expendiiure and the posting of journals. reviewing accounliiig estimates for biasc5, reviewiiiy regLilatory correspondence with the Charity Commi55ion and reading minutes of meetings of those ¢harbed with Yovernance. Owin8 to th¢ iiih¢rent limitation5 of an audil there is an unavoidable risk that we may not have det￿ted sorne material misstatenieiits iii the fiiiancial 5¢atemeii¢5, even though we have properly planiied athd perforyned our aiidii iii accordaii¢e with aiidiiing staiidards. For example, the futther removed non.complianc¢ with laws and regulatioiis (irregulariti¢51 is from the events and transactions reflecied in ihe flnancial statements, Ihe les5 likely the inhereiitly liiiiited procedures required by audiling standards would ideniify it. lji ￿ld1(]0￿, a5 with any audit, there remained a higlier risk of non-deteciion of irregularities. as these may involve collusion. lorgery, intention81 oniissioiis. misrepresentations. or the override of iniemal controls. We are iiot responsible for prev¢nling Don-compliance and cannoi be expected to deteci non<omplian¢e with all laws and re8ulations. Use ofour report This report is made solely to the charitable company'5 members. as a body. in accordance wilh Chapter 3 of part 16 of the Con)panies Act 2006. and to the charitable company's members of the Council. as a body. in accordan¢c with Regulatioii 10 of the Charitie5 Ac¢ounts (Scotland) Regulations 2006. Our audii work has been undert8k¢n so that we might state to the charitable conipany's member5 and Council those matters we are required to state to them iii an aiiditor's report and for no other Purpose. To the fullesi exient pernhitted by law, we do not accept or assiime responsibility to anyone other than the charitable company. the choritsble comp8ny'5 members as a body and the chariiable company's Council. for our audit worl for thi$ r¢w)rL or for the opinions we have forn)ed. Tim Redwood Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Aiiditor London Date.. 11 August 2023 12

Aga Khajj Fouthtsion (Uniied Kingdoinl 31 tkcetnb¢r ?0?2 Regi￿tred Numbei". 01100897 Rcgisicrcd ChaTit)' NumbeT'. 266518 Statement of Financial Activities, including Income and Expenditure Account foi. IheyeaF' ended31 Decejiiber 2022 NNeJ Unrt5tricted Funds Rtstritttd Futtds Total 2022 Toial 2021 Ceneril Funds Funds Income Irom Crants, donAtioTrs and Itgitits &)iial d¢v¢lopm¢lll prograJnEMts Insliliilional de%'¢lopm¢nl Sociol and ciiltural cenires CoinmuniLalions ond Q￿renesS raisin8 Core costs 3,497 15,055 2,867 43,056 46,SS3 16,686 2,867 249 I￿74 37,787 12.399 2.543 176 1,709 1,631 249 1,874 Renlul income InN'eslmenl income Other income Nel guinlllossl friRn foreiRn ex¢han8e 2,858 25 19 1.363 2A58 25 19 657 2.248 41 148 17061 TotHI incomt 3.754 25.684 42J50 71,788 57.059 Expenditure ChAritAble iclivities SuLliil dL VLlI)pniciil progrnJnm¢s 1.652 1.869 28 249 7.354 8,818 1,251 37,741 46.747 10,687 1,279 249 39.491 14.250 518 176 Sociul uiid Liiliurnl c¥nlr¢s Cuintniillicalion5 and awur¢nes8 rnising TolAI expenditure 3.798 17,423 37.741 58.962 34,43S iyel income for tht yelr 1441 8.261 12126 2.624 Tr4iisf¢rs bdw¢¢n fund$ Nel intDme befort othtr r¢co8Thiwd 8•lnJ nd Ioss¢5 N¢1 Bainlllussl frottl invc51mtn¢s 1551 8.272 4,￿9 12126 2,624 io Nel movenient in funds 155} 8.272 12026 2,624 Reconcllifjtion of funds Funds brou8ht fon¥ard 207.549 10.044 217,977 215,353 Tot*l fllnds oxrrl¢d forwlrd 20 329 215.821 14.653 230.803 217,977 All of the aEove results are derived from continuing activities. All gains and losses rerognised in the year are intluded i the above. 13

Aga Khan Foundation IUniL¢d Kingdom} 31 D¢¢¢inb¢r 2U?2 Reels￿red Nutnb¢r." 01 ItKJ897 Regi51ered Charity Nuinb¢r.' 266518 Balance Sheet oi 31 Deceiiibvi. 2022 Nthes 2022 2021 £(x)o Fixed assets I'angibl¢ assets Inv¢simtnts 152I43 24,500 155,179 24.50D io 177J43 179.679 Curren¢ w55els D¥l)l()rs Cosh tsi bank arld irl ha￿j li 18 1.228 41.729 $8,037 42.957 Credltors: amounts fglllD8 due withln ont year 13 14J771 14,6591 Net Current 38.298 Total gSStt$ l¢1$ ¢urr¢nt Il•blll¢l¢$ 230103 217.977 Cr¢dilors,' ainoun15 fallin8 duc after onc ye Ntt AM¢ts 2JO,k)3 217,977 Shfyre ¢apilAI And reser¥eJ 21 Funds.. G¢ncral fiinds Designaied funds ResiriLied lunds 20 20 20 J29 215021 384 207.S49 10,044 230JOJ 217.977 The financial siaiemeni$ w¢r¢ Jppro¥¢d by the Cowi¢il Lnd 4utlw)Tisd for issue ￿ 31 July 2023 nd iY¢r¢ signed on i¢s b¢hall'by: acent Meniber ofthe Coiincil ni-moofe 14

Aga Khan Foundation IUnil¢d Kingdoinl 31 t)¢ceillher ?0?2 Re8tsieied Nunib¢T.' Q1100897 R¢gi51¢red Charity Number.. 266518 Cash Flow Statement foi. Iho Jgai. eiidÉd 31 D¥¢eiiiber 2022 Ntyes 2022 2021 £000 Ntt eash inflow from optr#tln% attivltits 17 10878 6,515 Cish flows from investing activilie5 ljiieresi received 25 Payments 10 acquir¢ fix¢d •ss¢ts 13931 15341 Increase in c05h and cash equivalents J8 io,sio 5.989 Nel cush tst l JatLUllry 18 41,729 35.740 Net tAsh it 31 De¢embtr 18 52239 41,729

Aga Khan Foul￿ation Iunited Kingdotnl 31 DtccmbLr 20*2 Regislered Nuinb¢r'. 01100897 Registered Charitj NumbeT.' 266)18 Notes Ifoi'iningparl ofihefinancialslalements) Principal aecounting policies AKF (UK} is a charitable company limited by guataniee, cotnpany registrdtioD iio 01100897, regisiered address 3 Cromwell Gard¢ns, London SW7 2HB. The following accounting policies have been applied ¢on5iStently in dealing with it¢ms which are Coiisidcred material in relaiion to AKF (UK)'5 financial statements. Basis of preparatio The cliaritable cotnpany is considered to be a public benefit entity. The flliaTrcial statemeiits have beeii prepared under the historical c05t convention and in 8¢¢ordance with Ihe Statetnenl of Recommended PTa¢tic¢ applicable to charities prepariiig their a¢¢ounls in a¢¢ordance wilh the Financial Reporting st￿Id￿rd applicable iii the UK ai)d Republic of Irelaiid ISORPI, the Companies Act 2006 and applicable Accounting Standards, FRS 102. The iiienibers of the Council have prepared the f￿ancial statements on a going concern basis with no material uiicertaiiities. which they consider is appropriate for the following reasons. The b1￿IneSS model of ih¢ ¢harity is $u¢h that its charithble activities #re limited to th05¢ which are primarily fuiided by funds received from exiemal donors. O¢her than commiiments which &re so funded, the charity has no specifi¢ commiunents and no eomm5tied costs beyond its fixed costs of operation which ore detailed in note 5 and grants to b¢ paid to partners fron) fiinds already re¢eived. The Council have reviewed forecasts ¢ov¢riJig the period of 12 moiiihs fron) Ihe date of #pproval of thes¢ financial statements which indicate tho1 the charity will have Sufficient fuiids io nieet its liabilities as they fall due for that period. The Council consider that as a result of the charity's operating model explained al)ove. even if no furth¢r funding is received in ihe 12 months period. the charity has siifflcient cash reserves lo pay all commiiied cosis. As a result, the Coui)cil Consider it appropriate for the financial Sta￿ments to be wepared on a 8oin8 concern basis. Funds Geiierdl fiinds are iinre5tricted fund5 available for use at th¢ discretion of the Council in furtheraiice of the geiiei'al objcclivcs of AKF (UK) and which have noi been designated for other purposes. Designaled funds are iii)re5tric¢ed fiinds eamiarked by the Council for social development progrdmmes, in5tiluiioiial deyelopmeiii and for tlie purpose of piirchasing and developing properties held by AKF (UK) as part of its Charl￿ble activities for social purposes. Restricted funds are funds eamiarked for specific activities by conlrdctual agreement with donor a¥encies. Tangible fixed asstts Lai)d aiid biiildiiigs and other tangible fixed assets are Ststed at their purchase price. together with any incidenial expeiises ofacquisition. Properties received by way of donations are stated at a reasonable market value to AKF IUKI at the lime of the donation. Fixed assets wilh an acquisition cosi of less than £3,000 are noi capiialised. Deprecialion is provided on all tangible fixed assets Iwiih the exception of land) at rates calculaied to write off the cosi oi) a straighi. line basis over their expected useful ecoThomi¢ liv¢5 as follows.. Freehold buildiiigs Leasehold buildings Property Improvemenis Property fixtures and fittings 5Vo 15°h Investment properties ljivestnient properties are ¢W￿l¢d at f¥ir value supported by external vyluers and derived from the current market rents and yield5 forc(Trmparable real eslate, adjusted if necessary fordiff¢ren¢es in nature. locaiion orcondition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Financial Activities. Operating leases Rentals applicable io operating leases are included in the Siatemenl of Financial Activities on a straight-line basis over the lease temi. 16

A8a Khan Foundation (Uniied Kingdom) 31 tkrctnber 21122 Resi￿tted Number". 01 IIX)897 Re8isicred ChaTII) Number.. 266518 Notes (coiitiiiiied) Principal accounting policies (coniinued) Foreign currencies Tr8Jisaclions in foreign currencies are recorded ai the raie rnlin8 ￿ the date of the transaction. Monetary assets and liabilities are retranslaied at the rate of exchange njlingat the balance sheet date. Exchange gain5 or losses are included in the statemeni of ffftancial aciivities. Pension costs AKF {UKI operates a defined contribution pension scheme for its employtts. The assets of the scheme are held 5epaTately from those of the charitable company in an independenily administered fund. Paymeiits made to the fiind and charged in (hese accounts as part of employmeni costs comprise ¢urr¢ni contributions. Income Grants, donations and legacies ￿CeiVable are from insiituiÉonal donors, private donors and AKF Geneva. Donations aiid legacies are recognised when they become receivable. and tax reclaim¢d on gift aid donatioiis is accounted for iii the period of the associated gift. Grants receivables represenl those grant5 where AKF (UK) ha5 signed the coi)ITa¢t with the funding agency and accepts responsibility for their application-. these are recognised wheii the grani conditions are met and when AKF {UK) becomes eniiiled io each instalment of the grnnt funding. Entitlen)ent to grai)i income 15 considered to be at the earlier point of income being receivable or eligible expenditure being incurred. Rental income is receivable from commercial unli ienAnis ond third*arty property management Organisations and are recognis¢d when they become rettivable. Expenditure Grai)Is made are recorded on a commitment basis when there Is a SÉ8n¢d agreement orother unconditional comn)ilmeiit made to o grant recipient and all other expendiiiires are recorded on an accruals basis. Charitable expeiiditur¢ is alloLated to the activities of ihe related fiind. Expenditure under general fviids is incurred in carrying out geiicral opercltional activities iindertaken by AKF {UK). Expenditure under designaied funds is inCu￿ed to provide support lo social developn)eni and insiiiiitional developmeni projects and in respe¢l of propertie5 held by AKF (UK) as part of its chariiable activities for social pur￿)ses. Expenditure under resiricted funds is allocated specifically io the related projects. Stipport costs are Allocated io the relevant ¢h¥ritable aclivity on the basis of the proportion of ei)Iploy¢e tinie speni on each activÈty. Aceountlng estlm&t¢J xnd key Judgements In the applicalioti of the AKF {UK}'s accouiiting policies, judgements, estimates and assuniptions about the ¢aTrying valiie of a55ets and li8bililics are made. These estimates, judgements wid assumptions are made based 01) a con)biiiatioii of past exp¢ri¢nc¢, profes5Lonal expert advice and other evidence ihai is relevant to the particular circiimstaiice. The key èrea5 of judgement included in the fuhan¢ial sthtemenls are 5umrnarised below.. {1} Valiiation of investhieni properties- Inveslment properties are ¢affied at fair value 5UPPOrted by external valuers as disclosed in note 10. (ill Potential impaimient of fixed assets- Impaimient reviews are tonducted when evenis and changes ll) circun)stances indicate thal at) impairment may have occurred. If any a￿et is found io have a canying value materially higher thwi it5 recoverable amoiiiit. it L5 written down accordingly. (iiil Depre¢ialion of fixed as5etS Fixed Lssets Jre depreciated at rates calculated to write off the c05t over their ¢xp¢ct¢d useful economic lives Members of the Couneil's emolumtnts No enioliiments were paid to nor re1m￿r5ement of expenses received by the Tnembers of the Coun¢il for their duties {2021. £0). 17

Aga Khan Foundation (Unikd Kingdom) 31 Dectin￿"r 2022 R¢gisl¢r¢d Nutnber.. 01 I￿897 Regisl¢T¢d Lliarit), Number.. 266518 Notes (eontiiizied) Employee informatio 21122 2021 £000 Salaries and wages Social se¢Lirity costs Pension costs Oiher benefils 3,418 408 321 124 3.292 357 270 96 Senior Management personnel earned total salary and benefits of £705k 12021.. £641k) and pension contributions totalling £61k {2021.. £52k). The averd8e number of staff employed by AKF {UKI during the year is: 2022 Iyumber 2021 Nun)ber Conimui)ication Finance aiid Adniini5trdtion Graiit administration Victoria Hall Management Aga Khan Centre Management AKDN Programme5 19 Employees earning above £60.IKIO 2022 Number 2021 Nun)ber £60,001 £70.000 £70.001 £80,000 £80.001- £90,000 £90.001 £100,000 £ioo,001 £iio,000 £110,001 £120,000 £130.001- £140,000 £150,001- £160,000 £160.001- £170,01)0 £180,001- £190,000 £190,001- £200.000 £280.(H)1- £290.000 £290.001- £300,OIJO Peiision contribution loialling £192k were made for these employees during the year (2021.. £161k). Expenditure Expenditure for the year 15 Staled after charging the following costs. 2022 £000 2021 £000 Depreciation (note 9) Audit fee- Crowe UK audit of these fthancial Stsiements Audiior's re[nI￿eratIOn f[￿ non-audit servic 2.729 39 2,359 33 The £6k disclosed above for non-audit fees includes fees relates to corpornlion tsx computation and a project audit. The audit fee for the year ending 31 December 2022 was £32,500 excluding VAT. 18

Aga Khan Fo￿datiOn (United Kingdom) 31 Dec¢rnb¢r ?0?2 Regislercd Nutnb¢r', 01 ItKJ897 Regitstrred Charity NuEDb¢T.. ?(kn518 Notes (conlinued) Support costs The SLlPPOrt Costs of AKF IUK) consist of thjte cost elements. Supw)rt costs are allocated on 8 basis consistent iyith the use of resource5 and the calculation of all(Kation is detertnined by the percentsge of iin)e spent on each category by the relevant staff. Office Expenses & Technology £000 Human Resource5 Travel Expenses £000 Total 2022 £000 Total 2021 £000 UThrestricted fund$ Social developnient programme$ Instiliitional developnient Social and ciiliural cenires Communications ond aw8renes5 raisin8 I,¢KJ7 154 537 82 107 1.651 237 27 248 1.404 255 27 176 82 12 1,330 709 124 2,163 1.862 Grants and donations reeelved Un￿Stricted Restricted Funds Funds £000 £000 Total 2022 £ooti Total 2021 £000 Soci41 development programmes Europe£lli Commission liiicliiding ECHO) UK Foreign, Comrnonwealih & Development Office (FCDO) Swiss Agency for Development and Cooperaiion (SDC) Gerniaii Federal Foreign Office Aga Kh£l11 FoLlI)dation (USA) Netherlands Ministry of Foreign Affairs Kfw Freii¢h Ministry for Europe and Foreign Aff#i The Lego FoLindalion Opk Foiindption Atlassian Foundation Internolional The Wellspring Fouiidp¢ion Royal Norwegian Minishy of Foreign Affair5 Vitol Foundation Johnson & Johnson Porticus Jacobs Foundation Other donations 20,113 6,507 4.617 3,088 20,113 11,738 8,240 2,427 281 5,535 4,617 3,088 2,850 2,506 1,564 880 766 720 412 397 375 249 182 92 2.850 2.506 1.564 880 766 720 412 397 375 249 182 92 4,127 930 400 1,148 500 418 797 1.246 647 588 1.235 3,497 43.056 46.553 37.787 Institutional development Donalion5 in ¢ommemoration of His Highness, Diamond Jubilee Donations designated to the Aga Khan University Donations designated io Kings Cr05s operational costs Donation5 designated to the Aga Khan sCh￿]s Donations desigiiated io The Inslitute of15maili Studies Other donatlOll5 8.547 1.372 1.237 32 136 5.362 8,547 lJ72 ,237 32 136 5J62 3,527 1,887 1,056 412 5.318 16,686 16,686 12,399 19

Agu KhDn FoundDlion {Unit￿ Kingdtsrnl J l Decejnber ?0?2 Regi51¢r¢d Number.. 01100897 R¢gi5Qr¢d Charity Numbtt.. ?66518 Notes (coiiliniied) Expendilure on social development programmes The following tables sho Krants paid w inyiurtions by ¢(wnty. Unrestricted Fuiids £000 Restricted Funds £000 TolAI 2022 £000 Total 2021 £000 Afghanistan Alghaui5taD App¢al- Aga Khan Founduiion Afghanistan Risf Afghani51an- Aga Khan Foiindaiion Afghanistsn rcDO Leave No Girl B¢hind- Aga Khan Foundaiion Afghanis LARI.. Ini¢rnational Uk. Caiholic Relter Services and Save Ihe Children EC Sirengihening COVID-19 R¢spons¢ in Afghanis¢aTh- Ago Khan Foundalivn Afghanislart F,C Irnproi'¢ Participaltsry M)rwgem¢n¢ and EffiGi¢ncy of RanBclands and Wtst¢rsh¢ds- Aga Khan Foundation. AfghaJ)ist&n GFFO Em¢rB¢nc>' Htralih As3i51aThc¢ Afghanisl4n- Aga Khan l.-oundolion Alghfjnisian Food-s¢curily Agri¢ul¢ural Sus¢ainabilily for Li¥¢ldi¢x Itnpr(Iv¢tn¢nl. Ago Khan Foundalion Alghanislon PTQVi>iVii of¢ss¢ntial and lif¢￿1)ng nulriliuN s¢rvice5 tsrgding childr¢n uiid¢r lil'o y¢ars uiid pr¢gnani lacthiing women aiross sele¢i provincLS DfAfghani$thn. Agu khan Foundation Afghonisthn ALLelimt¢ Pruspgrily in Ccnlral and South Asia- Aga Khan Foundauon AIgh￿nistan Improving aLCCS5 to lif¢4oviThg hedtl4 and psychological s¢ryi¢es in AlghiE iiislan- ABU Khar51.oundaii(Trn AfghaniS￿n slip￿)ming Cwp¢ralion and Opwniinilies for Regionlll EcorKJmi¢ Dcviliipincni. Aga Khan Foiindativii Afghanislan Improving Adolcscenis Lives in Af8honistsn- A80 Khan Founthiion Afghanistan Em¢rg¢nLy A5sislanc¢ aiid l.i¥¢liho￿s Siipwrt for Vulnerable Houscholds ill Ihl Nonhellst und Cenirnl Flighlands of ArghaniSb￿. A80 Khan Fuiind&lion Af8hani51un SLhoo18 2030- Aga khan FoundDiion AfBhoniAoTh Sirengihening COVTD.1g Pr¢paNdtLess and ReskX)nse effons in Al8hdnislan Ihrough siipwrtin8 & susithinin8COVID-19 dia8no$iit CeniLrs in Badakhshan. Takhar. Baghlan Bamyan ProvinL¢$- A88 khan Fuiiiidaiion Afglidnisian FCD() GI.:C S'I'AGES 11- A80 Khwi Fowdoiion Afghmisifyn, CARE Iniemaiional Uk. Catholtc Reliefser¥i¢¢s and Sav¢ th¢ Childr¢n Governn)eni School Response lo COVID-19- A8a Khan FoyndalioTh Alghani51an Auslralia Alghanistart Community R¢5ili¢n¢¢ Srh¢ffl¢. Aga Khan l.'oiii)dalion Al8hanisian Girls und Sci¢nr¢. Ag) Kh)n Foundaliort. Afghanislan Iinprovtil Gov¢rnanc¢ of th¢ Natural Park in the Wakhan Corridor- A8a khan Foundatioll Algh4ni5t&n Impruvtd Road Infru5¢ruc¢ur¢ and Accc5s in lfflmit Va]ley- Ag8 Khlln Found￿111￿￿ Afghanislon Ki¥ahan Integraied Dcvelopmeni- A8& Kh&n Foundation. Afghanistan Imprvvirt8 Eduiaiional Oppurtuniiies ith the Cn)SS-BordeT Areas- Ag Khaii Foundaiittn Af8hanisian Prvni()lirt8 A¢Les5 (o Edueaiional Insiiillti￿s in the Cross•Bord¢r Distric15- Aga Khan Foundation. Afghani5tJn For¢s1 Restoration to Enhance Ecoss'st¢m S¢rvLC¢5 in AfghanIst4￿- A88 lian Foullduisw Alghanislan Prescrvaiion of Cndang¢r¢d Languag¢5 in Afghaniston Badakhshath- Aga khan Foundati￿) Afghanislan 3,321 3,321 3.310 JJIO 2,176 2.170 2,170 4,464 268 1.516 1,784 1,956 1,478 1,478 1.265 1265 742 742 329 329 193 107 300 238 238 189 189 J88 38 32 181 181 173 173 4.632 144 36 36 io 20 180 208 87 48 Tot41 for AfghrtiJtsn prDgr*mrn¢s 836 20,766 21ffj02 20

Aga Khan Foundation Iunitrd Kingdom) 31 t)¢cember 20?2 Regisiered Numb¢r.' 01 IW897 R¢gi51ercd Chariti. NuinbeT'. 266518 Notes {¢onlin74ed) Expenditure on soeial development programmes {continwed) Unrestricted Restric￿1 FUTr& Funds £000 £000 Total 2022 £000 Tot81 2021 £000 Brazil Schools 2030- Trilhth Pesquis 14 14 TotAI for Brizil programmtS 14 14 CAnThd# Schools 2030- Right lo Pluy Inlernaiionol Baik'en-Su8hd Cross Border D¢Y¢lopineni Proj￿1 (Phas¢ 111- Global Centre lor Pluralism 50 40 Totll for Cndi prolrgmmes 90 Egypi IC Impmi'in8 LOCELI Developmeni Dynomics in AswDn- Ay Kha 65 Cr¢aliiig Ar¢¢ss 10 Cairi)'s Islamic Culiurnl Herila8e- A8a K Cultural S¢r¥i¢¢$ E&v"pi (12) 35 Totil for Egypt pro8r/mm¢s loo Finlwnd S¢hools 2030- HundrEd.or8 198 67 265 Total for Finland prozrammtj 198 67 26.5 India SLhuols 2030- F￿laIya Foundalton and Aga khan Foundalion India Pdihlvdyb lo Car￿n agriLiiliure in India- Aga Khan Riirnl support Programme IAKRSPI India and Aga Khun Foundaiion Inditi Hjgiene & Behaviour Chan8e Coaliiion for COVID-19 cuttrrol- Ag• Khan Foiiiidalion India and Aga Kknn Agency for HabiLlt. Irtdia Supporting Loral Authorities for Accountable. Responsive aThJ Transpar¢iii S>siem5 fur Sulid Wasle Mana8etnerti- A8a Kh Foundation India and Gr4m S￿arajI￿ SJllJiti Gh05¢ IGSSGI Str¢nglheniEig th¢ AKF L¢har ProBramm¢- Aga Khan Fowidati( 48 232 208 82 585 60 162 43 4J Establishmtnt of COVID 19 testing fuciliti¢5- Prince Aly Khan Hospi￿1. Mumbai Itnpros'ing WatCT and Saniiaiioth InfYastrllclur¢ and Hygiene Education irt 20 SLhrA)Is of Biharfjnd Ullar Pradesh- A8a Khan Foundation India 98 TotAI for India progr4mmes 256 417 67J 862 21

Aga Kthan Foundation (Uniied KinodoTnl 31 De£embLT 2022 Registered Numbtr.. 01100897 Registered Chariiy Number.. 266518 Notes (coniiiiue Expendilure on soeial development programmes (conlinued) Unre5tricied Reslricied Funds Fuiids £000 £000 Total 2022 £000 Total 20?1 £000 Kyrgyz Rtpublii Acctlerdie Piosperitj ill CeotrJl aJ)d South Asia- Mounthin Soc fkv Support Prgg IMSI)SPI Kyru'7si8n, Universiii. ofceniTttI A51a )'rgN'zslan and A8a Khan Foundation Kvrgyz R¢public S¢hg015 2030- Aga Khan Foiindoiion K)'rgyz RepublLL Batken-sughd Cross Border Developmerti Proj¢¢i IPha 111- Aga khan Foundation Kyrgyz R¢public Eronomi¢ R¢¥ov¢rv ofA8fiLllJliural Vdue ChTrirts in ky￿v￿lan and Tajikisian 11- Mourtiain Soc Tkv Support Prog IMSDSPI KYr￿'7sttsrt Improv¢ participatory manag¢meni and ¢￿I£lenCY ofrni8¢1)nds ￿nd wotLT5hLds- UllivLrsity ofcenirnl Asio. Kvrgvisim InieBrJl¢d Riir411 Dcv¢lupm¢nl Programme- Mounlain Soc Dev Supp Prog IMSDSPI Kyrgyzsion and A8) KhaTh trouJ)d4lion K>Tg)'z Republic Siisidinabli, Winicr Toiiristn D¢v¢lopm¢ni Project (Phase Ill- A8a khaii Fuundution kyrgyz Republi< CconomiL ReLovery Kyr8)'ZSlJn cOV1￿19- Ago khan Foundation Kyrgvt R¢publi¢ EC Slrengihenin8 civil society or8WllS•lion¢ and youth's participTrtion ID local SO¢iOve¢onomi¢ development 349 24 J.243 J28 125 125 53 34 19 67 43 TotAI fDr KYr￿Z Republic proerimmes 418 1,274 1.692 242 EC AKDN Re8ional ￿5￿M Afri¢u cov1￿19 Response Parmership- Aga Khan l.'oiindJlion bast Africo Schools 2030. Aga Khan Foundation Easi Africa AKII-SONAM Niirsin8 S¢holarships. A80 khan Uni¥ersiiv Kenyo Improving Sucial and IconomLL Opwrtuniii¢s fur Youth in Northern K¢nJa- Aga Khan Foundalion Afri 1.397 378 2.638 428 3.346 681 466 50 88 88 Volue bad educoiion in Kenyo111- Ago Khan Foundation Eos¢ Afri Sirtn8ihenin8 R¢$ili¢nr¢ of Frontlin¢ Hcalih Workcrs- A8a Khan Univ¥rsii¥ Kinya Madrasa Resotsrce C¢nir¢ und Eurly ChildhiM)d Dtvelopmeni E Afri£￿- Aga Khan Foundaiion Ea￿ Africa Play oiir Part Initiative- Aga Kh￿ FoundTrlion East Africa 26 26 18 18 32 99 84 Tot#1 for knnyi progr4mme5 1.317 2,012 J,329 4,708 M#dg#st#r EU MaduBascar.' Support io farming hous¢holds (Diana. Sava and Analanjirofol- Aga Khan Foiindaiion Madagascor IOSDRMI SANIDA- Itnproviiig food seLUrit%' and nutrition in m0duga5￿- Ago Khan Fi)Iindaiiun M￿aga5(ar IOSDRMI MadagasLar Iniiovations Leverngi forc11m￿e Adaptation- Aga Khon Foundaiion Madaga5rar IOSDRN.I} Food Assistanc¢ lor Famille in Southem Madagascarl ETll¢Tg¢ncy F(KKI Assisiancc IEFAI- Aga Khan foundation Madaga%ar IOSDRMI SPEEDRICE.. "Scaling-up. Promoting and Expanding Effortless Direct- steding RICE pemjarulturc.. Aga Khan Foundalhon Mada8￿21 IOSDRMI 18 .024 1.042 43 456 499 149 62 72 81 127 208 12 12 35 Total lor M9dggscAr progr¥mmes 291 1,681 1.972 107 22

Aga Khan Foundaikon (United Kingdotnl 31 Deceln￿.1 ?0?2 Regist¢red Numb¢r'. 01100897 Registered Charity. Numbcr.. ?66518 Notes (coiiliiiued) Expenditure on social development programmes (confimied) Unrestricted Restricted Funds Fuiids £000 Total 2022 £000 Total 2021 £000 £000 Ioz4JJJblque Sttengiliciiin¥ Social Coh¢sion Cabo D¢1B￿0. Phase IJ ICOESO Phuk'111- Aga KhJn troiindaiion Moumbiquc Jiiiiiosl Phas¢ 4. Aga Khan Fottrtdaiiort Mozambique Strengiliening Social C'.ohtsion and Resilience ￿ Rttdialitsiion in Ca Delgado- Agu khan Fou1)d￿lOn Mozambique IUNTOS 111- A8tt Khan Foundation Mozumbiquc 1.430 1,430 167 325 73 Total for M074mblque pro8ramThes 167 1,801 1,968 398 Pakislon AcciliiJi¢ Prospcriry in Cenlrnl llnd South Asio- A8a Khon r(>uiidaiioii ￿kist￿n CTiIiLuI PrLporidniSS. Reudiness ond Response Actions for Cormovin Disease IC'OVII).191 PandLYlliC in Gil8il.Baliistsn and ￿11rd1- Aga Khun Fuundaliun P4kisilln All-weoihLf nCL¢S5 rood for cross-trM)rder tourism w¢as- A8a Khan FoundJiioii Pakistsn SLhools 2030- Aga khan foundoiion Psktsion and ITA Pakistsn PromoiiiiB Inie8raied Mi¥urtlain SJf¢iv in Northern Puktsthn IPIMSNPI Phiise 2- A82 Khon Tr'oundalion Poki51an lrnpro¥e(J Gov¢rEJaiiie ofihe NaI￿ra1 Pm* in th¢ Wgkhan c￿ldOr- Ago Khnn Foundation Pok5$1an Lives in DiBllily Agu Khan Foundaiion Pakisthn Str¢ngth¢nin8 Preptsredn¢s% R¢adinc55 and R¢spons¢ Adions for Covid-19- A8a Khan Foundulion Pakistan 431 1.178 985 1,085 1,505 158 158 33 18 129 129 61 61 17 17 TotAI for Pskist￿n proRrammes 710 2.487 J,197 .734 PortugDI %ch()015 2030- A80 Khan Foundalion Portugol EC Sucial Impact Bonds Liierncy Pro8ramme- A8a Khan Fowidaiion PortU8al Cupaiily Buidlin8 of Senior Car¢gkver5- Ago Khan FoU[￿alLOn Portuyl 80 40 120 1811 39 12 182 Tot41 for Portugal pro8ramme5 40 39 233 Swltxerlgnd School% 211311- Aga KhTrn Foundalion GcrKva Accelerail Prosperity in Central South Asil. A89 Kknn roundalion G¢neva 87 87 Total for Switzerland progrimmes 98 98 23

Aga Khan FoundJtioD {United KinBdotnl 31 D¢cembci ?0?2 Re8isieted Nutnb¢r.' 01100897 Re8lSt¢t¢d Ch)rity Numbtr.. ?66jl Notes (coniiiitied) Expenditure on soeial development programrnes (¢oniinued) Untrstricted Funds £000 Restricted Funds £000 Total 2022 £000 Total 2021 £000 Syrii Solami¢h Districl Mulli-seciornl Humanitarian A&sisthn¢¢ IMSIIAI- Aga Khan loiindaiion Syria 367 Totll for Syri pro8rAmJll¢$ 367 TAJlklstA Critical Iiifra%lructUT¢ Contribiiting to Stability and P￿¢. Phase 11- Aga Khaii Fouiidaiion Tajikisian Shu8ii%in Vl F.'ii¢rgy Cross Bordtr Projttl Ph￿ l- Pamir Enwgy Acceleratt Prosperity in Ceniral and Sou¢h A$ia- A￿ Khan Foundillion Tajikislan Siippuning Cuoperation and opwrtuniil￿ for R¢8ional Economic D¢velopmeiii- A8IL Khan fouJ)d41ion TThjikislan S£hwl3 2030. Ag4 khan Foundation TajikisLin Shii8114ln Vll Cross-Bord¥r En¢r&v Projccl. Plunir F￿ergY Baik¢ii-Su8hd Cru5s BuTd¢r DcY¢lopt])¢ni Projtti IPhw IIl- Aga Khon l.oiiiidaiion Tajikisia Crili¢al Iiifrasiructur¢ lo Conlritwle to Stability and Peace in Khorog Agn Khon l.oiindalion I'74 jikisian InlegrdiL'd IIL4ilih ￿7nd Hdbilal Iinprov¢m¢ni IIHHII Rashi. Aga Khan Fouiidili4)n'l'ojikis11 Inlegriiied Naiiirdl Resi)IirLes Mana8¢mtni in Zarnvshon Vull¢> for Equitabl¢ and Su$tainabl¢ tkv¢lopm¢nl IINVCSTI- Aga Khan rvund4?lioii'l'ajikislan Improving livelihoods ond fi)d through gjsthinable N8iur81 R¢5viIK¥ Mona8¢m¢lll- Khan Foiindaiion Tajikisthn AP TRIGGER ]]- A8a Khan Foundatitsn Tajikisi8n Econ(Imii R¥rpY¢ry ofAgriiiilliirnl Value Chains in Kvr8yUton and Tajikisian 11- Aga Khan Foundaiion Tajikiston l.:l¢¢lrifiralion ol'Shiih47d4 15hkashim. Badukhshan Provinc¢- Badi4 k>haii Ciier&v Pamir Ener8y Siipwrtin8 A¢¢eleratcd GTofflh foT EnIwr¢n￿r5hlP ISAGEI- A8a kliaii Fviiiidaiion TajikisiaTh 14tkL'n-Stl8hd Cross-Elord¢r Developmerbl PrDj¢ct- A8& Khan Foundjlion Tojikislan EconomiL Reeo¥try Kyr8yzsthn COV1[￿19- A8ll Kh￿ Foundotion Tajiki51Jn EsiLiblishminl of a fjbre processin8 uDii with d¢haiTing and 5torn8c in ¢rOS￿h0rder ar¢as- Aga Khan Foiilldaiion TajikiMan Safe Drinking W%lter and Saniiaiion Managtm¢nt in Tajiki51an ISWSMTI- A8a Khan Fvundalion Tajikistan Shugiion HLYlih Care CLnteT- Agts KhJn I'oundBliiM T4jikistsn Riishvn I lealih Care L¢nl¢r- Aga Khan Foundalion TajikisLin Darvoz FILaiih Care Cinier- Aga Khth Foundtttion Tajiki5tatL Klivrvg Rehabiliialion Youth C¢nlr¢- Aga Khan Foundaiion Tajikisllln 1.380 1.309 1,386 3.449 282 $41 823 3,015 165 217 640 805 3.788 174 174 264 174 174 149 149 297 128 128 613 109 109 94 88 94 88 57 81 45 45 39 39 43 360 336 251 49 16 Totlll for Tajikistan progrwmmes 1,122 4,593 5,715 12.686 24

Aga Khan FouLthiÈon IUni*d Kingdoinl 31 Decetnber 20?2 Registcrcd Niimber." 01100897 RegiMere41 Charii). Numb¢r.' 266518 Notes (coiiii17ued) Expenditure on social development progrnmmes (¢onlinued) Unrestricted Funds £000 Restric(ed Flliid5 £000 Total 2022 £000 Total 2021 £000 TAntAniA Oncology Comprehensive Cllncer Project- Ag& khan Health S¢rvi¢e IAKHSI T4in£ania Schools 2030. Agu Khun Fwndation Eam Alri¢a Iiihaniing the com￿li11¥tn¢ss ofsmttllholder Rice Famlers i Morogoro- AgJ Khan Foundation EnA Afri Str¢ngih¢iiin8 RestliL￿¢t ol. Fronilin¢ Healih W(Kkers- A82 Khan Foiindaiion E•$1 Afri¢a 417 635 25 106 127 29 29 TotAI for Tanzania progrAmmes 1.649 552 2,201 127 Ugandi In ThLir H)nds-A8u Kh&n Fouthdaiion Eaa Alri¢ SL'hools 2030-A8a Khan Fi)iindaiion FASI Afri¢0 Linkiii8 Cotnmuniiy.bJs¢d Saving Gruups 10 Fomv¢l Fintin¢ial Servicej in the W¢51 Nil¢ re8ion ofu8andll-Aga Khan Found&lion Africa 330 330 121 350 l21 46 Total for Ugandi programmts 330 451 396 Uniled StHlts of Americ Sihuols 2030- LCD Mthisur¢ and Save th¢Childr¢n 94 94 TDt#l for Uniled &xt¢s proirhmm¢s 94 94 Urtittd Kingdom SLhuols 2030- UNICEF Disa51¥r kisk In5urasK¢ Ph43¢ 2- Global Param#ri¢s & A8a Khan AB¢nCy for Hobilal 73 76 335 Totil for United Kl#gdDm pro¢r&mmes 73 76 506 TotAI Grants made for soclgl developmeDt 7.296 36.171 43,467 36,599 Non-Grani Expenditure 1.710 1,570 3380 2,892 Total Expenditure lor sotiil development J7,741 46,747 39.491 25

A8a Khthn Foundalion (United Kingdoinl 31 D¢c¢mber ?0?2 Re8isiered Nlljnber.. 011(>0897 Re8iSt•td ChaTity Number.. 766518 Notes (coiilinued) Expenditure on institutional development programmes Unrestricted Restricted Funds Funds £000 Total 2022 £000 Total 2021 £000 £000 A8a Khan University Foundation various projects 2.040 2.016 Tht Iiisiiiule ofismaili Studies fw ihetr tducaiimal pm8ram Ago Khan Academies for th¢ir ¢ducalioJ)al programmes Ag9 Khan Foundation Gen¢y￿ various proj¢cts A8a khan A8enLy for Habiial pro8rammes 123 26 230 416 2,958 26 To¢1 Grants mwde for Instliutlon¥l d¢vtltspw¢NI 2.189 2,189 5.621 Non-Groni Expenditure 8.498 8.498 8.629 Total Expenditure for instilulion41 deY¢lopmeDt 10.687 10,687 14.250 Tanglble fixed assets Frtthold Lund & Buildin8S Lon8 Prop¢tfy Le￿hOld ImprO￿eMents IAnd & Byildin83 PTOP¢rty Asscl.8 Under Fix¢ure Construction rittings £0 Tot1 £000 £000 Cost Ai l January 2022 Addiiions 34.962 133.935 1,528 84 10.921 407 294 181,753 3413 Translers 390 1390} Ai 31 D¢¢¢mber 2022 34,962 133,935 2,(K)2 10.936 182,146 DeprttlAtion Ai l J￿Int141ry 2022 Charge for the year Dispvsals 16,317 1276 1.010 1,288 37 6.693 1.576 26,574 2,729 AI 31 D￿eMber 2022 16.423 3,286 1.325 8,269 29JQJ Ntt book value At JI Derember 2022 18.539 130,649 677 2,667 J52,843 At 31 Dectmber 2021 18.645 131.659 240 4,228 407 IS5,179 All are held for chaTithble puyposes. 26

A8a KharL Foundatiots Iuiiiled Kiiigdoml 31 Dc￿TnbeT ?11?2 Registered Number". 01 IIK)897 Regi$tercd Charity Nutnb¢r'. 266518 Notes (coiiliniied) io Inveslrn¢nt5 Inve5trnetht In 5har¢s AKF (UK) own5 one ordinary shpre of £1 Il%of the issued and paid upshare capitsl) in The Insiitute of Ismaili Studies {20?1: £1 ), which 15 incoTporated in England. Investment in property Iiivestnient property comprises Fenman House in the Kings Crnss esthte that is lejsed to a third party. Changes in fair values are recognised as invesimeni gains or losses in the StAtem¢nt of Fin8n¢ial Activiiie5. The hisiorical cosi of this propetry was £?0.6m ond the most ¢urrenl valuation was carried out in May 2021 by H MRICS independent valuer of Knight Frank LLP. When a￿1vIng at their valuation. they considered sales fron) Wlthin the King's Cross Estate in order to compare recent ￿leS data. The independent valuation, receni niarket data and recent market trends have all been taken inLO accouni by the Council in their decision io kttp the balance sheet value at £24.5m 2022 £000 24,500 2021 £000 24,500 Bal£iiice at l Janilary Ac4Liisilions Change iii Fair Value Balance at 31 December 24.5(Kl 24,500 Debtors 2022 £000 2021 £000 Prepayments and accmed income Debtors with other AKDN Agencies Other debtors 5,752 45 799 379 50 5,798 1,228 Debtors with other AKDN Agencies includes £ Ik with AKF Geneva (2021- £350k), £15k with Aga Khan Academies {2021'. £Ok), £29k with AKDN (2021.. £Ok) and £Ok with Aga Kh￿ Health Services {2021.. £29k). 27

Aga Khan FO￿￿O(lOn (Unit￿ Kingdom) 31 Drt'¢Fnb¢r ?0?2 Registcted Nutnber.. 01 l(NJ897 Regis￿red Chatii) Numb¢r.. ?66518 Notes (copltiiiued) 12 Lease commitments as a lessor AKF (UK) has four operdling lease conlrdcts in place as a lessor. The firsi relatrs io Fetmian House in ihe Kijigs Cross estate that is leased to a third party. The original lease wa5 for 4 years until 31 January 2023 with annual rent5 indexed to RPI, however this was extended in January 2023 for a further 3 years to 31 January 2026. In addition, th¢r¢ are contracts in place for three commercial units. the fwsL ttvo in Aga Khan Centre and the second in Victoria Hall. Tlie two units in Aga Khaii Centre are leased io ihird parties and the contrdct runs until 28th Sepiember 2039 and 24th December 2036 respectively. The unit ai Vitioria Hall is leased to a 5epardte third party and runs llntil the 3rd Sepleiiiber 2037. AKF (UK) has future minimum le&8e receipis under non-cancellable operating leases for each of th¢ followiiig periods. 2022 £000 2021 £000 Receivable in less than l year Re¢eivable between l and 5 year5 Receivable iii greater th￿1 5 years 1,002 2,803 240 974 1.606 240 4.045 2.820 13 Creditors 2022 £000 2021 £000 Amounts falllng due wlthlrt one year Actnials and deferred in¢ome Grants Payable Trade creditors Payroll taxes Other creditors 3,003 1,128 225 2.930 1,247 289 109 84 107 4.577 4,659 Cr&nts pAyhble l#ll f811ing due wlthin one year} £000 As at l January CJTaiits committed in the year Grnnts paid in the year ,247 (42.574) As at 31 December Deferred iTheome £￿0 As at l January Amounts released to income Amounts due within one year ,534 (1,534) 1,344 A5 at 31 Decernb¢r 1344 Income has been deferred where it has been received in advance of c¢)ntra¢tual obligations with regards (o rental income and grani income. All deferred income carried forward is released in the subsequent period. 28

Aga Khan foundation Iuiiilcd Kiiigdoinl 31 December 2(>?2 R¢gisl¢r¢d Numbtr.. 01100897 R¢gisiw¢d Charity Nutnber". 266511¢ Notes (conlijiiied) 14 Future grant commitineDts FiitLire graiit con)mitments related to work carried oui by AKF(UK)'s itnplemei)ting parthers aniount to £57.717.219. These represent grdnl agre¢ments signed before Isi January 2023 for paymeiit in future years. All comniitment5 8re funded by ijislitutional grants, are mode in connection with instL(utional granls for the programmes referred io Note 6 aiid th¢r¢ are no perfomiance-related condiiions attached to these commitmeiits. 15 T4xation AKF (UK) is considered to pass the tesis sei oui in Paragraph I Schedule 6 Finance Act 2010 and iherefore meets the definitioii of a chariiable irusi forUK income tax purEK)ses. A¢cordingly, Ihe chariry is poientially exempt from taxatioi) in respect of income or capiial gains rtteived within ¢8tegorie5 covered by Part 10 Income Tax Act 2007 OT Seciioii 256 of the Taxation of Chargeable Gains A¢¢ 1992. to the extent that such income or gains are applied exclusively (o charitable purposes. 16 Pension scheme AKF IUKI operaies a defined contribution p¢Dsion scheme. The pension cosi char￿e for the period represenis contribiilions payable by AKF (UK) lo lh¢ Scheme and amounted to £32 Ik (2021: £270k). £47k was payable &1 31 December 202212021.. £39kl. 17 ReconclliJ¢ion ofnet incojne to net cash inflow from operntlnt *¢tlvltles 2022 £000 2021 £000 Net income I movement in funds Depr￿latiO11 on iai)gible fixed assets Gift in kind doiiations capitalised Interest receivable Increase in debiors (DeLrease) l lli¢rea$¢ in creditors 12.826 2.729 2.624 2,359 (9101 (81 (2941 2,744 (25) (4,570) (821 Net cash inflow I loutnowl from operating 8ctivitles 10.878 6,515 18 Cash and r4sh ¢quiv41¢Thts 2022 £000 2021 £000 Changes in the year At l January Net cash inflowl{outflow) 41,729 10,510 35,740 5,989 At 31 December 52239 41,729 29

AEa Kh￿ Foundation (United Kingdoml 31 DeL'¢rnb¢r ?022 Rcgi51ered Nutnber.. 01 l(X)¥97 Re8isiered Charii). Nutnkr.. 266518 Notes (copiliiiued) 19 Capital commitments CoiidirfioiiNI capilfftl cottiipiiliiients Th¢re were no material capitsl commitments as at 31 December 2022. 20 Reconciliation of funds unr￿tricted Funds General Designated Fundj Funds Restricted Funds 2022 Total £000 2021 Total £000 Balaiice ai l Jonuory Inciirne Exptndiiure R¢¢ugnis¢d Gains I (Losses) Traiisfer of funds 207.549 24.321 117.42Jl 1.363 io.ifvu 43.056 137.7411 1706) 217,977 71.ljl (58,9621 657 21 5.353 56.911 154.4351 148 3.754 13.798) Bulonc¢ ￿131 D¢c¢mbcr Rtprestnted by: rixcd u55c15 Cutr¢nl u>s¢ts Ciirr¢ni liabililics 177.343 40.451 97 177J43 S8￿37 77 179,679 42.957 630 16.956 General funds are held to provide Cashflow reserves and working capilal. Restricted fuiid5 relate ¢0 social developm¢i)L projects and will be 5penl in 2023. Designated funds represeni funds e#rniarked by the Council for the following purp05es'. Social In5tilulion41 Developmenl DevelopmeDt Social 2022 Total £000 2021 Tothl £000 Designated Funds £000 Balance al l January In¢om¢ E.Kpindiiure ReLU8nis¢d Gains I ILoss¢$1 I'ransfer of lunds 3.938 3.499 17.3541 1.363 181.284 17.940 18.8181 22.327 2.882 207J49 24J21 117.4231 lJ63 201,835 21.915 116.3581 157 Represented by: Fixed aS￿e1$ Ciirrent assets Cli￿¢￿( liabiliiies 157.853 34.525 72 19.490 4.479 177J4J 40,451 179.679 29.736 1,447 Social Development fvnds will be used a5 Co-financing for projects in 2023. Instithtional Development funds are mainly fixed assets and cash reserves will be used io supEx)rt AKDN institution5 and rno5tly us¢d in 2023. Social fiinds are mainly fjxed assets and the cash reserves are held io develop these properties as required. 30

Aga Khan Foundation Iunited Kingdotnl 31 Decembcr ?0?2 RegIs￿red Nutnber.. 01100897 Registered Charity Number.. ?66518 Notes (conlinzied) 21 Called up share t¥pital 2022 2021 Authorised, issued 3Thd fully paid: 100 Ordiiiary shares of £ l each According to the Memorandum of Association the liabiliry of the members is limited. Every meniber of the chariiable compai)y Lll)dertakes to contribuie io the asseis of ihe charitsble cotnpmy in the event of li being wound up, siich anioiint not exceeding £1. In addition, the charitsble company is precllkded from niakuig any distribulions to members either by way of a divideiid or on a winding up. 22 Conduit Funds In 2022 AKF(UKI acted as a conduit for a nutnb¢r of entities. The amount of funds that passed through AKF{UK) i 2022 wa5 £14,572k. The amoiinl of funds held at the end of the year was £0. These funds were received by AKFIUK) acting a5 an ogent and therefore are not recognised as an a$5e¢ in these financial stscements as they are not witl)in AKFIVKI'5 control. Consequently, the r¢¢¢ip¢ ond distribution of these fijnds not recognised as incotne or expenditure. 23 Uliimate holdlng comp*ny The ultiniate holding compaiiy is Aga Khan Foundation Geneva. which is incorporyJ¢¢d in Switz¢rland (UID - CHE- 100.845.311) and beneficially own5 one hundred percent of the shares of AKF (UK). 24 Rel4l¢d PAfiy trAn￿¢tIonS and other AKDN agencie5 There have been no related party transactions be￿ttn AKF (UK) and th¢ niembers of the Council in 2022 {see note 21. Transactions with AKF Geneva and agencies within ihe Aga Khan Development Network consist of the followiii8'. ¢osts associaied with projects fi]nded by other AKDN agencie5 (note I l }' and grants aiid dona¢ions of funding for Projec￿ pro8rammes and other aciivities supported by AKF (UK) (notes 6, 7 and 8).