2023-12-31-accounts

Aga Khan Foundation (United Kingdom) Report of Council and Financial Statements 31 December 2023 Registei'ed Number 01100897 Registered Charity Number 266518

Agi F&thTrdation Illmittd JKin#dibm i l D¥cenib¢r 2023 Rcgistercd Nuinber.. 011110897 Registered Chdrily Nuiiitr*i.' 266518 Contents Report of the Coun¢il Siaienieiit of the Coun¢il's responsibilities in respect of the Report of the Council ajid Strategi¢ Report and The rinartcial statements Independeiit auditor'5 report lo IlJ¢ m¢iiibers of the Aga khan Foundation (United Kingdom) Statement of Financial Activities, in¢l(Iding Income and Expendiiur¢ Account Balance Sheet 10 13 14 Cash Flow Statement Notes 16

khan FDund4tion Ilinited IKingdom 31 DrL¢mber 2023 Regist¢r¢d Nurnber.- 01 IQ0897 Rcgi5teicd Lharih. Numb¢r.. ?66518 Report of the Council The nienibers of the Council, who are a150 directors for Compaiiies Act purposes, PTe5¢111 Ilieir annual IEport aiid the audited financial statemeiits of the Aua Klian Foundation (United Kiiigdornl IliereinafteT"cliaritable conipany" OT"AkF IUKI'I for Ilie year endcd 31 Deceinber 20?3. Thc Council lias adopied the provisioiis of thc Statementof Re¢orniiieiided Practice ISORPI"Accounting & Reportijig by Chariries" in preparing the annual report and fjnancial siatements. Reference and administrative information Member5 ofthe Countil The members of the C.oun¢il duTing the year to i l December ?023 were.. His Highness the Aga Kl)an Prince AThyll Moliained Aga Khan Prince Rahini Aga Khan Princess Zahra Aga Klian Alan Abela Jone Pia¢erttini-MooTe National Cornmittee The Council are sUPPOrted by a National Committe¢, whose membtts (who are not directors) ai 31 December 2023, were.. Mahmood H. Ahmed Abyd Karn)ali Salimah Currimbhoy Naushad Jivraj Faaiza Lalji Dr. Gurdofarid Miskiiizoda Miinira Nathoo Dr. Nacim Pak-shiraz Shainila Pradhan Chairtnan Vice Chairman Seeret#ry Habib Molani Cliief Executive O￿lter Dr. Matthew Reed Senior Management The members of SenioT Management at 31 December 20?3, were.. Jasmiii Jahaiishahi Christina Jorgensen Gradleigh Riid¢rha Christophei. Wilton-steer Registered office 3 Cromi¥ell Gardens. London SW7 2HB Registered auditor Crowe U.K. LLP 55 Ludgale Hill, London EC4M 7JW Main Bankers Lloyds Bank plc 39 Thr¢adneedle Street. London EC2R 8AU

Aga Khan Foundaiion (United Kingdoiiil 31 D¢LLmber 2023 Regisiered NumbL'r. O I IIM)897 Regislei'ed Clioriij Nullib¢i': 266518 Report of the Council (coNlinued) Structure, governance and management Governing doeumtht Aga Khan Foundation (United Kirtgdoml is a company limited by guarantee and having 51iare capital. incorporated on 9 March 1973, and re. 1Stered as a Charity, in England and Wales on 4 December 197). The objects and pow¢rs of AKF IUKI were established in iis Metnorandiim of Association and are govenied by its Aiticles of Association. Appointment Th¢ niembers of tlie Couiicil who held office during the fiiiancial year and at th¢ date of this rewrt sei out oil page l. A5 set out iij the Articles of Associatioii, the niembers of the Coun¢il (other than His Highness Ihe A8a Khan) are appointed by the holderlsl of a simple majority of the i55ued shares in tlie capital of AKF IUKI. The Council aTe 5UPPOrted by the Natiotial Committ¢e for govemance ajid supervision of AKF Iukl. The National Coinmitt¢e is appointed by the Council. The iiames of the menibeis of tlie National Cotnmittee are sei out on page l. Induction and training New iiiembers of t11e Council review written materials and uiid¢Tgo an infoTmal orientatioii to brief tiiem on their legal obligations iindtr charity and company law. the conienl of the Memotandiim and Ani¢1¢5 of Associatjon, the de¢ision- making pro¢e55es, the objectives and strategies, 2nd the recent financial performance tsf AKF IUKI. The cutr¢nt Ineinbers of the Ci>iincil have acquIF¢d ill-d¢pth kjjowltdge of the work of AKF IUKI and the Aga Khan D¢veloptnent Network Ihereinaftei AKDN'I as a whole. Th¢ antjual global Aga ￿lan Foundation budget meeriiig involves the production of Comprehensive infonnation, includiiig a progress report Oll all significant activities. an iipdate on performat)ce agaiiist annual budgets and an update on the programm¢s. Additional infonnation is subtnitted to the Council regularly tliroughout the year, 10 ensure they are kept abreasi of key developments. Addilioiial iiieetings on Specific topics of ¢onceni lo tlje Council are sclieduled on ali as-needed basis. This pr0¢¢55 ensures thai the Council are kept abreasi of the oii-going aciiviiie5 of AkF IUKI aiid lias a slrotig und¢rstaiiding of Ilie relationshtP5 and transaclioi with related parties of AKF IUKI WTthin the AKDN. In view ofr'thi5. no additional ot)-going tr*uning for the mernbers of the Council is needed. The National Committee wasTe-appointed on I September 2020. Wheii iiewNatioiial Committeememb¢rs are appointed, a forttlal uiduction is attallg￿. New membeis are briefed abolit how AKF IUKI engages in ils different roles. its objtctives and the ml¢ of tlie National Comrnittee to help achieve those objectives. The National Commstt¢¢ comprises members representing a Inix of skills Inrludins manageffl¢t]l. accounting, legal and communications. OrgAnisation The Council. which can have up to seven menibers, goveriis AKF IUKI. A Chief Extcutive o￿l¢tr ICEOI is appointed by the Council to manage th¢ day-to-day op¢rntions of AKF IUKI. The Couii¢il meets aniiually. with nieeiings of its sub- ominittees Iliroughout the year, ￿ld is supported by the Natioiial Committ¢t, as Stated aknve, in tlie gov¢TnaJice and supervision of AKF IUKI. Day-lo-day tiiiiiiijig and managemeiit of AKF IUKI lias been delegated by the Couiicil 10 the CEO wlio, in addition lo reportinB to the Council. also repoits to Ihe General Managtr of the Aga Klian Foundatioii tn Geneva and the National CoThtnittee. The National Committe¢ has established % sub-coiiimittee to supportthe finance at]d administration of AKF Iukl. DLiring ?023 an additional sukn)mmittee was created to support AKFIUKI in managing ils properties. Both siib-committtes meet monihly. The skills and experience of the Cornrnittee members have helped AKF IUKI in achieving its objectives. As a membei of the AKDN. AKF IUKI draws Iipon the experience of the wider AKDN network. However, it has 5tsnd- alone operatiiig policies and pior￿Ur¢s. The CEO and Heads of Departments are considered to be the senior management personnel of AtKF Iukl. The rernuneration of the CEO is recommended to the Couiicil by ihe General Nlaiiager and leadership of the Aga Khall Fouiidaiion In Gejieva aiid in consultation with Ihe National Committee. This process iiicludes benchmarkitig agai115t the UK Charities aiid developtneiil sector, beijehrnarking across AKDN agencies and other intematioiial developinenl Charities worldwide and consideration of th¢ CEO'S depth of experietice in the sector and role. Interests of m¢mbers of the Council No member of tlie Council had. at any time during the year, any iiit¢rests in any sliare5 of AKF IUKI which would reqllirc disclosure within tliis Teport.

Aga Khaii foundatioii (United Kiiiqdoinl 31 De¢Lmber ?0?3 Register¥d NuinbLr.- 1111110897 RLgist¢i¢d Charii), NUtnl￿r.' 266518 Report of the Council Icfinliniitrd) ChJ)rity Govern*nce Code The Charity Goveriiance Ci)de is desigiied as a tool to support continuous iniproveineiit of ali oi"gat]isatioii's goveniaiice. The Council has Teviewed the Code and its key principles and believes that tlie ¥overnaiiL¢ of AKF IUKI is 2n line with the Cod¢. Objectives and Activities Prin¢ipthl Hctivitie$ AKF (Uk) is registered as a charity iii Englaiid and Wales, is an affiliate of the Aga Khan Foundaiioii, wid is pan of the Aga Khan Devtlopiiiejii Network. The menibers of the Coujicil coiifirni thai ihej have had regard to the Charity Coniniissioo guidaiice on public benefit when revieiving aiid setlitig AKF IUKI'S #ims and objcciives. Its principal activities aTe social developineiii, institutional developnient aIid social activiiies. Tliese activities promote and provide for the advancemeiil of educaiioii. h¢altli, rural developn)ent, tlie enviroiimeni and 5uppori to civil so¢iety. The objects of AKF IUKI as set out in its meinorandum and articles incliides ihe advancement of eduration Ihroiigli the ¢￿ation and support of edii¢ation&l institutions, to provide faciliti¢s forstudy, accommodation and religious worship. to reli¢ve hutnan sufferillg at)d sickness, EO provide or assist in the interests of social welfare, and to relieve poverty. Fundrai$ing .4KF IUKI'S fundraising acliviiies are substantially directed at governmeiit ageft¢i¢s aijd ijistitutions and not ai tlie 8eneral public. Whilst AKF IUKI receives unrestrieied iiicome from individiials il doB5 not actively fuiidraise forthis #lid as such no special nieasuTes are required to prole¢i viiliierable people and other tnernbers of the piibli¢ froin unieasonable intrusion or behaviour. AKF IUKI organises events lo iiicrease awareness of its and the AKDN'S a¢iTVlties, aiid donations are ofteti receTved following such evenrs. In the coiilext of si¥iiific￿lI eveiits or iniriatives relatii)g to the AKDN or the Ismaili community. supporters sometimes choose to makc donation5 to ALF IUKI. In many years iiidividuals enter charity wns or similar tvenls selerting AKF IUKI as theiT chosen benefjciary. AKF IUKI itself also holds a ¢harity walk and run in some s'ears. AKf IUKI 15 not registered iviih the Fundraising Regulator. Any hiiidraising ailivities that take place carried out by AKF IUKI staff or voluiileers and no eomplaiiits were received ielating to thetn durin¥ the year. Grgnt-niAking poliey AKF IUKI seeks lo promoie 5UStainable aiid equitabl¢ social d¢v¢lopmenl by eneouraging innovative 2pproache5 to a range of dev¢loptneiil cliallet]ges in ilie fields of education, health, rurnl d¢velopineiit, the environment aiid civil Society, and by sui)rK>rting Iliese approaclies througli grants to OTganisatioiis that sliare its goals. AKF IUKI does i)ot accept applicatlOll5 for grants, but Instead Ivorks collaboratively witli partneroiEaiiisations to develop proposals for (fonors and Ihen a¢t5 as the pritnc agency in Inaking ¥rants lo the partner organisalions These partner or8anisatlOllS ai"e primarily agencies of AKDN, alld organisations selected by those agencies in the field bascd on ¢ornmon values, appiDaches) goals and objectives. AKF IUKI works very closely with these grantees in the design. implementation and monitorin8 of projects, Th¢ aim is to create a criti¢aJ rnass of focused and iJiJiovativ¢ activities, cotnplementino each other within and across sectors, iii order to Jnake a significaiit coi)tribution to social developillent aiid improving quality of life. .4dditionally in 202) AKFIUKI acted as a ¢onduit for a number of eiitities. Tliese fund5 were received by AKFIUKI acting as an agent and therefore are ttot Tecognised as all asset in diese fiiiancial Statements a5 tliey are iiot witliin AKFIUKI'S ¢oi)trol. C.ons¢quently. Ilie receipt and distribulioii of these ￿ndS are not ￿C0s111s¢d as Income or expenditure. Social development Tlie priinary Tole of AKF IUKI ill the area of S￿la1 developrnent is to act as an interface between institiitional and private donors on the one l)aiid and the range of projecis implemented by AKDN agencies on the other hand. It represents the agencies of AKDN to partiier gov¢nJmenis and institutions in Europe, the fvliddle East. and Asia, as vell as to niultilaieral agen¢ie5 111 those Tegions. Principal aciivities ale the developineiit of. 10118-lerni. strategic rtlaliotiships with iiistiiutional donors, s¢curittg resources for projecis itnplemented by AKDN agencies, manauiiig aiid repoTtiiig oil grdnis. and otlier associated liaison betweeii instilulional donors aiid iniplerneiiling a8en¢i¢s. AKF IUKI has ¢5tablislied long tern) relationships with sigiiificaiit partners such as.. Asian Development Bank, European Cotnrnission IECI, the UK'S Foreign, Commonivealth & Development O￿lle IFCDOI, Gennan Dtveloptnent Cooperation, the Swiss D¢velopmenl Cooperation, French Development Cooperation, Japan International Cooperation Agency. Children's Investment Fund Foiindation. Jacobs Foundarion, Lego Fouiidation, Oak Follodation. Porticus Foundatton. Dubai Cares, Education Above All Foundalioll and various other charities, foundatioiis and government agencies through Memoranda of Understandiiig, grant conira¢t5, or Iljeir cquivalent.

Aga Khwi Foundalion (United Kiiigdi)ml 31 D￿et￿ber 2fl23 Regisiered Number.. 01100897 Regist¢red Chaiil). Nllmber-. 266518 Report of the Council (Lon11￿11#d) StrAtegic Report InstitutionAI development In furtherance of AKF IUKI'S educational charitable objectives, AKF IUKI makes high quality educational space and facilities avoilable 10 The Inslitiite of Ismaili Stiidies IIISI and tlie Aga Khan Ut)iversity-Insiilute foi. the Study of Musliin Civilisalions IISfvICI at the Aga Khaii Centre In Kino s Cross Londoii, the biitlding which houses.4KF IUKI'S offices. Iti addition, AKF IUKI'5 iiearby Victoria Hall building provides a¢¢otnrnodalioii forhiglier educatioii students. many of whom are atteiidijig programnies al IIS or IS￿1c. Social devekFpment achievements #nd performgnté AKF IUKI a￿¢55¢5 jts perfonnattce aiid impacl in the area of social development primarily through annual target5 for raising fund5, a5 well as moiiitoring the spending ralcs, qiialily of impl¢nieJitalion, and coinplian¢e of the proje¢t5 It supports. Iii addition. AKF IUKI sets aiinual iaTuets for protK)sal developmeiit aiid doiior cultivation. grants nlanagement, and ¢omtnunicatioiis and public affairs. These ore reported on a quarterly basis to th¢ Aga Klian Fouiidation Gerteva aiid lo tlie Chair ofthe National Committee. 111 2Q23. AKF IUKI secured 15 graiits al a torAI of £17.2 million to support AKDN aiid partner prograiiimes IN Asia, Africa and the fvliddle East. The largest grant. for £4.J milllon, was secured from tlie European Coniiiiission. .4kF IUKI also helped otlier AKDN agen¢i¢s secure significant grants from Europeaii aiid Asian donors ivitli whom AKF IUKI has th¢ prinTraiy relationship A fvrtlier £50.1 million was obtained for these AKDN agencies from a wide range of partners in¢liidin(p the Eiiropean Commission, German. and Swiss Governinent institutions as well as fiDm UN agencies and Foundations. Of particular relevance in ?023. AKF IUKI htlp¢d the Aga Klian Foundation in Afghanistan secure £13.2 million in new pJants to SUPPOrt humanitarian relief and basic needs in response to the ¢risis in Afghani5taii. Political events in Afghanisian in mid-August ?021, led to some donors siispendin¥ AKF IUKI'S grant5 in Afghanistan. This w35 particiilarly the case for Ge￿nan-￿nd¢d grants. as well 11 5 two granis siipported by the Eutop¢an Comtnission. AKF IUKI carried out a legal review acn)ss ils entire Afghanistan rK>rtfolio. whTch concluded that tlie nakn￿ of our work iii Afghanistan, aiid the sectors of foru5 of thai work. fall within ihe humanitarian & basic hiiman need5 activiti¢s which the major sanctions reipijnes relating to Afghaiiistaii permit. In additioii. AKF IUKI regularly reviews tlie latest lists of individuals saiictioned under Afghaiiistsn related saiiclions regirnes to clieck thai Ilsied sanctioned individuals are not being supported by our work. A5 a result. AKF IUKI has beeii able to effecliv¢ly engagye with donors to re- commeii¢¢ niost projects or 10 mobilise addittonal resources for ilie growing humanitariaii iieeds in Afghanist2Th. In 2023, we were able to seciire new fiinding frotn the govemment5 of Gemiany and Japan, the hiimanitarian branch of the European Commjssion, ECHO, Islamie D¢velopineni Bank. variokis LFN agencies, and Fondation Chanel. Despite the coiitiiiued challenge5 in Afg11￿listaiI. 202i was a year Of signtficant activity and achievetnent. A few examples includ¢'. Support from the UK government for AfghanistAth= In 2023, the FCDO-funded LNGB+ project Ipart of the UK'S Girls Education Challenge Fundl concluded. Through LNGB+ 4,847 highly maTginalised oui-of-school girls completed a full cycle of prin)ary education (Grade5 1-61, alongside a package of life sktlls Irainings and psycliosocial support. Tlie project also piy)vided vital liumaniiarian support for tht gir15' faniilies to IniiiiJn15e tlle risk of drop-out due lo ecoiioniic coiistrainls. Throiigh a separate grani fui)d¢d by FCDO iii Afghanistsii. AKF continued 10 support 160 Community-Based Education ICBEI tlas5es alld in one year. vaccinated nearly 160,000 children aiid 47,000 p￿gnant and laciating woinen were vaccinated. Farmeis were also provided with input Packag￿ and nearl> 20 hectares of land was rehabilitated for agriciilltsial purFoses. Schotsl$2030: Scliools2030, a 10-year partnership between AKF IUKI a coaliiion of other private foundat10115 and leaders in inteTnaiional early ¢hildliood developnient aiid educatioii, coinpleted its second year of full implenientation. Tliis ineluded the 5ecoiid annual Schools?030 Global Forum lield in Porto, Portugal. which brought together fvlinisters, teachers. cofflmiinity repre5eiitatives, investors alld researthers io share ideas on how to foster more inclusive schools and pluralistic learning sotietl¢s for all by 20.70. The tnilialiv¢ lias biiilt a robust network of I(￿al and global edu¢ational reseL?r¢h and technical partners for increased impact and fostered a long-term coalition of international gnd rEional donor partner5. Schools2030 IS SUPPOrted by the followiiig organisations.. Atlassian Fouiidalion, Dubai Cares. Jacobs Foundation. LEGO Foundation, OAK Foundation, Portlcus Foundatioii and others.

31 Deecmber 2023 Register¢d Nutnkr. 01 I OU897 Regi51eied cli￿li}, Numkr.. 266518 Report of the Council (eL>fr21inEied) Atcelerate Prosperitv (API.. In 20?3, this AKF flagship iiiitialiv¢ fujided by the European Commission helped create 1,279 new jobs- 341110 of which iyere for womeii and 2 lQ/o were occupied by young people, 6?5 entrepreneurs118°/o woiiien and 440/0 yOUtlIl were supported witli busine55 trainiiig tDd advice. 65 busi11¢sses were financed under the project, 19 siait-ups ieceived seed fiiianciiig and 46 biisii)ess¢s received growih finanein¥. £7.7 million of extemal ftinding was s￿l1red by 5llPPOrted businesses. while £ l. I tnillion wa5 received Ihroiigh AP financing In addition, 6V/o of th¢ ¢nterprises AP suprK)rts in Afghanistan. Kyi'gyzslan, Pakistaii, and Tajikistan remained profitable. Funher, In Tajikistan and Kyrgyzstan, the UK started to fund AP through a pilot programme focused on green 6usinesse5. AKDN COVID-19 Response Programme.. Ill 2023, this project funded by the European Cotnjnission concluded. The aim of the project was 10 eiihaiice sysl¢tnic, geiider-sensitive responses to conibat the health, ecoiiomic. and social vulnerabilities aggTavated by the paijdemic. This was accomplished throuBh three key rtsulis.. al Improving coping rnechani51ns for vuliicrable men, wojnen. aiid youth during tlie C.OVID-19 paiidemic: bl etiliajicing the healthcare delivery system lor efficient COVIt>19 paiideinic managemeiit in target conimunities: ￿)d cl et)hancing access to adoles¢¢nt and youth-friendly health servi¢¢s. life skills. and employment opportiinities. The pix>ject was successfully implemented in Kenya, Mozambique. Tanzania. and Uganda where over two million people12,36i.847. 54Q/o female) were dir¢ctly reached. Deepening expanding part￿erShip with the EC.. In ?0?3, AKFIUKI secured a new project in Syria fo¢us¢d oji agriculture and food security. AKFIUKI also helped se¢ure a new projcct in Pakistan focused on climate r¢silien¢¢ and a proje¢t in Tajikistan focused 01) energy e￿]ric11Cy. InstitutionHI development achievtrneiits performance In 2023 AKF IUKI niade insliiulional developinenl gr2nt5 totalling £3.8m primarily to the Aga Khan Uiiiversity. AKF IUKI also provided high quality educational space aiid facilities to The Institute of Ismaili Studies IIISI and the Aga Kliaii Univetsity-lnstirute for the Study of Musliin Civilisaiions IISMCI and also provided accommodation for high¢i' edueation stiidents, many of whom &re attending progranirnes at IIS or ISMC IIS is a higli¢i' education and academie research institute, established in 1977 to protnote scholarship and learning about Muslim cultures and socielies. IIS aim$ 10 Colltribute to the academic stud) of the diversity of Islatn as a faith and as a civilisatioii, by addressing iiitelleetual aiid practi¢al issues both historically and iii the present context. Ils offer5 two fvIasters level taught proarammes. Both prograinmes of study draw on teaehiiig fftculiy fiDtn its research departtneiil as well a5 visiting s¢liolars from lcading natioiial and inteiiiational academic institutions. IIS, graduate programmes, as well as its range of doctoral scholarships and f¢llowsliips. attract students aiid s¢liolars from across the ivorld. ISMC wa5 founded in 2002. as att educational ar2d research unit within the internatioiial Aga Ichaji University. ISMC is an iiiter-disciplinary institute, carrying out internaiionally recognised scholarship, education and outreach in Ihe hu]nanities and social sciences on fvliisliiii socieiies 11 nd ciiltur¢s. ISMC profflotes s¢holarship tliat opens new perspectives un fvluslim heritage, modetnity, cultur¢, religion, and society. It offers a Masters level taught programm¢ in Muslim Cultures. Section 172{115tateinent The member9 of the Council have regular discussioiis on and are satisfied that all key decision5 taken have considered tjie loiig-ttnll inipact of sucli d¢¢i$ions and the impact on AKF IUKI'S donors, itnplementing parhiers, ¢iiiployets aiid the cofflmunities thai we work in and with. AKf IUKI takes gre21 caiE to ensure its activities are irnplement¢d in a ctsllaboraiive manner and will deliver impactfiil change in the long-tenn. Statement of engygetnent with Suppliers, ¢UStomers Others in a business relationship with ihe company Tht mernbers of the Coiincil coiisider that Inaintaining collaborative busilless relationships is a key factor for AKF IUKI iii order for u5 to contiiiue to nieet our strategic goa15. This is especially Irue when li ¢otnes to our relationships wilh our grajil-giviiig donors and the implemeiitiiig partneT5 Ivlth whotn we work iii partnership. AKF IUKI strive5 to ensure that all de¢isioiis taken on our progianirne5 are rakeii iii alignnient with th¢ wishes and regulations of those wlio fund them aiid taking into consideration tli¢ interests of those who are responsible for programme delivery. as we feel this is th¢ most eff¢ctive and effi¢ient way of achieving lasting change ft>r the comtnunities that we work with.

Aga Khan Poundaiion (United Kiiigdoml 31 tk'ieniber 20?3 RegisiLied NumbL'r.- 01 i on897 R¢gisiLied Cliarit!. Nuiiikr-. 266518 Report of the Council (coNiiiiued) StreaEnlined Entr￿ and Carbon Reporting 111 20?3 AKF IUKI used 5.614,197 kwh of eiiergy 12022 - 5.709.690 kwlll, this equated to a carbon footprint of 489 toiines CO'120?? 444 ioiines CO:). This represents a carbon Iiitensity ratio of O.Q I ioiiTres CO, m l?022 . 0.01 tonnes C(P per m l. UK enei'gy use cove￿ the provision of electticity and healing ai th¢ Aga Khan CentlE and Victoria Hall, which are both located in Ihe Kings Cross t5tate. It also incliides ¢l¢ctrieity and gas consumption related io the eightten social and cultural centres owned by AKF Iufvi. There has been a reduction in usage of 95,493 kwh fro￿ 2022. D¢5Pjte the addition of one social atjd cultural centre, both the Aga Khan Centre aiid Victoria Hall liave reduced coiisuniptioti, with the fom)er completing a comprcheiisive iergy audit in ?023 to support greater efficiency iii the coining years. kijigs Cross esvale has IQOO/o renewable electricity contracts, and reduLed enii5sioiis from the district heating neiwork. The cultiiral cenrres will move 10 reiieivable eleclri¢ity contracts iji April ?0?4. Data on eiieigy usage was collected dire¢ily from billiiig informatioi) aiid where available, Infomiat￿0n ¢ollected in kwh wa5 conveit¢d at the rate disclosed by the supplieT. Financial review Duriijg th¢ yeai. AKF (Ukl's r]xed assets increased by 20/0 from £177.3m lo £181.Im as a result of an iiivestmeiil gain on Fenmaii House, cash increased by l?fj/o from £52.?m 10 £58.irn aiid total reserves increased by 20/D from £230.8m to £236.6ni. In the opiiiioji of the nietnbers of rhe Council, adequate asset5 are available lo fuifjl the future obligations of AKF IUKI. A sumiiiary of tlie result of AKF IUKI'S activities during the period is given in the Statejnent of Financial Actzvilies oil page li. Income Diirittg the year. the total income leycluding foreign exchange ga￿) decre#5d by I Ph to £58.8m (2Q22.' i#GRYased by ,-1. Im}. This was driven principally by a decrease in grants for our social d¢velopinenl worti mainly from the European Coinmission. In 20)3 the social developtnent ineome was £34.8rn (2022 £'46.6nil and grants received from the European Comrnission were £4.4m (2022. £20.Jml. The majority of social development income is frotn restricied grants, which decreased by 33Q/o to £29.0rn12022 inLI"élLSed by 30/D ID &'43.Om). Agreements with main funders aff oii-going and uiiderpin the successful resourc¢ mobilisaiion Strategy that has enabled AKF IUKI to Stcure sigrtificaiil levels of fullding for AKDN projects ari)und the ivorld. Maiiilaining oii-going relationships witli rnajor doiior5 and establi5hin8 llew partnerships are critical to AKF IUKI'S success and siistainability. Tliese relaiioiisliips should ensure the fiiture 5treii811i of AKF IUKI'S income for social developmeiit piirposes agaiiist a backdiop of eontiiiuing flnancial austerity amoiig donor institutions. The income r¢cognised in the Statement of Finaiicial Activitie5 l'epresenis tlie proportion of multi-year grant5 that were reco8nised in 2Q23 according to the accoiinting tK>licies set out in note I lo the aecounts. and so does noi ¢orrespond to the total value of grants secured and signed in the year. Expenditure In 202), total ex[￿ndItUre de¢reased by 10/0 to £58.Im 12Q22.' iKcp'Eased by 8Q/4 10 £59 Ok>il as a result of decreased expenditure on social developtn¢nt activities. The most significant expeitditure related 10 social development programmes ol which £43.4ni (2022 £46 7IHI was disbursed during the year, beiiefiting projtcls injplemented by AKDN institUlion5 around the world. For iiileriialional programrnes support¢d directly througli AkF IUKI iii 2Q23, resources expended contributed to significant efforrs iii edlltyatioii. early childhood developineiit, agri¢ultUTe aiid food security, liealth and nutrition, civil Society, energy and ulture. The largest programnies were implemented in Afghanistan, Ivliere £25.9tn project expenditure was made12022.. £?1.6ml, In partlCLil*u' on projects fiinded by FCDO. the EC and SDC (note 71. The other Inain category of resources expended was iiistitutional development programmes amounliiig 10 £13.Im (20??. £10. :ni). This mainly consists of funding for the Aga khan University Inote 81. The rnain reason for the in¢rease was an increase in fund5 granted to th¢ Aga Khan University. The core costs of managing AKF IUKI and administering the resoiirce mobilisation and grants managetnent functions increased to £2.4m 1202?: £'2.2inJ. These core cost5 are primarily funded b}". the Aga Klian Fouiidatioii Geneva Ino 51. All donation income is applied to AKF IUKI'S charitable obje¢tive5, spe¢ifi¢ally to programrne expenditure on Social development and insiitulioiial development projects.

Aga Khaii Foiiiidation (Llniled KingdoThl 310ec¢tnber ?0)3 Regisw'i'cd Nuiii￿.[-. 111100897 Regisi¢r¢d C113riti Nuniber.. 266518 Report of the Council (eoiilinmed) Reserve5 policy AKF IUKI require5 reserves in order to tneel its fujiding coiiiniithienls iii respect of its joinl-funded projects and for the furtheran¢t of ils activities. AKF IUKI lias establi51ied a policy ivhereby the level of its free reserv¢5 (being those fuiids Iioi lied up ii) fJx¢d assets and iiot part of desigiiated fuiids oi. restricted fund51 should be sufficient to SU5taiii its admirtistrative exp¢ns¢s for ai least two months. AKF IUKI con5idei's that the targer level of fre¢ reserves at 31 December ?023 was £0.4m 12022. £Q.4tt1) and anticipates thar the target l¢v¢l of tree reserves a¢ 31 De¢ernber 2024 will be approximatel), £0.4tn. As of 31 De¢eEnber 2023. the iotal unrestyided general reserve of £0.3m (2022. £0.3m) represented actual free reserves. AKF (UK} has established a policy whereby the level of its designated reserves for proj¢ct5 should be sufficient to meet commitineiits on ali ajiiiual basi5. Ai 31 Decejnber 2023, the lolal balance of designated Fuiids was £2?8.5m 120??. £?15.8MI. In order to maiiitaiii the level of suth reserves, AkF IUKI uiidertakes events to raise awareiiess of AKF IUKI wliich result in support, for example throygh don8tioiis aiid committiients on a loiig-tetm basis. Desigiiated funds held by AKF (Uk) as part of its charitable activities for institutional development purposes totall¢d £203.2in l Yl)22.- £19Q Jiiil of ivliich £161. I m was repTesenied by fixed assets. Designated fund5 lield by AKF IUKI as part of its charitabl¢ activities for social purposes totalled £24.3m 120?2.. £24.Qnil of which £20.0ikn was represeiited by fjxed assets. De5iunated funds held by AKF IUKI as part of its charitable activities for social development purposes lotalled £0.9m 120?2.. £1.41111 of whicli £O.Om was represented by fjxed assets. Going ¢oNcern The busilless model of the charity is such ihat its charitable aelivities are limited to those ivhich are primarily fund¢d by funds received from external donors. Other than Commitments which air so fiind¢d, the charity. therefore has no spccific commitinents and i)0 committ¢d costs beyond its fixed costs of operdtion which are detailed in note 5 and graiits to be paid to partrte￿ from fund5 already rereived. The Council have reviewed forecast5 covering the period of 12 monihs from the date of approval of these finaiicial stattrnents which ijidtcaie that the ¢harity will have sufficient fiiiidg to meet its liabilities as they fall due foT that period. The Council consider that as a result of the ¢harity's op¢ratlllg model explained above, even if no furtlier funding is received in the 12 months period, tlie charity has sufficient cash reserves to pay all committed costs. As a r¢5uIt, tlie Coyncil consider it appropriate for tlie fJDan¢ial staiem¢nt5 to be prepared oli a going concern basis. Investment policy The Coun¢il has tlie power to invest in sucli assets as it sees fit. The Council are supported in tlie exercise of these powers by the National Committee. AKF IUKI. having regard to its liquidity requirements aJ)d reserves policy, lias operated a policy of keepijig available fund5 lll interest-bearing deposit accoiints and seeking to achieve an appropriate rate of deposit interest. Tlie Finance Cominitt¢e reviews the placements on a regular basi5 and de¢ide5 tlie appropriate placement periods on the basis of available fund5 and their intended use. Future plans In 20?4. AKF IUKI will coiitinue to develop a robust project pipeline with AKDN agellcies, with ernphasis on AKDN'S significant aiid growing iiiitialives iii civil so¢iety. cultuit. education, economic developni¢iil, eiiergy, health livclilioods. climate adapiaiion aiid disaster preparedness. AKF IUKI will continue to pursue new partncrships aiid fiitidiiig opportuniiies witli bi-laieral And multi-lateral doiiors, especially lo deepen its relationships ivith multilateral flinders 5ucli as Asian Development Bank and 151amic Developnleiil Baiik, noii-tt?dilional funders sucli as the UAE and Qatar, as well as the European Commission, FCDO. France, GeiThaoy. and Switzerland among others. In recent years, AKF IUKI has established a diversified funding base throiigh new partnerships with foundations and corporations. and this work will continue.

Aga Kli311 Found￿111011 (United Kiiigduml 31 DtyKimbcr 2023 Registered Number. 01100¥97 Re8iStL'iYd Charil) Number. 266£18 Report of the Council (c'ortffinued) AKFIUKI will Inaiiitain ils efforts lo secure funding for AKDN'S hiimaiiiiarian and basic iieeds response in Afghanistan, including a greater fo¢us on engagiiig witli regional fuiiders. lii additioji, AKF IUKI will coiiliiiue to explore opportunities under di5ciission i¥ith the ELiropean Cotnmission, France. Gerniaiiy. Japan. Qatar. UK. and several other donoi-s for key initiatives in Afghanistan as well as other core geographies. such as Ea5t.4frica, Egypt. Kyrgyzstan. Madagascar and M07aJnbiqlle, Pakistan. Syria. and Tajiki$ian. Additionally, in 2024, AKF IUKI will coiitiiiu¢ to transforni our operations to tneet the organisaiion's net zero goal by 2030. AKF IUKI WTII support OUT $15ter offices aiid agen¢ie5 in other coutilries to do the same. AKF IUKI works witli field units of AKF and AKDN to support them In securing grants directly fix>n) European, Asian at]d fftulti-lateral donors. AKF IUKI has strtngthened its London-based team to eiigage a ivideT nn8e of partners, represent AKDN public fora. aiid suppoit the design and preparation of grant proposals and budgets. AKF IUKI coordinai¢s ext¢nsivel>' betweeii field units and donor$5 requiring extensive Lommunication and iravel to the ¢ountTies where AKDN i5 active. AKF IUKI also uses funds raised from private donations to Inatch donoi funding where there is a match-fundiiig requir¢tnent. AKF Iukl contiiiues to pJx)mote awareness of the work of AKF IUKI and AKDN tlirough pres¢ntat10115, events and exhibitions. This work is expe¢ied to ¢oiitiiiue to grow iii the future. Principal Risks and Uncertainties The Coiin¢il. assisted by AKF IUKI'S National Comtnittee and AKF IUKI'S CEO, a5S¢5S¢S the major iisks lo wliicli AKF IUKI is exposed on an on-going basis. On a monthly basls, the Finance Committce meet5 aiid reviews ongoing I'isks and compliaiice issues, in particu12rihose related lo its operations and finance. The major risks to which AKF IUKI is expos¢d ar¢.. Reliance on a small nujllber of sizeable, Iradititstlal donors Tli¢ potential impacr of the ¥lobal tconoinic sittiation. political Irends. snd security crises on ihe availability of development funding foi. ffgi0rt5 where AKDN is active Complianc¢ violatiot15 or donor guidelines thai are i)ot adhcred to by implementing agetL¢ies The first and second risks are mitigated both by cultivating new donor relationship5. diversifying op￿rtUnitIes, videniiig aiid deepening current relatlOll5hip5. aiid sustaiiiing high levels of trust through COliSiSl¢nt professiortal performance. Tlie third risk is miiigated ihrough et]haiiced communi¢aii0115 l¥lth and Inoiiitoring of impleineniing pa￿lers, independeiil evaluations. donor a$5essmenl of programmes and other key infornation, strengthening graiit agreeiiieiits and monitoring requireiii¢iits. AKF Geneva eniploys iiitemal audits to monitor implementing partiier5', when n¢re55aiy. th¢5e also moniloi. grant complianr¢ with doiior giiidelines and Ihe reports that relaie to AKFIUKI funded projects are shared with AKF IUKI. AKF IUKI is satisfjed that appTOPI'iate systems are in place to tnitigate AkF IUKI-S exposure to major risks. Disclosure of infomation to auditors Each of the tn¢inbers of the Council al the date of approval of this Report of the Council and Strategic Report confimi that. so far as they are ei¢ ch aware. there is no relevant audit inforination of ivl)ich AKF IUKI'5 auditor is una%Yare: and the members ofihe Coiincil have tach taken all the sieps ihat they ought to have taken as dsrectors to rnake themselves aware of any relevant audit it]fonnation and to establish that AKF IUKI'S auditor is aware of that information.

Aga Khw] FDundaiion IUIiiiL'd Ki118doml i l De¢etnber 2023 R¢gisicred Nuniber.. O I I t)0¥97 R¢bJi51ered Lliariiv NuiiibLr. 266518 Report of the Council (cunlEnued) Statement of the Council's responsibilities in respect of the Report of the Council and Strategie Report and the financial statements The mernbers of tlie Couiicil are respoiisible for preparing the Report of tlie Couiicil a&id Sirategic Repon and the financial statements in accordance witli applicable law and regulations. Company law requires the Coiincil to prepare financial stat¢tnents for each financial year. Under that law they are reqLiired to prepare the financial statements in accordan¢¢ with UK Accouniin¥ Standard5 and applicable law IUK Generally Accepted A¢countiiig Practice), including FRS 102 llie h-inuAcial Repor11￿8StandaIdQPFI1C￿b1e in ihe IJK aKdReFiiblic o/'Jreland. Under company law tlie Couiicil niust iiot approve the fJiian¢ial statements unle$5 they are satisfjed thai they give a true and fair view of the State of affair5 of the ¢liaritable ¢onipany and of the ex¢ess of inrome over expenditure for Iliat period. Iii preparing tliese financial staleineiits, tlie Coujicil art reqliired to.. select suitable accounting policies aiid theii apply theni con515teiitly', observe thc methods and principles iji llie Charities SORP., niake judgements and estiimates Iliat are reasonable and prudent., state wlietlier applicable UK Arcoiinting Standards have been followed, subject lo any iiiateriaj departures disclosed and explained in the financial Slateinenis; use the going Concern basis of accoiinting7 unless they either int¢nd to liquidate the charitable company or to cease operations or have no realistic alt¢Tnative but to do $0. The Collncil are responsible for keeping adequate a¢¢ounting records thai are suffJ¢ient to show and tKplain the cl?arilabl¢ compaiiy'5 traiisacti()iis and disclose with reasoJiabl¢ accuracy al aiiy liiiie the financial position of tlie chariiable compaiiy aiid ejiable Iliejn to eiisure thai the fiiiancTal starenients coinply with the Companies Act 2006. Tl)ey are responsible for such iiitemal coiitrol as tliey deiermiiic is nece55ary lo ¢iiable the preparaiioii of financial siat¢ii)ents ihat are free froiii niaterial Inisslateii)eiit, wlietliei- due to fraud or error, and liave geiieral responsibility for takiiig such Steps as are reasonably opeii to th¢tn to safeguard tlie assets of the charitable company and lo prevei)t and detect fraud and other irregularities. The c.ouncil are responsible for the maintenance and integrity of the corporate and fjnancial iRforniation included on the charitable compaiiy s website. Legislation in the UK governing the pteparatioii and di5sen]ination of financial statements may differ froiii legislatioii in oihei jurisdictions. Report of the Council and Strategic Report approved by order of the Council Ili¢ Co Jane Plac tini-moore Date.. Is" T.1 2024-

Aga Khan Fouiidalion (United Kingdom) 31 DeL¢mbei' 20?3 RegistLtt,d NuinbLr.- Ul I Q0897 Regi%ierLd I'harit!. Niimber. 266518 Independent auditor's report to the members of the Aga Khan Foundation (United Kingdom} OpiNion We have audited the finaiicial statements of Aga Khan Foundation (United Kingdotnl for the year ended 31 De¢etnber 20?3 which comprise the statement of financial activities, the balance sheet, the cash flow 5tal¢ment and notes to the rtnan¢ial staternenis, incliiding significaiit accounting policies. The fillajicial reportiiig tramework tliat has beeii applied iji tjieii. preparaiion is applicable law ai)d United Kiiigdoin Ac¢(>uiitiiig Standards, in¢luding Finaiicial Reporting Siaiidai'd 102 Th¢ Finaiicial Reporting Staiidard applicable in tlie UK a11d RepLibli¢ of Ireland Iunited Kingdon) Geiierally Arcepted Ae¢ountiiig Praetice}. In our opinioii the fjnancial statemenis.. give a true aiid fair view of tlie slate of the charitsble cornpany's affairs as at 3 l Decejnbei 2&23 and of its in¢omiiig resources and application of resources. iiicluding its incoine atid e.¥penditure for die year tlien ended., have been PToperly prepar¢d in accordance wtth United Kingdom Generally Accept￿ Accouiiting Practice., and have been prepAr¢d in accordance witli the requirements of the Cotnpanies Act 2006. Basis for opinion We conducted oiir audit in accordance with International Standards oj Auditing IUKI {ISAs IUKII and applic2bl¢ laiv. Oiir r¢sponsibiliii¢s under those Standards are fijnher described In the Aiiditor's responsibilities foi the audit of the rinancial statements section ol'our report. We are iiidepet]deiit of the charitable company in accordance with the ethi¢al requiremeJ)ts that are relevant to our audit of the finatlcial statements in the UK, including the FRC'S Ethical Standard,

tid we have fulfilled our othereihical responsibilities iji accordance with these requiTeTneiits. We believe that the audit

evidenee we have obiaiiied is sufficient and appropriate lo provide a basi5 for our opinion. Contlusion5 relAting to going tonctrR In 3uditTiig the tinancial staiements. we have ¢oiicluded that the Council's use of the goitsg coiicern basis of a¢countit)g in the preparation of the financial stalem¢nls is appropriate. Based on the work we have performed, we have not idejitified any makrial uncertainties relating to events orconditions that, iodividiially or ¢oll¢ctively. may cast significant dotsbi on the charilable company's ability to continiie as a going concern for a period of at least iwelve months from when tlie finallrial statements are authori5ed for issiie. OUT re5ponsibilitie5 aiid the respoiisibilities of the trustees with respect to going coiicem ar¢ described in the relevant sections of this report. Other InformAtion The Council are respoiisible for the other informatioii ¢oiilained within the annual report. The other information ¢Drnprises the infortnalion included in the Report of Ihe Council, other than the finaneial statemenis and our auditor's report theiton. Oiir opinion on the financial statements does not covei. thE other infonnation and. except 10 the extent otherwis¢ explicitly stated in oiir repvrt. we do not express any form of assurance conclusion thereon. Our respoiisibtlity 15 to read the other informaiiot] and, in doing so, consider whether the other information is materially in¢onsisteni with the fiiiancial statements or our kiiowledge obiained in the audit or othcrwise app¢ar5 to be materially mi55tated. If we identify such material in¢oiisistenLiesor apparent tnalerial niis5tatements, Ive are required to determiiie wliether this gives rise to a material misstatement in the fiii%ncial siateiiieiit5 tliemselves. If, based on the work we liave perfonmed, we coiiclude tliat there is a material mi5Staternenl of tliis other infoTinalion, Ive are required to report that fact. We have nothing to report in this regard.

A8a Khaii foundatli)11 Illniied Kingdom) 31 Di'Limber )023 Regisiered NumbLr.- Ul 1110897 Registeied Charil!. Number.. 266518 Independent #uditor's report to the members of the Aga Khan Foundation (United Kingdom) (Co￿11￿1{¥￿) Opirtiort other mgtters prescribed by the Companies Act 21106 In our opinion based on the work undertaken in the course of oiir audit.. the infortnation given in tlJe Rew)rt of ¢h¢ Ctsuncil, which includes th¢ directors, Teptsrt and the 51rategic report prepared for th¢ purtK)se5 of ¢oinpany law. for the financial year for which the financial statements are prepared is consisteiit with the financial staternent5'. and the strategi¢ report and the direciors, repoft included wirhin the Report of ihe Council have been prepared in accordance with applicable legal iequirements. Vatters on which we gre required to report by exception In light of'the ki)owledge and iiiiderstandi118 of the charitable company and its environment obtained in the cour5¢ of the audit. we liJve noi Tdentified material misstatements in ihe strategic report or ihe dire¢tors' report included witliin the Report of the Council. We have notliijig lo report in respect of the following tllatters sn r¢l&tion to whscli the Cotnpanies Act ?006 requires us to report to you if, iii oiir opijiion.. adequat¢ accollnting records have not been kept: or tlie fEnaiicial 5tatetn¢nts aTe not in agTeement witli the a¢¢ountitLg records and retums; or certain disclosures of rnenibers of the Couiicil's remut]eration specified by laiv are Jiot Inade. or we have not received all ihe infomiation and explanaiions we require for our audit. Council's re5POJ15ibilitie5 As explaiiied Inore fully iii the slat¢tnent ot'tlie Council's re5ponsibilili¢s Sel out oil pag¢ 9, tlie tn¢tnbeT5 of the CoullcII (who art also the director5 of tli¢ charitable cornpaiiy for the purpose5 of coiiipaiiy lawl are responsible for Ilie PTeparation ot the financial statements and for being sat15fied that they give a true aiid fair view, and for such inrernal ontToI as th¢ trustees deiemiine is necessary to enable the preparation of financial statements that are fre¢ frorrh material misstatement. whether due to fralld or error. In preparing Ihe financial siaiemenls, the members of the Council are reswtisible for assessing ihe charitable cojnpally's ability to continue as a goijig concern, disclosing. 35 applicabl¢,.tnatler5 r¢lat¢d lo goitlg concern and usiiig the goijig concerii basis of accountino unless the CouE)cil either intend to liquidate the charitable cornpajiy or to cease operaiioils, or have no realistic alternative but to do so. Auditor's rtsponsibllltle$ for the audit of the fingntial statement$ Our objtctives are to obiaiii reasonable assurance about ivhetlier the fInanciAI siatements as A whole are free from material Ini55tateinent. wli¢iher due to fiaud or eiTOT, and to Issue Jn auditor's r¢poTt tliat iii¢lud¢s our opinion. Reasoiiable assiirance is a hi￿ level of a5suraiice, but is iiot a guarantee tliat ali audit conducted in accordaiice with ISAS IUKI will always d¢tecl a material misstatement when it exists. Misstatetnent5 can arise fTOtn fraiid or eiror and are Considered material if, individually or in the aggregatt, they coiild reasonably be expected to influence the Cconoinic decisions of 115er5 taken on tlie ba515 of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design pro¢edurtS I liiie with our resp)nsibilities, outlined above. to detect maierial missialemenls in respect of irregularities, includiiig fraud. The extenl to which our procedures are capable of dei¢ciiiig irr¢Bularities, IiiLludiiig fraud is detailed beloiv. Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud. are inslaii¢¥S of non-¢ompliw)¢e wilh laws and regulaii011s. We ideiitified and as5es5ed the risks of material misstatement of th¢ financial statetnents from irregularities. whether due to fraud or em)r, and discussed tliese behveen our audit teatn tnembtr5. We tlien designed and ptrfortned audit procedures responsive to those iisks. ineluding obiaining alldit evidence sufficieiit and appropriate lo provide a basis lor our opinion.

31 D¢¢¢fftber 10)3 R¢¥IS￿'rcd Number.'1111008I)7 R¢gi51¢r¥d Lhari!. Niiniher-. ?6651 Independent auditor's report to the members of the Aga Khan Foundation (United Kingdom} {conliniiedJ We obtained an iindersiandin¥ of the legal and regulaiETrry fratn¢works within which the charitablc company operate5. fNusing on those laws and r2¥ulation5 that have a direci effe¢t on the delermin&lion of material amounts #nd dis¢losures in ihe financial statements. The laws and regulatlons ive considered in thi5 conte.xt wtre the Compa112es Act 2006 and the Chariiies Aci ?01 I together with the Chariiits SORP IFRS I O?1. W'e assessed the required conipliante with these laii'5 and r¢uulation5 as part of our audit procedures on the related fiiiaiicial statement it¢ms. n addifioii. %w¢ consid¢￿d provisions of other laivs and r¢oulations that do iiot hav¢ a direct ¢ffect on tlie tiiiancial siateinenls bui complEanLe ivith i¥hich rni¥ht be fundamental to tlie charitable coiiipaiiy's ability lo operat¢ or to avoid a tnaterial peiialty. Il'¢ a150 Loiisidered Ihe opportunities and iiiientives (liai niay e.li51 iyithiii the charitable cotnpany for traud. The lai¥s and regulations we consid¢ird in this Lonle.xi fur the Lk operations were General Data Proteaion Reyiilation IGDPRI. Anti-frai￿. brib¢Tr' atld corruption legislation and laxalion le¥islation. Auditing standards liinit th¢ Tequired audit procediires tv id¢nlify non-compliance i¥ith these laws and regulations to enquiry of the Council and orher managemeni and inspection of regultttory and l¢Jo I correspondence. sf aiiy. We id¢ntiFied the greaiesr risk of material itnpact on the fiiiancial siatefflents frorn 1￿CoularitiCs, including fraud, to be within the reeogiiition Df I￿L￿rne. tIIE recoonirion ol'grani e.%penditiire. the valuatioii of the invesitnent property and the override of controls by nianag¢ment. Our audit PTocedu￿s to respond lo Iliese risks included enquirie5 of maiiageTneiit and tlie Fiiiaiice Cominiitee aboui Ilieir oivn idtntificatioii and a$s¢ssmEnl of Ilie risk's of irtegularities, saniple testing on grant intome, grJnt eYpendilur¢ and Ilit POSlin&7 of journa15. r¢vi¢wing aLLOLlnting estimates for biases. i¢vieiving r¢gulatory iorre5pondence with the Cliai'ity Commission and re8diD¥ minutes of meeiin¥s of those charged %Yith governanLe. O%Yino lo the inhertni limiiatioiis of Jn audit. there is an unavoidable rigk th31 ive nia} not haie detected some materiul misst2temertl$ in the financial statements. even thougli ive have properl), pldnned 3nd p¢rforined oiir audit in accordance with auditin¥ standards. For example, the further removed non-coiiipliaiic¢ with laivs and r¢Trulations liigli¢r ri5k- ot iioii-deiection ot. irre¥ul￿rI1les. as tlie5e may In￿.0]ve collllsion. foroery. intentional omi55ion5, We are not responsible for preventin¥ non-cotnpliance and cannot be e¥pected to deleci non-Lompliance Nvith all laws and r¢gulalion5. A fiirrher dtscripiion of oiir respDD£ibilili¢5 lor the aiidii of the fiiiancial stateirents l5 located on the Fiii42ncial Reportirtg Council's ivebsit¢ at.. wryv4'.fre.orts uklaudiiorsresponsihiliti¢.E. This description fonlls part ot oiir auditor's report. Use of our report This report 15 Itiade sol¢lJ lo Ilie cliarilable Lompan) s tnenibers. as a bodj. in aLLordanie I￿1117 Chapter l of Part 16 of tlie-compaiiie5 .4cr ?006. Our audit Nvork has been undertaktn so Ilial niiglit slate lo Ilie Lliariiable cornpanv's m¢rnb¢i"5 th05¢ tnatters required lo siaie io them in an audiior's report and frjr nn other piirwse. To the fullest eytent pertiiilled by Idw, we Jo nol arc¢pl or asbiime responsibililv tD an>one other rhan the charitable companj and the charitable ¢ompaiiv s niembers as a budy. fLTrr our audit iyork. lor tliis report. or fur lh¢ opinions we ha￿e formed. Senior StalutorJ'.4uditor For and on b¢halt'of Croive 11.tK. LLP Statulori'.4uditor London Date".

Aga Khaii FUund￿ll0n (United Kingthinl 31 D¢i¢iiiber 2023 Regi¥i¢red Nulli￿r.- 01100897 Regisiercd Lharitt. NumT." 266518 Statement of Financial Activities, including Income and Expenditure Account .loR' Éhe Jyai. eKdedJl Decenibei. 2023 ..Noles Lnresirirled Funds Gontral DtsigThilted F￿0115 Funds £0￿0 Rostritted FU￿￿5 Tolal 2023 Total 2022 £000 £000 £000 Incoiiie from Cif4tits, dvnations legllctQ5 5.804 13.190 .5iO 29.043 34847 1.$,704 1.550 46.5)3 16.686 2.867 249 1.874 2.514 Commiinicaiions and awareness raising Core costs 257 2,067 2.067 R¢ni#l income Iiivestmcni in¢ome Other income Nei gaitd(lossl linin forei81i eKch8iig¢ 3,056 2.858 60 1.290 28 i91 657 Total income 4.926 29,634 -58,109 71.788 Expenditure Social deNelopmeni piogranunes i,130 10.335 1,296 36,445 43,409 13,134 lJ31 46.?47 10.687 1,279 249 2.799 Communic&tions and tt%vareness raisin8 257 Total oip¢nditurc 4,925 16,761 36.44.5 58,962 Nel ineome for the ye4r Transfers betw¢eK tunds 6.788 122 12.826 68 Nel income belore uthor ￿CogniSed gaiTr$ d lo$$es Nel gainlllossl from inveslm¢nts 6,856 16,8791 1221 12.826 Jo 5,782 5,782 Ntl movemettt in funds 12.638 16.8791 .).760 12,826 Rocon¢iliiioTr of funds Flind5 brou8lit lur¥%-ard 329 21i,821 14,653 230.803 217,977 Toiil fllDds egrritd forwgrd 20 330 228,4.59 7.774 236.563 230.80i All of tlie above results are dei'iv¢d from continuing activities. All gains and losses Tecosnised iii tlie year are included in the above.

A¥a Kh￿ Foundation (United Kingdom) Regtth'￿d NunihLr.' 1111110%97 tlegits￿red Chariiv Number.. 26651 Balance Sheet at 31 DgceiNber ?Q23 Jvuiv 2023 202) £o•o £oTh) £000 £ofy) iicd asy¢ls Tangible IniesunL¥nts 152.843 24.5UQ In 30,282 181,063 177.343 CtyrrEllt assots Cash al bunk and in hBnd 2.￿1 5.79 j?239 J8 13 14.5771 l ¢1 L'urrcTrt i.i>cty TDtsI usscts less ¢vrrent liabilities 23Q.803 Cr¢dilvr¥.' dmounis falling duo oftL'r )'¢ar i#Plt#l rLI4Lir%'¥ Called up sliarc eapilal 21 ullds.. CicllLral liinds 330 228.419 7.774 329 20 2d Resiricted fund& 14.653 236.563 2311.803 The finwiLioI SlatL'niLnts iiirL' approiicd bs, Ihc Coun¢il tsnd outhorised tor is$w gn 18 July ?024 dnd 1%￿'re sigllL￿ ()n I￿ behllll-b)-- IITe C oil Jane Plac ntini-moore 14

Aga Khan Fouiidaiion IUiiit¢d Kiiigd¢iml 31 Dtyvefft￿r 2023 Registered NumiK'r'. O I11)Q897 R¢gisiLred Lharily Niinibei. 2{￿516 Cash Flow Statement for iheyettr ended31 December 2023 2023 £oiio 2022 £000 Yet Cash from op£rRting a¢livitie5 17 5,474 10.878 C4sh flow5 from investing a¢liiilies Inl¢r¢sl received 1,290 25 Payrnenls 10 aLquire fixed assets 14891 13931 Inerethse in Ind c&sh e4uivalents 18 10,510 Nei casli ai l January 18 41.729 Nel ¢#sh it 31 Dtetmber 18 52.239

Aga Kh911 foundaiion (Llniled kin¥dutnl 31 DLL%'mber 2023 Regisiered NumbLr. 011110897 Regisiei'ed Lhdrii! Niimber.. 26651¥ Notes Ifolmi￿gP￿rl ofihefinanciul.91411emenis) PrtncipAI Accounting poll¢les AKF IUKI is a charitable cornpany limited by guaraiitee, coinpany registratioii no 01100897, registered address 3 Croinwell Gardens, London SW7 2HB. The lollowiiig accounting policie5 have been applied consistently in dealing with irems which are considered material in rtlation to AKF IUKI'5 fiiiancial staiements. B2$1$ of preparation The Lharitable company is considered 10 be a public benefit entity. The finan¢ial 5tat¢meiits liave been prepared uiider tli¢ liistorical cost conveiiiion and in accordaiice with the Staleinent of Recorninended Praclt¢e applicable to charities i)reparing tlietr accouiits in accordaiice witli tlie Fiiiaiicial Reporting Siandard applicable in the UK and R¢public of Ireland ISORPI. the Companies.4cl 2006 atld applicable Accounting Standards, FRS 102. The members of the Council have prepared the financial siatenienls on a going con¢em basis witli no material ncertaint1¢5. which they considei. is appropriate for the following reasons. The business model of the charity is such tliat its cliarilable activiti¢s are limited lo those which are PTimarily funded bj fui)d5 received from external donors. Other than comtnitments which art so funded, the chai.ity has no spe¢tfic offlmitsnents and no committ¢d costs beyond its fixed costs of operaiion which are detailed In iiote 5 and grants to be paid to parttiers from fuiids already received. Tht Couiicil have reviewed forecasts covering the period of l? Inonths from the date of approval of tliese fJJianLial 5tateJneJils whtch indi¢at¢ that the charity will have sufficient fund5 to meet its liabilities a5 they fall due tor that period. The Council coiisider that as a result of the charity's operating model explained aiK>Ve, even if no further funding is received in the 12 months period, th¢ charity has suffi¢ient cash reserves to pay all committed ¢osis. A5 a result, the Coui)Lil ¢onsider it appropriate for tlie finaiicial statements lo be prepared oli a goiiig coiicerii basts Fund5 Geiieral funds are uiir¢5tricted fujids available for use at the discretion of th¢ Council it) furth¢raiice of the general objectives of AKF IUKI and which have not been designated for other pujposes. Designated funds aT¢ unrestricted funds eamiarked by th¢ Coiincil for social development prTr¥ratnmes. institutional developinent and for the purpose of purchasing and developing properties held by AKF IUKI as part of its charitable activities for social purposes. Restricted funds are funds eamiarked for specific aciiviiies by contractual agreernent with doiior ag¢nci¢s. Tangible filed asset$ Laiid and buildijigs and other laii8ible fjxed assets are stated at their purchase price. together with any iiicidenlal expenses of a¢qui51tion. Properties received by wa). of donations are stated at a reasoiiable market value io AKF IUKI ai ihe tirne of the doiiation. Fixed asset5 Wltli ali acquisition cost of less tliaji £3,000 are not capitalised. Depreciation is provided on all tangible fixed assets Iwith the exception of landl at rates caleulai¢d to write off the cost oli a straight- line basis over their expected useful economic lives as follows.. Fr¢¢hold buildings Leasehold bllildings Property Iinprovements PToperty fixtures and fjtiings 5/0 Investm¢nt propertie5 Invesimtnt properties are carried at fair value supported by ¢xt¢riial valuers and deiived from the Current tnarket rents and yields forcomparable real estate, adjusted if ne¢e55ary fordifferences iii iiature, locatioii or¢onditioJi of the specifjc asset. No depreciaiion is provided. Changes in fair value are recognised in the Statement of Finaiicial Aciivities. Operating leases Reiilals applicable lo operating leases are included in the Siatement olFinancial Activities on a straight-line basis over tlie lease term.

Aoa Khaii Foulldatioii Iuniied Kiiigdoml 31 Deceiiiher 2023 Regibiered NLiiiib¢r'. 01100897 Registered Charit!. Niiniber.. 26651 Notes (conliniied) Principal 9Ctounting polleles f6onliniiedl Foreign currenrie5 Tiansactions in foreign ciirirncies are recorded al the rate ruling at the date of the transaction. Monetary assets and liabilities are retranslaied at rhe rate of ex¢hange ruling at the balance sheet date. Ex¢hang¢ gaiiis or losses are iiicluded Pension tosts AKF IUKI operates a defiiied coiitribution pensioii scheme for its employees. The assets of the scheme are held separately fiY)ni Iliose of tlie charitable company in an iiidep¢ndeiitly admiiiistered fuiid. Payments made to the fund aiid cliarged iii these accoiijits as part of eniploytnenl c05t5 coiiiprise c￿￿tilt conlribuiiojis. Incoine Grants. donaiions And lega¢i¢s r￿e1Vable are from institutional donors, private donors and AKF Geneva. Doi)alions aod l¢ga¢i¢s ale recognistd whell they become receivable, and rax reclaimed on gift aid donations is accounted for in the period ol. the a550ciated gift. Grants receivables represent those grants where AKF IUKI has signed the contract with th¢ funding a8eJicy aiid accepts responsibjlity for th¢ir applicatioll.. these are r¢cogiiised whtii the grant conditio[15 are mel and when AKF IUKI becoiiies entitled lo each inslalineiit of ilie graiil funding. Enlitletnent to grnni income is considered to be at the ear5ier point of income beiiig receivable or eligibl¢ expenditure being incurred. R¢i)lal inconie is receivable froni Comrnercial unit tenants and thtrd-party property rnanagcment organisations and are recogjiised when they becoit)e receivable. Expenditure Graiits made air recorded on a eommitment basis wh¢n th¢re is a signed agreemeni or other un¢onditional commitment made to a grant recipiertl and all other expenditiires are recorded on an accwa15 ba515. Charitable expenditure is allocated to the a¢iivities of the related fund. Expendittire under general fund5 is iiiciirred in carrying out general operaiional activities undertaktn by AKF IUKI. Expenditure under designated funds is incurred to provide 5UPPOrt to social d¢velopment aiid institutioiial developmeiit projects and in respect of properties held by AKF IUKI as part of its ¢haritabl¢ activities for social purposes. Expenditllre und¢r restrict¢d fuiids is allocated speeifically to tlie related pii)jecls. Support costs are allocated to tlie relevaiit ¢harirable activity on the basis of th¢ proportion of employee time spent on each activity. Accounting e$timat¢s ¥nd kev judgements In the application of the AKF IUKI's accountsng policies, judgemrnts, e5titnates and assumptions abtsut the carrying value of assets and liabilitits are made. These estimates, judgements and assumptions are made based on a coinbinatioo of past experience. professiojial expert advice and other evidence that is relevant to the panicular circumstance. The key areas ofjud8einent included iii the fjnanrial stal¢tneiils are summarised below.. lil Valuation of investment properti¢s- Investment properties are carried at fair value 5UPPOrted by external valuers as diselosed ili note 10. lil) Poienlial impairtnent of fixed a55els- Impairinent reviews are conducted wlieii event5 aiid changes in circunistances iiidicat¢ that an itnpairineni tnay have occllrred. If any asset is found to have a carying value materially higher iha its recoverable amount, it is written down a¢¢oi"dingly. liiil Depreciation of fixed assets - Fixed assets are depreciated at rates Calculated to write off the Cost over their expected usefiil econotnic Isves Members of the Council's ernolumentS No emolumeiiis were paid 10 nor reimbursement of expenses re¢eived by the tnembers of the Council for their duties 12022.. £01.

Aga K￿￿1 Foundaiioii (United Kiiiqdt)ml 31 DecLiiib¢r 2023 Re¥i51ered N￿ni￿r.. 01 li￿897 Registered Cliarisv Niimbcr.. 266£18 Notes (conlinued) Employee Information 2023 £ODO 2022 £000 Salaries and wages Social SeCUTity c05ts Pensioii costs Other benefits 4J09 483 375 171 i,418 408 321 124 Included wiihin sraff costs aLKtrve is £35k l?022.. £Okl relating to rediindan¢y and ttrrnination costs. At the end of the year, £Ok l?02?: £Okl was Still 10 be paid. Senior Management personnel eanied total salary and benefit5 of £794k 1?022.. £705kl aiid pension contributions totalliiig £68k1202?: £6 Ikl. The average iiumber of staff employed by AKF IUKI duriIig tlie year is.. 2023 Nurnber 2022 Number Coinmuiiication Finance and Administration Grani administration Victoria Hall fvlanagemenl Aga Klian Ceiitre Managenieiil AKDN Pro8rammes 21 Employees ¢grning *bove £60,000 2023 Nufflber 2022 Number £60,001 £70.000 £70,001 £80.000 £80,001 £90,000 £90,GOI £IOO,01 £ioo,001 £iio.000 £1 10.ooi £i?o,000 £ I?0.001 £130.000 £130.OQ1 £140,000 £150,001- £160,000 £160,001 £170.000 £170,001 £180,000 £180.001 £190,000 £280,001 £290,000 £290,001 £300.000 £310.001 £3?0.000 £340,001 £350.000 Pension contribuiion iotalling £242k were made for these employees diiring the year12022.. £192kl. Expenditure Expenditure for the year is stated after ¢hArging the following costs. 2023 £000 2022 £000 Depreciation Inoie 91 Audit fee- Crowe UK audil of these financial statements Auditor s remiineration for non-audii services 2,745 2,729 The £5k disclosed above for non-audii fees includes fee5 relates to corporatioii ux compuiation aiid a project audit. The audit fee For the year ending 31 December 2023 was £J4.800 e%cludTng VAT.

Aga Khan Foundaiion Iuiiii¢d Kiiigdoml 31 DeceiiitrK'r 2U23 Regi%lcrLd Number.. 01100897 Kegisii'ied Cliaril!, Number.. 266il8 Notes {coniinued) Support eosts The support costs of AKP IUKI ¢on51St of three cost elemenis. Support costs are allocared on a ba515 consislenl with the lise of i¢sources and the calculation of allocation is det¢rtniiied by the percentage of time sprnt on each category by the relevant siafl.. Human Office Expeiise5 Resources & Teclinology £000 Travel Expenses £000 Total 2023 *(￿0 Total 2022 £000 £000 Unrestricted fund$ Sorial developinent programmes Institutional development Social and ¢ultiiral ¢¢nlres Commiinicaljons aiid awaitness raising 1.273 435 72 127 1,835 285 34 256 237 27 248 177 60 1.682 574 154 2,410 2,16i Grants donxtions received un￿striCted Resiricted Fiinds Funds £000 £000 Total 2023 £000 Total 202? £OOD Soti41 development programmes UK Foreigii, Commonwealth & Developrnent Office IFCDOI Aga khan Foundation IUSAI European CoJnin15sioiI liiiiludEng ECHOI Swi5s Agenry for Developnjent and Cooperation ISDCI Ktw Gerrn2n Federal Foreign Offsce Jacobs Foundatioii UBS Oprimus Oak Foujidarion Porticus The Lego Foundation Ailassian Foundaiioii International Dubai Care5 lslaiiiic Developinent Bank Vitol Foundation Deuisclie G¢sellschaft fur Intern31ioiiale ZusatnmenaTbeit Netherlands Ministry of Foreigii Affairs Freiich Miiiistry foi. Europe aiid Foreign Affairs The W¢llsprints Foundation Royal NoTwegian Ministiy of Foreign Affairs Johnson & Johnson Otlier donations 11,116 4,716 4,396 3,755 ,972 1,817 1,4fA iJio 829 520 SIS 395 165 138 120 87 6.507 2.850 20,113 4,617 1,564 3.088 4,716 4,396 3,755 1.972 1.817 1,464 .310 829 520 515 395 165 138 120 87 720 92 766 412 249 2,506 880 397 -175 182 444 1532 5.804 29,043 34,847 46,553 Institutional development Donalioiis desigiiated 10 tlie Aga Khan University Donations in commemoraiioii of HJS HisliiTress' Diamond Jubilee Doiiaii01is designated to Kings Cross operattoiial costs Donations desi(Tiiaied lo The Ilisiitule of Isniaili Studies Doi)aiions designated to the Aga Khan Schools Otlier donations 4,640 2.373 1.574 359 206 4,640 2.373 1,574 359 206 1,372 8,547 ,237 li6 32 15,704 15,704 16,686

Aga Khaii Fouiidalioii Iuniled Kingdonil 31 DecembL'r 2023 Re8isi¢red Nuiiib¢r.' 01100897 R¥gisiEred Charil). Numbei.: 266518 Notes (eoiilinued) Ex￿ndIt￿re on 50Cllkl dev¢lopment progrAmme5 The fulbivitjg lables show grants paid la tnsiiiuiioT15 bj ¢ounirJ. Unrestri¢ted Restricted Fuiids Fuiids £000 £000 Totgl 2023 £000 Total 2022 £000 Afghanistan RI%E Af8lidllisiEIA- Aga Khan Foundaiion Afgh￿￿1$1 6.863 3.625 6863 4.074 449 FC'DO Ledve No Ciirl BEhiiid- Agd Klidii FoundJlion Afghanisian, CARE Intern&tional UK. Catholic RiliifsL'Trice.% and SavL' IIIL Children GFFQ Cm¢T8CllC> Healtli A$sistan¢¢ Alghanislan. Aga Kh Foundalivn Alghaiii51an Opportunities for MIE inslreaming Inclu%1￿L ￿t￿elOp￿Ie11l IOMIDI Al£hanistan Humanilariaii Ap￿al- Aga Khan Foundaiwn Afghanisthii 3.285 3.310 2.601 2.569 2.169 2.601 2.169 5.288 Impiovement. Aga Khan Foundalioii Afghanistan EC %lrenglh¢ning COVID-19 Respotise in AfBh47nislan. Aga Kha 1.805 1.265 968 Improving a¢cess lo life-savin8 hcalih, and psl'choltsgical services in Alghanislan. ABa Khan Fviindcllion Atghanisian Promoiing A¢ccss lo Lducat￿nal Insiiiulivns in the Cross-Border DistriLI.£- Aga Khan Foundation. Afghanislan Ac￿lerate Prosperitv in C¢iiiral and South Asia- A8a Khan Foundaiion Afglianistan Subl&in3ble wid In¢lusii'e Transformation of Agrarian Ccortomies in Rural Atghanisian ISI'I'ARAI Esseniial Mulii-seclor Programme irt the Central Highl&nds llnd North Eastern Alghaiii5ran IIMSPI SchLK)15 20iO_ Aga Khan Foundation AfghanisiJn EC Improk¢ ParlTLipalon' Manageineni iiiid E17iciency of Rangeland5 aiid WJiershtils- Aga Klian Fouiidaiion, Af¥hanisldii Foresi Landscape Rusioiaiion for bood Securiiy Data Colleclioii Survey on Malernal and Child Niilrilion in Norih-Easle aiid Leiitral Afglianistsn Em¢rgcncy As$i51ance and l.tvelihoods Support lor Vulnerable HoiisLliolds in the Nortli¢asi and C¥nlidl Higlil&iids ofAfgliDnisian- Aga Khttn Foundation Afghanistan Iinproi'¢J CN)i'crnance ot Ilie Natural Park in Ilie Wakhan Corridor. Aga Khan foiindaiion. Pak-istan & Aga Khdn Agency tor Habitat. Al8hanislan IrnpTOi-ing Educ31ioiial QppN)rtiinilies iii Ilie Cros5-Boider Areas- Aga Khaii Foundation. Afghanistaii 2.170 560 560 329 453 4S3 336 336 446 138 129 102 129 124 22 188 87 87 1,784 66 64 30 Jo 189 1441 1861 PNiVlSiVn ofe55enlial and lif¢savin8 nulritiuii seri'ices laTEet￿B childrett under tw'o years and ptegnanl and lacoting ￿￿fften acro>s s¢lerl pmvinces of AfghJnislaii. Aga kliaii Founddlioii Afglian1s￿tt Supporting CO0￿ration and Opportllnilie5 tor Region￿11 Economic Dci-clopment- Aga Khaii Foundation Af811211isi&ii Improviiig Adolescents Lives in Afgh?4 rtisian- Aga Khan Foundation 742 300 Sirengiheiiiiig COVID-19 Preparedness and Response efforts in Afglillni£laii throiigh sUPPOrting & guslaininB COVID.19 dia¥nosii¢ CeniLrs in Bdddllishan. Takhar. Baghlan aiid Bamyan Provinces- Aga Khan Fouiidalion Afghanislan FCDO CtF.C STAGES 11- Aga Khan Foundation Afghanistan, CARE Inl¢rnaiional UK. Llltholic R¢lief Services and Sav¢ Ihc Children 238 2(M) Total for.4fEhanist¥n prDgrthmtnt5 24,797 21.602 20

Aga Kh￿7 foundaiioii11 Iniled Kin¥doinl 31 DeLYmber 2023 Registered Nutnbcr.. 1111110897 Rc8islereJ CIIEiriii. Number.. 266515 Notes (conlinuEd) Expendtture on social development progr4tnmes l¢onliniied) Unresti-icted Restricted Fuiid5 £000 TotHI 2023 £000 Total Braiil Sehvo15 203Q. Trilha Pesqui$a £000 £000 49 49 14 Tot#1 for Bra2il programme5 49 14 Schools 2Q30- RTghl to Play InlernAlional Batkeii-siighd Cruss B()rcler Development PToje¢i IPhDse 111- Global 50 24 24 40 Total for progr&mme5 24 90 Egypt Creaiing Access io CJiro's Islamic Cultural Heritage. Aga i(han Culiuriil Services Egjpl 50 Tot41 for Egvtbt yrogrAmmes 50 rinlxnd Schools 2030- HundrBd.org 160 160 265 Totthl for Fillland progrgmmes 160 160 265 Indi• SLhuols 2030_ Foundalioii and Aga khaii Fviiiidalion India Pathiva>s 10 low carix)ii agriculture in Indici- A8a khan Rural Support PruBranime IAKRSPI India and Aga Khan Foundation India Yui'a Juiieti(yn E%Fkinsion'. Biiilding Car¢¢rs for Rural Yuulh Siipporting LvLal Autliorities for A¢eounlable. Re$poii.siv¢ aiid Trwispareni Sysleins lor Solid I1,￿1¢ Mana8emeiii- A8a Khan roiindalion India and Gram Samili Ghose IGSStiI Siiength¢ning Ihe AKf LL'har Prograinme- Agg KhEin Fuundaiiun 168 213 280 208 65 65 55 Fl)giene & BehaviouT Chwige Coalilioii It)r COVID.19 Lunlrul. Aga Klian Foundaiiun India 2nd Aga Khaii Ag¥ncv for Fl*bilal. India 46 46 43 82 lot¥1 lor India progrommes 269 46 673

Aga Khan Fouiidaiiun IlJniiL'd Kingoiiml 31 DeLemb¢r ?023 ReBibEered Number.. 01100897 Rcgistered Lharil!. NiiinbYi-- 266518 Notes (con/1￿uedj Expenditure on social development programmes IcoNitniied) Unr¢stricted Restricted Futids Funds £000 £000 Totttl 2023 £000 Total 2022 £000 IK)'r¥vz Republic Accelerali PrL)bP-'rity- iii Cemlral and Souili A.£ia- Muiiiilain So¢ Dev SuppcTrrt Proo IMSDSPI KyrBYZStan. Univ¥r5111 of-C¢niral.4si K%'rgyisi#ii and Aga Klian Foundatioii Kkr¥y7. Ilepuhlic 120 483 603 1.243 SLhools 2030- Aga Klian Foiindation Kyrgi'7 Republic 8aikeii-siighd Cross Bordei- Developmcni Project (Phak 111- ABB Khgn Founddlton Ki'rgN7. Rcpiiblic ALLeleralillg W()tnLii, Youili. and Gr¢en Eiilrepreii¢urs IA WYCJF.I Eeoiiuinic Recoi'¢ry Ki'rgyzslan COVID-19- Aga Khan Foiiiidalion Kl'l'gyz RLpublic Siislainable Wiiii¢r Tourisni Dev¢lopmenl Projecr (Phase 111 Aga Kh￿1Th FuLiiidation Kj'rgyz Republic Economie Ilccoi'eri. ol'A81 Iculiural Valu¢ Cliaiiis in Kvrgy£sian £ind Tajik"islaii 11. Mvuiilain Soc D¢v Support Prog IMSDSPI Kyrgyzsiaft Improve participaiory management and e￿scIencY of rangelands and Iicrsl)¢ds- Unii'ersitt. ofc'cntral Asia, Ki'rw'tslaii Inlegraled Rural De%elopnient ProgrJTnme. Mouniain Soc De%. Support Prvg IMSDSPI Kyrg)'zsran and Aga Khan Tr'oundJiion Kyrg%'z Republi¢ 130 207 337 277 265 277 265 47 47 99 53 34 Total for KY￿v£ Republic progrAm]Nc5 251 1,279 1,530 1.692 Ken)'a EC AKDN Regioiial EasieTn Africa COVID-19 Reswnsc Parhiership- Aga Khan Fouiidatioii r.asi Al'rica Schools 2030- Aga Klian FounJ01ion Edsi Afric2 AKII_SONAM Nursiiig Scholar5hip.%- Aga Khan Ilri￿¢[SIt). Keiiya Improi'ing SociJl and IKommic Opportuiiilits for Youth ui Notthern Keii!'a- A8a Khan Foundaiioii Casi AlriLa 781 123 197 904 218 2.638 428 88 Veluc based educatt(>n in Kenya 111 Aga Klian Foundation Easi Afr&ca Sirengilieiiiiig R¢5ilience ol'Froiiiline Health Workers- Agll Klian Uni%ersily Kenya 26 Total for Ik¢nya programme$ 802 1,122 3.329 lad2E#se2r SANIDA- Improving lood security aiid nutrition in Madagagc3r- A8a Khan fuundalion Mad2gabLar IOSDRMI Increasing socio-ecological resilience lo climate change iii Ihe Barren 43 419 462 499 22 f.u Madagasc£lr.' Support lu farming 110￿eh￿Idts (Dian& Sava and Aiialaiijirofol- Aga khan Fvundalion Madagascai. IU%DRMI Madllgas¢ar Innovalions l.¢i'¢ragc foi. Cliiiiaie Adapialion- Aga Kha Foundation IOSDRMI Food Assislaiice for Fatnine in Sourhem ￿l￿dag￿$Carl Etner8ency Food As%isi4lflC¢ IEFAI- Aga Khan Fnundaiii)11 Madagc15car IOSDRMI SPELDRICC.. "SLaling-up. Promoting and &xpanding Ellortl¢ss Di￿¢t- seeding tUCE pertnacultUTe" Aga Khan bouiidaiion Madagascar IOSIIRkll 25 22 1.042 16 208 12 12 Total for IIAd#ga5oar progra￿￿e￿ 472 1.972 22

Aga Khan Fuundation (Unitc(l Kiiigik)Irl 31 D¢iYtnber 20)3 Reoisi¥red Nuinber." Ul l(N1897 Regisicrcd Lhdriil. Niinl￿.r.- )66518 Notes (conlinLied) Expenditure on sotigl development progr9mme5 IcoiiiiNueJ) Unrestricttd Restricted Funds Fuiids £000 £000 Total 1023 £000 Total 2022 £000 M¥xAmbiquo SiiciigthLiiing %i)Clcl1 Loli¢siun and Resilience lo Radi¢aliialion in Calx> Del8ado- Aga Kliaii Foundation Mozatnbique Stringihcning Suiial C'ohesion In Cahu D¢lgadu. Phase 11 ICQESO Plia5c Ill- Aga Kliaii Fou11d￿lo1l Mozainhique Juniost Phase 4. Aga Khan Fouiidaiion Mo7ambique LEAP.. Enhancing ¢OHSldl and marin¢ ¥OLlO-ecolo&yiLal resilience and biodiversily ion5¥fvdlion ill Ihe W'eslern Indian Ocean 190 178 68 178 91 1,430 348 23 39 39 Totgl for Nloz4mbiqlle programmt5 62 493 1.968 Netherl4Dd$ Schools 2030 98 98 Totgl for Netherlands progrRmmes 98 98 PAki5txn Pakislan Flood Rccovtr). and Rlsilicnce, Imprvivil resilieiiLY lu climaie S¢hvols 2030. Aga Khdn Foundaiion Pakisian and ITA PEikislan CriiiLEII PrepDreJness, Ileadiness and Respoii%e ALlioiis for Corvnavirus Di%¢ase ICUVID-1g11)andEmic in Gil8ii-Baliistsn and chItr￿l- Aga Khan foundatioii Pakisiaii Educdlion for Prosperity Itnproi'¥d CJDi'ernaiiie of Ilie N471ur31 Park iii the W&khan Corridor- 718 165 718 33 165 140 198 140 1.085 Protnoling Int¢graied Moiiiitain Safety iii Northern Pakisian IPIMSNPI AcLrlerate Pru5peiil!' in Central and Soulh A5ia- Aga Khan Foundalion Pakisian All-i¥'eiE ther acces.% roa¢1 tor cross-border tourism &reas- Aga Khan 1.609 Pnitnoling IniegraiL'd Mouniain Safely in Nvrthern P9kisian IPIMSNPI Phase 2- Aga Khan Foundatiun Paki51an Lilies Iii Digiiily- Aga Khan Foundaiion l)1( kima Strengrh¢ning Preparcdniss. lleadiness and Respoiis¢ ALlions for Covid-ly Aga Khan Foiindaiivn Pakistsn 129 17 Totgl lor Pthki5tan pr(Igramme5 1,305 ,493 3.197 Portugal SLhoLbls 2030. Aga Khllii Foundiilioii Poriugal EC Social Iinpa¢i Bonds Lii¢raLy Pro8i7iiime- Aga Khan Foundation 265 423 120 Tolal for Poriugal programmt5 265 423 39 23

31 Deccmher 2023 Rcgislered Number.. O I IM897 Registered Chaiilv NllmiK'r". 266518 Notes ictpnliniicd) ExpendÉture on so¢ial development prograrnrnes l¢0iilini￿dJ Unrestricted Funds £000 Restrirted Funds £000 Total 2023 £[￿0 Total 2022 £000 Sii'tl?.erland Accelerai¢ Prosperity in Leiiiral and South A5iD. Aga Khan Foundalioii CrtnL V S¢hools 2030- Aga Khan Foundttiiun Geneva 27 27 87 Total for SwitstrlanJ programmos 27 27 98 Svria Climate and Economic R¢silien¢e through Lii'esto¢k Inteiisilication in 758 7.58 TA,￿lIN Tecliniial Assiblance lo explore the lellsibility ol'pre- pa)meni Mechiliiisrns. Insurance. 5afeh. Nels & hi'alih worklorce issues 502 502 Aga Khaii FouiidatioTh Syii 'I'otal lor Svria prDgrAnJmt5 1,260 126 T*jiki5ta Shugnaii Vl Eneiu Cross Bord¢r ProjLLI Phase I Pamir Energy 871 571 .309 396 193 Schools 2tJ30- Aga khaii Fnundarion Tajikistan Accclerale Prasp¢riiv in Central and Soiiih Asia- Aga 396 381 1,386 188 328 J28 Establishiiitni ol-a fibre proc¢ss¢ng unli iyith dehgiring and stornge in Etoss-border ar¢as- Aga K1147n b'oiind3tion, Tajikistan IinpTvving Conimullity R¢silienLe Ihrough Susrainable Livelih(M)ds in the Raslit Valley Shugnan Vll Lross-Bordcr En¢Tgy Proj¢¢i- Patnir Energy AcLrlerJling Women. Youili. And Green Enirepreneurs IAWYGEI Batk¢n-Sughd Cross Bordcr De￿elOpmL.nt Projeci IPhaR 111- Aga 823 305 30.5 296 296 230 230 174 143 143 Inlegialed Healili and Habilal Improieinent IIHFlll Ra5hl- Aga t(han Foundation Tajikistan AP TRICJCJl=.R 11- Aga Khan Fnuiidaiion Tajikislaii Economic Recoi'try Kiigyztslan COVID-19- Aga Khan Foundation, K%'rg>z Republic Supporiing Cooperation and Opporiunilies for Re8ioiial ELonomic Developineni- Agd Kh￿ F'ound3tion Tajikistall CriiiLal Intrast￿eturc ro Conlribute to Siabilit). and Peac¢ in KkKiTO8 Aga Khan Foiindalion Tajikisiaii Inlegrgted Natural Resources MwiageiiienE in Zarai'shon Valley tor Equitable Sustainable Dei-elopmeni IINVESI'I. Aga Klian Foundalion'l'ajikisian Iiiipwi'ing li¥'eliliuods alld food se¢urit}' Ilirough suslJinable Naiural Resour¢¢ ManagetnLnl- Aga Khan Foiindalion-I'ajik'isiEin Economic R¢Loi'¢ry vf Agriciiltiiral V#lu¢ Chains in Ki¥¥yzsian arHI Tajikislaii 11 A?a Khon Foiiiiddlion Tajikisian 174 90 69 69 88 21 805 149 109 94 Supporliiig ALltleraied Groi&th for Enirepieneur5hip ISAGEI- Aga Khdn FoundDI￿n Tajikistan 45 39 Total for Tajiki5tllD progrlmmes 643 2.698 3 J41 24

Aga Khaii Fuundatioii Iuniicd Killgdoml 31 DecembLr 2023 Regisler￿d Nutnber.. 01100¥97 R¢gisierLd Charity. NiimbLI'. 266518 Notes (copFtEniied) Expenditure on sotlgl development programme5 Icopiiiniied) Unrestricted Fiinds £000 Restricted Fiit]ds £000 TotAI 2023 £000 Total ?02? £000 Oniolog> compre￿nSiv¢ C%lncer Project- Agg Khan Health Servic¢ IAKI 1%) Tan/.ania SL'hools 2030. Aga Khan Fvundalion Easi Alri¢ Enlion¢ing Ilic Compeltiiv¢rtL55 of Smallliolder Ric¢ FaTmers in Mori)goro- Aga Kliaii Fouiidatioii fA)sl Afrii SiiEngilieniiig R¢siliLn¢v ofFrontline Flealih Worker5- Aga Khan Foundation E￿st Al'ri 8?] 124 821 402 .406 635 278 29 Tot&1 for progr¥mmes 278 1,223 2.201 I'g&Dda Sihouls 2030-Aga khan Foundation East Africa In Their Hcinds-AgD Khan foundation East Ali'ica 287 287 78 78 330 TorAI for Ilgxnda programmt5 78 287 451 Ilniled Slate% o(America Schvols 2030- ECD Measure and Save the Children 142 142 94 Total for Ilniled Stales progNtnmes 142 94 Unittd KiThgdorn School£ 2a30. LfNICEF 24 257 143 281 143 76 EC AKDN Regional Ca.%t¢rn Alrica COV][￿[9 Response Pclrtiiersliip" 123 AcLelernle Prusperits. in Central and South Asia- Aga KhDn Foundaiioii Genei'a 55 Totsl for ITnited kingdutll PrnEramm¢s 24 578 602 76 I'otal Grants mad¢ (or social dovel&pmeni 4.667 34.682 J9J49 43.467 Non-oraal Expendiiute 2,297 ,763 4,060 Total Exptlldiiure for 50ei&l dtv¢lOpme￿* 6,964 36,445 4J.409 46.747 25

il DILe￿ber ?a23 Registcred Numhcr.. 01 IllQ897 RL'Bislered Charil). Niimber.. ?66518 Notes (LonliFJued) Expendilure on institutioD¥l development programrn¢s Unre5ti'icted Restricted Fiinds Fiinds £000 £000 Totgl 2023 £000 Total ?0?2 £000 Ag& Khan Univer&il)' Foundaiion various projects Aga khaii S¢li()Dlb lur Ilieir eduLdiional piogratllin¢s The Insliiiile of Ismaili Smdics for th¢ir cdi1c￿liolI￿E pmgrammes A¥EI Khiin Fouiidation G¥'nei'a, various projt¢15 Aga Khan Agency tor 14abilal pTh>gr8nimes 3,415 178 124 100 2,040 26 123 178 124 100 Total GraDt5 made for irtstitutiongl develDpmeThl 3.818 3,818 2,189 Non.Granl Expendiiure 9,316 9,316 8.498 TotAI Expendtlure for in$titMlional dcvelopnjent 13.134 10,687 Tingible fixed Assets Freehold Laiid & Long Leaseliold LDnd & Property Improvemen Property Fixture Ass¢is Under Con51rucliori Total £000 £000 £0 £000 £000 £(KJO Ai l Janiiary 2023 Additions Diswsdls Transf¢rs 34.962 195 133,935 2,002 10.936 43 182,146 683 445 180 Al J l Deceinber 2023 3).157 133,935 2.182 10.979 576 182,1129 Depre¢ixiiDn Al l Jan1131? 2023 Ch￿rge tor the year Disposals 3,286 8.269 1,584 29,303 2,74.) 105 46 Al 31 DecenJb¢r 2023 16.528 4.296 9.853 J2,048 Nei book value At 31 Do¢¢mber 2023 18.629 129,639 1,126 At 31 December 2022 18.539 130,649 677 2.667 142,843 All assets are held for ¢hariwble purposes. 26

Aga Khwi Fviiiidaiioii Iuiiiiid kingLbTnl 31 DL'ceml)Ir 2023 l<egi.%tercd Nuinber.. 01100897 Regist¢i'Ld Lharit). NumbL'I-: 266il¥ Notes (conliniied) 10 IrivestmentS Investment tn $hare5 AKF IUKI owiis one oidiiiary share of £1 I 10/0 tsf the issued and patd-up share capital) in The Institute of Istnaili Studies12022.. £11, whicli ths incorporated in England. Investment in property Iiivesrni¢nt property coniprises Fenmaii House 111 the KiiiBs Cross estate thai is leased to a third party. Changes in fair values are recogiiised as investment. Dains or losses in the Statement of Fiiiancial Activities. The historical cost of Ihi5 property was £20.6in aiid tlie most current valuaiioii was carried out irt Deceinber 2023 by MRICS ind¢pendeiil valuer ot. Wilks H¢ad & Eve LLP. Wheii arriving at tlieir valuation. they considered sal¢s from within Ihe King'5 Cross Estate itt order lo cornpare recent sales data. The Independent valuation, recent market data and recent maA(et trends have all been taken into acctsunt by the Council in their decision lo increase the balance sheet value 10 £30.3m 2023 £000 24.500 2022 £000 Balance ai l January Acquisiiiot15 Chan¥e in Fair Value 24,500 5,782 Balance at 31 Detember 30,282 24,500 Debtors 2023 £000 2022 £000 Prepayments and accrucd income Debtors with othei AKDN Agencies Other debtors 1,690 311 5.75? 45 2,002 5,798 Debtors wjth other AKDN Agencies incliides £117k ivjth AKF Geneva12022.. £lkl. £15k with Aga Khan Seh(N)Is 120?2.. £15kl, £179k with AKDN120?2.. £29kl. 27

A8a Khaii Foundaiioll Illniled Kiii¥Lk)ml 31 December 20?3 RLgistered Numh'r.. 111100897 Rcgistered Charil!. Niimber.. ?66518 Notes (conliniicilj 12 Lease comrnttments a5 A l¢s$or AKF IUKI has foul. operating lease coniTacts in place as a le550r. The fiisi relaies to Fenman House iii the KiiigTS Cross estate that Is leased lo a IhiTd party- The original lease was for 4 yeai's iiniil 31 Janiiary ?093 i¥ith annual Tents tnd¢xed to RPI. how¢ver thjs was extended in Janiiary ?023 for a fiirther 3 years lo.I l Jani￿ry 2026. In addition. there zie contracts In place for Ihree commercial iinits, the first two in Aga Khan Centre and the Iliird in Victoria Hall. The two iiniis in Aga Klian Ceiitre are leased to Ilitrd parties and the contia¢t runs until 28 September 20)9 and 24 De¢¢tnber 20i6 ￿SPective1y. The unit al Victoria Hall is leased lo a s¢par2it third party at]d runs until the 3 September 2037. AKF (Uk) has future minirMuIn lease receipts uiider non-cajicellable operaiiiig lease5 for each of the followiiig periods. 2023 £000 2022 £000 Receivable in less than l year Receivable between l and 5 years Receivable in greater than 5 y¢ars 1,1.57 1,889 102 1.002 2,803 240 3,148 4,045 13 Creditor5 2023 £000 2022 £000 Amounts falling due wlthin one year Accrua15 aiid deferred income Grants Payable Trade credirors Payroll taxes Other creditors Creditors wilh other AKDN Agen¢ies and affiliated institutions 2,940 ,464 278 183 149 3,003 1,128 225 107 5,016 4.577 Grant5 payable (all fglling due within one y¢arl £000 As al l January Grants committed in th¢ year Grants paid iii the year 1,128 38,428 (38.0921 As at 31 December 1,464 Deferred income £000 As at l Jaiiuaiy Amounts I'eleased to income Amounts due within one year 1,344 (1,344) 1.513 A5 ilt 31 December 1,513 Incotne has been deferred where it has been re¢eived in advance of coiitractual obligations with regards lo rental inconie and ¥raiit iiicome. All deferred income carried forward ss released in the subsequent period. 28

Aga Khaii Foundaiioii Illniled Kiii¥dninl 31 Decembcr 2023 R￿gIstered Nuinlier. 01100897 R¢gislered Cl?#rii}' Nutnber-. ?66518 Notes (CQlFliKiied) 14 Future grant commitinents Futiire gi'ant eonimilmen15 related lo work to be ¢arried out by ALFILIKI'S iiiiplemtnting partners arnounl to £114.0m. These represent grdnl agreements signed before l January ?024 for payment in futur¢ years. All coJnmitments are funded by institutional granrs, are Inad¢ iii connection with tnsiitution1c I gratit5 for Ili¢ programrnes ref¢￿ed to in Note 6 and tliere are tto performanc¢-related coijditioiis attached to these cornmitnieiits. Taxation AKF IUKI is considered to pass ihe tests set out in Paragraph I S¢liedule 6 Finance Act 2010 aiid therefore meets the definition of a charitabl¢ trusi for Uk inconie tax purposes. Accordiiigly. the cliarity is potciitially txempi from laxatio in respect of iiicon)e or capital gaijis received iviihin cateoorie5 covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 199? lo the extent that such incoine or gaijis aTe applied exclusively to cliaritable purposes. 16 Pension scheme AKF (Uk) operates a defined Contribution pension schenie. The pension cost charg¢ for Ilie period represents contributions payable by AKF IUKI to th¢ scheme and amoiinted to £375k 120?2.. £32 Ik), £60k was pajable at 31 December 202i 12022.. £47kl. 17 Reconciliation of ￿et income to net cash inflow from operating activities 2023 £000 2022 £000 Net incoine I movemeiit iii fuiids Depreciation on tangible fixed assets IGainl / Loss on Investment Gift in kind donatlOll5 capitalised Interest rtceived Decrease I Ilncreasel iii debtors (Decrease) I Increase in creditors 5,760 2,745 15,782) 11941 (1,2901 3,796 439 12.826 2.729 125 14,5701 1821 Net ¢*sh inflow / loutflow) fron] operating attivities 5,474 10,878 18 Cash #nd cash ¢quivalellt5 2023 £000 ?022 £000 Changes in the year At l Janiiary Nei cash inflowllollrflowl 52,239 6,275 41.729 10,510 At 31 tkcember 58,514 52,239 ?9

Aga Khan Foutidalion Iunitrd Kinglhml 31 D¢cemE¢r 2023 R¢gi5tered Nuillber.- 01 l(N)897 Re8151ered Charitr), Nuiiibtr.- 266518 Notes {conliJ711ed) 19 Capital comtnitments Conditional capit81 commitments Th¢[¢ were no Jnaterial capital comrnilments as ai 31 December 202). 2Q Reconciliation of funds Unresirict¢d Fund5 General Design#ted Funds Funds £000 £000 Restrtcted Fund5 £000 202J Totil £(boo 2022 Total £000 BalanLe at l J*iuary IncomL' r.%pendiiure Rctogni%¢d Gains J ILosse51 Gaiii / (Lossl on Inv¥simenl Traii%f¢r of tiiiids. 329 4,898 14.9251 28 14,653 29,043 136.4451 591 230,803 217.977 24.849 11,3001 5.782 158.962) 657 5,782 68 Balaii¢e dl 31 December Represented by: Fixed 355eis Ciirreni asset$ Curwnl liabiliiies 181.063 49,245 764 434 181.063 60.•16 177.343 58.1137 10.507 733 General funds are held lo provide cashflow reserves and working ¢apital. Restritted funds relate to social development projects and will be spent in ?024. Designat￿ funds represeni funds ¢arm£lrked by the Council for the followirtg purpose5'. Social Development £000 Jn5titution81 Developmeiit Soci41 Designated Funds 2023 Total £000 TorAI £000 £000 £000 Balance al l January Incom¢ Expeiidiliite kecogllised Gains I IL4)$5esl Gaiii I (Lossl on Invesimenl Ttansfer of lunds .446 5.835 190,406 17.370 110,3J51 23.969 215,821 24,849 207,549 24.321 117,4231 -363 5.782 68 ReP￿.￿Enttd by: Filed a5Sels Curreni assets Cutreni liabilities 161.098 43,B98 19.965 4,421 181,063 926 177.343 40.4il 69 Social D¢velopment fund5 will be used as CO-finat)cing for projtcts in 2024. Institutional Development fiinds are rnainly fixed assets and cash reserves will be u5¢d to support AKDN institutions and mostly used in 2024, SocIal funds are mainly fixed assets alld the cash reserves are held to develop these properties as required. 30

Aga KhaTr Foundalion IUnileJ KiiiBdi)nii 31 DLYetnber ?0)3 Rigisler¢d NUM￿,[.. U1100897 R¢gistei¥d Chariii Niimb¢r-. 266518 Notes Icoiilik711ed} 21 Called up shAre capitaI 2023 2022 Authorised, issued and fully paid.. 100 Ordinary sharcs of £ l each According to the Mejnorandutn of A550ciarion the liability of tjie metnbers is limit￿. Every Inember of the charTtable company iindeTtakes lo ¢ontribui¢ to the a55ets of the charitable conipany in ihc evei)t of it being wound up, su¢h ainou11t iiol ex¢¢ediiig £ l. Iii addition, the charitable conipany is precluded from tnaking any distribution5 to m¢t]ib¢r5 either by ivay of a divldend or on a winding up. oo 22 Conduit Funds 111 2023 AKF IUKI acted as a conduit for a nuii)ber ofeiitities. The anioujii of fuijds tlial pa55ed thtough AKF IUKI in 2023 was £9,230k. Tlie aniount of ￿ndS held at Ilie end of the year was £570k These fuiids w¢re i'eceived by AKF IUKI acting as an agettt and therefore are not re¢ogiiised as an asset ill rhe5e financial siateinents as they are not within AKF IUKI'S control. Consequently. the iEceipt and distribution of these funds are not re¢o8ntsed as ijicome or expenditure. 23 Ultimate holding compglly The ultiR]ale holding company is Aga Khaii Foiindatloll Geneva, which is incorporated in Swttzeiland IUID CHE- 100.845.31 I l and beneficially ow115 one hundred percettt of the shares of AKF IUKI. 24 Relsted party transactions Anil other AKDN agencies There have been tio related party transactions bet%veen AKF IUKI and the Ji)enibers of the Council in 2023 lsee noie 21. Traiisa¢iions ivilh ,4KF Geneva aiid agencies within the Aga Klian Developinent Network consist of the followiiig.. cosis associated with projecrs fuiided by other AKDN agencies liioles I l aiid 131., and grants and donation5 of fundin8 for projecis, programmes aiid other aclivilies supported by AKF IUKI (notes 6. 7 at)d81.