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. Num*T." 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¢ili*iioTr 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.