Aga Khan Foundation (United Kingdom) Report of Council and Financial Statements 31 December 2024 Registered Number 01100897 Registered Charity Number ?66518 Ay kh4n Foundation Illnilcd Kin%d•ml 51 Ueceniber 211?4 Regisiered Nuinb¥r' fjl 100897 Registered Qharit). NutNb¢r. 266518 Contents Report of the Council Statement of the Council's responsibilities in re5PeCt of the Report of the Council and Stra*gic Report and the financial statements 10 Indepettdeni #udiior's rew>rt to the members of the Aga khan Ftsundation (United Kingdom) Statement of Financial Arfivities. including Income and Expenditu￿ A¢￿Unt Balance Sheet 14 15 Cash Flow Staiemeni 16 Note5 A84 Foulldalton IliTriled Iiingdoml 31 Deeembcr 2024 Rc¥iblL'red Nurnber.. U I IIA)897 Reg￿ttI¢d Chariii. Nutnber.. 266518 Report of the Council The tn¢mb¢rs of the Council, who are a150 directors for Companies A¢1 purposes, present their annual report and the audited financi81 sta*ments of the Aua Khan Foundation Iunittd kingdom) Iliereinafter-charitable cotnpany" or"AKF IUKI") tor th¢ yearend¢d 31 December20?4. The Coun¢il has adopted the provisionsof the Stalementof Recommended PT(ILiice ISORPI"A¢counTing & ReporTlnK by CliaTiries- in preparing ihe annual report and financial statements. Reference and administrative information lembers of the Council The members of the Council during the year to 31 De¢emb¢r ?024 ivere.. His Late Hinhiiess Ag2 Khan Iv Idecea5ed 4 February 20251 His HiKlinvb¥ Princ¢ Rahim .4ga Khan V Prince Amyn Moliamed Aga Khan Prince55 Zalira Aga Khan .41aii Abcla Jane Pia¢¢ntini-fvIooTe National Cornmittee The Council are supported b}, a National Cotntnittee. whose members (who are tLOt directors) at 31 December 20?4. ver¢". Erem Kassim-Lakha Salimali Currirnbhoy Naushad Jivraj Shodigul Alimshoeva Shezad Charania MBE Nadia Davies Irfan Haji Azim H.A. kassam Amyn Akbar Pesnani Chair Vice Chair Secretary Habib Ilotani Chief Executii'e OIYLcer Dr. Matthew Reed Sertior Management The members of Senior Management at 31 December 2024. were.. Jasmin Jahanshahi (Deputy Global Director. In5titutiond Partnerships) Christina Jorg¢ns¢n (Head of HR) Gradleigh Ruderhattt IHead of Finance & Operaiionsl Christopher Wilton-steer IGlobal Lead- Communication51 Regrstered office -3 CTomivell Gardens. London SIV7 2HB Registered auditor Crowe U.K. LLP 55 T.Iidsaie Hill. London EC4M 7JW Igin Bankers Lloyd5 Bank plc 39 ThT¢adneedle Street. London EC?R 8AU Aga Khan Foulldation (L'niled kingdom) 31 Du'l￿mber 2024 RegislerL'd NumbLr.' 01 I no897 Regisiered Chariii" Number". 266518 Report of the Council (confFniied) Structurei gos'ernance alld management Governing document Aga Khan Foundation IUnit¢d Kinsdotnl L5 a rompan)" liniit¢d by gi￿r￿lI¢¢ and havins 5harc capstal. inGoiTroratcd 011 9 March 1973, and registered as a charity. in England and Ivales on 4 December 1973. The objects and poi¥ers of AKF IUKI were esrablished in lis Memorandum of Ass(Kiaiion and are governed by its Articles of Association. Hi$ L*te Highn¢$5 Aga Khan IV OD 4 F¢bruary 202), the Aga Khan FouiiddtlOll'5 foundei. aiid Chair, His Highness Prince Karirn Aga Khan IV, passed away peacefully at hi5 hom¢ in Lisbon, Portugal. The Aga Khan Foundation cel¢brates hi5 many achievernents, foremost his dedication to improving the quality of life for rnarginalised people of all faiths and backgrounds. Following his 3ccesgion as the 50th lieredilaji Imam of the Shia Ismaili Muslims. aod in a¢¢ordance i¥ith AKF (Ukl's Articles of As50¢1ation. His Highnes5 Prince Rahim Aga Khon V became Choir of .4KF (Uk) on 4 F¢bruarv ?025. Appointment The members of the Coiineil who held offiee during the financial year and at the dat¢ of thi￿ r¢port are s¢t Oiit on pose l. .4s sei out in the Articles of Asso¢iaiion. the Membe￿ of the Ctsun¢il (other thAn His Highness the Aga khan) are apwinted by the holderlsl of a simple majority of the issued shares ill the ¢apital of AKF ILpKI. The Couneil are supported b}, the National Committee for governance and sllpervision of AKF (Ukl. The National Committee is appointed by the Council. The names of the members of the Nation￿ Committee are set out on page l. Induction and training New members of the Council review written materials and undergo an infomial orientation to brief them on their legal obliuation5 under charity and company law, the content of the Memorandum and Articles of A550ciation, the deeision- making processes. the objectives and strategies. and the recent financial perforniance of AKF IUKI. Th¢ current m¢mb¢rs of Ili¢ Couiicil hav¢ acquir¢d in-depth knoivledge of the work of AKF IUKI and the Aga Khan Development Nettvork Ihereinafter 'AKDN"i a5 a whole. The annual global Aga Khan Foundation budget meeting involves the production of compreliensive information. including a progress report on all Significant activities. an update ort ptrfortnance against annual budgets and an update on th¢ progTarnrne5. Additional infomiation is Submitted to the Council regularls, throuohoul the year, to ensure they are kept abreast of key developrnents. Addiiional meetings on specifjc ropics of concem lo the Council are scheduled on an as-needed basis. This prixess ¢nsures that the Council are kept abreast of the Oli¥ooing activitie5 of AKF IUKI and ha5 a stron(r under5tandsllg of the relation5hip5 and traiisactions with tel*ed parties of AkF (Uk) withity the AKDN. Tn view of this. no #ddition#l oll-going tr#LNing for the metnbers of Ihe Council is n¢¢d¢d. A new. National Committe¢ was appointed on 21 March 2024. When lleiv National Committee member5 are appointed, a formal iiiduction is a￿nged. and this thk place on I l fvlay )0?4. New Inembers were briefed about how. AkF IUKI eiigTages in its different role5. Its objectives wid die rol¢ of die National Conimitttt 10 help achieve those objectives. The National Committee comprises members representing a mix ot skills including management. acLountinb legal aiid ¢ommuni¢arions. OrggnisAtion Ihe L'ouncil. whtch ean have up io seven members, govems AKP IUKI. A Lhiet. Executive ()fticer IL'EUI Is appointed by the Council lo manage the day-10-day operaiions of AKF ILIKI. The Coun¢iS meets annuall). with meetings of its sub- cotnmittees throughout the >ear, at]d is supported by the National Comniittee. as slated above, in the governance and supetvision ot'AKF (Ukl. Day-to-day running 2nd management of AKF IUKI has been delegated bj the CounLiI lo the CEO i¥ho. in addition lo rtrM)rtin¥ to the Council, also reports to the Generdl fvlanager of the Aga Khan Foundatioii in Geneva and the National Committee. TheNational Comrnittee has established a sub-committee to supportthe finance and administration of AKF IL1KI. During ?013 an addiiional sub-Lommittee cre2ted 10 support AKF lUtKI in nianagiiig ils propenies. Both sub.comniittees Tnect monthly. The 5ki115 and experience of the Committee member5 have helped AKF IUKI in achieving its objectives. -4s a mernber of the AkDN, AKF ILkl drai¥s upon the eX￿￿ence of thc ivider AKDN netsvork. Hoiyever, il has siand- alone opetating policies and piocdui¢s. Aga Khan Foundatmin (Llniltd Kingdom) 31 December !U2 1 RLgis1ired Numher.. Ul 100897 Reg￿￿ered Charii!. Number.. 26651X Report of the Council ILI)nli￿lIe￿) The CEO and Heads of D¢partment5 are considered to be the senior manaiyernent personnel of AKF IUKI. The remunerztion of the CEO 15 rccotnmended io the Council by th¢ General Manager and leadership of the Aga khan Foundation in Geneva and in Collsultation ivith the National Committee. This proce55 includes beii¢hmarking agatnst tlie UK charities aiid d¢v¢lopmenl sector. benchmarkinE across AkDN a&en¢ies and other international development Charities worldwide and consideration of the CEO'S depth of experience in the sector and role. Interests of meTNber5 of the C.oun¢il No member of the Council had. ai any time durin8 the }'ear. any interests in any shares of AKF IUKI which would require disclosure Iiithin thi5 report. c.harity Governance Code The Charity Governance Code 15 designed as a t￿1 to support continuous impTov¢ment of an organisation's governance. The Council has reviewed the Code and its key principles and believes that the goveman¢e of AkF IUKI is in line ivith the Code. Objectives and Activilies Principgl activitie5 AKF (Uk) is registered as a charity in England and Wales, is an affiliate of the Aga khan Foundation. and is part of the .4ga Khan Development Network. The tnetnbeis of the Couneil confirm that Ih¢y have had regard to the Charity Commission guidance on public benefit when revieiving and setting AKF IUKI'S aims and objectives. Its principal activities are social developtn¢Dt. institutional developrnent and s0¢ial a¢iiviiies. These actii'ities promote and provide fortlie advancement of education. hralih. rural development, the enN'ironmeni and support to civil society. The object5 of .4KF IUKI as set oui in its memordnduin and articles includes the advancenielll of education tl)rough the creatioii and support of educational institutions. to provide la¢ilities for study. accomrni>dation and religious worship,to relieve human sufftring and si¢kne&s. to provide or &s5iSt in the inieresis of social welfare, and to relieve wverty. Fundrgising .4KF IUKI'S fundraising activities are substantiallv directed atgovernTnent agencies and institutions and not atthe general public. Whilst AKF IUKI r¢ceiTr¢s urtrestrieted income from individua15 It does not actii'ely fundraise for this aiid a5 such no special measures are required to protect vulnerable people and other tn¢mb¢rs of ihe public from unreasonable intrusion or behaviour. AKF ILkl organises events 10 increase aivareness of its and the AKDN'S activities, and donations are often received folloiving 5ucli ¢vents In the context of siunificaiit evenls or initiatives relatiniy to the .4kDN or the Ismaili community. supporters sonietimes Choose to make donations to AKF ILKI. In many years individuals tnler charity. rulls or 5irnilar events seleciinuy AKF IUKI as theiT ch05etL b¢nefiLiary. AKF Iukl thtself also hold5 a charity ivalk and run in some }'ears. AKF (Llkl 15 nol regisier¢d ivith the Fundraising Regulaior..4ny fundraising activities that tske plact we cattied out by AKF IUKI staff or Nolunteers and no complaints ivere received r¢latin¥ 10 them during the year. Grant-rnaking policy AKF Iukl se¢k5 to promo¢¢ sustainable alid equitable 50cial dev¢lopmetJt b), encouraging iiinovative approaches to 8 range of developtnent ihallenges in the fields of education, health, rural development. the environment and civil 50Liety, and by supportin. tliese approaches ihrough grants to oruani5ations ihat share its goals. AkF Iukl does not accept applications lor grants bul instead work-5 collaboratively i¥ith partner organisatioiis to develop proposals f()r donors and then acts a5 th¢ PTime agency in making ITTant5 to tlie partner organisaiions. Tliese partner organisatitsns are PTimarily agencies of AKDN. and organisations selected by those agencies in Ihe field based on common values. approaches. goals and objeclikes. AkF IUKI work5 very Closely ivith these gralltees in the design, implemenrarion and monitoring of PToje¢t$. The asm is to create a critical tnASS of focused and innovative activities. complementing tach other within and across sectors, in order to make a signifi¢ant contribution to social development and improving quality of life. .4dditionally in ?024,.4kF IUKI acted as a conduii lor a number of entitles. These fuiids %¥ere received by .4kF {Ukl acting as an agent and therefore are not reco¥nised as an asset in these fiiiallcial statements as they a noi iviihiij AKF IUKI'S control. Consequently, the receipt and distribution of these fuJ)ds are not recognised a5 income or expenditure. Aga Khan Foundlltion Iuniled Kingdnml 31 D¢c¢M￿.[ ?Q24 R¢gi%lLred Numb¢r.' 01100897 Registered Lharii!. Number.. 266518 Report of the Council (continiiedj Social development The priin2rv role of AKF IUKI in the ar¢a of so¢ial development is io act as an interface between institutional and privaie donors on the one hand and the raiige of projects implemented by AkDN agencies on the other hand. It represents the ￿gencieS of AkDN lo partiier govemments 2nd institutions in Europe. the Middle East. #nd Asis. as Ivell as to multilateral agettcies In those regions. Principal activities are the development of long-terni. strategi¢ relationship5 Wlth institutional donors. securit]g resources for projects implemented b}, AKDN agencies. managing and reporting on grants. and other associated liaison between institulional donors and itnpletncnling ag?eRcies. AKF IUKI has established long lenn relationships with si¥nifJcant partn¢r5 Such as.. Asian D¢vtloptn¢nt Bank, European Commission IECI, the UK'S Foreign, Conitnoniv¢alth & Development Office IFCDOI, Gernian Development Cooperatton, the Swiss Develtspnieiit Cwperatioii. French Development Cooperation, Netherlands fvliiiistt). of Foreign Affairs. Japan Intemational Cotsperation Auencj. Jacobs Foundatioii. Lego Foundation, Oak Foundation, Porti¢us Foundatiotj, Dubai Cares, Education Above All Foundation and various other charities, foundaiitsns and government agencies ihrough Memoranda of Understanditlg. grant contract5. or their equivalent. Strategir Report Institutional developmejtt furtherance of .4KF IUKI'S cducalional charitable objectives, AKF ILIKI makes high qualil}' edulational space and facilities available 10 The Institute of15maili Studie5 IIISI aiid the Aga Khan University-lnstilute for the Study ()f Muslini Civilisations IISN.ICI ai ilie Aga Khan Cenire in King's CTOS5 Londoii. the building which houses AKF IUKI'S oftILe$. In addition. AKF IUKI'5 n¢arb> W'irtoria Hall building provides accommodation forhigher education stud¢nts, rnany of whom are attending prograrnmes at IIS or ISfvIC. Social development Achievements gnd performAnt¢ AKF IUKI 2ssessts its performan¢e and impa¥t in Ihe area tsf social development primarily througli a1￿Ual targets for raising funds. as well as monitoring the spending rates, quality of implern¢ntation. and compliance of the projects it supports. In addition. AkF IUKI sets annual targets forproposal development and donor cultivation. grants tnanagement. and communications and public affairs. These are reported on a quarterly basis io th¢ Aga Khan Foundation Geneva and to the Chair of the National Committee. In 2024. AKF IUKI sccured 19 urants at a total of £88.0 million to support AKDN and partner programme8 in Asia. -4frica and the Middle East. The largest grant. for£1 7.1 million. was secuTed from the European CoTnmi55ioiI. AkF ILIKI alw helped niher.4kDN 2geiicie.<.¢eture.4igiiificant orayitq fmm F.i]M￿All Aiid A%iAli dnnnr4 witli whnm AkF11111 has the prirnary relationship. A further £64.4 rnillion was obtained for these .4KDN a¥encies from a i%'id¢ ran¥¢ of partners incliiding the European Commission. Gemian. and Siviss Govertlmenl institutions as well as from LN agencies and Foundations. Of particular r¢l¢vance in 20?4, AKF Iukl helped the Aga Khan Foundation in Afghanistan s¢¢ure £39.5 million in new grants to support humanitsrian relief and basic needs in response lo Ihe crisis in Afghanistan. Political event5 in Afghanistan in mid-August 207 I, led to some donors suspending AKFIUkl'sgrants in Afghanistsn. This was particularly the case forGerm2n-fvnded grants, as well astsvo grants supported by ihe EuTopean Commission. .4KF IIIKI ¢arri¢d out a It¥al Teview acros5 its eiitire Afghanistan portfolio, wliich concluded that tlie nature of our Ivork in Afehanistan, and the sectors of focus of that ivork, fall ivithin the humanitarian & basic human needs activities Ivhich Ihe major sanciions rebyimes relatin¥ to Afghanistan permit. In addition. AKF ILikl regularly reviews the lai¢si lisis of individuals san¢tion¢d under Afghanistan related sanctions regimes to check that11sted sanctioned individuals are not being supported by our work. As a result, AKF IUKI has been abl¢ to ¢ffe¢lively engage knith donors to re- cominence most projects or lo mobilise additional resourLes for the growin¥ humanitariart needs in AfgFhani51an. In ?024, Ive were able to secure neil funding from the governnienls ot. Germaiiy, Indvn¢5ia, SM'itzeFland, the Europe￿1 C'ommission. the huniaiiitarian branch of the European Commission, ECHO, Islamic D¢velgpm¢nt Bank, variou5 LIN aoencies, and Fondatioii Chanel. Aga Khall Foundaiion IuniiLd Kingtknml 31 ikcember 21124 Registered Nllmber.. 01100897 Regisieied Charih. Number.. 266518 Report of the Council ILoKtiniÈed) Despite the Continued challenges in Afghanistan. 2024 i¥as a year of significant activity and achievement in several couiitries where.4kDN operates. A few ¢xampl¢s include.. Support from the Dutch go*'ernment for Afghanistan: In •O*.1, the N*th¢rlands-fund¢d OMTD Project in Afghanistan sllpported conimunity-based instiiutioiis io rehabilitate infrasiru¢ture. including i7 irrigatiot] canals, three irri8iltion pipe schemes, thr¢e ivater reservoirs. five drinking water networks. and the installation of two solar-powered irrigation pumps. In¢otne ¥en¢ration activities for ivomen included 12 blo¢k for¢st5. nin¢ home- based nurs¢ri¢s. seven fruit nurserie5. six lemon houses. eight micro-forests. and four f¢rula cultivation sites, lrt addition, 94 production and proccssing groups. including 1,425 women, were formed and trained. and processing and production ¢quiptn¢nl was provided. Livelihood plalls were developed and 5UPPOrted for 1,000 households, by providing asset5 like cows, goats, poultry famis, and greenhouses. SIJpp(hTt from the EC for SyriA.' In )O?J. the Ec-funded Climate E¢onomic Resilience through Livestock Intensification in Syria ICERLISI proj¢¢l e.Kpanded furtlieron it5 COTnrllunit! rnobilisalion efforts and itsassessnieiit of existing Common Interest Groups ICIG51. In three Governoraies- Aleppo, Hama and Homs- l.iOO drought- resislajit pastoral shrubs were distrihuted tr) ICI farnier% 2nd livegiack hre￿.￿&.￿ Tht< WA9 done glong5ide the provision of in-depth training on cultivation and sustainable pra¢ti¢es. In addition. 12.1.750 kg of fodder barley s¢¢ds were distributed to 33 CIGS in the same Governorates. Schoo152030.. Schools2010. a 10-)'ear p2rinershJp b¢twe¢n AKF Iukl and a walition of other private foundation5 and leaders in international earl), childhood development and education, coynpl¢t¢d its second year of full implementaiion. This included the third annual Schools?030 Global Forum held in Bi5hk¢k, K}'rgvzstaii. which brought together Ministers. ttacher5, community, representatives, illvesior5 and re5¢arch¢rs to share ideas on how to foster niore inclusive sch¢)ols and pluralistlL learning societies for all by 2030. The initiative has buili a robust neNork' of local global educational research and techni¢al partne￿ for incTea5ed impact and fostered a long- lerni coalition of international alid regional donorpanners. Schools?030 15 5UPPOrt¢d by the follom'ingorgantsations.. Atlassian Foundation, Dubai Cates. Ja¢ohs Foundation. OAK Foundatioii, Porticus Foundation and others. Aecelerate Prosperity (API.. In ?024. this AKF tlagship initiative funded by the European Commission helped T¢ate 711 new full-time eqllivalentjobs- 410/0 of which wer¢ for women and 5 IO/Di¥ereoccupied by yoiitjg people. 455 entrepreneurs1.36Q/¢ iivmen and 47/p youth) were supported with business training and adviie. 41 businesses were finan¢ed under the ptoje¢i. 19 start-ups received seed fJnan¢ing, and 2? businesses received growth financing. £10.9 millioii of extemal fundino was secured by supported busine55e5, while £80?k received tlirough .4P financing. In addition. 67/0 of the enierpTises AP supported in Afghanistsn. Ki'rgvzsian. Pakistan. and Tajikistan remaiii¢d prufilable. Further, In Tajikistsji and Kyrgyzstan, FCDO started 10 fund AP through a programme focused on green bu5illesses. Commurtitv Social Cohesion Project in ￿l01ambI4Ue. In 2024. this project fvnded by the European Commission ¢on¢luded. Th¢ aim of the project i¥as to bllild SOLial cohesion %vithin and betrYe¢n comTnuniiies by ¢xpanding AkF'5 commujiitv driven development appToa¢h, utilisitLgT AKF's I'illage Development OrLkanisation IVDOI model and participatory developm¢nt loo15. In 20?4, the project reached l ?4? cojnmunity members1460/0 female) across 64 cotTrtnuiiities. 14 VDOS are now led b! female p￿SidentS. seven of whotn are young women. Thi5 was achieved through two key outcomes.. I I Increased trust betw'een host residents and Internally Displaced Persons IIDPSI, and 21 Improved ¢Olla￿ratIon amongst key stakeholders working in confiici-relaied matters. Deepening and expanding pgrtnership with FCDO the EC.. In 2024. from FCDO, AKF IUKI se¢urtd two neiv multi-counlry projects. knth Lovering ky[￿￿tan and Tajikistan- one project suppons Accelerate Prosperity and the other sUPPOrts education actlvilies. A150 in ?0?4, AkF ILIKI secured three neiv EC projeLts- a new Svria Project focused on health s)'stetns strenBtli¢iiing. a Separate Project in tlie cross-Ly)rder region ot. kyrByzstaii and Tajik"istaii focused on enhancing social ¢ohesion. and another Project in Afghanistaii focused on ecoiiomic resilience. Aga Khaii Foulldation (Uniled killgdi)ml 31 tk.LLiiib¥r ?024 egislered NumiK'r'. Ul 100897 Regislvred Charli%. Number.. 266518 Report of the Council (Lop71iniiedJ Institutional development Achiei'ements and performance In 20?4 AkF (Lkl ma(le institutional development 8rant5 totalling £6.9m primarily to the Aga khan University and The Institute of Ismaili Studie5 IIISI. AkF IUKI also provided high qualitv educational 5pac¢ and facilities to Ils and the Aga Khan Univergiry-lnstitute for the Sttidy of Miislim eii'il1s8tinn< IISMfi And Al￿ pmi'ided accommodation for higher ￿u￿allOn students, many of whom are attending progratnrn¢s at IIS or ISMC. IIS is a higher education and academic research institute. established in 1977 to promote scholarship and leaming about Muslim culiures and SOLieties. IIS aims lo contribute to the aLademic stud), of the diversity of Islarn as a faith alld as a civilisatioD. by addressitjg intellectual and practical issues both hi5toricall)' aiid ill the prtsent context. IIS otTers tivo fvla5ter5 level taught PTogrammes. Both programmes of stud>. draw on teaching faculty from its research departmetit as well as vi5jting scholars from leading national and intemational acad¢rni¢ insiitvtions. TIS, grdduate programmes, as well as its range of docioTal scholarships and fellowships. attract students and scholars from a¢rtsss the iVOTId. ISMC was founded in ?00? a5 an ¢du¢ational and res¢arch unit within the international Aga Khan University. ISMC is an inter-dis¢iplinary institute. carryingy out internationally r¢¢obtnised scholarship. education and outrearh in the humanitie5 and social ￿lenCeS on ￿[￿s11M societies and culture5. ISMC promoies scholarship that opens new perspectlVe5 on ￿lus11M heritage, modemity,. culture. religion. and society. It offers a Nlasterfs level taught pr()gramme in fvIuslim Cultures. Section 17211) statement The members of the Council have regular di5CU5sions on and are satisfied that all key decisions tak¢n have consider¢d the long-teml impact of such deci550115 and tli¢ impact on AKF IUKI'S donors, impSeillenting partn¢T5. employe¢5 aiid the ¢ommuniii¢s thai ive i¥ork iji aiid with. AKF (Lkl tak'es great C2re to ensure its activities are iTnplem¢nted in collaborative manner and will deliver impa¢tful change in the lonu-t¢rm. Statement of eng&gement with suppliers, cUstO￿er5 #nd others in A busRne55 relationship with the rompaThy The Tnetnbers of the Council Lonsider that maintaining collaborative business relaiionships is a ke5, factor for AKF IUKI in order for us to continue to meet our stratcgic goals. This is espeLiallv true when &t comes lo our r¢lalion5hips with our gian1-gi￿)ng dotjors and the irnplementing parhiers with whom we work in partiiership. AkF IUKI strive5 10 ensure that all de¢is10rts taken on our prograniines are takeii in aligiitnent with the wishes and regulatioiis of thos¢ who fund them and iaking Into ¢onsideration tlie interests of those i¥lio are responsible tor programrne delivery, as we feel this is the most effective and cfficient ivay of achieving lastino change for the conimunities that we work ivitli. Strethmllned Energv and Carbon Reporting In ?0?4. AKF (Uk) used i.-3(JO.792 kwh of tntrgy12023 _ fj.614.197 kwhl. this equated to a carbon footprint of 31 ? ionnes CO? I?013 489 tonn¢s CO?1. This represents a carbon intensity ratio of 0.01 tonn¢5 CO? per m? l?013 - 0.01 tones C02 per m21. UK energy use co￿er8 the provision of ¢l¢ctricity and heaitng at the Aga Khan Centre and Victoria Hall, M'hich both located in the Kinss Cross estate. It also includes ¢le¢triciry and gas consumption related to the Cl￿tte17 social aiid cultural ¢entres owned bs, AKF IUKI at the start of 2024. There has been a r¢durtion in usage of 313,404 kwh from 202",. One 50¢ial artd ¢ulturdl centre was sold. and both the Aga Khan Centre alld Victoria Hall have continued lo reduce consumption with the latter ¢ompleiing a comprehensive en¢rBy audit 2024 to supwrt greater etTiciency in the cotning years. All sites have noiv moved to green electricity cotttraets. and the Kings Cross PTopertie8 have reduced emissions froni the district he#tiny netwotl-. D2laon energy usa8e vas collected directly frotn billingw infomiation and ivhere availablt, inforniation collected itl kwh was converted at the rate di5clos¢d by the supplier. Financial review During the year AKF IUKI'S fixed assets decreased by Iolo from £181.Im to £179.7m, cash Inc￿5￿ by 26Q/o from £58.5m to £73.6rn and total reserves increased by 60/0 from £)36.6tn to £?50.4m. In the opinion of the members of the Council, adequat¢ assets are a¥ailabl¢ lo fulfil the future obligations of .4kF IUKI. A 5umTnary of the result of AKF (Ukl's a¢tikities during the period Ts given in the Statement of Financial Activit￿eS on page l i. Aga Khan Foundation IITnii¢d kingdoml 31 Decetnber 2074 RL'gisier¢d Nurnher.. Ul I OIIX97 Regisiered Chdrii!. Number.- 266518 Report of the Council (LoAIlAMedJ Income During the year, th¢ toral in¢ome (excluding foreign exchange gain) lljcreased by 8010 to £63.6m {?023.. decreosed by /u lo £58.8m). This ivas dTiven prinLipally bj an increas¢ in donations for our institutional development work mainly fTOrn donations designated to The111stitute of Ismaili Studies. In ?0?4 the institutional development Invome increased by ??O/oto £19.?m l ?023." decieusedhy 6V/o 10 £15.7ml and donaiiotjs designated toTh¢ Institute of Ismaili Studies sncreased by £?.6m from £0.4m to £3.OTn. Incotne for our social dei'elopmentwork dtcteased by 6Q/o to £.1• 9Tn l ?0?3.. dvL'veusgdb)'25A io £34.8ml The majority of social development income is from restricted grants, which decreased by 40/0 ro L?S.Om l ?{J)J d¢c'iYa%ed bTr' 3JYo Iij &'79.nml. Agreernents Wjth main funder5 are on-going and llnderpin the successful r¢source mobilisation 5tt3tegy that has enabled .4KF (Llkl to se¢ur¢ sionificant l¢vels of funding for AtiDN projects around rhe world. Maintaiiiing on-going relationships Kvith tnajor donors and establishing new partnerships are critical to.4KF IUKI'S success and sustainability. Th¢se relationsliips should ensu￿ the fuwre strength of AKF IUKI'S income for social development purw>5es against a baLkdtup ufiwiiliIiuiti¥ fil1￿7￿￿al au5t¢rity aiiiong dottor institution3. Tli¢ incomr rceogiiised in tlie gtateni¢Dt ot'Finan¢itsl .4cliviiies represents the PTOP)rtion of multi-year grants that were recognised in 20?4 accordingto the accounting policies setout in note I to th¢ accounts and so does not ¢orreswnd to the total value of grants secured and signed in the year. Expenditure In ?024. total expenditure decreascd by 150/¢ 10 £49.7m l ?0?3.. dvcrewyd bv Iyo ¢u £i8. Im) as a reguli of decreased expenditure on social development adivities. The most significant ¢.¥penditure related to social d¢velopmeni programmes of ￿'h1¢h £31 ?m (2Q23.. £43.41?il was isbursed during the y¢ar, b¢nefiting projects implem¢nt¢d b>. AKDN institution5 around the world. For international piogrammes suprK>rted directly through AKF Iukl in 20?4, resources expended contribuied to significant efforts in education. early childhood developrneni. agriculture and food security, health and nutrition. civil society, energy and Culture. The largest prograinnies ivere implejnented in ,4fghaDiRtsn. iyhere £12.Otn Project expendithjre iva5 made12023.. £25.9ml, in particular on projects funded by. the Neth¢Tlands Ministry of Foreign Affair& StK and OIL Iiiot¢ 71. The other main category of resources expended was institutional deYelopni¢iit programnie5 ainounling lo £17.Om {2f)?3.. £13.Jm). This rnainly con51$1s of funding for the Aga Khan LlniN'ersitv and The Instituie ot Ismaili Studics (note 81. The main re￿on for the incr¢ase was an increase in funds granted to The Institute of Ismaili Siudies for their ¢du¢atiotLaJ piogramrnes. The core ¢ost5 of manasing AKF (Uk) and administering the resource mobili5ation and grants managemetlt functions increased to £2.im120?3.. £2.4111l. These Core costs are primaril}. funded bj the Aga khan Foundatiott Geneva (note 51. All donation incotlle 15 applied to AKF IUKI'5 charitable objectives. sp¢cificallJ to programme expenditure on social dev¢lopnieiil and institutional development projects. Reserve5 policy AkF ILIKI requires re5¢rv¢9 in order to meet its funding ¢ommiirnenis in respect of ils joint-tunded proj¢¢is and for the furtherance of its activities. AkF IUKI has established a policy i¥herebs' the level of lis tree reserves Ibcing those funds iiot tied up in fixed a55et5 and noi part of desiunated funds or restricted funds) should be sufficiellt to sustain it5 administrative expenses for at leasi iwo months. AkF IUKI considers that the target level ot. free reserves at i I December ?0?4 was £0.4m l?(J?3. £0.4ni) and anticipates that the target level of free reserves at 31 December 2025 Ivill be approximately £0.4rn. As of 31 De¢¢mber ?024. the total unrestricted gencral reserve of £0.4m l?023.. £Q.3m) repre5ent¢d actual free reserves. AKF (Ukl has established a policy whereby the level of its designated reserves for projects should be suffJ¢ient to me¢t ¢ommitments on an annual basis. At .1 l Dec¢tnber ?0?4. the total balanc¢ of designated funds wa5 £?39.4m i ?0?3" £?2W 5ml. In order to maiDiain the le￿.el of such resernes, AKF (Uk) uiidcrtakes events io raise awareness of AKF (Uk) which result in support, for e.Kample throuBh donations and cominitm¢nt5 on a long-lemi basi5. Designated funds held bj AKF (Uk) as part of its charitable activities for institutional dev¢loprneiit purposes totalled £210.4m l?023. £2n3. ?ml of %vhi¢h £1 $9.?m ivas represented by fixed assets. D¢5ignat¢d funds held by AKF IUKI as part of its charitable a¢iivities for social pl1r￿Se$ toiAllp.d £27 6rn 1 ?ng 1. £24.3ml of ivhich £20.6m was represeiited by fixed 2ssels. Designated funds held by AKF Iukl as part of its charitable activities for social development purposes totalled £1.4m 12n?3.. £n. 9FFJl of which £O.Otn wa5 represenred by fixed assets. Agll Khan Found&iion (Llniled kingdoml 31 Dec¥'mb¢ir 2024 Regiqt¢red Nurnbvr". 01 IOU897 Registered Charil! Numb¢r.' 266518 Report of the Council (cuniirtued) Going concer 'he busTne55 rnodel of the charity 15 such that lis Charitable actlVLties are limited lo those wliich are primarily fvnded by ￿ndS received from ex￿m81 donors. Oilier than commiiments M'hich are so funded. the charity therefore no specific commitments and no committed ¢osts beyond it5 fTxed ¢osis of oper&tion which are derailed iii note 5 alld grants to be paid to partners from funds already received. The Council have Teviem'ed forecasts cov¢ring ihe period of l? monihs from the date of approval of these financial stat¢tnents which indicate that the ¢harity will have sufflcient funds to meei its liabilities as they fall due for ihat period. Th¢ Council ¢onsider that as a result of the charity-s operating model explained above. even if no further funding is received in the 12 months period, the chariiy has sufficient cash re5¢rv¢s to pay all cornmitted costs. As a result, the Council coll5ider it appropriate for the finaD¢ial statements to be prepared on a going concem basis. Invest￿¢￿1 polity The Council has the poi¥er to invest in slleh assets as it 5e¢s fit. The Council are supported in the exerci5¢ of these powers by tlie NalioDal Committee. AKF IUKI. havin¥ r¢¥(trd io ils liyuidily rryuii¢iiieiits ￿ld ieKiT¢5 policy, has operatcd a wlicy of kccpirtg avtsil&61e funds in inter¢5t-bearing deposit accoujits and seekiiig lo achiev¢ an appropriate rate of dep05lt iiiterest. The Finance Conirnittee reviews the placements oli a regular basis and decides the appropriate placement periods on the basis of available funds and their iTrt¢nded use. Future plans In 20?5, AKF (Uk) ￿111 continue to develop a robust project pipeline with AKDN agencies. with emphasis on AkDN'g significant #rtd growitt8 iniligtives in civil sotr.ie.Iy. L'.iJltiJre. educatinn. economic development. enerky. health. livelihoods, climate adaplatiun and disaster preparedness. AKF IUKI will continue to purslle new partnershLP5 and fuiiding opportuniries with bi-lateral and multi-lateral donors. ¢spe¢ially lo deepen its relationships ivith rnultilaltral funders such as Asian Dev¢lvpm¢nt Bank ajid Islaniic Developnienl Bank, non-traditional funders sucli as the UAE and Qaiar, as well a5 the European Comniissioii. FCDO. FranLe. Germany, aiid Sivitzerland among otliers. In reccnt years. AKF (Uk) has estab115hed a diversified funding base through new parmerships with foLTrndations and coi.poratiot15, and this work will continue. AKF ILIKI will mainrain its efforts to s¢¢ur¢ fLindinE for AKDN. humanitarian and bast¢ needs response ill .4fghanistan. as well ￿ Easi .4fri¢& Egypt, kyrgyzstan, Nladagascar and lozambtqlle, Pakistan. Svri& and Tajikistan. Addiiionally, in 2025, AKF IUKI will Colltinue to pursue the organisation's net zero goal by 2030. AKF IUKI will 5UPW>rt our sister offices and agencies in other countries to do ihe same. AKF (Uk) works ivith field units of AKF and AKDN to support ihem in securing grants directly from European. Asian and multi-lateral donors. AkF (Ukl has stiengthened its London-based team lo engage a ivid¢r ratjgeof partners, represent AKDN in publi¢ fora. and support tht d¢sigTn and preparation of ¥Tallt proposals and budgrls. AKF lukl IK)rdinaies extensively between field iiniis donors, T¢quiring extejisive cotnmunication and travel to the countries Ivhere AKDN 15 active. AKF IUKI also u5¢5 funds raised frotn private donations to match donor funding where there is a match-fundin% reouirem¢ni. AkF (Uk} Continues to promote aivareness of the work of AkF IUKI and AkDN through presentations, events and e¥hibitions. This work is expected lo continue to grow in the future. PrintiwJl Risk5 and Urtc¢rtAinties The Council. a5SiSttd by AKF ILIKI'S National Committee and AKF IUKI'S CEO. assesses Iht majorrisks to whiLh AKF IUKI ig exposed on an on-going basis. On a monthly basis. Ihe Finance Cotnmittee meets and reviews ongoing risk5 and compliance issues. in particularth05e related to ilsoperations and finance. The major risks to which AKF IUKI 15 exposed are.. Reliance on trdditional Overseas developtnent assistance from government donors The potential impaci of ihe global economic siiuaiion. political trends. and security crises on the availability of d¢v¢lopment funding for regions where AKDN is actsvv CotnpliaD¢e violations or donor ¥uidelines that are not adh¢r¢d to by implementing agenries Aga Khan Foundation (United iQingdi)ml 51 Uecemb¢r 21124 R¢gi%i¢r¢d Numbir. 01100897 R¢gisler¢d Charits. Numb¢r.. ?66£18 Report of the Council (Conlinued) The first and second risks are niiiigated both by culrivaiing new donor relationships. divcrsifying Op￿rtuniTIes, videning and deepEning curTent relationships, and sustaining liigh levels of trust through consistent profe$5ional performance. The third risk is mitigated through enhanced comniunicaiions ivith and TnOliitOTing of irnplementing partners, independent evalll2tions, donor assessment of progTranin1¢5 and other key itifomiation. streiigthening grani agreements and monitoring requi￿[￿ents. AKF Geneva employs internal audits to monitor implementing partners.. when necessary. these also tnonitor grant compliance with donor guideline5 and the reports that relate io AKF (Uk) funLfed projects are shared with AKF IUKI. AKF IULI is satisfied that appropriate SySl¢rns are in place to tnitigate AKF Iukl'5 exposure to major risk5. Dis¢losure of information to auditors Eacli of the members of the Council at the date of approval of ihis Reptsrt of the Council and Strategic Report confjrn) that, so far as they are each aware, there is no relevani audit inforniation of which AKF (Ukl's auditor is unaware; and the members of the Council have ea¢h taken all th¢ Steps that thev ought to have taken as director5 to make themselves aware of any relevant audit inforniation and to establish that AKF IUKI'S auditor is aware of that inforrnation. Asa Klwi froundaiion IUniiLd Kingdoml 31 DLLLYnbLT 2n24 Rcgi.4terLd Nutnber.- 01 IOU897 R¢gixercd ChariTh' Number". 266518 Ststement of the Council's responsibilities ID respect of the Report of the CouDciI and Strategie Report 3ind the financial statements The members of th¢ Couniil are responsible li)r prLparing Ihc Repon of Ihe LoLIIILiI and Sirale¥ii Rtport and lh¢ rinancial slat￿Mcn(S in accordaniL Iiiih applicable laiTr and r¢¥ulatii)ns. Campan!, lai%. requireg the Council to prLyarc linancial slaiem¢nls fnr eaLh lin￿Lia1 vear. Under thai lai4' they are requircd to PlLpare th¢ tinancial 3t3t¢tn¢ntE in acci)rdanLL Il'lth UK Accounting Siandards and appliLablL lam (UK tienErallJ Accepied AcLouniing Prnctic¢l. including IU2 ritL' FinufftiulR£'ptsriingS'ianddrcluppli¢'ubl¢y ilTe L'A R¥public' oJ'lrc,lothl. Ilnder ¢OTn￿n). la1￿ the Couitil must noi approi'L Ihc tinancial siaicmLnts un1¢55 th¢i' 41Te satisfied ihai Ihey giive a true dnd lair view ol. lh¥ slalL ol. allairs ol'ihL ihariiablL Ll)iiipanJ and i)i-Ih¢ ¢xc¢5s lif inLI)mL Over Lxpendiiure fur that pcri()d. In preparing th¢sc tinancial 5tat¢men15. th¢ Council art rLquifL'd io.. sclici suithlc a￿o￿liting polici￿3 atd th¥ii ¥ply dicm con513tcnily'. ob.%en'¢ thc tnLihnd% and principlcq in thc Qhariiic% %OKP.. make judgJemLiits and ¢stimaie5 Ihal yre rus()nabk prudeni.. talL IvhLthLr appIiLablL UK A￿(￿Illiting 4iandarth hoY¥ h¢¢n fnllowd subject tn any matorial d¢partUTes disLIosed explainLd in thL tinaniial statanents.. se thL gl)in¥ LC)nLLm hasi% cil. aLLI)uniingi iitilL%% IhL? either ii1lu￿d lo liquidat¥ th¢ ¢hariiablL Ll)mpan> or lo cea8¢ 0￿rationS or have no r¢ali5tiC 411¢rn 10 Lnablc Ihc prLparalion ol- linancial iaking %ULh 8ILp% as are rcasonabl). opun ￿ ihetll lo satcouai7d Ihl as5¢ts 0l-1hL' Lhariiablc l￿rnpany and to pr¢i'¢ni and d¢twt fraud and i)IIILr irrL8ulariliiS. lThe c.ouncil ar¢ Te%pL)n%ible liir Il)e mainlen￿LL and iniegriij ol'tlie iOTporaie and financial inlortnalivn included on tlie chariiahl¢ c1)Inp￿li. s Kl'Lh%itL. l.LgislJlii?n in tlii UK g¢)VLming ihc prlparntion and di55tytninoliun ot. financial stsicmLnis rna!. dit'fcr trom l¢gi8latTron in othLr juri%diLlions. Rwrt ol-thc Counlil %iraiLknb*ic RLW)rt approvld by ordcr ol'thi Council Mcniky ol'the Co Dat¢- 10 Aga Khan Foundaiion IUni*d Kingdoml 3 l Decetnber 2024 R¢gi￿￿red Nuillber.. 111 I rJ0897 Registered Ch3ril!. Nil￿ber.. 266518 ndependent auditor's report to the members of the Aga Khan Foundation (United Kingdom) Opinion We have audited the financial glatements thf Aga Khan Foundation ILlnited Kingdom) forthe year endd 11 December 20•4 which comprise the statement of financial activities, the balance sheet. th¢ cash flow Statement and notes to the finan¢ial staiements, inclllding significant accounting policies. The financial reportiiig franieivork that ha5 be¢ii applied in their preparaiion TS applicable law and lJniied Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Srandard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pra¢ti¢el. In our opinion the financial stateTnents'. give a true and fair vieiv of the slate of the ¢harilable company's affairs as at 31 Decernber 2024 and of irs iiicoming resources aiid applicaiioii of T¢SOUTce5. including 115 incornr and expendlrure for The year ihen ended: liave been prO[￿rIY prepared irt accordance with Llnited Kingdom Generally Accepted Accounting Practice: and liave beeE] prepared in accorda￿¢¢ with the requirements of the Companies A¢1 2006. B#sis for optnion We Londucted our audit in aecordance with Intemational Standards on Auditing IUKI IISAS (Ukll and applicable laiv. Oiir respon5ibilitie5 undcr those standards are further described in the Auditor s responsibilittes for the audit of the financial statements seCt￿On of our report. We are illdependent of the charitable company in accordance with the ethical requirernentE that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethic21 Standard. and we have fulfilled our other ethical TeSPOll5ibiliti¢s in a¢coTdan¢e wsth these requirements. We believe that the audii evidence we have obtained is sufficient and appropriate lo provide a basis for our opinio>n. Conclusion5 r¢lating to goithg ¢ortcern In auditiiig the financial siatemenis. Ive have concluded that the Council's use of the going concern basis of accounting in the preparation of the financial statements 15 appropriate. Based on the work we have perfonned. we have not identified any material uncertainties ￿lating to events orconditions that. individuallN' or collecti￿ClY. may cast significant doubt on the charitable cornpanir's ability lo continue as a going ¢oncem for a period of ai least Thielve months from when the financial statement5 are authori5ed for issue. Our responsibilities and the responsibilities of the trusiees with respect to going concern are described in the relevant sections of this report. Other informatton The Council are responsible for the other information coiitained iviihin th¢ annual report. The other information comprises th¢ infortnation included in th¢ Report ol the Council. oiher than the fLnancial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other inforniation and. excepi io ihe extent vihenvise expliLiily slated in oiir report. we do not txpress any form of assurance conclusion thereon. Our responsibility is to read tht other infomation and. in doing so. consider wheth¢riheother tnformation is materially ineonsistent with the financial statements or our knowl¢dg¢ obtained iii the audit or oth¢rwi5¢ app¢ar5 to b¢ rnat¢rially misstated. If ive ideiitify such Inalerial iiicoiisi5tellC1¢5 or apparent tnaterial niisstatetneiils, Ive are required ro determine Ivhether this gives rise to a material mis5tatenient in the financial staternenls th¢m5elves. If. based on the work we hav¢ pertomied, we conclude tliat there is a material mis5tatem¢nt of this otli¢r infoTtnatlOTi, WE ar¢ requiTed to Teptsrt that fact. We have nothin8 to report In thi5 r¢8ard. Aga Khan Foundalivn lllni1￿ Kingdoml 31 Decernber ?U94 Regi51L'r¢d NumbLr.' 01 l QQil97 RegiblLrLU Lhyril!. NumbLI': 266£18 Independent auditor's report to the members of the Aga Khan Foundation (United Kingdom) (conlinuedj Opinion on other matters pres¢ribed by the Companies Att 2006 our opinion based on the work undertaken in the course of our audit.. the infortllation ¥iven in the Report of the foiincil tvhir.h incliides the dsrectors. report and the strategic Teport prepared for th¢ purposes of ¢ompan} law. for the financial year for which the financial statements are prepared is consistent ivith the fjnancial statem¢nts- and the strategic report and the direciors. report included within ihe Report of the Council have been prepared in acrordance with applicable legal requtrernents. latter5 on Jvhi¢h we are required to report by exception 111 light of the knoil'ledue and understanding of the charitable Company and its environment obtained ill the course of the #udil. we have not ideiitified materigl miqÉlAlenient% in the qtrategit report or the directors. report included ivithin tlie Report of tlie Council. We have nothillg to Teport in respect of the folloiving matters in relatÈon to which Ihe Companies Act 2006 requires u5 to report to you if. in our opinion.. adequate accounting re¢ords have not been kept: or the financial statements are not in agreement with tlie accounting records and retums.. or certain disclosure5 of members of the Council'5 r¢muneration specified by laiv are not made: or we have not received all the informatlOD and explanations we require for our audit. Countil's rtspon5ibilities A5 eAplain¢d more fully in the 5tatemeDt of the Council'5 responsibilities sel out on page IQ. the members of the Council Iivho are also tlie directors of the charitable company for tlie purposes ol'company lawl are responsible for the preparation ot'the tinancial 5tatetn¢nt5 and for being satisfied that they give a tNe and fair vieiv. and for sucli ijiiernal control as th¢ trustees determine 15 n¢c¢%sary 10 enable the prepaTation of financial statements thai are free from material misstatement. Ivhether due to fraud or error. In preparing the financial ststernents, the members of the Council are restM)nsibl¢ for assessing the charitable company's ability to continue as a going concerii. disclosing. as applicable, matteTS iel)¢ed to going conceTll and using the going conceTn basis of accountinu uiiless ihe Council either intend to liquidate the Ch￿itable company or io cease operations, or have no Tealistic alternaiive but to do so. AuditOT'$ responsibilitie5 for the #udlt of the financial statements Our objectives are to obtain reasonable as5uTance about i¥hetlieT the financial statetnents a5 a whole are free from material Tnisstat¢ment. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuranee, but IS llot a guaTaiitee that an audit conducted ID accordance iyith ISAS Iukl will alway5 deieci a material misstatetnent when it exists. Misstat¢m¢nts can arise from fraud or eTror and are considered material if. individuall). or in the ag¥regate, they could reasonably be expected io intluence the econotni¢ decisions ot users taken on th¢ basis of these financial siai¢rneiir5. Irregularities. including fraud. are insian¢es of non-compliatL¢e wilh laws and regulations. We design procedures in line with our responsibilities, outlined above. to delect rnalerial nii5Statem¢nts in respect of irrcgulariiies, including fraud. The extent to i¥hich our proc¢dure5 are capable of dtlecling IT￿gUlarItIeS, including fraud 15 detailed b¢loiv. Exlent to which the Audit wa5 considered CApable of detecting irr¢gularities, including fraud Irregularities. iiicluding Iraud. are instsnce5 of non-compliance with la1¥5 and regulaiions. We ideiitified and asgessed the risks of material misstatetnent of the financial statements from irregularities. Ivhether due to Iraud or error, and di5CU5sed these beiiveen oiir aiidii rearn members. We then de5i¥n¢d and perfurin¥d uudit yiv¥eduies iesponsive to those risks. including obtaining audit e￿idcAte sufficient and appropriate to provide a basis for our opinion. Aga Khan Fouiidalion ILTnit¢d kingdom) 3 1 DEX¢tnb¥r 20)4 Regisitr¢d Number". Ul 100897 Regisicrcd Charih. Number.. 266518 Independent auditor's report to the memb¢rs of the Aga Khan Foundation (United Kingdom) (coKtinued) We obtained an understanding of the legal and regulatory frameworks within which ihe ¢haritable company operate5, focusing on those laws and regulations that have 2 direct effect on the deiermination of tnaierial amounts and di$¢l¢surcs in the financial st&t¢ments. The laws and regulations we con$idered in this eontext were the. CnmpAnie. Act 2006 and ihe Charities Act ?01 I togeiherwith the Charitle5 SORP IFRS1021. We a55¢ss¢d the required compliance with these laws and regulolions as part of OUT audit procedures on the Telated financial statetnent items. In addition, we considered PTovisions of otlieT laws and regulations that do not have a direct effect on the financial statenients but compliance witli ivhich might be fundamental 10 the charitable company's abilitv to operat¢ QT tts avoid a matcrial penalry. Ille also wnsidered the opportunitie5 aiid incentives that niay exist witliin tlie charitable COTnpany for fraud. The laws and regulations ive considered in this context for the UK opcrations were General Data Protection Regulation IGDPRI. Anti-fraud, bribery and corruption legislation and taxation legislation. Auditing standardg limit the required audit procediires io idenrify nnn-cninpli3nce with these laws and regulations to enquiry, of the Council and other tnanagement and inspection of Tegulatory and legal COTrespondence. if ally. We identified the ureatesr risk of material impa¢t on the fjnancial statements from irregularities, including fraud, to 6¢ iihin the recooiiition ot- Inix)me, the recognition ol grani e.xpendimr¢. the valuaiion of The invesiment prvperiy an the override of coiitrols by management. Our audit procedures to respond to ihese risks included enquiries of management and the Finance Cominittee about iheir oivn ideiitificalioii and assessment of tlie risks of irregulariiies, sanlple teslinLT oli grant intome, ¥vrant expenditure and the posting of journa15, Teviewing accounting estimate5 for biases. revieiYingTr regulatory correspondence with the Charity Commission and i¢adinE minutes of tne¢tinbs of those ch2r¥ed ivith governance. Owing to the inhercnt limitstions of an audil, there is an unavoidable Tisk that i¥e Jna). not have d¢te¢ted sorne material n7￿sSIalementS in the financial statements, even though we have properly planned and perforined our audit in atcordance with auditityg standards. For exAmple. the further r¢M0￿e￿ non-cojnpliance with law$ 2nd regulations IT￿egUlarItIeS} is from the events and transactions reflected in the financial staiements, the Its5 likcly the inherently litnited proLedures required by auditing standard5 Ivould ideniify it. Sn addition. as iviih any audit, there remained a higher risk of non-deteclion of irregularstÈes. as ihes¢ may involve collusion. forgery. intentional omissions, Tnisrepreseniations. or the override of internal controls. We are not respotlsible for preventllltsj non-romplJanLe and cannot be ¢xpe¢ted to detect non-cornplian¢e with all laws and regulaiions. A further description of oiir re5poiisibiliti¢s for the aiidit of the financial statetnents is locaied on the Finat]cial Reporting Council's w¢bsite ai-. wivw.frc.org.uwauditorsresponsibilitthes. This description fonns part of our auditor's report. Ilse of ouv report Thi5 Teport is made solely to the ¢liaritable compan) 5 tnembers. as a body, in accordance ivith Chapt¢T 3 of Part 16 of the CoTnpanies Aci ?006. Our audit work has been undertaken so that we rnight state to the charitable company's member5 those tnaiiers we are irquired to state to them ill an auditor s report and for no other piirpose. To the fullest ¢.Ytent permitted by law, we do noi accept or assume responsibility to anyone other than the charitable company and the charitable company's tnetnbers as a body. for our audit work, tor this report. or for the opinions we have foTtned. Dipe511 Chhatralia Senior Statutory Auditor For and ot) behalf of Crowt 11.K. LLP Statutory Auditor London Date.. 24 July 2025 13 Aga khan Foundation (United KiiigJi)Inl 31 D¢i¢Iiib￿l ?024 RegisiLrL'd Nurnber.. 01 IfX1897 RegistcrLQ Chdrit!, Numb¢r'. 266)18 Statement of Financial Activities, including Income and Expenditure Aceount fjor the )ear ended3J DeLember ?lJ24 .Vote inre$tri¢ltd Fund5 Generlll De5ignatcd Fund. £uo Restricttd FuDd.% Total 2024 Total 2023 £uu £00 £000 Ineome from (Trants. d￿nati1*￿5 legllcie5 Social dL'IL'lopment programmcs 4.920 li.343 2.828 27.959 138 32379 19.197 2,828 27 2,61 I 34.847 15.7()4 1.55D 257 2.067 3.716 Sucial and LuIIuTal ILnirLs Communications dnd a￿￿￿ne$S raising Core LX)$IS 270 2.125 486 RLnlal inLI)m¢ Invesiment inLome Other income Tain i)n %al¢ i)I'ass¢ts Nei gdinlilossl from for¢i¥n eKchgn8e 3.056 1.290 99 2.146 2,24.$ 289 140 289 1381 Total tntthme 6,220 29,417 27.909 63.416 58.109 Expenditure 1'h￿ritabl(. #ttiiitits SIiLial dLicli)pmLni nmgrainm¢s 1.878 4.005 35 270 4.54 24.789 2211 31207 16,982 1217 270 43.409 Soci313nd cultural LeniTes LoThmuni¢alions and all￿renesS raising 257 Total expenditure 6,188 18,471 49,676 et Intome for the )'tar Transtcr5 bch%Een I'und5 32 ia.946 2.892 13171 Net inc•m¢ btfore othor reeo%ni5ed aud 105.se5 NLt gainlllossl from inN"esiments 10.928 13,87 5.782 Ntt tnoi'tment irt futhd$ 49 10.928 2.893 13J71 5.760 ￿t￿￿ncilIati￿n of funds Funds bruughi li)Th%ard 330 228.4>9 7.774 236.563 230.803 Totgl funds carried fonvard 379 239J87 10,667 2511.433 236.563 All of the abov¢ results are derived from continuing activities. All gains and losses recognised in the year are includcd in the above. 14 A83 Khan Fol￿datIOn IuniiLd Kingdiinil 31 D¢i¢mb¢i ?024 RL'oisiL'rne year ot,l$sets 250,433 23th.i63 Sharc ¢Apitg1 r￿try¢S C'allid up tshdre idpltal Cjenerlll funds DLsicnated funds ResLTicied tun. AkF IUKI. Expeiiditur¢ under designated fund5 15 in¢urred to provide 5UPPOrt to so¢ial dtveloptnent and institutional development projects and in respect of propertie5 held by AKF IUKI as part ofils charitable activities for Social purposes. Expenditur¢ under restricted fund5 15 allocated specificallj to ihe related projects. Support C0515 are allo¢at¢d io tlie relevant chaTitable activity on the ba51S Ot the pn)portion of Cmployee time Spent on each activity. Accounting estTm#te$ gnd key judgements In the application of the AKF Iukl's accounting policies. judgements, estimaies and assumptions abL>ut the carrying vGlue of assets and liabilities are rnadt. Thegp p.qtimate%, jiJdgTeMent% and assumptiong are made based on a combination of past experience. protessional expert advice and other el'ideiice that is relevant to the particular Circumstance. The key #reas ofjudgemet]t included in the financial statements are sutntnarised below.. lil Valuation of investment propertle5- Investment prop¢rti¢s are carried at fair value supported by extemal valuers a5 disclosed in note 10. lill Potential irnpairment of fixed a55ets- Impairnient reviews are ¢onducied iyhen events aDd changes in CiTcuill5tances indicate that an impairment iiiay have o¢curred. If any asset is found to have a carryitlg value materially higher than its recoverthle amount. it is ivritten down accordirtgly. liiil Depreciation of fjxed assets Fixed assets are depreciated at rates calculated to wriie off the cost over their expected useful econoinic lives Member5 of the Counttl's emoluments No etnolumeiiis wtre paid to nor reimbursernent of expenses received by the members of the Council for their dulles 120?1: £0I- Aga Khan Foundation (United Kingth)ml -3 I t)eLI'mhL'r 2n?4 Regisiered Number.. 01100¥97 Registi'rL￿ Charil!, Numb¢r'. 266518 Nntes (c'nniEAuÈd) Employet Jrtformation 2024 £000 2023 £000 Salitrics and wa¥¢s Social 5¢curity costs Pension costs Other benefits 5.292 4.309 483 -375 171 479 Included within staff costs above is £Ok12023'. £35kl relating to redundancy and temiination costs. At the end of the year. £Ok l?0?3.. £Okl w'as still to be paid. Senior Managerneiit personnel earned total salary and benefits of £783k i?0!3.. £794kl and pension coniribut10115 totalling £77k l?021: £68kl. The ai'eTage number of staff employed by AKF IUKI during ihe year is.. 2024 Number 2023 Nurnber Communication Finance and Administration Grant administration Victoria Hall Management A¥d Khan Cenire Management AKDN Prottramrnes 23 24 Employet$ earning gbove £60,000 2024 Number Number £60,001 £70.000 £70,001- £80.000 £80,001 £90,000 £90,001- £100.000 £ioo,001 £1 10.000 £iio.001 £i?o.000 £I?O.001 £ l.iO.000 £1_10.001 £140.000 £150,001 £160,000 £160,001 £170,000 £170,001 £180,000 £180.001 £190.000 £190,001 £200.000 £250.001 £?60.000 £280,001 £?90.000 £310.001 £320.000 £340.001 £350.000 Pensioll contribution totalling £318k were made fi)r ihes¢ employees during the year12023.. £242kl. 19 Aga Khaii Follndalion (Llniied Kingdoml 31 r)tYvrnhL'r ?n?4 Registeied Numb¢r.' 01 l(X)897 RegislLr£d Charii!. Number. 26651X Notes (eokztl￿lIed) Expenditure Expenditure for the year is stated after charging the following costs. 2024 £000 £000 DepTe¢iation Inote 91 Audit fee- Croive Uk audit of these finan¢ial statements AuditOT'S ￿[D￿ne￿tion for non-audst 5¢rvi¢e5 2.103 50 2.745 48 The £4k disclosed above for non-audit fe¢5 includes fees relat¢5 to COTFKiration tax computation and a project audit. The audit fee for the year ending 31 Decetnber 2024 was £36.700 excluding V AT_ Support Costs Thr support costs of ALF IUKI consist of threo cost elements. Support cogtg are allocated ort a b%ig consistent with the use of resollrces and the calrulation of allocation is det¢TniLn¢d b). the percentage of time spent on each category by the relevant staff. Hurnan Resources Office Expenses & Technology £000 Travel Expenses £000 Totgl 2024 £000 Total 20•3 £000 £000 Vnrestrieted funds Social development progr2niine5 Institutional development Social 3nJ ¢ultural centre5 Communication5 aiid awareness raising ,337 386 64 154 1,877 288 35 270 1.835 ?85 ?2 193 56 21 ?56 1.774 512 184 2,470 ?,410 Gr4nts and donAtions receil'ed Unrestricted Fund5 £000 Restricted Fuiids £000 Total 2024 £000 Tocal £000 So¢i41 development programmes European Comrnission (including ECHOI Netherlands Minislrv of Foreign Atlairs Sm'iss Agency for Development and Cooperation ISDCI Aga Khan Foundation IUSA Kfw Fondation Chanel Deutsche Gesellschaft fur Internationale Zusammen2rbeit Porti¢iis Oak Fouiidation utK Foreign. Commonwealth & Development Offi¢e IFCDOI Atlassiaii Foundation International IslaniiL Developnient Bank The Lego Foundation Jacobs Fouiidatian Gemian Federal Foreign Office UBS Optimus Dubai Cares Vitol Foundation Other donations 8.248 5,i57 8.248 5,357 4.396 3.755 4.716 1.972 4,194 4,194 2.969 2.969 1.581 1,411 902 786 87 520 829 902 786 588 396 381 289 45 396 381 289 45 (121 138 1.464 165 120 726 773 4,9?0 27.959 32,879 34,847 20 Aga Khan Foundalioll Illniled Kingdom) 31 2024 Reeislered Number." 01 I￿897 Regisleied charit￿ Numb¢r.' 266518 Gr#Rts an(1 donations receiveil IL'0fr71inued) Unrestrictrd Funds £000 Restricted Funds £000 Total 2024 £000 Total 2023 £000 Institutional development L)onaiions In lommemoratioii of His Highness. Diamond Jubtlee Donations designated to the Aga Khan Llniversity Donations designated to The Instiiuie of Ismaili Studies Donations desi¥nated to Kings Cross operational costs Donaiions designated to Aga Khan Foundation Portugal Donations d¢5ignaied to the Aga Khan Schools Other donation5 3,545 3,427 2.997 1,369 2.373 4.64Q 359 1.574 3,427 2,997 lJ69 138 138 206 7 720 19,059 138 19,197 15.704 Eypenditllre on 50elal development programmes 'l-he tolloiiing Idblis grants paid to insiitulions b) L￿u￿1￿. Brlzil S¢hov15 2n30 Trilha Pes4uisa 49 Total for Br2zÉI pro%ratnttLt5 49 Buikcn-Su¥hd Cn)%% Border DeN'elopfflent Project (Phast 111- Glolyal Cl'niri for Plutralism 24 Total for Canada prDgramme% 24 kgvpt OFIF Pr<)locol FiamLiivrk A¥reenieiit ivith Minislry of Social Solidarity ()In Ilabibeh Troundaliun. Eg)'pt Creating Access lo C'aiTO'S 1.4lamie Culiural H¢ril8ge- Aga Khan Ji 20 54 'OmLll in AgriLuliure Phase 2.. %h¢ Farm%- Otn Habikh Foundaiion. Egl'pi Sustainable Improi'¢m¢nt ol'Responsive De%"elopmeni Servil¢4 in Aswan Om l-labibeh Troundaliun. Eg%'pi 20 20 TotHI for Egypt pro￿rammeS 61 79 54 Finl&rtd ehi)o1.% 211311- HundrEd.org 160 Toial for Finland pro¥raEnrnCS 160 21 Aga Khan Fiiundaiivn ILlnilLd Kin8di?ml 31 D¢i¢mb¢r 20?4 Regisrcr¥d Num￿r.. 011008Y7 R¢gi8t¢red LhBrih. Number 266) l % Note5 rfioitliitu¥d} Expenditurt on social devdoprnent programtnes Iconlllllrtd) Unrestrieted Restricted Funds Funds £000 Total 2024 £000 Total £aoo Afghanistan Oppr*rtuniii¢s li)r Nfain￿tL.amlnB Inclusii'e tkn'clopmtnt IONqTDI- Aga Khan Pviinddliun AIBh&nislan roi)d..KLurih' aiid Agricultural su5tainabiliii' lor l.ivclihood Impttikeinent IFASLI- Aga khan FuiindJliun Afghanisian Building Climate RLqilicncc and I'romoting Inclubii'c Lo¢al Gr0￿h in Afghanisian- Aga ￿1217 Foundatiun AlghJni51an EC %irengtheniiic LOVID-19 Respons¢ th Afghanistsn. Aga Kha Found&l1ii)n Alghanismn Gl2 k1iipluy￿bI￿ qk"illts l￿d M8Mf support project- Aga Khan Foundation Atgh3lliSt3n StTengTthenin¥ ol'Community-Ba5ed Health Care and ProN"isi¥>n of Educlltion and Ernplo! mL'ni Opportuniiies for fjiris and Young Woinen- Aga Khan Fouiidalion Alglianisian EC Afgh&iiii&lan Li￿elib(l￿d Siabili5ation Programme- A¥d khan Foundaiioii Alghanistan Scliov15 ?O3f>. Aga Khgn Foundation.4tghani51an Su51ainJblL and Inelu%ive Tran%lormJtion ofAgiTarian r.Ix)ttomies itt Rur411 Atghanistlln I%ITARAI Aga Khan kiiundaiion Alghani%tan Afghaiiislan Humanilaiian Apwal- A&Ja k11￿1 Founddlion Alghanislan 'ore%t Landscdpe Reslordlion for Food S¢curiti' .4ga Khan Foulldation 3,069 3,069 1.569 1.807 1307 1.805 1.692 1.692 1.070 1,070 968 I,oiy 703 703 439 554 4.074 333 60 393 524 382 382 314 299 299 66 Improving Aiknlegeenis I.1￿e5 in Af8hJnislan IIALAI- Aga Khan Foundatioii Alghatiislan Data Colle¢iton %urv¢& Trn Maternal and Child Nulrilion in North-Ea*crn nd (-enlral Afghaiiisldii- khan l-.oundation Afghanistan AcLI'l¥raie Prospcriiv in Central dnd South Asia- KhJtt Foundation Alghanislan Earli Childhood Development. Aga Khan Foundation Af8hani51aii Improving accLSS ILI lifc-$ai ins hLalih. and ps)'eh()lagicBI sen'ices in Afghanistan- A83 Khan Fuundalivn.4fghanisian Prol'ision Ot.¢￿c￿lI￿l nuirtiion sLrvicL8 lor children under 2 & pregnant and laiiaiing i4'om¢n Il>l.Wl. Aga Khan Fviirtd#iion Atghanislan 2Jl 124 124 64 36 74 li 336 102 88 B8 560 59 14 14 6.863 GFFO Emergenc} Healih Assistance AfghJnI)t￿- Ag3 1(han Fuundaiion Atghaniqian PA TRII> %upporting C'oopEr&li(In nppominilics for Regional r.eonomic Developnienl ISCORF.Dl- Abja klian Foundaiioii AIgh￿l￿1￿￿ Fcf)() l.¢a%'¢ No Cjirl Behind- Aga khan I'-vundation Atghanistsn. CARI. Ini¢rnaiional Ilk. Qdtholic ReliifsL'TVjLL% #nJ Sdve tlie Cliildren PromolinB.4ccc55 lo Eduiaiit)nal Institutions in the Cross-BoTder Dsqiri¥t%- A&ia Klian Foundalioii. Af￿h￿n1%1an Essential Mulii-secior Programme in the Central Highlands and North- F.a8iern ¥llBlianistan IEMSP)- A¥a fuuiiduliuii.1fbliiuiisliill EC ITnprvi"e P&rtiiipatori' Managcrncnt and El'liiicnc) ot'Rang¢lond5 3nd V4alersliL'ds- AgTa kl)an Fi)unQatioii. Alghani4lan Emtrgtncy A%si%lanie and LiNelihLTrDds' Suppi)rt fi)r N'uln¢rnbl¢ Hou.%Lhi)Id% in Ilic Norilicasl and CLnlral Fli¥hland.q ol'Alglianistan- Aga Khan FvundJlivn AfghJnistsn Improi'cd Ci(IN'krnan¢L at'ih¢ Natural Park in Ihc IN'akhan Cvrridor- Aga khan lioundaiion. Pakisian & Aga khan.4genLTh' flir Habiiai. AlghJni5taii ImpruN"ing Edu¢aiional Opwnuniti¢s in the Lros5-BoTdei Areas. Aga Khan Foundatiun. Af￿h￿NI%¢￿1 cros￿BoTh1er Cotnmissiun Inie¥raied Infrasiru¢iur¢-.4Ba khan Foundation Alghttnisian 1441 -3.28) 453 129 87 30 (441 Tolal for,IfEh*ni¥t4n programmes 1.077 10.922 11,999 25,930 22 Aga Khan Foundaiiiin (Llniled Kingik)ml 31 D￿￿¢1￿1)¥1 ?024 R¢gislered Numbè'r.. 01 IOU897 R¢gisterL'd Lharil!. Numb¢r.' 266)18 No¢e$ Icontipiuedj Expenditure on $oti&l development progr*mme$ Icop71iKiiedl Unrestricted R¢stricted Fuiids Fuiid5 Total 2024 £000 Total 2023 £000 £ooD £000 Ind14 %chools 2030- Eklai'ya l.oiindation and Aga Khan Puundaiion llldia Yuva Junction Expanbion.. Building Careers lur Rural Yvuih. Aga khan Rural %uprrtirt I'rogratnmL' IAKRSI>I India Pathiia!'% to loii carbun agriiulwre in India. Aga Khan Rural Supp)rt I'rogrDmme IAKRSPI India and khan Poundaiion India Sir¢ngih¢ning thL AKF LL'har Programme- Aga Khan Foundaiion India Suppurfins l.ts¥al Authoritics lor A¢Lxiiintubli. R¥.-.PQtt￿js'C ond I"rJnbpareni Sisiems for Si)lid Waste MJnJgimeni- Aga khan Foundaliun India and Gram S￿￿&JI.a Sarniti Ghose IGSSGI 213 65 99 99 37 81 46 37 55 Total lor pMgr4mm¢5 365 460 I￿Yr￿Z Republic Sihools ?11311- Aga Khan Fi)llndalioii Rcpubli¢ EJu¢aiii)n for Sidbilii) in BurJ¥r RLgions Ol'k)rB)/. Republic- Aga Khan 'ouiidaliun Kvrgvx R¥public Accelerating EdiiLalii)n Attaintn¢llt in Central Asia lor Rcsilience IAEAR CAI- Uni%'L'fsiiy ol-C¢nlral Asia and Aga Khan Fowidaiion RLpuhliL A¢c¥l¢ralc PrDsperiiv in Central and South A￿￿￿- Imounlain SCIL Dei. upport PTOB IMSDSPI Ki'rg!'zsiaL Unii'ersilv of CLniral Asia KJrgi'7..£lan and AgD Khan Foundation ksrg)"z RepubliL Batken-siighd Cr055 BorEl¢r D¢%'clDpment Projerl IPh￿. 111- Agg Khan rvundaiiiin k}rg￿l RepubliL EconTrmic Rcivvtrn E)I'Agricullurdl Value Chains in K￿rg>zstan aJMI 'l-ajik-islan 11- N.Ii)untain %oc tk'v Siipport Prv¥ IM%D%PI Ki'rg>zslan ALccl¢rating Il'offten. YL)uih. and GrLYll F.nlrepreneurs IAII'I'GEI. Mountain Soc tki. SuppÉiA Prog IMSDSPI KvrB%'Lslan F¢onotnie Recolen" K!Fg)'zstan COVID_19- Aca khan Foundaiion 188 399 337 353 218 218 116 (>03 14 277 265 47 Suslaiiiable W'inlcr Tourism D¢i'eloptnent Projed (Phasc 111- Aga kha Total for IKI'r&vz Republie pr(kgrarnmcs 188 919 1.107 1.530 Kcni'a .( AKDN RLgivrtal Ea51¢rn Atrica COVID-19 RcspK)nse Parln¢rship- Aga khan Foundaiion f.ast Atrira S6h(Tri?1% 203rJ- Asa Khaii FL)undation F.￿% Afri¢ 294 35 294 183 904 21g iJg Totgl for Ikcllva prtsgrammes 148 329 477 23 A8u khan foundaiion IllnilLd Kingdom) 31 tk-kiinb¢r 2024 Registered Number.. 01100897 Regi51ercd Lharitt, Number.. 266518 Notes (Guiiliriugd) Expenditure on social development programmes lconi1￿1I¢di Unrestrict¢d R¢stri¢ied Fund5 Funds £000 £000 Total 2024 £000 Total £000 MAda%a5t4r EU IDARf.c AgroecoloKicdl Intensifi¢ation and diversifjLalion for econoinic and clTnialL fL%iliLn¢¥ IDigna. Sava and AnalanjiTofol- Aga Khan Fi)undation fvladagascar10S1)RMI EU SIINIDA Itnproiing fwd kLuritS and niitrition in MadagagLar- Aga Khen Troundatiun madaga￿ar IOSDRMI Incrcasing SOClO*Lological r¢silicnce to clirnate Lhange in Barren Isles- Aga Khan Fouiid&tioii MadagascaF10SDt Nutriiion. and ITnmunTsaiion in Pakistan- Aga Foundaiion Pakist￿￿ Pak-istan Flood Recover% and ResiliLnc¢. Improi'cd resilience ID Ilimail iliangL ol'coTnmuniliL's and eco.g}%t¢ins in (iilRlt-Baliislan a] Chilral- Aga Khdn FLiundaiii)n P3ki%ta Eneig) Plus. Ener&> for Climuie Re%iliencL in Gilgil-Balii5i#n ICIBI d Chilrjl disiri¥l in Kli>'ber PakhTunkhii'a IKP)- Aga khan 368 479 198 445 79 319 398 382 352 718 336 336 ljnproi.ed ot'iht Natural PBrk in the Wakhan Corridor- Aga Khan Fouiidalion Pakisian Educalion tor Prosperity- Aga Khan Foundation Pak-istan All.i%'eatlier aLiess road for cr()sts-knrder ii)ufisTll areas- Asa Khan FoundaliDn Pakisian L¢v¢% in t)igniti' Aga khan Foundation Pakisllln ALLelerale Prc).4Nriti' in Lenlral and Souih Asia- Aga Khan 272 272 167 167 140 7Y 79 16 Sthouls ?O.10- Aga khan Foundation Pakistan attd ITA Pakislan Prvmoiing InTLgraicd Ivluunidin Safil) ill NLirQiLlll Pdki5l￿l (PIMSNPI Aoa Khan Foundation. Pakistan 259 Total for P*klst#n pro%ramme¥ 542 1.493 Portugal SLhoi)1.% 211311- Khan Foundaiion Porwgal Junio*l (ir¢ateT Ilorto (Junlosl GPI. Aga Khan Foundation Portugal 287 423 74 74 Total for Puriug41 programm 287 499 423 SM'itzerl#n¢J ALLilifJii Prosperit%' in Central Souih A.%13- Ag3 Khan Foundatioll (iene 26 26 27 Totlll fvr SM'lr&erl4nd pr￿r￿MMe8 26 26 27 SJri¥ RcTrad Ici Ri%ili¢nLe'. MBk'ing rllrnl A8Ticuliural Communities in Syri mtsrL I'iabl¢- Aoa Khan FiiunJaiii)n Si'ria I'A'N.IIN Ti¢hrti¥al AsqistaiicL to explorL' (he fcasibility ot'pre- pal'meni ￿[eLh￿nist￿s. InsuraniL. 5afLtI' Nels & health ii-ork-loriL I&%U¢S Aga khdn Hedlili Ser%'iLLS S)'ria C liin&TL and E¢tsnoini¥ R¢%ilience thrL)ugh Lii'ts1vik Ini¢nsifiiaiion ill Slria ICERLISI- Aga Khan Foundaliun s￿ria 177 177 57 30 87 502 26 26 7)8 Tvi#l fvr Siri¥ programme5 57 233 29 1.260 Aga Khan Fouiidalion Illnil¢d kingdtsml 31 D¥YLtnbLr 20*4 Regisiered Number". 01100897 Regisitrcd Charih" NumbeT.' 266518 Notes (ciJnliriu¥cl) Expenditure $oei¥l development programmes IcoKiinl￿d) un￿strIcted Restricted Funds Funds £000 £000 Tot&1 21124 £000 Total 2021 £ooa F.leisrilii31ion of Shuhada & Ishk?shim. Badakhshan-Pamir Energ!. Shugnan VT EnL'rgy CAi&s Bi)rder ProjeLI Phase ]- Pgmir Encrg) Shii¥rtan Vl F.nery> Cni&s Buider Pr(ij¢¢i Phase 11- Pamir InLrg} Ini¢grai¢d Njlural kesourLLS Manogcnient in Zarnvshon Vali¢y (INVESTI- A8d Khan fiiulldation Talik-l￿Ian lrnproving Communit). Rebilitnet thmugh Susldinable Lii'¥lihoods in the Rashl Vallel Agya Khaii Fiiundalinn l-ajikisldn SihcTruls ?(13tJ- A¥a Khlln Foundalivn'lajik-isian EC Supwriing Cnwoperatloll 3nd Oppiiftuniii¢s lor Regional E¢onomic Develijpilli'ht i%c'nRF.nl- AErl khan fi)uiidalii)n. T411k-j%lan Esublishinenl ot'a libre prts¢i%sing unil iiiih dghairing and 510fd8e in cross-border aTL.￿- Atsa Khan Fouiiddliun. I'ajikistaii Lritlial IntrJslru¢iur¥ Coniributiiig to Slabilitj and Peace. Phase 11- Aga 2.270 834 2,270 834 327 544 547 298 296 104 128 381 124 124 85 305 85 32 32 396 SiippiirtiDg.4LLL'ILralrd Ciri)iith ltir I nlreprcnL'urship ISA(iEI Aga Khan FisunJ2tli)n Tajikisldn A¢iLILrate Prosperit> A¥￿a khan Foulldalion Tajikisiaft AccL'IL'Taltng Inclusil'e N.lark-Ll ELonoinii Dei'elupTnenl in Tajikisldn IAINIEDI- part ol-'I'RICJ(JFR 11 Agic khan FDiinJJiiott'F8jikisiDn ELoni)niiL RecoveTh- ol-Agiriiultural Value Lhains in ￿1￿%-}.￿la1I & I'ajiki.£lan 11- ABU Khan Found31ion Tajikisian Accelerating Womrn. Youih. and Circen EnlrLprcn¢ury IA WYGEI- Aga Khan Foundaiiun-fdjiki.%1gn RAtkeft-Sughd Crii%s Border De%'clopmenl Project (Phase 111- Aga Khan F'oundaiioll Tlljikist3n PATR]P Suppvrling c0-0￿ra￿lL)n Oppvrtuniiies for Regional Lionomic Dei'clopmenl ISCORFUI- Ag3 khJn Fvundalii)n. Tajikisldn %IIuBnan Vll Cro.45-Bi)rd¢'r r.ncrgi ProjcLI- Pamir Etierg In1ibra￿d Ilealdi dnd Habildi Impro¥'¢ment IIIIHII Ra5hi- Aga Khan Foundation Tajikisian EcoiiutniL RL'LVV¢ry K>rgyzstall COVID-19- Aga Khan Foundation. K)"rg)'z Ripuhlic 32 32 23 ZJ 32¥ 69 io 143 230 'J'otal f￿r T4jikixt&Th ProgrU￿￿e5 l.Q42 3.392 4.434 Sehool.5 20JO- Aga khan Fow)dalion East Alrica OnLvlvgi CtsmpreheiisiNe CancL'r Projwi- Aga Khan Hedlth Ser¥i¢¢ IAKIISI Tanzania 80 205 402 821 Total for T#nzgnig progr#mmes 80 205 1.223 C'gaDdA SLhL)iils 2(J)11-A8a Khan Foundaiion East AtriLa In Their Hdnds'.Aga khan Foundalivn Ea51 Africa 75 170 2&5 287 78 'roi*l for ITgJndg pro%rammtS 75 17U 245 365 I'nited Stalt$ of.4tueri¢ %¢hoi)15 2O30- F,Ct) M¢8sllre and SaiL IhL Childr¢n 142 Totgl for I'nited St4ie$ pr(b%rsmrnes 142 26 Aga KhAn Foundoiioll ILTniled Kingdom) 31 Decernber 2V?4 RLBisier¢d Nutnber.. Ul I IXISY7 Regislir¢d Charil!. Number.. 266518 Notes (¢oRi¢ip7£1¢dJ Expenditure on $ts¢ial development programmu l¢oniiAl￿d) Unrcstricted Restricted unds unds £000 Total 2024 £000 Total £000 £000 I,'Dit¢d IkiDgdnm SLhiiLbls 2U3U ALLL'lerali Prosp¢rity' in Central and Souih Abia A¥celeraling Women. Youth. and CJr¢en F.nirepreneuTS IAIIIYGEI EC AKDN RL¥iivnal [￿ter11 Alrica COVID-19 RL%P)nse P)rlner%liip T¢a¢h¥r lor Ihc Planet 250 786 153 1,036 123 Tot￿1 for l.'llited lii]Egdom progrnmm¢s 250 822 602 TfjiAI Grants m4d¢ far social dei'elopment 2.1.366 27,480 Nurt-Grani Exp¢ndiiur¢ 2.304 .423 3.727 4.lJ60 T￿1￿1 Lxpenditurc for 50ci*I dN'tlopm¢nt 6.418 24.789 312117 43,409 Expenditure ON institutional development programM¢s Unrestricted Restricted Funds Funds £000 £000 TotAI 2024 £000 Total 20?3 £000 The InslllUIL' lif T%iiiaili Siudie% liir their L'duLalll)nal pn)grJnim¢s Aga Klian Ilnii'¢r.%ip' Found8lion i-drious projccis Aga Khan Foulld31iuii PiirtUBal. lur IhL Csli)hal Lniolliilers prugratnme Aga khan FcTrundalivn Gcnci'a. iarii)uq projects Aga khan Scliools lor IhLir LxIuLational programrnes Aga Agencl for Habitat programmes Ag￿4 Khan Iledlih Seri'ices 94 3J19 3392 134 69 42 3.415 134 69 Totthl GrAtit$ m4d¢ for ill5tÈtutionMI deielopmeDt 6,630 228 3.818 Non-fjrant ExpendiluTe 10.124 10.124 9.316 Total ExpenditliTt for insiiiwlion#l development 16.7)4 228 16,982 27 Aga Khaii Foundalioii Iuniled Kingduml 3 1 2024 Registered Numbir.. 01100897 Regi%tered Lharii%- Number.. 26651¥ ]Yotes (cot71inued} Tangible fixed #ss¢t$ Freehold Land & Buildings Long Properly L¢a8ehold Improi'¢menls Land & Property Fiilure snd Assels Llnder Conslructio Totxl £000 £oou £000 £noo £oi)o f rjoo Cost .41 l Januar). 1024 Addilioni Disposals Trangf¢rs 35.li7 13),935 2.182 10,979 45 576 779 T82,829 532 70 1602) Ai 31 Deceinber 2024 113.915 2.735 11.n94 7)3 183,617 Veprecjalivn Ai l Janu￿T} 2024 ChargL' fvrih¢ i¢ar Diswsals 4.296 9.853 949 32,048 2,139 1361 107 1361 73 AI 31 DL'L¢mk'r 2024 16.599 5.306 IU.802 Yet bovk vilue .4t 31 De¢rmb¢r 2024 15,5111 128.629 1.2YI IY2 149.46 ,It 31 Dtcembtr 2023 18.629 129,639 i76 All asseis are held lor eharitsblc purp05es. 28 Agu khJn Foundation Illnilcd Kingdom) 31 I)￿¢¥￿￿-r 2U14 R¢gi¥i¢r¢d Number.. 01 l(Ml897 Rcgimcred Chariti. Nutnbei." 2￿51% Notes IGon¢irttsed} io Investments Investment in sh9re5 AKF (Ukl owns one ordinary share of £ I I lQ/u of the issued and paid-llp share capital) in Th¢ Instltute of Ismaili Studies l)0*3.. £1 l. which is in¢orporaied in England. Inve5trnent 111 PTQP¢rty Investment propeTty comprises Fenman House in the kings CTOSS estate that is leased to a third party. Changes in fair valucs are recognised as investment gains or10sses in the sta￿[￿ent of Financial Activities. The historical cost of this property was £?0.6m and the m05t current valuatiort ivas carried out in Dec¢mb¢r 2023 by a MRICS independeiit valu¢T of Wilk"5 Head & Eve LLP. Wheii arrivino at theiT valuatIon. Ih¢y considered sales from within the Kitjg s Cross Estat¢ in order to compare recent sales data. The independellt valuation. recent market data aiid ircent iiiaikct tr¢nd5 have all been taken into account by thc CouDril In their decision to keep the balonce -heet value ar £30.3m. 2024 £000 2023 £000 Balan¢¢ at l January Acqui51tions Chang¢ in Fair Value 30,282 24,500 5.782 Balance At 31 December 30,282 30.282 Debtor5 2024 £000 2023 £000 Prepayments and a¢¢rued income Debrors with other AKDN Agencies Other debtors 928 99 1.690 1,028 ?,00) Dtbtors with other AKDN Agencies includes £2?k with AKF Geneva l?0?",. £117kl. £Ok with Aga SchiK>Is 120•3.. £15kl. £?7k with Aiglemont French Delegation l?023.. £Oki, £6k with AKAH I?023.. £Qkl, £Ok wilh AKDN l?0?3'. £179kl and £44k with AKF Af¥hanistan120?3.. £Okl. 29 Aga Khan Founth1￿￿ IUnitLd Kingdom) 31 DLoeinbLr ?U2.1 Re¥is*red Number.. 111 IOD897 Re￿I￿ered Charii!. Nwnber.. 26651X Note5 (ionlint4ed} 12 tkase commitments as a le$50r AKF IUKI has four operating lease contracts in place as a lessor. The first relates io Fenman House in the King5 Cr05S estate that is leased to a third party. The original lease wa5 for 4 v¢ars until.3 l January 2023 ivith annual rents indexed to RPI, however This ivas ¢xrended in January 20?3 fur it luiihrr 3 yfdrs lu 31 Jitjiuaiy 2026. In addition. there aT¢ contracts in place for three cotntnercial uniis. the first two in Aga Khan Centre and the third in Victoria Hall. The two units in Aua Khan Centre are leased to third parties and the contract n]ns until ?8 September 2039 and ?4 December ?036 respectivel).. The unit at Victoria Hall is leased to a separate third party and runs until the 3 Septeillber 20.37. AKF IUKI has future Tninimum lease receipts under non-can¢ellable operating leases for each of the following periods. 2024 2023 £000 £000 Receivable in less than l year Reteivable between l and 5 y¢ars Rt¢¢ivable in greater 5 years 1.120 918 1.889 102 2,D38 i.148 Credltor$ 2024 £oou 2023 £000 Amounts falling due Mthin one ye4r Aecriials and deferrp.A inenire Graiils Pas'able TTade Creditors Payroll taxts Oiher creditors Creditors Wlth other AKDN Agencies and aifiliated insiiiutions 2.663 786 122 200 124 2.940 1,464 149 3197 5,016 Grants payable (all f*lling due Mithill one yearl £000 As at l January Grants committed in the year Grants paid in the year 1,464 26.870 127,4481 As at 31 December Deferred in¢omt £000 As at l January Amounts released to income Amounts due within one year 1,513 11,413) 1.486 A5 at 31 Dtcember 1,486 Incotnt has been deferred where it has been received in advance of ¢ontraclual obligalions ￿'1th reBards to reiital income and grant intome. All deferred iiicome carried fonvard is released in th¢ Subsequent period. 30 Ag& Khdn Foundaiion IUllil¢d Kingijiiml 31 DLXL'MiK'I 2024 RLgi%i¢r¢d Number.. 011110897 Registered L113rili' NiimlK'r'. 266il 8 Nvtets Iconiinuedj 14 Flltsre grAnt commitment$ FiitLire grant cornmitments related to work to be Carried out bv AKF (Ukl's implementing partners amount to £98. Im. These represent grant ayreemerts Signed before l J3niiaTV ?0?.% fnr PAyrnent in future year8 All commitment% are funded by institutional grants, are made in connection with institutional grants foT the programmes ref¢￿ed to in Note 7 and there are no perfomian¢¢-related conditions attached io these commitrnents. 15 AtkF IUKI is considered tt) pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore meets the definition of acharitable trust for UK income tax Purposes. Accordinuly. the ¢h3ritv is potentially exempt from iaxation in respect of income or capital gaiJ15 received iviihin caiegories covered by Part 10 Income Tax Act 2007 or Section ?56 ot-the Taxation ot-C-liar¥eable Qtains Act IY92. to the exteni that such incoine or gaTn5 are applled exclusively to charitable purpose$. 16 P¢n5iDn scheme AkF IUKI operate5 a defined ¢onlribution pension schenie. The pension cost charge for th¢ period represents onlTibutions pa)'able by AKF IUKI to the scheme and amounted to £479k l?023.. £375kl. £70k w'a5 payable at 31 December ?0?4120?3.. £60kl. 17 ReconciliAtion of net income to net cash Inflow from operating aclivitie$ 2024 £000 £000 Net income I movement in fund5 Depreciation on tangible fixed a55ets IProfitilL055 On the sale of fixed assets IGainl l Loss on Investment Gift in kind donations capitalised nter¢3t rcecived De¢Tease I (Increase) in debtors ID¢creasel I Increase in creditors 13,870 2,139 12891 5.760 2.745 12,245) 974 1.796 Net cash inflow l (outflow) from operating a¢tivitie$ 13,169 5.474 18 Cash xnd cash equivalents 2024 £000 2023 £000 Changes in the year At l Janiiat) Net Cash inflowlioutt]owl 52.239 6.275 At 3 1 December 73.554 58,514 A8a Khdn Foundation Iunited Kiiigdoml 3 1 ￿-￿¢mb¢r 2024 Registered r￿Umb￿r. 01100897 kegislerL'd Chariii Nutnber.. 266518 Notes (Lunlinu¥d) 19 Capital comrnitmeNts Conditional cApital commitments "I'here were no mat¢rial capital commitmenis as ai 3 1 Decetnber 2024. 20 Retonciliation of ￿ndS Unre5tritted Funds General De$ignated Furtds Fund5 £000 £￿0 Restricted Funds £000 2024 Total £000 Toial £000 Balan¢¢ ai l JanuaTr' Tncome E.Ip¢iiiJitui¢ RLcognisLd fjains I (Losses) 330 6.210 228.459 29.277 23rJ.803 58.790 28.097 {49h76) 1381 140 5.782 -I'rElrtsler of funds Bal¥n¥e at I I tk'ccmber 23 Represented bv.. Filed ass¥'ts Current 179.748 62.232 2.593 179,7411 74.782 181.063 6U.516 5.016 838 459 845 37 General funds are held io provide cashtlom reserves and working capital. Restricted funds T¢late to social development projerts and will be spent in ?025. Designated funds repr¢5¢llt funds earmarked by the Council for the following purposes.. Social Institutional Development Dei'eltspment £000 £000 Social 2024 Total £000 2021 Total £000 Designated Funds £000 Balance al l Januarv Income E.KFndilure 926 4.920 14.54rii 2U3,216 20.600 24,317 3.757 228.449 29,277 24.849 140 Gain I (Lossl on IDI'eslnieni Transf¢rol' fund5 5.782 18 Represented bi.: Filed assels Current as5els Curr¢ni liabilities 159.183 53.104 179,748 62232 2.084 7,044 49_245 1.849 68 Sts¢ial Development funds Nvill be used as co.financing for project5 in ?0?5. Institutional Development funds are mainly f￿Xed assets and cash reserves M'ill be used to support AKDN ingtitulions and mostly used in ?025. Social funds are mainly fixed assets and the cash reserves are held to develop these properties as Tequired. 32 Aga Khan Foulldation ILTnited kingdom) 31 1)¥¢¥mb¥r ?O?.I Registered NutnbLr.' 01 l(M)897 R¢gistered Chdrili Numb¢r.' 26651 Notes (conl£nued} 21 Called up Share capital 2024 Authori5ed. i55U¢tI fully P3Lid- 100 Ordinary share5 Qf £ l each According to the Memorandum of Association the liability of the members is limited. Every member of the charitable company undertakes to contribute to ihe asseis of the charitable company in the event of it b¢ing wound up, SULh amouni noi exceedinu £1. In addition, the charitable conipany 15 preLluded from making any disiTibutions to members either by way of a dividend or on a winding up. 100 22 Conduit Funds In 2024 AKF IUKI acted as a conduit for a number of entities. Tlie aniount of funds tliat p￿Sed tlirough AKF IUKI in 2024 was £?O.irn. The amount of funds held at the etid of the }'ear was £Ok l?023'. £570kl. These funds were received b) AKF (l¥tiii¥ as aji abieiit aiid tlici¢foi¢ not recog￿n￿sCd a3 an 333¢t in thr$c financial stut¢ments as they ar noi Mirhin AKF IUKI'5 control. Cons¢quently, thc receipt and distribution of these funds are not recognised ag income or expenditur¢. 23 Post Balance Sheet Evetht PrinL¢ Alykhan Hospital Trust IPAHTI ts undertaking a red¢N'¢lopJnent of its Aga Ilall sit¢ in fvlumbai. India. The redevelopnient project Vvill ¢onstruct nei%. residential a¢commodation and community facilities including for medi¢al aiid edu¢aiional purposes. AKF IL.tKI is supportiny this red¢velopnient by providing the ability for Sland8Td Chartered Baiik ISCBI to call on.4kF (Uk) in the event that PAI.IT fai15 to pay under its bank loan facilities. The full arnounl of loans availabl¢ to P_4HT under its bank loaii facilities covered by th¢ ¢r¢dit support from .4KF IUKI tota15 approximatel}. LISD61ID. Iii older to secure AKF Illkl'5 Teimbursemeni obligation to SC.B, L)n 17 January ?095. AKF (Lkl bTranted security to SCB over cash deposit accounts vf AKF IUKI with SCB and a mortgage over the Victoria Hall propert), in London 0￿￿ed by AKF IUKI. 24 Ultimate holding eomp4Thy The ultiniat¢ holding company is Asa khan Foundation Geneva, which is incorporated in Switzerland (UID . CHE_ 100.845.3111 and beneficially owns one hundred percenr of the shares of AkF IUKI. 25 Relgted party transactions And other AKDN agencies There hav¢ been no related party ITan53¢tions bettveen AKF IUKI and the member5 of the Countil in 2024 (see note ?). Transactions with.4KF Geneva and agencies ivithin the Aua Khan Development Network consisi of the following.. costs associated with projects funded b). other AKDTr4 agencies Inotes I l alld 131., and rants and donaiions uf fundiiix fur piujril¥ pJo¥taiiJiiie5 aiid othcr acti￿-7t1cS supportcd by AKF IUKI (notc3 6, 7 and 81. 33