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`Reportof theCouncil`	`1`
`StatementoftheCouncil’sresponsibilitiesinrespectoftheReportoftheCouncilandStrategicReportandthe`
`financialstatements`	`10`
`Independentauditor’sreporttothemembersoftheAgaKhanFoundation(UnitedKingdom)`	`11`
`StatementofFinancialActivities,includingIncomeandExpenditureAccount`	`14`
`BalanceSheet`	`15`
`CashFlowStatement`	`16`
`Notes`	`17`

- Jane Piacentini-Moore

11 June 2026

	`Notes`	`UnrestrictedFunds`	`UnrestrictedFunds`	`Restricted`	`Total`		`Total`
		`General`	`Designated`	`Funds`	`2025`		`2024`
		`Funds`	`Funds`
		`£000`	`£000`	`£000`	`£000`		`£000`
`Incomefrom`
`Grants,donationsandlegacies`
`Socialdevelopmentprogrammes`	`6`	`-`	`5.476`	`48.657`	`54,133`		`32,879`
`Institutionaldevelopment`	`6`	`4,655`	`19,674`	`313`	`24,642`		`19,197`
`Socialandculturalcentres`		`-`	`4,462`	`-`	`4,462`		`2,828`
`Communicationsandawarenessraising`		`266`	`-`	`-`	`266`		`270`
`Corecosts`		`2,466`	`-`	`-`	`2,466`		`2,611`
`Rentalincome`		`-`	`3.767`	`-`	`3,767`		`3.253`
`Investmentincome`		`13`	`1,508`	`-`	`1,521`		`2,245`
`Otherincome`		`-`	`13`	`-`	`13`		`12`
`Gainonsaleofassets`		`-`	`-`	`-`		`2`	`289`
`Netgain/(loss)fromforeignexchange`		`(57)`	`(1.892)`	`72`	`(1,877)`		`(38)`
`Totalincome`		`7,343`	`33,008`	`49,042`	`89,393`		`63.546`
`Expenditure`
`Charitableactivities`
`Socialdevelopmentprogrammes`	`7`	`2,062`	`6,192`	`45,794`	`54,048`		`31,207`
`Institutionaldevelopment`	`8`	`4,979`	`9,885`	`298`	`15,162`		`16,982`
`Socialandculturalcentres`		`40`	`1,315`	`-`	`1,355`		`L217`
`Communicationsandawarenessraising`		`263`	`-`	`-`	`263`		`270`
`Totalexpenditure`		`7,344`	`17,392`	`46,092`	`70,828`		`49.676`
`Netincomefor theyear`		`(1)`	`15,616`	`2,950`	`18,565`		`13,870`
`Transfersbetweenfunds`		`2`	`(2)`	`-`	`-`		`-`
`Netincomebeforeotherrecognisedgains`		`\|`	`15,614`	`2,950`	`18,565`		`13.870`
`andlosses`
`Netgain/(loss)frominvestments`	`10`	`-`	`-`	`-`	`-`		`-`
`Netmovementinfunds`		`1`	`15,614`	`2,950`	`18,565`		`13.870`
`Reconciliationoffunds`
`Fundsbrought forward`		`379`	`239,387`	`10,667`	`250.433`		`236,563`
`Totalfundscarriedforward`	`20`	`380`	`255,001`	`13,617`	`268,998`		`250,433`

8 June 2026

- Jane Piacentini-Moore

		`Notes`	`2025`		`2024`
			`£000`		`£000`
`Netcashinflowfromoperatingactivities`		`17`	`13,409`		`13.169`
`Cashflows`	`frominvestingactivities`
`Interestreceived`			`1,521`		`2,245`
`Receiptsfromsaleoffixedassets`				`-`	`310`
`Paymentsto`	`acquirefixedassets`		`(543)`		`(684)`
`Increasein`	`cashandcashequivalents`	`18`	`14,387`		`15,040`
`Netcashat`	`1January`	`18`	`73,554`		`58.514`
`Netcashat`	`31December`	`18`	`87,941`		`73.554`

`Freehold`	`buildings`	`1%`
`Leasehold`	`buildings`	`1%`
`Property`	`Improvements`	`5%`
`Property`	`fixturesandfittings`	`15%`

`EmployeeInformation`
	`2025`	`2024`
	`£000`	`£000`
`Salariesandwages`	`5,999`	`5,292`
`Socialsecuritycosts`	`782`	`615`
`Pensioncosts`	`516`	`479`
`Otherbenefits`	`264`	`191`
	`7.561`	`6,577`

		`2025`	`2024`
		`Number`	`Number`
`Communication`		`3`	`3`
`Finance`	`andAdministration`	`10`	`9`
`Grantadministration`		`24`	`23`
`Victoria`	`HallManagement`	`7`	`7`
`AgaKhanCentreManagement`		`11`	`9`
`AKDNProgrammes`		`25`	`24`
		`coal,`	`75,`
`Employeesearningabove£60,000`		`2025`	`2024`
		`Number`	`Number`
`£60,001`	`-£70,000`	`5`	`5`
`£70,001`	`-£80,000`	`5`	`6`
`£80,001`	`-£90,000`	`5`	`2`
`£90,001`	`-£100,000`	`5)`	`3`
`£110,001`	`-£120,000`	`1`	`1`
`£120,001`	`-£130,000`	`-`	`I`
`£130,001`	`-£140,000`	`-`	`1`
`£150,001`	`-£160,000`		`I`
`£160,001`	`-£170,000`	`3`	`1`
`£190,001`	`-£200,000`	`-`	`1`
`£200,001` `£250,001` `£260,001` `£280,001`	`-£210,000` `-£260,000` `-£270,000` `-£290,000`	`-` `1` `1`	`ee` `eea`
`£290,001` `£340,001`	`-£300,000` `-£350,000`	`2`	`Noo`
`£350,001`	`-£360,000`	`1`
`£470,001`	`-£480,000`	`1`
`Pensioncontributiontotalling£380kweremadefortheseemployeesduringtheyear(2024:£318k).`

`Expenditurefortheyearisstatedafterchargingthefollowingcosts.`
	`2025`
	`£000`
`Depreciation(note9)` `Auditfee— CroweUKauditofthesefinancialstatements`	`Law` `55`
`Auditor’sremunerationfornon-auditservices`	`2`

`bytherelevantstaff.`
	`Human`	`OfficeExpenses`	`Travel`	`Total`	`Total`
`Resources`		`&Technology`	`Expenses`	`2025`	`2024`
	`£000`	`£000`	`£000`	`£000`	`£000`
`Unrestrictedfunds`
`Socialdevelopmentprogrammes`	`1,422`	`430`	`210`	`2,062`	`1,877`
`Institutionaldevelopment`	`247`	`75`	`2`	`324`	`288`
`Socialandculturalcentres`	`25`	`7`	`8`	`40`	`B5`
`Communicationsandawarenessraising`	`184`	`56`	`24`	`264`	`270`
	`1,878`	`568`	`244`	`2,690`	`2,470`
`6` `Grantsanddonationsreceived`
		`Unrestricted`	`Restricted`	`Total`	`Total`
		`Funds`	`Funds`	`2025`	`2024`
		`£000`	`£000`	`£000`	`£000`
`Socialdevelopmentprogrammes`
`EuropeanCommission(includingECHO)`		`-`	`24,932`	`24,932`	`8,248`
`Kfw`		`-`	`4,846`	`4,846`	`2,969`
`AgaKhanFoundation(USA)`		`4,390`	`-`	`4,390`	`4,194`
`NetherlandsMinistryofForeignAffairs`		`-`	`3,259`	`3,259`	`5,357`
`FondationChanel`		`-`	`3,259`	`3,259`	`1,581`
`SwissAgencyforDevelopmentandCooperation(SDC)`		`-`	`2,531`	`2,531`	`4,245`
`UKForeign,Commonwealth& DevelopmentOffice`	`(FCDO)`	`-`	`1,834`	`1,834`	`588`
`Gavi/ ThePowerofNutrition`		`-`	`1,538`	`1,538`	`390`
`StateSecretariatforEconomicAffairs(SECO)`		`-`	`1,244`	`1,244`	`=`
`DeutscheGesellschaftfiirInternationaleZusammenarbeit`		`-`	`1,022`	`1,022`	`1,411`
`Porticus`		`-`	`959`	`959`	`902`
`OakFoundation`		`-`	`759`	`759`	`786`
`AtlassianFoundationInternational`		`-`	`744`	`744`	`396`
`TheJapanInternationalCooperationAgency(JICA)`		`-`	`579`	`579`	`119`
`InternationalDevelopmentResearchCentre(IDRC)`			`306`	`306`	`ji`
`JacobsFoundation`		`-`	`221`	`221`	`45`
`IslamicDevelopmentBank`		`2`	`111`	`111`	`381`
`TheLegoFoundation`		`-`	`=`	`si`	`289`
`GermanFederalForeignOffice`		`'`	`=`	`-`	`(12)`
`Otherdonations`		`1,086`	`513`	`1,599`	`990`
		`5,476`	`48,657`	`54,133`	`32,879`

	`Unrestricted`	`Restricted`	`Total`	`Total`
	`Funds`	`Funds`	`2025`	`2024`
	`£000`	`£000`	`£000`	`£000`
`Institutionaldevelopment`
`DonationsincommemorationofHisHighness’DiamondJubilee`	`3,932`	`-`	`3,932`	`3,545`
`DonationsdesignatedtotheAgaKhanUniversity`	`3,510`	`-`	`3,510`	`3,427`
`DonationsdesignatedtoTheInstituteofIsmailiStudies`	`750`	`-`	`750`	`2,997`
`DonationsdesignatedtoKingsCrossoperationalcosts`	`1,330`	`-`	`1,330`	`1,3`
`DonationsdesignatedtoAgaKhanFoundationPortugal`	`-`	`313`	`313`
`DonationsdesignatedtotheAgaKhanSchools`	`5`	`-`	`5`		`1`
`Otherdonations`	`14,802`	`-`	`14,802`	`7.720`
	`24,329`	`313`	`24,642`	`19,197`
`Zi` `Expenditureonsocialdevelopmentprogrammes`
`Thefollowingtablesshowgrantspaidtoinstitutionsbycountry.`
	`Unrestricted`	`Restricted`	`Total`	`Total`
	`Funds`	`Funds`	`2025`	`2024`
	`£000`	`£000`	`£000`	`£000`
`Brazil`
`Schools2030- TrilhaPesquisa`	`-`	`6`	`6`	`-`
`TotalforBrazilprogrammes`	`-`	`6`	`6`	`-`
`Canada`
`Batken-SughdCrossBorderDevelopmentProject(PhaseII)- Global`
`CentreforPluralism`	`-`	`2`	`2`	`-`
`TotalforCanadaprogrammes`	`-`	`2`	`2`	`-`
`Egypt` `OHFProtocolFrameworkAgreementwithMinistryofSocial`	`-`	`-`	`-`	`31`
`Solidarity` `-OmHabibehFoundation,Egypt`
`CreatingAccesstoCairo'sIslamicCulturalHeritage- AgaKhan`	`-`	`-`	`-`	`20`
`CulturalServicesEgypt`
`WomeninAgriculturePhase2:SheFarms- OmHabibeh`	`-`	`-`	`-`	`20`
`Foundation,Egypt`
`SustainableImprovementofResponsiveDevelopmentServicesin`	`=`	`-`	`-`	`8`
`Aswan- OmHabibehFoundation,Egypt`
`TotalforEgyptprogrammes`	`e`	`=`	`=`	`79`
`Finland`
`Schools2030- HundrEd.org`	`=`	`13`	`13`	`-`
`TotalforFinlandprogrammes`	`-`	`13`	`13`	`-`
				`21`

			`AgaKhanFoundation(UnitedKingdom)`	`AgaKhanFoundation(UnitedKingdom)`	`AgaKhanFoundation(UnitedKingdom)`	`AgaKhanFoundation(UnitedKingdom)`
					`31December2025`
			`RegisteredNumber:01100897`
			`RegisteredCharityNumber:`			`266518`
	`Notes(continued)`
`a`	`Expenditureonsocialdevelopmentprogrammes(continued)`
		`Unrestricted`	`Restricted`		`Total`	`Total`
		`Funds`	`Funds`		`2025`	`2024`
		`£000`	`£000`		`£000`	`£000`
	`Afghanistan`
	`Economicresilience.women'seconomicempowermentandjob`		`4.808`		`4,808`		`-`
	`creation- AgaKhanFoundationAfghanistan`
	`ECAfghanistanLivelihoodStabilisationProgramme- AgaKhan`	`456`	`4,048`		`4,504`	`554`
	`FoundationAfghanistanandDanishRefugeeCouncil`
	`Food-securityandAgriculturalSustainabilityforLivelihood`		`1,688`		`1,688`	`1,807`
	`Improvement(FASL)- AgaKhanFoundationAfghanistan`
	`StrengtheningofCommunity-BasedHealthCareandProvisionof`		`1,531`		`1,531`	`703`
	`EducationandEmploymentOpportunitiesforGirlsandYoung`
	`Women- AgaKhanFoundationAfghanistan`
	`GIZEmployableSkillsandMSMEsupportproject- AgaKhan`		`863`		`863`	`1,019`
	`FoundationAfghanistan`
	`DataCollectionSurveyonMaternalandChildNutritioninNorth-`		`557`		`557`	`124`
	`EasternandCentralAfghanistan- AgaKhanFoundationAfghanistan`
	`Schools2030- AgaKhanFoundationAfghanistan` `EssentialMulti-SectorProgrammeintheCentralHighlandsand`		`135`	`:`	`423` `415`	`393`	`=`
	`NortheasternAfghanistan(EMSP)- AgaKhanFoundation`
	`Afghanistan`
	`ForestLandscapeRestorationforFoodSecurity- AgaKhan`		`146`		`146`	`299`
	`FoundationAfghanistan`
	`SustainableandInclusiveTransformationofAgrarianEconomiesin`		`105`		`105`	`382`
	`RuralAfghanistan(SITARA)- AgaKhanFoundationAfghanistan`
	`ECImproveParticipatoryManagementandEfficiencyofRangelands`		`103`		`103`		`-`
	`andWatersheds- AgaKhanFoundation,Afghanistan`
	`EarlyChildhoodDevelopment- AgaKhanFoundationAfghanistan` `ImprovingAdolescentsLivesinAfghanistan(IALA)- AgaKhan`		`102` `44`		`102` `44`	`102` `247`
	`FoundationAfghanistan`
	`Provisionofessentialnutritionservicesforchildrenunder2 &`		`33`		`33`	`59`
	`pregnantandlactatingwomen(PLW)- AgaKhanFoundation`
	`Afghanistan`
	`Improvingaccesstolife-savinghealth,andpsychologicalservicesin`	`(88)`	`89`		`1`	`88`
	`Afghanistan- AgaKhanFoundationAfghanistan`
	`OpportunitiesforMainstreamingInclusiveDevelopment(OMID)-`			`-`	`-`	`3,069`
	`AgaKhanFoundationAfghanistan`
	`BuildingClimateResilienceandPromotingInclusiveLocalGrowth`			`-`	`-`	`1,692`
	`inAfghanistan- AgaKhanFoundationAfghanistan`
	`ECStrengtheningCOVID-19ResponseinAfghanistan- AgaKhan`			`-`	`-`	`1,070`
	`FoundationAfghanistan`
	`AfghanistanHumanitarianAppeal- AgaKhanFoundation`			`-`	`-`	`314`
	`Afghanistan`
	`AccelerateProsperityinCentralandSouthAsia- AgaKhan`			`-`	`-`	`110`
	`FoundationAfghanistan` `RISEAfghanistan- AgaKhanFoundationAfghanistan`		`-`		`-`	`14`
	`GFFOEmergencyHealthAssistanceAfghanistan- AgaKhan`				`:`	`(3)`
	`FoundationAfghanistan`
	`PATRIPSupportingCooperationandOpportunitiesforRegional`		`:`		`‘`	`(44)`
	`EconomicDevelopment(SCORED)- AgaKhanFoundation`
	`Afghanistan`
	`TotalforAfghanistanprogrammes`	`1,071`	`14,252`		`15,323`	`11,999`

`Expenditureonsocialdevelopmentprogrammes(continued)`
	`Unrestricted`	`Restricted`	`Total`	`Total`
	`Funds`	`Funds`	`2025`	`2024`
	`£000`	`£000`	`£000`	`£000`
`India`
`Schools2030- EklavyaFoundationandAgaKhanFoundationIndia`	`88`	`124`	`212`	`117`
`StrengtheningtheAKFLeharProgramme- AgaKhanFoundation`	`-`	`28`	`28`	`37`
`India`
`Lehar- AdolescentGirls'EmpowermentProgramme-Phase6 - Aga`	`-`	`16`	`16`	`-`
`KhanFoundationIndia`
`SupportingLocalAuthoritiesforAccountable,Responsive&`	`-`	`13`	`13`	`-`
`TransparentSystemsforSolidWasteManagement- AgaKhan`
`FoundationIndia` `YuvaJunctionExpansion:BuildingCareersforRuralYouth- Aga`	`z`	`-`	`.`	`112`
`KhanRuralSupportProgramme(AKRSP)India` `PathwaystolowcarbonagricultureinIndia` `-AgaKhanRuralSupport`	`:`	`2`	`“`	`99`
`Programme(AKRSP)IndiaandAgaKhanFoundationIndia`
`TotalforIndiaprogrammes`	`88`	`181`	`269`	`365`
`Kenya`
`ECAKDNRegionalEasternAfricaCOVID-19ResponsePartnership-` `AgaKhanFoundationEastAfrica`	`=`	`:`	`:`	`294`
`Schools2030- AgaKhanFoundationEastAfrica`	`300`	`610`	`910`	`183`
`TotalforKenyaprogrammes`	`300`	`610`	`910`	`477`
`KyrgyzRepublic`
`SupportingAcceleratedGrowthofEntrepreneurship- PhaseII- Aga`	`261`	`654`	`915`	`-`
`KhanFoundationKyrgyzRepublic`
`EducationforStabilityinBorderRegionsofKyrgyzRepublic- Aga`	`-`	`864`	`864`	`353`
`KhanFoundationKyrgyzRepublic`
`APCentralAsiaScale-up- BusinessDevelopmentServices`	`-`	`838`	`838`	`-`
`(Component2)- AgaKhanFoundationKyrgyzRepublic`
`InitiativeforStabilisationEffortsinClose-borderAreasbetweenthe`	`-`	`757`	`Wise`	`-`
`KyrgyzRepublicandTajikistan(SECA)- AgaKhanFoundation`
`KyrgyzRepublic`
`Schools2030- AgaKhanFoundationKyrgyzRepublicandEmpirica`	`213`	`240`	`453`	`399`
`APCentralAsiaScale-up- SMEInvestmentFinanceFacility`	`-`	`290`	`290`	`-`
`(Component1)- AgaKhanFoundationKyrgyzRepublic`
`AcceleratingEducationAttainmentinCentralAsiaforResilience`	`-`	`152`	`152`	`218`
`(AEAR- CA)- UniversityofCentralAsiaandAgaKhanFoundation`
`KyrgyzRepublic`
`Batken-SughdCrossBorderDevelopmentProject(PhaseI)- Aga`	`-`	`(1)`	`(1)`	`14`
`KhanFoundationKyrgyzRepublic`
`AccelerateProsperityinCentralandSouthAsia- MountainSocDev`	`-`	`-`	`-`	`116`
`SupportProg(MSDSP)Kyrgyzstan,UniversityofCentralAsia`
`KyrgyzstanandAgaKhanFoundationKyrgyzRepublic` `EconomicRecoveryofAgriculturalValueChainsinKyrgyzstanand`	`:`	`:`	`:`	`7`
`TajikistanI]` `-MountainSocDevSupportProg(MSDSP)Kyrgyzstan`
`TotalforKyrgyzRepublicprogrammes`	`474`	`3,794`	`4,268`	`1,107`

`i)` `Expenditureonsocialdevelopmentprogrammes(continued)`	`i)` `Expenditureonsocialdevelopmentprogrammes(continued)`	`i)` `Expenditureonsocialdevelopmentprogrammes(continued)`
		`Unrestricted`	`—Restricted`	`Total`	`Total`
		`Funds`	`Funds`	`2025`	`2024`
		`£000`	`£000`	`£000`	`£000`
`Madagascar`
`EUIDARECAgroecologicalIntensificationanddiversificationfor`
`economicandclimateresilience(Diana,SavaandAnalanjirofo)- Aga`		`17`	`548`	`565`	`1,202`
`KhanFoundationMadagascar(OSDRM)`
`EUSANIDAImprovingfoodsecurityandnutritioninMadagascar-`		`29`	`8`	`37`	`D)`
`AgaKhanFoundationMadagascar(OSDRM)`		`“`			`“`
`Increasingsocio-ecologicalresiliencetoclimatechangeintheBarren`		`oD`	`.`	`n`	`27`
`Isles` `-AgaKhanFoundationMadagascar(OSDRM)`		`~`			`“`
`TotalforMadagascarprogrammes`		`68`	`556`	`624`	`1,301`
`Mozambique`
`AgroVida- StrengtheningFoodProductionSystemsinCabo`	`Delgado`	`7`	`3.274`	`3,274`	`2172`
`province- AgaKhanFoundationMozambique`
`AgroVida- TopUp- AgaKhanFoundationMozambique`			`1,578`	`1,578`	`-`
`Juntos!Phase4 - AgaKhanFoundationMozambique`		`114`	`138`	`252`	`-`
`StrengtheningSocialCohesion` `inCaboDelgado,Phase`	`II](COESO`
`PhaseII)` `-AgaKhanFoundationMozambique`
`MelDoMarMetuge- AgaKhanFoundationMozambique`		`45`	`-`	`45`	`-`
`ResiNorte- StrengtheningPeaceSocialCohesioninCaboDelgado,`
`PhaseII(COESOPhaseII)- AgaKhanFoundationMozambique`
`Juntos!Phase4 - AgaKhanFoundationMozambique`		`-`	`-`	`-`	`36`
`Juntos!GreaterPorto(Juntos!GP)- AgaKhanFoundation` `:` `Mozambique`		`=`	`=`	`-`	`22`
`TotalforMozambiqueprogrammes`		`159`	`5,209`	`5,368`	`2,806`
`Pakistan`
`SupportinganIntegratedPackageofSystemsStrengthening,`	`Nutrition,`	`747`	`1,171`	`1,918`	`398`
`andImmunisationinPakistan- AgaKhanFoundationPakistan`
`Schools2030- AgaKhanFoundationPakistan`		`72`	`350`	`422`	`-`
`ImprovedGovernanceoftheNaturalParkintheWakhanCorridor-`		`-`	`397`	`397`	`272.`
`AgaKhanFoundationPakistan`
`EducationforProsperity-AgaKhanFoundationPakistan`		`.`	`244`	`244`	`167`
`PromotionofStart-upsinPakistan- AgaKhanFoundationPakistan`		`165`	`.`	`165`	`.`
`All-weatheraccessroadforcross-bordertourismareas- Aga`	`Khan`	`-`	`134`	`134`	`79`
`FoundationPakistan`
`PakistanFloodRecovery& Resilience.Improvedresilience`	`toclimate`	`-`	`133`	`133`	`382`
`changeofcommunitiesandecosystemsinGilgit-BaltistanandChitral-`
`AgaKhanFoundationPakistan`
`BuildingResilienceofCivilSocietyandYouthtoCOVID-19inGilgit-`		`-`	`85`	`85`	`479`
`BaltistanandChitral- AgaKhanFoundationPakistan`
`ImprovingResponses& IncreasingResiliencetoDisastersin`		`24`	`-`	`24`	`-`
`VulnerableAreasofChitral` `-AgaKhanFoundationPakistan`
`LivesinDignity` `-AgaKhanFoundationPakistan`		`5`	`-`	`3`	`16`
`ImprovedRoadInfrastructureandMarketAccessinImmitValley-`		`-`	`-`	`-`	`445`
`AgaKhanFoundationPakistan`
`EnergyPlus:EnergyforClimateResilienceinGilgit-Baltistan&`		`-`	`-`	`-`	`336`
`ChitralinKhyberPakhtunkhwa- AgaKhanFoundationPakistan`
`AccelerateProsperityinCentralandSouthAsia- AgaKhan`		`-`	`-`	`-`	`1`
`FoundationPakistan`
`TotalforPakistanprogrammes`		`1,011`	`2,514`	`3,525`	`2,915`

`7` `Expenditureonsocialdevelopmentprogrammes(continued)`	`7` `Expenditureonsocialdevelopmentprogrammes(continued)`	`7` `Expenditureonsocialdevelopmentprogrammes(continued)`	`7` `Expenditureonsocialdevelopmentprogrammes(continued)`
			`Unrestricted`		`—Restricted`	`Total`	`Total`
			`Funds`		`Funds`	`2025`	`2024`
			`£000`		`£000`	`£000`	`£000`
`Portugal` `Schools2030- AgaKhanFoundationPortugal`			`111`		`266`	`377`	`425`
`Juntos!GreaterPorto(Juntos!GP)- AgaKhan`		`FoundationPortugal`	`47`		`-`	`47`	`74`
`TotalforPortugalprogrammes`			`158`		`266`	`424`	`499`
`Switzerland`
`AccelerateProsperityinCentralandSouth` `FoundationGeneva`	`Asia` `-AgaKhan`			`-`	`1]`	`11`	`26`
`TotalforSwitzerlandprogrammes`				`-`	`11`	`11`	`26`
`Syria` `RoadtoResilience:MakingruralAgricultural`		`CommunitiesinSyria`	`108`		`1.863`	`1.971`	`177`
`moreviable— AgaKhanFoundationSyria`					`;`	`,`
`SAMASupportingAdaptivechangetoworkforceManagementand`				`.`	`1.431`	`1.431`		`.`
`reclaimingAgency- AgaKhanHealthServicesSyria`					`°`	`,`
`Tamkeen2 — AgaKhanFoundationSyria`			`573`		`381`	`954`		`-`
`ClimateandEconomicResiliencethrough`	`LivestockIntensificationin`		`452`		`52`	`504`	`%6`
`Syria(CERLIS)— AgaKhanFoundationSyria`
`TA'MIN- TechnicalAssistancetoexplore`	`the`	`feasibilityofpre-`
`paymentMechanisms,Insurance,safetyNets`		`&healthworkforce`		`.`	`i`	`i`	`87`
`issues— AgaKhanHealthServicesSyria`
`TotalforSyriaprogrammes`			`L133`		`3,738`	`4,871`	`290`
`Tanzania`
`OncologyComprehensiveCancerProject- AgaKhanHealthService`
`(AKHS)Tanzania`			`567`		`-`	`567`		`-`
`Schools2030- AgaKhanFoundationEast`	`AfricaandAgaKhan`
`UniversityEastAfrica(Tanzania)`			`130`		`264`	`394`	`205`
`TotalforTanzaniaprogrammes`			`697`		`264`	`961`	`205`
`Uganda` `Schools2030-AgaKhanFoundationEast`	`Africa`		`57`		`419`	`476`	`245`
`TotalforUgandaprogrammes`			`5a`		`419`	`476`	`245`
`UnitedStatesofAmerica`
`Schools2030— ECDMeasure,University` `OmprakashFoundation`	`of`	`NotreDameand`	`124`		`94`	`218`		`-`
`TotalforUnitedStatesprogrammes`			`124`		`94`	`218`		`-`

`7` `Expenditureonsocialdevelopmentprogrammes`	`(continued)`
		`Unrestricted`	`Restricted`		`Total`		`Total`
		`Funds`	`Funds`		`2025`		`2024`
		`£000`	`£000`		`£000`		`£000`
`Tajikistan`
`ElectrificationofShuhada& Ishkashim,Badakhshan— PamirEnergy`		`-`	`9,928`		`9,928`		`2,270`
`InitiativeforStabilisationEffortsinClose-borderAreas(ISECA)-`		`-`	`742`		`742`		`-`
`AgaKhanAgencyforHabitat(AKAH),Tajikistan`
`SupportingAcceleratedGrowthofEntrepreneurship- PhaseII`	`-Aga`	`176`	`411`		`587`		`-`
`KhanFoundation,Tajikistan`
`Schools2030- AgaKhanFoundationTajikistan`		`387`	`148`		`535`		`128`
`APCentralAsiaScale-up- BusinessDevelopmentServices`		`-`	`461`		`461`		`-`
`(Component2)- AgaKhanFoundation,Tajikistan`
`CriticalInfrastructureContributingtoStabilityandPeace,PhaseLI-`		`-`	`178`		`178`		`32`
`AgaKhanFoundationTajikistan`
`ECSupportingCo-operation& OpportunitiesforRegionalEconomic`		`82`		`-`	`82`		`124`
`Development(SCORED)- AgaKhanFoundation,Tajikistan`
`AcceleratingEducationAttainmentinCentralAsiaforResilience`		`-`	`62`		`62`		`-`
`(AEAR- CA)- AgaKhanFoundationTajikistan` `ShugnanVIEnergyCrossBorderProjectPhase` `I- PamirEnergy`		`-`	`46`		`46`		`834`
`EconomicRecoveryofAgriculturalValueChainsII` `-AgaKhan`		`-`	`10`		`10`		`10`
`FoundationTajikistan`
`IntegratedNaturalResourcesManagementinZaravshonValley`		`-`		`-`		`-`	`547`
`(INVEST)- AgaKhanFoundationTajikistan`
`ImprovingCommunityResiliencethroughSustainableLivelihoodsin`		`-`		`-`		`-`	`298`
`theRashtValley- AgaKhanFoundationTajikistan`
`ShugnanVIEnergyCrossBorderProjectPhaseII- PamirEnergy`		`-`		`-`		`-`	`116`
`Establishmentof` `afibreprocessingunitwithdehairingandstoragein`		`-`		`-`		`-`	`85`
`cross-borderareas- AgaKhanFoundation,Tajikistan`
`SupportingAcceleratedGrowthforEntrepreneurship(SAGE)-`	`Aga`	`-`		`-`		`-`	`32`
`KhanFoundationTajikistan`
`AccelerateProsperity- AgaKhanFoundationTajikistan`		`-`		`-`		`-`	`23`
`AcceleratingInclusiveMarket` `&EconomicDevelopment(AIMED)-`		`-`		`-`		`-`	`17`
`partofTRIGGERII- AgaKhanFoundationTajikistan`
`AcceleratingWomen,Youth,andGreenEntrepreneurs(AWYGE)-`		`-`		`-`		`-`	`(3)`
`AgaKhanFoundationTajikistan`
`Batken-SughdCrossBorderDevelopmentProject(PhaseII)- Aga`				`-`		`-`	`(18)`
`KhanFoundationTajikistan`		`-`
`PATRIPSupportingCo-operation& OpportunitiesforRegional`
`EconomicDevelopment(SCORED)- AgaKhanFoundation,`		`-`		`-`		`-`	`(61)`
`Tajikistan`
`TotalforTajikistanprogrammes`		`645`	`11,986`		`12,631`		`4,434`
`UnitedKingdom`
`Schools2030— Sightsavers,UNICEFUKandUniversityofGlasgow`		`5`	`293`		`298`		`1,036`
`AccelerateProsperityinCentralandSouthAsia`		`-`		`-`		`-`	`153`
`AcceleratingWomen,Youth,andGreenEntrepreneurs(AWYGE)`		`-`		`-`		`-`	`6`
`ECAKDNRegionalEasternAfricaCOVID-19ResponsePartnership`		`-`		`-`		`-`	`(123)`
`TotalforUnitedKingdomprogrammes`		`5`	`293`		`298`		`1,072`
`TotalGrantsmadeforsocialdevelopment`		`5,990`	`44.208`		`50,198`		`27,480`
`Non-GrantExpenditure`		`2.264`	`1,586`		`3,850`		`3,727`
`TotalExpenditureforsocialdevelopment`		`8,254`	`45,794`		`54,048`		`31,207`

						`Unrestricted`	`—Restricted`		`Total`	`Total`
						`Funds`	`Funds`		`2025`	`2024`
						`£000`	`£000`		`£000`	`£000`
`Aga`	`KhanUniversityFoundationvarious`	`projects`				`3,200`		`-`	`3,200`	`3,292`
`The`	`InstituteofIsmailiStudiesfortheireducationalprogrammes`					`427`		`-`	`427`	`3,319`
`Aga`	`KhanFoundationPortugal,fortheGlobal`		`Encountersprogramme`			`-`	`298`		`298`	`134`
`Aga`	`KhanSchoolsfortheireducationalprogrammes`					`6`		`-`	`6`	`42`
`Aga`	`KhanFoundationGeneva,variousprojects`					`2`		`-`	`2`	`69`
`Aga`	`KhanAgencyforHabitatprogrammes`					`1`		`-`	`1`	`1`
`Aga`	`KhanHealthServices`					`I`		`-`	`1`	`]`
`TotalGrantsmadeforinstitutionaldevelopment`						`3.637`	`298`		`3,935`	`6,858`
`Non-GrantExpenditure`						`11,227`		`-`	`11,227`	`10,124`
`Total`	`Expenditureforinstitutionaldevelopment`					`14,864`	`298`		`15,162`	`16,982`
	`Tangiblefixedassets`
		`Freehold`		`Long`		`Property`	`Property`		`AssetsUnder`
			`Land&`	`Leasehold`		`Improvements`	`Fixture`		`Construction`
		`Buildings`		`Land&`			`and`
				`Buildings`			`fittings`			`Total`
			`£000`	`£000`		`£000`	`£000`		`£000`	`£000`
`Cost`
`At`	`1January2025`		`35.100`	`133,935`		`2,735`	`11,094`		`753`	`183,617`
`Additions`				`-`	`-`	`-`	`219`		`465`	`684`
`Disposals`
`Transfers`				`-`	`-`	`459`	`53`		`(512)`		`-`
`At`	`31December2025`		`35.100`	`133,935`		`3,194`	`11,366`		`706`	`184,301`
`Depreciation`
`At`	`1January2025`		`16,599`	`5,306`		`1,444`	`10,802`		`-`	`34,151`
`Chargefortheyear`			`106`	`1,010`		`96`	`161`		`-`	`1,373`
`Disposals`
`At`	`31December2025`		`16,705`	`6,316`		`1,540`	`10,963`		`-`	`35,524`
`Net`	`bookvalue`
`At`	`31December2025`		`18,395`	`127,619`		`1,654`	`403`		`706`	`148,777`
`At`	`31December2024`		`18,501`	`128,629`		`1,291`	`292`		`753`	`149,466`

	`2025`	`2024`
	`£000`	`£000`
`Balanceat` `\|January`	`30,282`	`30.282`
`Acquisitions` `ChangeinFairValue`	`=` `-`	`i` `-`
`Balanceat31December`	`30,282`	`30,282`
`11` `Debtors`
	`2025`	`2024`
	`£000`	`£000`
`Prepaymentsandaccruedincome`	`5,098`	`928`
`DebtorswithotherAKDNAgencies`	`41`	`99`
`Otherdebtors`	`1`	`1`
	`5,140`	`1,028`

`thefollowingperiods.`
			`2025`		`2024`
			`£000`		`£000`
`Receivableinlessthan` `\|year`			`631`		`1,120`
`Receivablebetween`	`\|`	`and5 years`	`547`		`918`
`Receivableingreater`		`than5 years`		`-`		`-`
			`1,178`		`2,038`
`13` `Creditors`
			`2025`		`2024`
			`£000`		`£000`
`Amountsfallingdue`		`withinoneyear`
`Accrualsanddeferred`		`income`	`2,456`		`2,663`
`GrantsPayable`			`189`		`786`
`Tradecreditors`			`123`		`122`
`Payrolltaxes`			`227`		`200`
`Othercreditors`			`128`		`124`
`CreditorswithotherAKDNAgenciesandaffiliatedinstitutions`			`19`		`2`
			`3,142`		`3,897`
`Grantspayable(all`	`fallingduewithinoneyear)`		`£000`
`Asat` `\|January`			`786`
`Grantscommittedin`	`theyear`		`49,310`
`Grantspaidintheyear`			`(49,907)`
`Asat31December`			`189`
`Deferredincome`			`£000`
`Asat` `1January`			`1,486`
`Amountsreleasedto`	`income`		`(1,486)`
`Amountsduewithin`	`oneyear`		`1,458`
`Asat31December`			`1,458`

	`2025`		`2024`
	`£000`		`£000`
`Netincome/ movementinfunds`	`18,565`		`13,870`
`Depreciationontangiblefixedassets`	`1,373`		`2,139`
`(Profit)/Lossonthesaleoffixedassets`		`-`	`(289)`
`(Gain)/ LossonInvestment` `Giftinkinddonationscapitalised`	`(141)`	`=`	`(161)`	`-`
`Interestreceived`	`(1,521)`		`(2,245)`
`Decrease/ (Increase)indebtors`	`(4,112)`		`974`
`(Decrease)/ Increaseincreditors`	`(755)`		`(1,119)`
`Netcashinflow/ (outflow)fromoperatingactivities`	`13,409`		`13,169`

`18`	`Cashandcashequivalents`
		`2025`	`2024`
		`£000`	`£000`
`Changesintheyear`
`At`	`\|January`	`73,554`	`58.514`
`Net`	`cashinflow/(outflow)`	`14,387`	`15,040`
`At`	`31December`	`87,941`	`73,554`

		`UnrestrictedFunds`	`UnrestrictedFunds`
		`General`	`Designated`	`Restricted`	`2025`	`2024`
		`Funds`	`Funds`	`Funds`	`Total`	`Total`
		`£000`	`£000`	`£000`	`£000`	`£000`
`Balanceat`	`\|January`	`379`	`239,387`	`10,667`	`250,433`	`236,563`
`Income`		`7.400`	`34,900`	`48,970`	`91,270`	`63,584`
`Expenditure` `Recognised`	`Gains/ (Losses)`	`(7,344)` `(57)`	`(17,392)` `(1,892)`	`(46.092)` `72`	`(70,828)` `(1,877)`	`(49.676)` `(38)`
`Gain/ (Loss)onInvestment`
`Transferof`	`funds`	`2`	`(2)`
`Balanceat31December`		`380`	`255.001`	`13.61`	`268,998`
`Representedby:`
`Fixedassets`		`-`	`179,059`	`-`	`179,059`
`Currentassets`		`847`	`78.057`	`14,177`	`93,081`
`Currentliabilities`		`(467)`	`(2.115)`	`(560)`	`(3,142)`
		`380`	`255.001`	`13.617`	`268,998`

		`Social`	`Institutional`	`Social`	`2025`	`2024`
		`Development`	`Development`		`Total`	`Total`
`DesignatedFunds`		`£000`	`£000`	`£000`	`£000`	`£000`
`Balanceat`	`\|January`	`1,401`	`210,377`	`27,609`	`239,387`	`228.459`
`Income`		`5,476`	`24,577`	`4,847`	`34,900`	`29,277`
`Expenditure`		`(6,192)`	`(9,885)`	`(1,315)`	`(17,392)`	`(18,471)`
`Recognised`	`Gains/ (Losses)`	`(118)`	`(1,710)`	`(64)`	`(1,892)`	`140`
`Gain/ (Loss)onInvestment`
`Transferof`	`funds`	`(6)`	`9`	`(5)`	`(2)`
		`—_561`	`223,368`	`31,072`	`255,001`	`239,387`
`Representedby:`
`Fixedassets`		`-`	`158,273`	`20,786`	`179,059`	`179.748`
`Currentassets`		`746`	`67.025`	`10.286`	`78,057`	`62,232`
`Currentliabilities`		`(185)`	`(1.930)`	`Z`	`(2,115)`	`(2.593)`
		`561`	`223.368`	`31,072`	`255,001`	`239.387`

2025-12-31-accounts

- Jane Piacentini-Moore