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## 

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





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# - Jane Piacentini-Moore 



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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`|





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## 

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



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## 

|`3`|`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`|<br>`-£120,000`|`1`|`1`|
|`£120,001`|<br>`-£130,000`|`-`|`I`|
|`£130,001`|<br>`-£140,000`|`-`|`1`|
|`£150,001`|<br>`-£160,000`||`I`|
|`£160,001`|<br>`-£170,000`|`3`|`1`|
|`£190,001`|<br>`-£200,000`|`-`|`1`|
|`£200,001`<br>`£250,001`<br>`£260,001`<br>`£280,001`|<br>`-£210,000`<br> <br>`-£260,000`<br> <br>`-£270,000`<br> <br>`-£290,000`|`-`<br>`1`<br>`1`|`ee`<br>`eea `|
|`£290,001`<br>`£340,001`|<br>`-£300,000`<br> <br>`-£350,000`|`2`|`Noo`|
|`£350,001`|<br>`-£360,000`|`1`||
|`£470,001`|<br>`-£480,000`|`1`||
|`Pensioncontributiontotalling£380kweremadefortheseemployeesduringtheyear(2024:£318k).`||||





## 

|`Expenditurefortheyearisstatedafterchargingthefollowingcosts.`||
|---|---|
||`2025`|
||`£000`|
|`Depreciation(note9)`<br>`Auditfee— CroweUKauditofthesefinancialstatements`|`Law`<br>`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`<br>`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`<br>`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`<br>`OHFProtocolFrameworkAgreementwithMinistryofSocial`|`-`|`-`|`-`|`31`||
|`Solidarity`<br>`-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`<br>`EssentialMulti-SectorProgrammeintheCentralHighlandsand`||`135`|<br>`:`|`423`<br>`415`|`393`|<br>`=`|
||`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`<br>`ImprovingAdolescentsLivesinAfghanistan(IALA)- AgaKhan`||`102`<br>`44`|<br>|`102`<br>`44`|`102`<br>`247`|<br>|
||`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`<br>`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`<br>`YuvaJunctionExpansion:BuildingCareersforRuralYouth- Aga`|`z`|`-`|`.`|`112`|
|`KhanRuralSupportProgramme(AKRSP)India`<br>`PathwaystolowcarbonagricultureinIndia`<br>`-AgaKhanRuralSupport`|`:`|`2`|`“`|`99`|
|`Programme(AKRSP)IndiaandAgaKhanFoundationIndia`|||||
|`TotalforIndiaprogrammes`|`88`|`181`|`269`|`365`|
|`Kenya`|||||
|`ECAKDNRegionalEasternAfricaCOVID-19ResponsePartnership- `<br>`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`<br>`EconomicRecoveryofAgriculturalValueChainsinKyrgyzstanand`|`:`|`:`|`:`|`7`|
|`TajikistanI]`<br>`-MountainSocDevSupportProg(MSDSP)Kyrgyzstan`|||||
|`TotalforKyrgyzRepublicprogrammes`|`474`|`3,794`|`4,268`|`1,107`|





## 

|`i)`<br>`Expenditureonsocialdevelopmentprogrammes(continued)`|`i)`<br>`Expenditureonsocialdevelopmentprogrammes(continued)`|`i)`<br>`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`<br>`-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`<br>`inCaboDelgado,Phase`|`II](COESO`|||||
|`PhaseII)`<br>`-AgaKhanFoundationMozambique`||||||
|`MelDoMarMetuge- AgaKhanFoundationMozambique`||`45`|`-`|`45`|`-`|
|`ResiNorte- StrengtheningPeaceSocialCohesioninCaboDelgado,`||||||
|`PhaseII(COESOPhaseII)- AgaKhanFoundationMozambique`||||||
|`Juntos!Phase4 - AgaKhanFoundationMozambique`||`-`|`-`|`-`|`36`|
|`Juntos!GreaterPorto(Juntos!GP)- AgaKhanFoundation`<br>`:`<br>`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`<br>`-AgaKhanFoundationPakistan`||||||
|`LivesinDignity`<br>`-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`<br>`Expenditureonsocialdevelopmentprogrammes(continued)`|`7`<br>`Expenditureonsocialdevelopmentprogrammes(continued)`|`7`<br>`Expenditureonsocialdevelopmentprogrammes(continued)`|`7`<br>`Expenditureonsocialdevelopmentprogrammes(continued)`||||||
|---|---|---|---|---|---|---|---|---|
||||`Unrestricted`||`—Restricted`|`Total`|`Total`||
||||`Funds`||`Funds`|`2025`|`2024`||
||||`£000`||`£000`|`£000`|`£000`||
|`Portugal`<br>`Schools2030- AgaKhanFoundationPortugal`|||`111`||`266`|`377`|`425`||
|`Juntos!GreaterPorto(Juntos!GP)- AgaKhan`||`FoundationPortugal`|`47`||`-`|`47`|`74`||
|`TotalforPortugalprogrammes`|||`158`||`266`|`424`|`499`||
|`Switzerland`|||||||||
|`AccelerateProsperityinCentralandSouth`<br>`FoundationGeneva`|`Asia`<br>`-AgaKhan`|||`-`|`1]`|`11`|`26`||
|`TotalforSwitzerlandprogrammes`||||`-`|`11`|`11`|`26`||
|`Syria`<br>`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`<br>`Schools2030-AgaKhanFoundationEast`|`Africa`||`57`||`419`|`476`|`245`||
|`TotalforUgandaprogrammes`|||`5a`||`419`|`476`|`245`||
|`UnitedStatesofAmerica`|||||||||
|`Schools2030— ECDMeasure,University`<br>`OmprakashFoundation`|`of`|`NotreDameand`|`124`||`94`|`218`||`-`|
|`TotalforUnitedStatesprogrammes`|||`124`||`94`|`218`||`-`|





## 

|`7`<br>`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`<br>`ShugnanVIEnergyCrossBorderProjectPhase`<br>`I- PamirEnergy`||`-`|`46`||`46`||`834`|
|`EconomicRecoveryofAgriculturalValueChainsII`<br>`-AgaKhan`||`-`|`10`||`10`||`10`|
|`FoundationTajikistan`||||||||
|`IntegratedNaturalResourcesManagementinZaravshonValley`||`-`||`-`||`-`|`547`|
|`(INVEST)- AgaKhanFoundationTajikistan`||||||||
|`ImprovingCommunityResiliencethroughSustainableLivelihoodsin`||`-`||`-`||`-`|`298`|
|`theRashtValley- AgaKhanFoundationTajikistan`||||||||
|`ShugnanVIEnergyCrossBorderProjectPhaseII- PamirEnergy`||`-`||`-`||`-`|`116`|
|`Establishmentof`<br>`afibreprocessingunitwithdehairingandstoragein`||`-`||`-`||`-`|`85`|
|`cross-borderareas- AgaKhanFoundation,Tajikistan`||||||||
|`SupportingAcceleratedGrowthforEntrepreneurship(SAGE)- `|`Aga`|`-`||`-`||`-`|`32`|
|`KhanFoundationTajikistan`||||||||
|`AccelerateProsperity- AgaKhanFoundationTajikistan`||`-`||`-`||`-`|`23`|
|`AcceleratingInclusiveMarket`<br>`&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`||<br>`Long`||`Property`|`Property`||`AssetsUnder`|||
||||`Land& `|<br>`Leasehold`||`Improvements`|`Fixture`||`Construction`|||
|||`Buildings`||<br>`Land& `|||`and`|||||
|||||`Buildings`|||`fittings`|||`Total`||
||||`£000`|<br>`£000`||`£000`|`£000`||`£000`|`£000`||
|`Cost`||||||||||||
|`At`|`1January2025`||`35.100`|<br>`133,935`||`2,735`|`11,094`||`753`|`183,617`||
|`Additions`||||`-`|`-`|`-`|`219`||`465`|`684`||
|`Disposals`||||||||||||
|`Transfers`||||`-`|`-`|`459`|`53`||`(512)`||`-`|
|`At`|`31December2025`||`35.100`|<br>`133,935`||`3,194`|`11,366`||`706`|`184,301`||
|`Depreciation`||||||||||||
|`At`|`1January2025`||`16,599`|<br>`5,306`||`1,444`|`10,802`||`-`|`34,151`||
|`Chargefortheyear`|||`106`|<br>`1,010`||`96`|`161`||`-`|`1,373`||
|`Disposals`||||||||||||
|`At`|`31December2025`||`16,705`|<br>`6,316`||`1,540`|`10,963`||`-`|`35,524`||
|`Net`|`bookvalue`|||||||||||
|`At`|`31December2025`||`18,395`|<br>`127,619`||`1,654`|`403`||`706`|`148,777`||
|`At`|`31December2024`||`18,501`|<br>`128,629`||`1,291`|`292`||`753`|`149,466`||





## 

## 

||`2025`|`2024`|
|---|---|---|
||`£000`|`£000`|
|`Balanceat`<br>`|January`|`30,282`|`30.282`|
|`Acquisitions`<br>`ChangeinFairValue`|`=`<br>`-`|`i`<br>`-`|
|`Balanceat31December`|`30,282`|`30,282`|
|`11`<br>`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`<br>`|year`|||`631`||`1,120`||
|`Receivablebetween`|`|`|`and5 years`|`547`||`918`||
|`Receivableingreater`||`than5 years`||`-`||`-`|
||||`1,178`||`2,038`||
|`13`<br>`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`<br>`|January`|||`786`||||
|`Grantscommittedin`|`theyear`||`49,310`||||
|`Grantspaidintheyear`|||`(49,907)`||||
|`Asat31December`|||`189`||||
|`Deferredincome`|||`£000`||||
|`Asat`<br>`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`<br>`Giftinkinddonationscapitalised`|`(141)`|`=`<br>|`(161)`|`-`<br>|
|`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`<br>`Recognised`|<br> `Gains/ (Losses)`|`(7,344)`<br>`(57)`|`(17,392)`<br>`(1,892)`|`(46.092)`<br>`72`|`(70,828)`<br>`(1,877)`|`(49.676)`<br>`(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`|





## 

## 

## 

##