2021-03-31-accounts

VIQUARAN NISA NOON AI¥D FXROZ KHAN NOON EDUCATIONAL FOUNDATION FINAI¥4CIAL STATEMENrs 31 MARCH 2021 Charity Number 1017002

VIQUARAN NISA NOON AND FIROZ KHAN NOON EDUCATIONAL FOUNDATION YEAR ENDED 31 MARCH 2021 CONfENrs Page5 Trustees, Annuat Rep)rt for the peri 2toS Independent ex¥dmiDer's report on the aceounts Re¢eipts and payments accounts 7t08

Trustees. Annual Report for the period Period start date Period end date From 'fe2 April 2020 To Reference and administration details 31 Pllarch 2021 Charity name Viquaran Nisa Noon and Firoz Khan Noon Educational Foundation Other names charity is known by Noon Educational Foundation Reglstered charity number (rf any) 1017002 Charltys principal address Mansfield College Mansfield Road Oxford Postcode OX1 3TF Names of the charity trustees who manage the charity T￿￿tse name Offi¢e {rf any) Dats8 acted rf notfor ¥thole year Namè of person lor Ix)dyl enttiled to appoint tr￿tee Ilf an Sir Nicholas Barrtngton KCMG, CVO, MA The Hon. Dr. Paul Flather Professor Haroon Ahmed SCD, FREng Dr Rosemary Anne Raza Mr Ehsan Mani Ms Naila Hayat Noon Dr Khvtsja Ahmad Hosain Mrs Ameena Saiyid Professor Faisal Devji Chair Resigned Nov 2020 Hon. Treasurer Names of the trustees for the charity. If any. (for example. any Custodlan trustees) Name Dates acted rf not for whole ear Names and addresses of advisers (Optional infommtion) of advisor Nama Address Investment Management Rathbone Investmerrt Management 8 Finsbury Circus London Rathbones EC2M 7AZ

Structure, governance and management Description of the charity's trusts Type of governing document Trust Deed dated 20 De￿mber 1992 How the charity is constitLrted Trust Trustee selection methods Elected by the Board of Trustees at the Annual Meeting Additional governance issues (Optional infomiation You may choose to include additional information, vtherè relevant, about.. Policies and Pro￿dureS adopted for the induction and training of trustees. The charity's organisational structure and any wider network with vthich the charity works. The Trustees wrnmun￿ afFd speak regulady and meet infom)ally, as often as prath"eabb, and all attend the annual general meeting, usually in late June or eady July of each year, either at the University of Oxford or Cambridge, or in London, to select the Noon Scholars for the coming aixdemic year, to review past selectsons and to ensure that the management of the trust is effeth.ve and effiaent. The Trustees have discrebonary powers to enable them to further the objectives of the trust iKrt they are obliged to observe the Statutes of the Tnjst. Relationship wth any related parties. Trustees, consideration of major risks and the system and procedures to manage them. The Trustees have ident¢fied the major risk to which the charity is exposed as the volatilty of the Str￿k market. In order to minimise these risks, the investment managers invest the ¢hariWs fvnds in medium risk investment vehicles which nevertheless give a good retum wthout ur4necessary risk to the capital. Advice is regularty sought from the investment managers. currently Rathbone's, to ensure that the investments are managed in an effective manner. The Tnjstees seek to protec( rf not grow, the core fund. using the income generated each year to support new scholars and cover the minimal administrabon o)sts. Ob"ectives and activities The objethes of the Trust are to advance the education of persons born, domiciled or no¥rnalW resident in Pakistsn, by the provision of butsaries. scholarships and other financial supporL to enable such persorbs to pursue courses of higher education, currently deemed to include the natural, applied social scien￿. and humanities. at universitses and similar institutions situaled in the United Kingdom. cUrren￿Y deemed to be Oxford and Cambridge. Summary of the objects of the charity set out in its governing document

In the year 202¢>21. grants totalling £67,270 {2019-20- £61,300) were paid to Cambridge and Oxford lo provide parts.al supwrt for students. Summary of the main activities in relation to these objects Grants were paid during the year a5 fr)IIows'. Cambrtdge- £38.000 {2020.. £33.000) Oxftird - £29.72012020. £28.300) Additlonal detalls of objecttves and activities (Op￿onal Infomiation) You may choose to include further statements, where relevant, abJut'. Policy on grantmaking Policy programme related investment The Trust ￿kS to enable. ¢lN)￿rate with and bc¥)sL other bodies that similarty also aim to support Pakistani scholars. Contribution made by Volunteers Achievements and performance Summary of the maln achievements of the charity during the year The firlanaal staternents have been piepared in accordance with the presentstion Laid down in the Statement of Recommended Practice for Accounting by Chartknes 2005. It is the Trustees. policy lo distribute the available income in accordance wilh the objectives laid down in the Goveming Deed. Income for the year ended 31 March 2021 was £63,34612020'. £82,801). Grants of £67,270 12020". £61.300) were made, and the trustees were delighted to supwrt for six abte candidates to study at Oxford and Cambridge, bringing the total number of students supported Sin￿ 1994 to well over 200. It is worth noting, however. that Universty fees have steadily increased and matching availab￿ supp)rt is dedining. Managemertrl and administration costs of £24,365 12020.. £32,598} were paid during the year. These included managemenl fees to the investrment bankers, office ovetheads. alumni work, websrte support, and management fees to our brokers. There was no meeting and reception costs this year due to Zoom. nor any new publicab"ons. Costs indLEde rent payments totalling £5,832, of which £5,612 was reimbursed. At the year end management fees of £4,084 for the period from 1 January 2021 to 31 March 2021 were outstsnding. These were paid on 1 April 2021 but are not included in the management fees of£15,317. Management fees of £3.507 were paid on 1 April 2020 in ￿sPeCt of the period from 1 January 2020 to 31 March 2020. These are included in the accounts to 31 March 2021.

Financial review Brief ststement of the charity's policy on reserves It is the policy of the charity to maintain unrestrcted funds at a level which equates lo at least six months unrestricted expenditure. In practi￿, the running costs of the Trust are relatNely low as the ir¢come is derived from investment5 retums and the main area of expense are the board meeting for the making of grants under the charrt￿$ charrtable objectrves. The Tnjstees aim to keep the unresth'cted reserves at about £7,000, as this figure is deemed to be sufficient to cover the day-to-day running expenses, allowance for rend and office costs, amd including all legal, professional and admin support fees. as well as any emergency funding requirements which may arise. Careful consideration is also given to the level of restricted reserves as il is out of these that the Trust makes its annual charitable scholarship grants. Advice is sought from the investment managers, IRathbone5'1, to ensure that at no b'me are the investsnents subjected to Un8￿ptable levels of risk, which could p)ssibty jeopardise the Trusvs long temi charitable ob'ectives. Details of any funds materially In deficit Further financial review details (Optional infomiation) You may choose to indude additional information, where relevant about.. The charity's principal sources of funds (including any fundraising). How expenditure has supported the key objectives of the charity. Investment policy arKI objectives including any ethical investment policy adopted. The Trustees have unrestri(tst powe￿ of investment. However, investment decisions have been delegated to the investment managers, Ralhbones, under the supervision of a Finan￿ Working Group Including three leading trustees. Paul Flather. Ehsan Mani (Hon. Tre8suAer) and Haroon Ahmed, who has kindly agreed in this role though he has demitted from being an official trustee. This subcommittee hosts a meeting at least once a year - as a second board meeting of the trustees. Its deliberations and the views of the investment brokers are report&Y fulty and discussed by the board. Al the AGM of the trustees a fvjrther fomial presentstson is made by the inveslrnent brokers and full discussed by all the trustees. Other optional information Declaration The trustees declare that they have approved the trustees, report above. Signed on behalf of the charity's trustees Signature(s} Full name(s Position {e.g. Secretary. chair. etc) Dr Paul Chades Ram Flather Chair Date 20 De￿mber 2021

Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of Wiquaran Nisa Noon and Firoz Khan Noon EducatEonal Foundatlon On accounts for the year ended 31 March 2021 Chaiity no 1017002 Set out on pages 7&8 Respectlve The chantys Trustees are responsible for the preparation of the accounts. responsibilities of The charity's Trustee5 consider that an audit is not required for this year trustees and examiner under section 144 of the Chartties Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to.. examine the accounts under section 145 of the Charities Act, to follow the procedures laid down in the general Directions given by the Charity Commission {under section 145{5}Ib) of the Charities Act, and to state vthether particular matters have come to my attention. Basis of independent My examination was carried out in accordance wtth general Directions given examinerfs statement by the Charity Commission. An examination includes a review of the accountsng records kept by the chanty and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disdosures in the accounts, and seeking explanations from the trustees conceming any such matters. The procedure5 undertaken do not provide all the eviden￿ thal V￿uld be required in an audit, and onsequenlly no opinion is given as to vthether the accounts present a true and fairf view and the report is limrted to those matters set oui in the statement below. Independent In connecaion with my examination. no matter has come to my attention examinerfs statement 1. which gives me reasonable cause to believe that in, any fflaterial resped, Ihe requirements.. to keep accounting records in accordan￿ with section 130 of the Charities Act. and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities AGt have not been met: or 2. to vthich, in my opinion. attention should be drawn in order to enable a proper understsnding of the accounts to be reached. Signed: Date: 15 December 2021 Name: Lisa lQng of ett King Accountancy Limited Relevant professional qualifi¢ation{s) or body . Chartered Certffied AcccHJntant Address: 8 The Hamiltons. Newmarket Suffolk. C88 ONF.

Noon Educallonal Foundation 1017002 Receipts and payments accounts CC16a For the period 01Apr-20 To 31-Mar-21 Section A Receipts and payments Unrestricted funds tott irY5t£ to n•Jrest£ Restricted funds Endowment funds tothe rar8st £ to tho nèarèrt£ Total funds Last year to tho ngaroSt£ A1 Receipts Dividends 47.434 47.434 67.641 Treasury interest Current & deposi( gross interest Other 6.000 Rent {conlTibutson) Anniversary dinner 5.612 5.612 7.800 Sub total 10.612 52.734 63,346 82.081 A2 Asset and Investment sales. et¢. 437.505 437.505 430.885 Total rec￿"pts 10.612 .r39 500,851 512,966 A3 Payments Grants 67.270 67.270 15.317 61,300 16.465 Management fees Anniversary dinner l AGM costs Rent Ireimbursedl Office lincl. stafft Office overheads 15.317 3.886 5.832 5.832 2,021 2.021 11X) 1.075 100 1.283 Accountanc Website 95 Misc expenses (meetings ete.) 214 Sub total 82.587 91.635 93.898 A4 Asset and investment purchases, et¢. 416,057 416,057 41)0.511 Totalpayments 507.692 494,409 Net of re¢eipt￿(paYn￿ts) A5 Transfers betwegn funds 18.4051 16,8411 18,557 A6 Cash funds last year end Cash funds this yearem 3.479 38.883 30.478 42.362 35.521 23,805 42.362 5.043

Section B Statement of assets and liabilities at the end of the period Unrestricted funds Restrfded funds to nBarest£ Endowment funds to ntar88t£ Categories Details B1 Cash funds RathLK)nes 30.478 Barclays Bank pk Cash {34) Total cash funds (agree balan￿ vthh receipts arKI paYm￿ts a(x)untlsl) 30.478 Unrestrlcted funds to noAro¥t£ Restrfcted funds Endowment funds to noaYost£ Details to rarn8t£ 82 Other monetary assets Fund to which asset bol Rathbor￿S Details Listed investments Cost lopti¢>nall CuThent valuo 83 Investment assets 1.979.656 2.239.783 FuThJ towhkh Details Cogt It)tthnall Current valug onal B4 Assets retained for the charity's own use Fundtowhich Am¢)vnt dug n•1 When due onal Details B5 Liabilities Sign¢il on behawof all the trustees Ssgnalure Print Name Date of approval Dr Paul Flather 20 December 21