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* i**rY5t£ to n•Jrest£
Restricted
funds
Endowment
funds
tothe r*ar8st £ 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 r*arn8t£
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