VIQUARAN NISA NOON AND FIROZ KHAN NOON EDUCATIONAL FOUNDATION FINANCIAL STATEMENTS 31 MARCH 2022 Cbarity Number 10171M12 VIQUARAN NISA NOON AND FIROZ KHAN NOON EDUCATIONAL FOUNDATION YEAR ENDED 31 MARCH 2022 coNrENTS Pages Trustees, Annual Report for tbe peri(MJ 2to5 Independent exaThiDer'3 report on the accounts ReeeRpts and payments acfounts 7t08 Trustees, Annual Report for the period Peric4J start date Period end date From April 2021 To 31 March 2022 Reference and administration details Charity name Viquaran Nisa Noon and Firoz Khan Noon Educational Foundation Other names charity is known by Noon Educational Foundation Registered charity number (if any) 1017002 Charity's principal address Mansfield College Alansfield Road Oxford Postcode OX13TF Names of the charity trustees who manage the charity Name of person lor body) •ntiued to appoint trustee {if an Trustèè name Offie• rrf •rryl Dates acted if nottor THhole year Sir Nicholas Barrington KCMG, CVO, MA The Hon. Dr. Paul Flather Dr Rosemary Anne Raza Mr Ehsan Mani Ms Naila Hayat Noon Dr Khwaja Ahmad Hosain Mrs Ameena Saiyid Professor Faisal Devji Chair Hon. Treasurer Names of the trustses for the charity, if any. (for example, any custodian trustees) Narne Dates acted rf not for whole ear Names and addresses of advisers (Optional infomiation) Type of advisor Name Address Inveslment Management Rathbones Rathbone Investment Management 8 Finsbury Circus London EC2M 7AZ Structure, governance and management Description of the charity's trusts Type of goveming document Trust Deed dated 20 December 1992 How the charity is constituted Trust Trustee selection methods Elected by the Board of Trustees at the Annual Meeting Additional govemanco issues {Optional inf0M￿tion) You may choose to indude additional infomiation, where relevant, about.. Policies and procedures adopted for the induction and training of trustees. The charity's organisational structure and any wider ne￿Ork with which the charsty works. The Trustees commun￿ate and speak regularty and meet infomally, as often as practicable, and all attend the annual general meeting, usually in late June lor earty July) of each year, either at the University of Oxford or Cambridge, or in London, to setect the N(x)n Scholars for the coming atxlemic year, to review past selections" and to ensure that the management of the trust and its F)Ortfolio holdings remain effective and efficient The Trustees have discretionary FM)wers to enable them to fijrther the objectives of the trus( Whi￿ remaining obliged to observe the Statutes of the TrusL Relationship with any related parties. Trustees, consideration of major risks and the system and Pro￿dureS to manage them. The Trustees have ￿entsfied any major risks to which the tharity is exposed as the volatilty of the stock market and currency levels. In order to minimise these, the investment managers invest the charity's funds in medium risk investment vehicles which nevertheless give a gocMJ retum wtthout unnecessary risk to the capitsl. Advice is regularty sought from the investment managers, currenuy Rathbone's, to ensure that the investrnents are managed in an effective and desired manner. The Trustees seek to protec( and to grow. the core fund, using the income generated each year to support new scholars and to cover the minimal administratson costs. Objectives and activities The objectives of the Trust are lo advance the education of persons born. domi￿[ed or normally resident in Pakistan, by the provision of bursaries. Summary of the objects of the | scholarships and other financial supporL to enable such persons to pursue charity set out in its courses of h￿her &Jucation. currenuy deemed to include the natural, the governing document applied, and the S(￿la1 sciences. and humanity"es, at universities and similar , inth"tub"ons situated in the Untted Kingdom, currenuy deemed to be Oxford and Cambndge. In the year 2021-22, grants totalliTrg £75,87112020-21- £67,270) were paid to Cambridge and Oxford to provide parb.al support for students. Summary of the main activities in relation to these objects Grants were paid during the year as follows.. Cambridge- £25.03712021.' £38,000) Oxford - £50,834 {2021. £29,720}. Additional detsils of objectives and activities {Optional inforniation) You may choose to include further statements, where relevant. about-. The Twsl seeks to enable. ￿Operate with and boos( other bodies that similarly also aim lo support Pakistani scholars. Policy on grantmaking Policy programme related investment Contribution made by Volunteers Achievements and performance Summary ofthe main achievements of the charity during the year The financial statements have been prepared in accordance with the presentstjon laid down in the Ststement of Recommended Practice for Accounting by Chanties 2005. It is the Tnjstees, policy to distribute the available income in accordance with the objectives laid down in the Goveming Deed. Income for the year ended 31 March 2022 was £59,71212021". £63,346). Grants of £75,871 (2021." £67.270) were made, and the trustees were delighted to support for six able candidates to study at Oxford and Cambridge, bringing the total number of students SUPFQrted since 1994 to over 220. It is woth noting, however, that University fees CJ)ntinue year on year while and matching available supkwjrt is harder to pin down. Management and administrat￿￿ costs of £20,349 12021". £24,365} were paid during the year. These included managemenl fees to the investment bankers, office overheads. alumni project work, and websf(e support. There was no meetr.ng and reception costs this year due to Zoom. nor any new publications. Al the year end. management fees of £4.292 for the period from 1 January 2022 to 31 March 2022 were outstanding. These were paid on 1 April 2022 but are not included in Ihe management fees of £17.359. Management fees of £4.084 were paid on 1 April 2021 in respect of the period from l January 2021 to 31 March 2021. These are included in the accounts to 31 March 2022. Financial review Brief statement of the charity's policy on reserves It is the of the chanty to mainlain unrestricted funds at a level which equates to at least six months unrestficted expenditure. In practice, the running costs of the Trust are relatively low as the income is derived from investments retums and the main area of expense are the board meeting for the making of grants under the chartys charitable objectives. The Trustees aim to keep the unrestricted reserves at about £7.000. as this figure is deemed lo be sufficient to cover the day-t￿aY running expenses, allowan￿ for office costs, and including all legal. professK)nal 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 rt is out of these that the Tnjst makes its annual charitable scholarship grants. Advi￿ is sought from the investment managers, (RathL￿nes.1, to ensure that at no time are the investments subjected to unacceptable levels of risk, which could wssibly jeopardise the Trust's long term charitsble ob'ectives. Details of any funds materially in deficit Further financial review details (Optional infomiation) You may choose to include 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 and objectives including any ethical investment policy adopted. The Tnjstees have unresth.cted tK)wers of invesknent. However, investment decisions have been delegated to the investment managers, Rathbones, tjnder the superwsion of a Finance Working Group including now two leading trustees_ Paul Flather and Ehsan Mani {Hon. TTra$u￿rt together wrth fomier trustee, Haroon Ahmed, who has kindly agreed to continue in this role though he has demitted from being an official trustee. This Subcommittee hosts a meeting at least once a year - equivalent as a setx)nd tx)ard meeting of the trustees. Its deliberab"ons, and the views of the investment brokers, are reported fully and discussed by the tx)ard. Al the AGM of the trustees a further formal presentats.on is made by the investrnent brokers and is fully discussed and revwed 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. seGrelaryi chair. etc) Dr Paul Charfes Ram Flather Chair Date 2￿ December, 2022 Independent examinerfs report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of Viquaran Nisa Noon and Firoz Khan Noon Educatlonal Foundation On accounts for the year ended 31 March 2022 Charity no 1017002 Set out on pages 7&8 Respective The charitys Trustees are responsible for the preparation of Ihe accourrt5. responsibilities of The charity's Trustees consider that an audit is not required for this year trustees and examiner under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibilrty to= examine the accounts under section 145 of the Charities Act. to follow the Pro￿dureS laid down in the general Directions given by the Charity Commission (under section 145(5){b} of the Charities Act. and to state whether particular matters have come to my attention. Basis of independent My examination was carried OLrt in accordan￿ wth general Directions given examiner's ststement by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented wtth those re￿rds. It also includes consideration of any unusual items or disdosures in the accounts, and seeking explanations from the trustees GOn￿ming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounls p￿sent a Yrue and fairf view and the report is limited to those matters set out in the statement below. Independent In connection with my examination, no matter has come to my attention examiner's statement 1. which gives me reasonable cause to believe thal in, any material respect, the requirements= to keep accounting records in accordance with section 130 of the Charities Act: and to prepare accounts ￿lch accord with the accounting records and comply with the accounb.ng requirements of the Charities Act have not been met: or 2. to which. in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. Signed". Date: 30 January 2023 Name: Lisa King of Bur King Accountancy Limited Relevant professional qualification(s) or body . Chartered Certified Accountant Address: 8 The Hamirtons, Nevnnarket SLrfFolk. CB8 ONF. Noon Educational Foundation 1017002 Receipts and payments accounts CC16a For the perbod from 01-Apr-21 To 314lar-22 Section A Receipts and payments Unrestricted funds Restricted funds Endowment funds Total funds Last year 10 th& Do8resi£ to thB ne*est £ A1 Recei Dividends ts 55,112 55,112 {600 47,434 S,300 Tr&asury interest Current & depos¢t gross interest Other 4.600 s,000 5,612 Renl Icontributionl Anniversary dinner Sub total 59.712 59,712 63,346 A2 Asset and 5nvèstmnt sales. 694.878 694878 437,505 Totalreceipts 754.$90 7S4,590 500.851 A3 Payments Granis 75,871 75.871 67270 15,317 Management fees Anniversary dinner l AGM costs Rent 17,359 17.359 1.000 1.000 5,832 Office lincl. staff) 2,021 100 Office overheads 200 200 Accountancy W&bsile 500 500 642 95 Misc eX￿nSeS Imeeting5 elc.) Sub total 93.230 96.220 91,635 A4 Asset and investment purchas•s. èt 642,439 416,057 Totalpayments 2.990 735.669 738,659 507.692 Net of ra￿pts1(PaYMents) AS Transfèrs between funds 12,9901 2,500 18.921 15,931 16.8411 {2,5001 30.478 46,B99 A6 cash funds last year end Cash funds this yearend 31521 42,362 51,452 35,521 Section B Statement of assets and liabilities at the end of the period Unrestricted nds Restricted funds Endowment funds Catagoriès Detsil$ to nearest£ to nea￿St£ B1 Cash funds 46,899 BarclaJ3 Barsk plc Cash 4.721 1168) Total oa5h funds (agree balances wrth ￿CeIpts and payments accounlls)) 4.553 46,899 Unrestricted fvnds Restricted funds Endowmènt funds to nearest£ Details to nearest£ FurKI to whith assrf bolon RathbcK)es Details sted invesbnents Cost loptionall CurrentvJlug tiTrTral B3 Invastment assets 2.151,310 2.339,827 FurKI to which Current value optional Deta51s Cost (optional) B4 A55ets retained for th8 charity's own uso Fundto whkh Ilablll r¢l*S When due optior￿1 Details onal B5 Liabilities Signed on beha￿of all the trustees Signalure Print Name Dale of Èpproval Dr Paul Flather