VIQUARAN NISA NOON AND FIROZ KIIAN NOON EDUCATIONAL FOUNDATION FINANCIAL STATEMENTS 31 MARCH 2023 Charity Number 10171M12
VIQUARAN NISA NOON AIYD FIROZ KHAN NOON EDUCATIONAL FOUNDATION YEAR EIYDED 31 MARCH 2023 cowrENTS Pages Trustee8' AnnllAI Rert for the period 2to5 Independent examiner'8 report on the accounts R¢c¢ipts and payments aeeounts 7t08
Trustees. Annual Report for the period Peiiod start date Peric%1 end date From April 2022 To Reference and administration details Viquaran Nisa Noon and Firoz Khan Noon Educational Foundation 31 March 2023 1 Charity name Other names charity is known by Noon Educational Foundation Registered charity number (if any) 1017002 Charity's principal addr05S Mansfield College Mansfield Road Oxford Postcode OX13TF Names of the charity trustees who manage the charity Trustse nam• Office Irf any) Dates acted rf notfor ¥thole year Name of person lor body) entitled to appoint trustee Ilf 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 Professor Kamal Munir Chair Hon. Treasurer Names of the trustses for the charity. if any. (for example. any custodian trustees) Name Dates acted rf not for whole ear Names and addresses of advisers Ioptsonal infomiation e of advisor Name Address Investment Management Rathbones Rathbone Investment Management 8 Finsbury Circus London EC2M 7AZ 28 Millevs Road. Cambridge , CB£ 9HW Investment advisor Prof Haroon Ahmed
Structure, overnance and mana ement Description of the charity's trusts Type of goveming document onstilutic Trust Deed dated 20 December 1992 How the charity is constituted {e g. trust, asc .Il+on, compas Trust Trustee selection methods le.g. appointed by. Elected by the Board of Trustees at the Annual Meeting Addttional governance issues (Optional inforniation) You may choose to include 8dditional information, where relevant, about- Policies and prOre$ adopted for the induction and training of trustees. The charity's organisational Structu and any wider network with which the chartty works. The Trustees communicate and speak regularfy and rret informalty, as often as pracbcable, and all attend the annual general meeting, usualty in late June lor earty Jutyl of each year. either al the University of Oxford or Cambridge, or in London, to select the Noon Scholars for the coming academic year,. to review past selections" and to ensure that the management of the trust and its portfolio holdings remain effectsve and efficient The Tnjstees have discretionary powers to enable them to fvrther the objectives of the tnjst. whiie reIning obliged to obseNe the Statutes of the Trust. Relationship with any related parties. Trustees, consideration of major risks and the system and procedures to manage them. The Trustees have Klentified any major risks to which the charity is exposed as the volab.lrty of the stcck market and currency levels. In order to minimise these, the investrnent managers invest the charty's fvnds in medium risk investment vehicles which nevertheless give a good retum without unnecessary risk to the capital. Advice is regulaty sought from the investment managers, currenuy Rathbone's, to ensure that the investsnents are managed ifl an effective and desired manner. The Trustees seek to protecL and to grow. the core fund, using the income generated each year to SUPFY)rt new scholars and to cover the minimal administration costs. Ob'ectives and activities The objectives of the Trust are to advance the education of persons born, domiciled or Trom1 reSent in Pakistan, by the provision of bursaries, scholarships and other financial support. to enable such persons to pursue courses of higher education, OJFrenty deerned to include the natural, the applied, and the sooal sCiens, and humantties, at universib.es and similar institutions silualed in the United Kingdom, currenty deemed lo be Oxford and Cambridge. Summary of the objects of the charity set out in its governing document
In the year 2022-23, grants totalling £85,74912021-22 - £75.871} were paid to CarnbTidge and Oxford to provide partial support for students. Summary of the main activities in relation to these objects Grants were paid during the year as follows: Cambridge- £49,75012022. £25.037) Oxford- £35.999 {2022.. £50,834}. Additional details of objectives and activities (Optional information) You may choose to include further statements, where relevant, about.. Policy on grantmaking Policy programme related investment The Trust seeks to enaNe. ccKsperate with and t¥)ost, other bodies that similarly also aim to support Pakistani scholar5. Contribution made by Volunteers Achievements and performance Summary ofthe main achievements of the charity during the year The financ1 stalements have been prepared in accordance with the presentation laid down in the Statement of Recommended Practr. for AcUnting by Charities 2005. It is the Trustees. policy to distribute the available income in accordance with the objectives laid down in the Goveming Deed. Incorrt for the year ended 31 March 2023 was £60,122 {2022.. £59,712}. Grants of £85,749 {2022." £75,871} were made. and the trustees were delighted to support for six able candidates lo study at Oxford and Cambridge, bringing the totsl nUMr of students supported since 1994 to over 220_ It is worth noting, however. that UnNefsIty fees cnntinue year on year while and matching available support is harder to pin dthwn. Management and administration costs of £20.289 12022.. £20.3491 were paid during the year. These included management fees to the investment bankers. Offi overheads, alumni project work, and website supporL There was no meeting and recepts)n costs this year due to Zoom. nor any new publications. At the year end. management fees of £4.055 for the peric#J from 1 January 2023 to 31 March 2023 were outstanding. These were paid on 1 April 2023 but are not included in the management fees of £16,497. Management fees of £4.292 were paKI on 1 April 2022 in respect of the peri from 1 January 2022 to 31 March 2022. These are included in the accounts to 31 March 2023.
Financial review Brief statement of the charity's policy on reserves It is the polry of the charty to maintain unrestricted funds at a level which equates to at least six rrnthS unrestricted expenditure. In practice, the running costs of the Ttust are reiativety low as the income is derived from investments retums and the main area of expense are the board meellng for the making of grants under the charity's charrtable objeth"ves. The Trustees aim to keep the unrestricted reserves at about £7.000, as this figure is deemed lo be sufricienl to cover the day-trdaY running expenses, allowan for office costs, and including all legal, professional and admin support fees, as well as any emergency fvnding requirements which may arise. Carefijl consideration is also given to the level of restricted reserves. as rt is out of these that the Trust makes its annual charitable scholarship grants. Advice is sought from the investrnenl managers, {Rathbones'l, to ensure that al no time are the investments subjected to unaptable levels of risK which wuld p0blY jeopardise the Tmsvs long term Charitab ob"ectives. Details of any funds materially In defjclt Further flnancial review delails (Optional infomialion) You may choose to include additional infomation, where relevant aboLrt'. 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 Trnstees have unrestn.cted kX)wers of investment. However, investment decisions have been delegated to the investment managers, Rathbones, under the supervision of a Finance Working Group including now leading trustees. Paul Flalher and Ehsan Mani (Hon. TrBasuftr) together with tsrrrer tru¥ive, 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 ono a year - equrvalent as a second board meeting of the trustees. Its deliberations, and the views of the investsnent brokers, are reported fvlly and discussed by the board. At the AGM of the trustees a fvrther formal prexntation 13 made by the irTVf?tmcnt brvkvrts and is fvlty discussed and reviewed 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 Signaturels Full name(s) Position {e.g. se¢retaryy chair. etc) Dr Paul Charfes Ram Flather Chair Date
Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl m•mbers of Viquaran Nisa Noon and Firoz Khan N¢)on Educational Foundation On accounts for the year ended 31 March 2023 Charity no 1017002 Set out on pages 7&8 Respective The charity's TrUstS are responsible for the preparation of the accounts. responsibilities of The charity's Trustees consider that an audit is not required for this year trustees and examiner under section 144 of the Charitie5 Act 2011 (the Chartiies Act) and that an independent examination is needed. It is my responsibilty to= examine the accounts under section 145 of the Charities Art, to follow the procedures laid down in the general Directions given by the Chartty Commission (under section 145(5)(b} of the Charrties Act, and to state whether particular matters have come to my attention. Basis of independent My examination was carrted out in accordan wtth general Directions given examinefs statement by the Chanty Commission. An examination includes a review of the accounting records kept by the charrty and a comparison of the accounts presented with those records. It also indudes consideration of any unusual ttems or disclosures in the accounts. and seeking explanations from the trustees conceming 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 accounts present a 'true and fair. 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 examinerfs ststement 1. which gives me reasonable cause to belEve that in, any material respect, the requirements". to keep accounting records in accordance with section 130 of the Charities Act", and to prepare accounts which accord wtlh the accounting records and comply with the accounting requirements of the Charities Act have not been met: or 2. to vthich, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Sign. Name: Lisa King of Burdett King Accountancy Limited Relevant professional qualification(s) or body . Chartered Certified Accountsnt Address: 8 The Hamimons. Newmarket SLrftolk. CB8 ONF.
Noon Educational Foundation 1017002 Receipts and payments accounts CC16a For the perlod from 01-Apr-22 To 314lar-23 Section A Receipts and payments Unrestricted funds Restrlcted funds Endown*nt funds Total funds Last yèar A1 Receipts Dividends $5,223 55.223 55.112 4.600 Treasury interest Current & deposit gross interest Other 3.768 3.768 1.131 1.131 Rent lconlributionl Anniversary dinner Sub total 60.122 60.122 59.712 A2 Assel and Investment sales. 557.605 S57.605 691878 Total receipts 617,727 617,727 754,590 A3 Payments Grants 85.749 16,497 85,749 16,497 102 76.871 17.359 Management fees Anniversary dinner IAGM costs Rent 102 1.000 951 1.000 Office lincl. staff + alumni projecll Office overheads 951 200 200 Accountanc 500 Website 980 642 Misc expenses {meetings elc.) 59 Sub total 3.792 102.246 106.038 96.220 A4 Asset and investment purchasès. etc. 464.935 464,935 642.439 Total payments 3.792 $67.181 570.974 738.659 Net 0frecei[payMots) A5 Transfets betyfftn funds 13.792} 46.753 15.931 A6 Cash funds last year end Cash funds this yearend 46.898 51,452 98,205 35.521 761 97.443 51,452
Section B Statement of assets and liabilities at the end of the period Catsgorles Unrestricted funds to n8arE¥t £ Details Restricted funds to nearest £ Endowment funds to nearest £ B1 Cash funds RathLL)nes Bardays Bank pl Cash 97,443 928 1167) Total cash funds (agree balances rec&pis ana Payfts aGc(t{s>) 761 97.443 Restrlcted funds to n8aré5t £ Endowmont funds to ngaro £ funds to noHre8t£ Dotèils Detaits Listed investments Fund to which a5S•t bglon Rathbones Current value lonal C1 loptirmall 2.079.977 B3 Inv95tment assets 2.157,455 Fund iothi¢h Detalls Currentval onal 84 Assets retained for the charity's own use Fund to ¥vh4ch lo11 Wh8n du• onal Detalls onal BS Liabilities Signed on behalf of all the trustees Signature Print Name Date of approval Dr Paul FLqti