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 Re￿rt 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 prO￿￿re$
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 rr￿et 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 re￿￿Ining 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 Trom￿1￿ reS￿ent 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 sCien￿s, 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 financ￿1 stalements have been prepared in accordance with the
presentation laid down in the Statement of Recommended Practr.￿ for
Ac￿Unting 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 nUM￿r 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 rr￿nthS 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-tr￿daY 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
una￿ptable levels of risK which wuld p0￿blY 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 TrUst￿S 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￿[payMo￿ts)
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
Payft￿s 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
C￿1 loptirmall
2.079.977
B3 Inv95tment assets
2.157,455
Fund iot*hi¢h
Detalls
Currentval
onal
84 Assets retained for the
charity's own use
Fund to ¥vh4ch
lo1￿1
Wh8n du•
onal
Detalls
onal
BS Liabilities
Signed on behalf of all the trustees
Signature
Print Name
Date of
approval
Dr Paul FLqti