VIQUARAN NISA NOON AND FIROZ KHAN NOON EDUCATIONAL FOUNDATION FINANCIAL STATEMENTS 31 MARCH 2024 Charity Number 10171)02
VIQUARAN NISA NOON AND FIROZ KHAN NOON EDUCATIONAL FOUNDATION YEAR ENDED 31 MARCH 2024 CONTENTS Pages Trustees. Annual Report for the period 2toS Independent examiner's report on the aecounts Re¢eipts aDd payments accounts 7t08
Trustees. Annual Report for the period Period start date Period end date Year From - April 2023 To Reference and administration details Viquaran Nisa Noon and Firoz Khan Noon Educational Foundation 31 March 2024 1 Charity name Other names charity is known by Noon Educational Foundation Registered charity number (if any) 1017002 Charity's principal address Mansfield College Mansfield Road Oxford Postcode OX13TF Names of the charity trustees who manage the charity Dates acted rf not for whole year Name of person (or body) entitled to appoint trustee (if Trustse name Office Irf any) Sir Nicholas Barrington KCMG, CVO, MA The Hon. Dr. Paul Flather Dr Rosemary Anne Raza Mr Ehsan Mani Chair Hon. Treasurer Ms Naila Hayat Noon Dr Khwaja Ahmad Hosain Mrs Ameena Saiyid Professor Faisal Devji Professor Kamal Munir Names of the trustees for the charity, if any. (for example. any custodian trustees) Name Datss acted if not for whole ear Names and addresses of advisers (Optional information) e of advisor Name Address Investment Management Rathbones Rathbone Investment Management 8 Finsbury Circus, London. EC2M 7AZ 28 Millet's Road. Cambridge. CB3 9HW Investment advisor Prof Haroon Ahmed
Structure, overnance and mana ement Description ofthe charity's trusts Type of goveming document Trust Deed dated 20 December 1992 How the charity is constituted Trust vi r!.-S<11':¥ Trustee selection methods le.g. appointed by, E- Elected by the Board of Trustees at the Annual Meeting Additional governance issues {Optional information) You may choose to include additional information, where relevant, about." Policies and procedures adopted for the induction and training of trustees. The charity's organisational structure and any wider network with which the charity works. The Trustees communicate and speak regularly and meet informally, as often as practicable. 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 academic year., to review past selections,. and to ensure that the management of the trust and its portfolio holdings remain effective and efficient The Trustees have discrets"onary powers to enable them to fijrther the objectives of the trusL while remaining obliged to observe the Statutes of the Trust Relationship with any related parties. The Trustees have identified any major risks to which the charity is exposed as the volatility of the stock market and currency levels. In order to minimise these, the investment managers invest the charity's fijnds in medium risk investment vehicles which nevertheless give a good retum without unnecessary risk to the capitsl. Advi is regularfy sought from the investment managers, currently Rathbone's. to ensure that the investments are managed in an effective and desired manner. Trustees, consideration of major risks and the system and procedures to manage them. The Trustees s&k to protect, and to grow. the CO fund, using the income generated each year to support new scholars and to cover the minimal administrats.on costs. Ob"ectives and activities The objectives of the Trust are to advance the education of persons born, domiciled or normalty resident in Pakistan, by the provision of bursaries, scholarships and other financial support, to enable such persons to pursue courses of higher education, currently d*med to include the natural, the applied, and the social Scien$, and humanities. at universities and similar institutions situated in the Unrted Kingdom, currently deemed to be Oxford and Cambridge. Summary ofthe objects ofthe charity set out in its governing document
In the year 2023-24, grants totalling £99,483 (2022-23 - £85.749) were paid to Cambridge and Oxford to proVe partial support for students. Summary of the main activities in relation to these objects Grants were paid during the year as follows: Cambridge - £38.000 {2022-23: £49.750) Oxford - £61.483 {2022-23: £35,999). Additional details of objectives and activities (Optional inforniation) You may choose to include further statements, where relevant, about: Policy on grantmaking Policy programme related investment The Trust SkS to enable, cooperate wrth and boost other bodies that similarly also aim to support PaStan1 scholars. Contribution made by Volunteers Achievements and performance Summary of the main achievements of the charity during the year The financtal statements have been prepared in accordan with the presentation laid down in the Statement of Recommended Practice for Accounting by Charities 2005. It is the Trustees. poIY to distribute the available income in accordants wrth the objectives laid down in the Goveming Deed. Income for the year ended 31 March 2024 was £58,423 {2023.' £60,122). Grants of £99,483 (2023: £85,749) were made. and the trustees were delighted to provide support for six able candidates to study at Oxford and Cambridge, bringing the total number of students supported since 1994 to over 220. It is worth noting, however. that turtion fees continue to rise year and year while matching available support is harder to pin down. Management and administration costs of £21,012 {2023'. £20.2891 were paid during the year. These included management fees to the investment bankers, office overheads, alumni project work. and website supporL There was no meeting and reception costs this year due to Zoom, nor any new publications. At the year end, management fees of £4,206 for the perithl from 1 January 2024 to 31 March 2024 were outstanding. These were paid on 1 April 2024 but are not included in the management fees of £16,479. Management fees of £4,055 were paid on 1 April 2023 in respect of the period from 1 January 2023 to 31 March 2023. These are included in the accounts to 31 March 2024.
Financial review Brief ststement of the charity's policy on reserves It is the policy of the charity to maintain unrestricted funds at a level which equates to at least six months unrestricted expenditure. In practice, the running costs of the Trust are relatively low as the income is derived from investments returns and the main area of expense is the board meeting for the making of grants under the charity's charitable objectives. The Trustees aim to keep the unrestricted reserves at about £7.000, as this figure is deemed to be sufficient to cover the day-to4ay running expenses. allowance for Offi costs, and including all legal, professional and admin support fees, as well as any emergency fvnding requirements which may arise. Careful consideration is also given to the level of restricted reserves, as it is out of these that the Trust makes tts annual charitable scholarship grants. Advice is sought from the investment managers, {Rathbones'), to ensure that at no time are the investments subjected to unaptsb1e levels of risk. which could possibly jeopardise the Trust's long term charitable ob"ectives. Details of any funds materially in deficit Further financial review details (Optional inforniation) 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 Trustees have unrestricted powers of investment. However, investment decisions have been delegated to the investment managers, Rathbones, under the supervision of a Finance Working Group including now tsvo leading trustees. Paul Flather and Ehsan Mani (Hon. Treasurefj together with former trustee, Haroon Ahmed, who has kindly agreed to continue in this role though he has demitted from being an official trustee. This Subcommrttee hosts a meeting at least On a year - equivalent as a second board meeting of the trustees. Its deliberations, and the views of the investment brokers, are reported fully and discussed by the board. At the AGM of the trustees a fijrther fomial presentation is made by the investment brokers and is fully 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. secretary, chair, etc) Dr Paul Charles Ram Flather Chair Date 29 1 Jan 12025
Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of Viquaran Nisa Noon and Firoz Khan Noon Educational Foundation On accounts for the year ended 31 March 2024 Charity no 1017002 Set out on pages 7&8 Respective The charity's Trustees 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 Charities 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 se(#ion 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 out in accordance with general Directions given examiner's statement by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees conmIng any such matters. The procedures undertaken do not provide all the eviden that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true 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 that in. any material respect, the 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 Act have not been met" or 2. to which. in my opinion, attention should be drawn in order to enable proper understanding of the accounts to be reached. Signed: Date: 29/1 /20zr Name: Lisa King of Burdett King Accountancy Limited Relevant professional qualification(s) or body Chartered Certified Accountant Address: 8 The Hamiltons, Newmarket Suffolk. CB8 ONF.
Noon Educational Foundation 1017002 Receipts and payments accounts CC16a Forthe perfod from 01-Apr-23 To 314aar-24 Section A Receipts and payments Unrestricted Restricted fvnds funds to the n&are8t £ to the nearest£ Endowment nds to the nearest £ Total funds Last year to the nearest £ to the nearest £ A1 Receipts Dividends 52.977 52,977 2,653 1.679 114 55,223 3,768 1.131 Treasury interest Current & deposit gross interest other 2,653 1,679 114 Rent (contribution) Anniversary dinner 1.000 1.000 Sub total 57.423 58,423 60,122 A2 Asset and Investment sales, 383.314 383,314 557,605 Total rewpts 1,000 440,737 441,737 617,727 A3 Payments Grants 99,483 16,479 99,483 16,479 1.852 1.000 772 85.749 Management fees Anniversary dinner l AGM costs Rent 16,497 102 1.852 1,000 772 1,000 951 Offi¢e (incl. staff + alumni project) Office overheads 200 Accountancy Website 500 836 836 980 Misc expenses (meetings etc.) 72 72 59 Sub total 4.532 115,962 120,494 106.038 A4 Asset and investment purchases, etc. 400,890 400,890 464,935 Totalpayments 4.532 516,852 521.384 570.974 Net 0fcelP(PaYMents) AS Transfers between funds A6 Cash funds last year end Cash funds this year end 13,532) (76.115) {79,647) 46,753 9,000 762 (9.000) 97,443 12,328 98,205 18,558 51,452 98,205 6,230
Section B Statement of assets and liabilities at the end of the period Unrestricted funds to nearest £ Restricted funds to nearest £ Endowment funds to ngarast £ Catsgories Details B1 Cash funds Rathbones 12,328 Barclays Bank plc Cash 6.396 1166) Total cash funds (agree tsaiances wth receipts ana payments account(s)) 6.230 12,328 Unrestrfcted fvnds Restricted funds to n•ar•st £ Endowment funds to nearest £ Details to nearest £ B2 Other monetary assets Fund to whl¢h asset belon Rathl)ones Deta.-!s Listed investments C05t (optional Current valu9 tional B3 Investment assets 2.119.566 2,326.870 Fund to whtch ass•t bèlon Current value tional Details Cost (optional) B4 Assets retsined for the charity's own use Fund to which Amount due Onal When due onal Details 85 Liabilities Signed on behalf of all the tNstees Signature Print Name Date of approval Dr Paul Flather 29101125