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 proV￿e 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 S￿kS to enable, cooperate wrth and boost other bodies that similarly
also aim to support Pa￿Stan1 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. poI￿Y 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
una￿ptsb1e 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 con￿mIng 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 0f￿celP￿(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