2025-03-31-accounts

VIQUARAN NISA NOON AND FIROZ KHAN NOON EDUCATIONAL FOUNDATION

FINANCIAL STATEMENTS

31 MARCH 2025

Charity Number 1017002

VIQUARAN NISA NOON AND FIROZ KHAN NOON EDUCATIONAL FOUNDATION

YEAR ENDED 31 MARCH 2024

CONTENTS

	Pages
Trustees’ AnnualReportforthe period	2 to5
Independent examiner’s reporton the accounts	6
Receiptsandpaymentsaccounts	7to8

1

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ee ee
Trustees’ Annual Report for the period
Suey : en
_ COMMISSI9 N i Period startdate Period end date oe
i ia
ae 4 April 2024 To 31 March 2025
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Reference and administration details

Chaney aan Viquaran Nisa Noon and Firoz Khan Noon ary Educational Foundation

Other names charity is known by| Noon Educational Foundation

Registered charity number (if any)| 1017002

Charity's principal address| Mansfield College

Mansfield Road

Names of the charity trustees who manage the charity

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. Name of person (or body)
. Dates acted if not for ; 4 ‘
4 Sir Nicholas Barrington 1 April - 31 December
KCMG, CVO, MA
3 | Dr Rosemary Anne Raza a 1 April — 31 December a ee ee
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9[ProfessorKamalMunir [||
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Names of the trustees for the charity, if any, (for example, any custodian trustees)

[NameCi‘ Dates acted if not for whole year

Names and addresses of advisers (Optional information)

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Type of advisor Name Address
Investment Management| Rathbones Rathbone Investment Management
Investment advisor Prof Haroon Ahmed _ /28 Millet’s Road, Cambridge. CB3 9HW
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2

Structure, governance and management

Description of the charity’s trusts

iype off governing document)i +1+ Deed dated 20 December 1992 How the charity is constituted | Trust

Trcusto onirpaiighi rerians 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: e Policies and procedures The Trustees communicate and speak regularly and meet informally, as often as adopted for the induction and_ | practicable, including virtually, and almost all attend the annual general meeting, training of trustees. usually in late June (or early July) of each year, either at the University of Oxford e The charity! isati or Cambridge, or in London, to select the Noon Scholars for the coming academic fhe charity's organisationa year; to review past selections and outcomes; and to ensure that the structure and any wider = —=—| management of the trust and its portfolio holdings remain effective and efficient. network with which the charity : works : The Trustees have discretionary powers to enable them to further the objectivesft of the trust, while remaining obliged to observe the Statutes of the Trust. e 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, Trustees’ consideration of the investment managers invest the charity's funds in medium risk investment major risks and the system vehicles which nevertheless give a good return without unnecessary risk to the and procedures to manage capital. Advice is regularly sought from the investment managers, currently them. Rathbones, to ensure that the investments are managed in an effective and desired manner. The Trustees seek to protect, and to grow, the core fund, using the income generated each year to support new scholars and to cover the minimal administration costs.

Objectives and activities

	The objectives of the Trust are	to advance the education of persons born,
	domiciled, or normally resident,	in Pakistan, by the provision of bursaries,
Summaryofthe objects ofthe	scholarships and other financial
charity setout in its	courses of higher education, currently deemed to include the natural, the
governing document	applied, and the social sciences, institutions situated in the United	and humanities, at universities and similar Kingdom, currently deemed to be Oxford and
	Cambridge.

3

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In the year 2024-25, grants totalling £91,359 (2023-24 - £99,483) were paid to
Cambridge and Oxford to provide partial support for students.
Summary of the main : j ;
activities in relation to these Grants were paid during the year as follows:
objects Cambridge — £63,049 (2023-24: £38,000)
Oxford — £28,310 (2023-24: £61,483).
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Additional details of objectives and activities (Optional information)

Youmaychoose to include furtherstatements, where relevant, about:	Youmaychoose to include furtherstatements, where relevant, about:	Youmaychoose to include furtherstatements, where relevant, about:	TheTrustseeks tocollaboratecooperatewith other bodies— including thetwo key universities themselves—with shared aims to similarly boost supportfor Pakistani scholarstostudy in the UK..
e	Policy on grantmaking
e	Policy programme related
	investment
e	Contribution made by
	Volunteers
Achievements and		performance
Summaryofthemain . achievements ofthe charity during the year			The financial statements have been prepared in accordance with the presentation laid down in the Statement of Recommended Practice for Accounting by Charities 2005. It is the Trustees’ policy to distribute the available
			income in accordance with the objectives laid down in the Governing Deed.
			Income forthe yearended 31 March 2025 was £52,085 (2024: £58,423). Grants
			of £91,359 (2024: £99,483) were made, and the trustees were delighted to
			provide support for four 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 tuition fees continue to rise year and year while
			matching available support is harder to pin down.
			Management and administration costs of £23,578 (2024: £21,012) were paid
			during the year. These included management fees to the investment bankers,
			office overheads, alumni project work, and website support. There was no new
			publications, mostenergy went into developing the website.
			Atthe year end, management fees of£4,124 for the period from 1 January 2025
			to 31 March 2025 were outstanding. These were paid on 1 April 2025 but are not
			included in the management fees of£17,160.
			Management fees of £4,206 were paid on 1 April 2024 in respect of the period
			from 1 January 2024 to 31 March 2024. These are included in the accounts to
			31March2025.

4

Financial review

Briefstatement ofthe	It is the policy of the charity to maintain unrestricted funds at a level which
charity’s policy on reserves	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 are around the board meeting for the
	making of grants under the charity's charitable objectives, and around website
	maintenance and updating. The Trustees aim to keep the unrestricted reserves
	at about £7,000, as this figure is deemed to be sufficient to cover the day-to-day
	running expenses, allowance for office costs, and including all legal, professional
	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 it is out ofthese that the Trust makes its annual charitable scholarship grants.
	Advice is sought from the investment managers, (Rathbones’), to ensure that at
	no time are the investments subjected to unacceptable levels of risk, which could
	possibly jeopardisetheTrust'slongtermcharitableobjectives.

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charity’s policy on reserves
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Details of any funds materially
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in deficit

Further financial review details (Optional information)

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You may choose to include The Trustees have unrestricted powers of investment. However, investment
additional information, where decisions have been delegated to the investment managers, Rathbones, under
relevant about: the supervision of a Finance Working Group including now two leading trustees.
e The charity’s principal Paul Flather and Ehsan Mani (Hon. Treasurer) together with former trustee,
sources of funds (including Haroon Ahmed. Sadly he passed away in October 2024.
any fundraising). This Finance Subcommittee hosts a meeting at least once a year — equivalent as
e How expenditure has a second board meeting of the trustees. Its deliberations, and the views of the
supported the key objectives | investment brokers, are reported fully and discussed by the board. At the AGM
of the charity i of the trustees a further formal presentation is made by the investment brokers
and is fully discussed and reviewed by all the trustees.
e Investment policy and
objectives including any
ethical investment policy
adopted.
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Other optional information Declaration The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

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Signature(s)
a Cates
Full name(s)| Dr Paul Charles Ram Flather | ts
etc)
Date! 31/01/2026
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5

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§ ete .
ay Independent examiner's report on the
ao sf accounts
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Section A

Independent Examiner’s Report

• Report to the trustees/ | -°"y °°" _ . ; . members of | Viquaran Nisa Noon and Firoz Khan Noon Educational Foundation

• On accounts for the year Charity no | 1017002 ended

• 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: e examine the accounts under section 145 of the Charities Act, e to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and

• e 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 concerning 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 _!n 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: e to keep accounting records in accordance with section 130 of the Charities Act; and

• e to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act

• have not been met; or

• 1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

• Signed: fp><a. k ‘n | Date: | 31/1 /202¢ Name: | Lisa King of Burdett King Accountancy Limited | a

• Relevant professional | Chartered Certified Accountant

• qualification(s) or body : Address: | 8 The Hamiltons, Newmarket Suffolk. CB8 ONF.

6

| ee if Noon Educational Foundation 1017002 | COMMISSION Receipts and payments accounts CC16a | ie a 4 For the period To _ - from 01-Apr-24

Section A Receipts and payments Unrestricted Restricted Endowment Servis funde Fania Total funds Last year to the nearest £ to the nearest £ to the nearest £ to the nearest £ to the nearest £

A1 Receipts Yd fnmiversarydimer | |]SS | Subtotal] TE 208s] 52085] [58,423] etc. Total receipts|—--i[ | 738,012 738,012 441,737 A3 Payments Grants|Management 939] [9,359| 99,483 fees ry |ners 17,160 17,160 16,479 Ret«TSSOffice (incl. staff ff(|| (|| t000 | [1,000 + alumni project) ars|eer Accountancycos toon] | | | WebsiteMiscexpenses(meetingsetc) ose | || Te|||[ts] | |=e] |[|| ||] | Sub total yt eee 108,519 114,937 120,494 A4 Asset and investment Total payments 6,418 fe ase 716,806 723,224[[_-][|[24206][t47ea]] [79.687 Net of[receipts(payments)[(@arey]] Cash funds this year end tosi2] [- ]L22884| [23.848] [ 18,568

7

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Section B Statement of assets and liabilities at the end of the period
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Unrestricted Restricted Endowment Caiegories Details funds funds funds to nearest £ to nearest £ to nearest £ 7) es |es Total cash funds [toerr|]{ _- __22,834 || (agree balances with receipts and payments account(s)) =< Unrestricted Restricted Endowment funds funds funds Details to nearest £ to nearest £ to nearest £ a — . Details assetFund to belongs which Cost (optional)P Currentoptional value B3 Investment assets Listed investments Rathbones 2,051,497 2,290,978 Details; assetFund to belongs which Cost (optional)P Current valueoptional B4 Assets retained for the fo rs Fund to which Amount due When due _ —Details: =liability relates optional =optional Signed on behalf of all the trustees Signature PdntName Date of approval ha Ante Dr Paul Flather 21/01 //2e2¢C