# 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 **----- Start of picture text -----**
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
**----- End of picture text -----**
## 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 **----- Start of picture text -----**
. 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
**----- End of picture text -----**
**----- Start of picture text -----**
9[ProfessorKamalMunir [||
**----- End of picture text -----**
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) **----- Start of picture text -----**
Type of advisor Name Address
Investment Management| Rathbones Rathbone Investment Management
Investment advisor Prof Haroon Ahmed _ /28 Millet’s Road, Cambridge. CB3 9HW
**----- End of picture text -----**
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||support, to enable such persons to pursue| |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 **----- Start of picture text -----**
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).
**----- End of picture text -----**
## 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.| **----- Start of picture text -----**
charity’s policy on reserves
**----- End of picture text -----**
**----- Start of picture text -----**
Details of any funds materially
**----- End of picture text -----**
in deficit ## Further financial review details (Optional information) **----- Start of picture text -----**
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.
**----- End of picture text -----**
Other optional information Declaration The trustees declare that they have approved the trustees’ report above. ## Signed on behalf of the charity’s trustees **----- Start of picture text -----**
Signature(s)
a Cates
Full name(s)| Dr Paul Charles Ram Flather | ts
etc)
Date! 31/01/2026
**----- End of picture text -----**
5 **----- Start of picture text -----**
§ ete .
ay Independent examiner's report on the
ao sf accounts
**----- End of picture text -----**
## 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 - 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. - Signed: fp> Section B Statement of assets and liabilities at the end of the period
**----- End of picture text -----**
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