Reciepts and Expenditure Account For the year ended 30 ...
Transcript of Reciepts and Expenditure Account For the year ended 30 ...
muKPMG Taseer Hadi & Co.Chartered Accountants
Diya Pakistan (formerly Kaneez FatimaWelfare Foundation)
Reciepts and ExpenditureAccount
For the year ended30 June 2008
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nm KPMG Taseer Hadi & Co.Chartered AccountantsFirst Floor
Sheikh Sultan Trust Building No.2Beaumont RoadKarachi 75530 Pakistan
Telephone + 92 (21) 568 5847Fax + 92 (21) 568 5095Internet www.kpmg.com.pk
Auditors' Report to the Trustees
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We have audited the annexed receipt and expenditure account of the Diya Pakistan (formerlyKaneez Fatima Welfare Foundation) ("the foundation") for the year ended 30 June 2008together with the notes forming part thereof (here-in-after referred to as the "statement") for theyear then ended.
It is the responsibility of the foundation's management to establish and maintain a system ofinternal controls, and prepare and present the statement in conformity with the cash receipt andexpenditure basis as described in Note 2 to the statement. Our responsibility is to express anopinion on the statement based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Thosestandards require that we plan and perform the audit to obtain reasonable assurance aboutwhether the statement is free of material misstatements. An audit includes examining on a testbasis, evidence supporting the amounts and disclosures in the statement. An audit also includesassessing the accounting policies used and significant estimates made by management, as well asevaluating the overall presentation of the statement. We believe that our audit provides areasonable basis for our opinion.
As described in Note 2, the statement has been prepared on the cash receipt and expenditurebasis of accounting, which is a comprehensive basis of accounting other than generally, acceptedaccounting principles.
In our opinion the statement presents fairly, in all material respects, the cash receipt andexpenditure of the Foundation for the year ended 30 June 2008 on the basis of accountingdescribed in Note 2 to the statement.
The statement of the Foundation for the year ended 30 June 2007 was audited by another firm ofChartered Accountants who had expressed an unqualified opinion vide their audit report dated 6March 2008.
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Date:0 8 JUNZ009
KPMG Taseer Hadi & Co.Chartered Accountants
Karachi
KPMG Taseer Hadi & co.. a partnership firm registered in Pakistanand a member firm of the KPMG network of independent memberfirms affiliated with KPMG International, a Swiss cooperative
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Diya Pakistan (formerly Kaneez Fatima Welfare Foundation)Receipts and Expenditure AccountFor the year ended 30 June 2008
RECEIPTS
Donations -generalDonations -endowment fund
Donations -earthquake reliefAnnual membership feeBank profit - net of tax and zakatRecovery ITom third partyExchange gainRecoveries from Qarz-e-Hasna
EXPENDITURE
Capital expenditure
Revenue expenditure:Earthquake reliefEducational stipends and assistance to teachersEducational stipends as Qarz-e-HasnaEducation stipend as Non Qarz-e-HasnaKarwan-e-ilm Foundation
Financial assistance to widows and the poor
Free eye campStaff salaries
Loan given to third partyOffice maintenanceCommunication
Computer maintenance expensePrinting and stationaryBank charges
Travelling
Total expenditure
Receipts over payments -surplus / (deficit)
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of year
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Note 20072008
26,268,6616,236,000
10,570,772
168,798
1,510,2384,000
26,052122,000
669,02336,000
12,269,06233,342,482
86,450 1,080
(l/Director Finance
47,200 1,551,1857,354,145 2,791,0855,063,355 3,284,2354,717,255 2,913,8491,364,313 631,664
1,821,161 809,500300,216
555,550 I I 350,70098,000
10,631 8,690102,757 14,388
6,540 21,60045,834 20,5314,127 4,5173000 600
21,095,868 12,800,760
21,182,318 12,801,840
12,160,164 (532,778)
896,860 1,429,638
4 Rupees 13,057,024 896,860
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Diya Pakistan (formerly I(aneez Fatima Welfare Foundation)Notes to the Receipts and Expenditure AccountFor the year ended 30 June 2008
1. NATURE OF ACTIVITIES
Diya Pakistan (formerly Kaneez Fatima Welfare Foundation) was registered under the VoluntarySocial Welfare Agencies (Registration and Control) Ordinance, 1961 on April 19, 1992. Its objectivesare to provide financial assistance to the students in completing their education, assistance formarriages and to assist the widows and the poor in satiating their daily livelihood. With effect from 2October2007the activitiesare beingcarriedout in the nameof Diya Pakistan.
2. BASIS OF ACCOUNTING
a) The receipts and expenditure account has been prepared on the cash receipt and expenditurebasis of accounting, which is a comprehensive basis of accounting other than generally acceptedaccounting principles.
b) The Statement has been prepared in accordance with the historical cost convention.
3. FOREIGN CURRENCY TRANSLATION
Donations received in foreign currency have been recorded in Pak Rupees at the rates of exchangewhich approximate those prevailing at the date of the receipt of donation. Cash and bank balancesheld in foreign currencies are translated in Pak Rupees at the rates of exchange which approximatethose prevailing at the year end. The resulting exchange gain or loss is taken into receipts orexpenditure currently.
4. CASH AND CASH EQUIVALENTS 20072008
Cash in handCash at bank
1,000895,860
896z86013,057,02413,057,024
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Rupees
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