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  • Punjab Pension Fund - Expense Account

    Condensed Interim Financial Statcmcnts for" the period cnded 31 December 2011

  • KPMG Ta seer Hadi & Co. Telephone + 92 (42) 3585 0471-76 Chartered Accountants Fax + 92 (42) 3585 0477 53 L Gulberg III Internet www.kpmg .com.pk Latl0re Pakistan

    Independent Report on Review of Condensed Interim Financial Information to the Management Committee of Punjab Pension Fund

    Introductioll

    We have reviewed the accompanying condensed interim statement of assets and liabilities of Punjab Pension Fund - Expense Account ("the Fund") as of 31 December 2011 and the related condensed interim income statement and condensed interi m cash flow statement CI r the six-months period then ended (condensed interim financial information) . Management is responsible for the preparation and presentation of th is cond n ed inter im fi nancial information in accordance with the approved accounting standards as appl icable in Pakistan relating to interim financial reporting and the requirement of Punjab Pension Fund Act 2007 (" the Act") and Punjab Pens ion Fund Rules 2007 ("the Rules ') . Our responsibility is to express a conclusion on this condensed interim financial in fonnation based on our re lew.

    Scope ofreview

    We conducted our review in accordance with International Standard on Review Engagements 2410, "Review ofTnterim Financial Information Performed by the Independent Audito r of lh Entity". A review of condensed interim financial information consists of maki ng inqui ries . primarily of persons responsible for financial and accounting matters and applying analytical and other review procedure. A review is substantial ly less in scope than an audit conducted in accordance with International tandards on Auditing and consequently does not enable us to obtain assurance that we would become aware of al l significant matters that might be identi fi ed in an audit. Accordingly, we do not express an audit opinion.

    Conclusion

    Based on our review, nothing has come to our attention that causes us to bel ieve that the accompanying condensed interim financial information as at and for the six months period ended 31 December 20 Ii is not prepared in all material respects in accordance with the approved accounting standards as applicable in Pakistan relat ing to interim fi nancia l reporting and the requirement of Punjab Pension Fund Act 2007 ("the Act") and Punjab Pension Fund .Rules 2007 ("the Rules " ).

    The figures for the quarter ended 31 December 20 II and 31 December 20 lOin the condensed interim income statement has not been reviewed and we do not express a conclusion on them.

    IOf.1~ len.aL- tW.;.--\ ~. Lahore KPMG Taseer Hadi & Co.

    Chartered Accountants Date: OS December 2012 (Bilal Ali)

  • Punjab Pensi on Fund - Expense Account Condensed Interim Statement of Assets and Liabilities As 0131 Decel/lber 201 j

    Operating fixed assets

    CUlT nl ~s, cIs

    Prepai d re nt

    Cas h and cas h equivalents

    CU tTent liabilities

    Acc rued xpell ses

    Net working cH pital

    COlltillgene ics anti commitments

    Net aSSl'(S

    Ih'p resell ted by:

    1 'et (dcticil)/su"I)lus

    N()lc

    ..f

    5

    6

    (Un -Audited)

    31 Deccm ber

    20 11

    I ~ U pees

    262,538

    1,15 1,068

    2,656,ll5

    (Audited)

    30 Jl1ne

    20 I I

    Rupees

    2') I ~ ) ~

    2 17.XO()

    2.103 ,719

    2.3X 1.51 9

    1.4 27.233

    2,656 ,1 J 5 1.427,233

    (1,505,047) 95 4.2X6

    ( 1,242,509) 1.~ 4 5 . X 4~

    ( 1,242,5() 1) ) 1. 245X14

    The an nexed notes I to 9 forlll ,\ 11 integral part orthesc condensed intcrilll financia l information.

    5 OEC 2GQ L:1horc Private i\lclIlbcr

  • Punjab Pension Fund - Expense Account Condensed In te rim Income and Expenditure Account (Un-J\ud ited) For (he half year and quarter ended 31 Decell1!Jer 20 1/

    ;\'0 te

    l!:~ lr :: l'.l~ ~'~'. ! c... 1

    311)cccIlliJcr

    20 I I 2010 ---- -- - - --------- ---- - ----- I{, II pees

    J I I)c(

    2011

    -- --- ------

    ,c I11 her

    2010 ----- --- -- - -----

    Rcilllburse lnc nt of operating expen ses

    Income on saving account

    Other in com e

    6,SOO,OOO [-11,356

    705

    6,959,06 I

    6.893. 040

    202.8 11

    2.4 99

    7,098 ,3 80

    1,800,IlOO -7,CJS5

    70S

    I,SSS,6 90

    I IO.(l')X

    2.~9

  • - - --- -

    Punjab Pens ion fund - Expense Account Co ndcnscd in tc rim Cash rl ow Statcm cn t (Un-Aud itcd ) For ' he hair ) '('or Gnd q /(or ler ('nded 31 n l!c(! ll/ber JI) II

    Cn~ h fl ows fr OIll oprt":lti ng ,l c t il'iti es

    Net (dcficit )/surpl u, (or th e pcriod

    i\ d ju!ilmcnts for non cns h and oth er itrm s:

    DepreciatiOIl

    Increas e in urrc nt liabilit.i es

    i\ cc rued (\penses

    Cash gener a ted from opera t in g act il'ities

    Cash Oo\\'s fro rtl in\"Cst ing act iv ities

    Fix \:d U" CIS ad di ti ons

    Cns ll used in in\'cst in g .lctivit ics

    Net decrease in cash an d cash cCl uivalc nts d uring tlt c peri od en 1t an d cash c:qu il';.ilel1t s at the begi nning oC the period Cash lind cash cquil' nlcnlS at tlte cn d of the per iod

    JLllf \T;;;' ~"dCl! Quarter' en de d

    JI Decem be r 3 I il ece llli lcr

    20 11 20 10 :;0 11 20 10

    --- ---- -------- ----- --- ---- ----- 1

  • Punj ab Pension Fund- Expense Account Notes to Ihc Condensed Interim Financia l Statements For rhe half year and q/larrel' elided JJ Deceillher }()/ J

    Stat us and nafurl: or the hu~in css

    The Pu njab Pensio n r-und (the Fund) has been establ's hed l ndcr the Punj;lb Pen sion I:und :\ et 2007 (tl. e :\ctl. Th e Goverllillen t of the PUlljab has notified the f'ulljab Pe nsi on I'und Rules 20 07 (the Rl k s) unde r ,e( tion 2111r the .\Cl.

    Th e FUlld acts as a managcmcnt company and is rcspo nsib le for in vesting th c fllnds in J)m li tab! ;I I'ClllIes tn ge 11l:r~. l re venue for discharge of pension l iab ilitie~ of the Govemillent of the Punjab

    Ex penses inculTe d on operat ions of the r-lInd, illeiliding ( \["le nses rela ting to flillct ion ino of he \'i

    2 Slntrlllcn t of co mp lia nce ;lnd s i~llifi ca n t disclosures

    2.1 Sta tem ent of compliance

    These financial statemcnts have becn prcpared in accordan cc with th e n:q uil'Clllcn ts of the Punjab I'e llsilln fu nd Ac 2007 , Punjab Pension Fund Rulcs 2007 and th e ap provcd Interna tioll al Finan cia l I~c p ort in g Stand ards ( IFRSs) as app li cable in Paki stan. AfJprovcd accounting standards compl'isc o f' such II :RSs as notified under thc provision s of the Co mpan ies O rdi nan ce, ITh is informati on is una ud ited but subject to li lllited scope rcview by ll udito rs and is bein g submitted 'vlanageillent Committee in ac cordance with the req uireillents of the Ru les. This financia l inrol'l11

  • 3.2 Taxat ion

    The income of the fund is o :empt frolll ta:\ under Section 57(3)(:\ii) o f 1'31't I of the Second Schedu le oi

    In co mc T(l:\ Ordinance 200 I, therefo re no prov isi on for t(l)\?diul has been Illade in these financi,1I slatcill elll,

    3.3 Fixed asset s a nd li eprcc i;\Ii on

    These ~re st~\c d ul cost less ilccuillulated depreci"ticl', Dcpl'eei,llion is charged 10 inco',lc by 'Tpl :' i"~ the sl rai~h t line meth od so as to wrile oil the opera ting fi:\ed assets over thcir e.\peeted use ful li fe at the r

    Profi t and loss on di spos al of fi:-:ed assets represented by thc diffcrem: e bctwcen the sal e proceeds ,ll ld th'

    carrying amount of the assc ts is included in income st;;tclllelll

    3.4 Impairment

    The carrying amo unt of the rund assets arc r'e vie wcd at each Sl,ltemc nt of asse ts and li ,l biliti cs ddtc ;" determine whether the re is any indic :1 tion of impR irlllcnt. I r suc h in dication cxi st. the a,sct 's rec()vcra hle amount is esti mated. An impainllcnt loss is recogni/,ed whether the carrying RI110u nt or t h~ ,Issct neeeds its reco verable amount. Impairmcnt losses arc charged to income state men t.

    3.5 Fin:ln c: ial instrumclIts

    ( i) financial assets and fina ncial liabiliti es arc rc cognil.cd wh en thc I:und bccOllle s a party to th e

    con trac tual provisiolls of the instrument,

    (ii) fin an cial ass ets are dc -recognized \\hen thc fund loscs contl'ol of the on tl'actll

  • 4 Opcr:ding fj,cd assets - t:lngil.llc

    31 Deccmber 2011

    C 0 S T

    l'articular5 AS:1 1 UI July f\uditions/ As ill JI 2011 (Disposal) December 20 II

    ~~=~-===~.----------:-=-=-~u [lccs------------------------------

    D[I'RECIATIO i\ Wrillcn Dow n Vllluc ns a l

    31 December 2011

    Rale

    % AsalOIJuly

    2011 Chaq;c ro ,' lhe

    period As II I JI

    Decemher 2011

    - ----------------------------------RII IlC C s---------------------------------

    Furniture am! li tt ings

    Office equipment

    Motor v~hicks

    42,900

    371, 194

    193 .5 58

    607,652

    58, 100

    58,100

    42,900

    429,294

    193 ,5 58

    665,752

    20

    33.33

    20

    8,66 1

    248 .050

    59,383

    3 1Ci ,094

    4,290

    63,4 74

    19,35(,

    87,120

    12.951

    311 ,52\

    78.73')

    .tOJ, 2 1-1

    29,94C)

    117, 770

    114 .1\ 19

    2(;2, 5J~

    30 .lltne 201 1

    I',lrt ie ulars AsatOI July 20 10

    c () S

    Additions/ (Disposal)

    T

    As Zl t 30 J UIlC 20 II

    R::!Ic%

    D [ PRf:CIATIO N

    Charge I()f" the AS3l0 l.luly20 10

    ~ car

    /\s ;,t 30 JlI

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