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<ul><li><p>Punjab Pension Fund - Expense Account </p><p>Condensed Interim Financial Statcmcnts for" the period cnded 31 December 2011 </p></li><li><p>KPMG Ta seer Hadi &amp; 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 </p><p>Independent Report on Review of Condensed Interim Financial Information to the Management Committee of Punjab Pension Fund </p><p>Introductioll </p><p>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. </p><p>Scope ofreview </p><p>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. </p><p>Conclusion </p><p>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 " ). </p><p>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. </p><p>IOf.1~ len.aL- tW.;.--\ ~. Lahore KPMG Taseer Hadi &amp; Co. </p><p>Chartered Accountants Date: OS December 2012 (Bilal Ali) </p></li><li><p>Punjab Pensi on Fund - Expense Account Condensed Interim Statement of Assets and Liabilities As 0131 Decel/lber 201 j </p><p>Operating fixed assets </p><p>CUlT nl ~s, cIs </p><p>Prepai d re nt </p><p>Cas h and cas h equivalents </p><p>CU tTent liabilities </p><p>Acc rued xpell ses </p><p>Net working cH pital </p><p>COlltillgene ics anti commitments </p><p>Net aSSl'(S </p><p>Ih'p resell ted by: </p><p>1 'et (dcticil)/su"I)lus </p><p>N()lc </p><p>..f </p><p>5 </p><p>6 </p><p>(Un -Audited) </p><p>31 Deccm ber </p><p>20 11 </p><p>I ~ U pees </p><p>262,538 </p><p>1,15 1,068 </p><p>2,656,ll5 </p><p>(Audited) </p><p>30 Jl1ne </p><p>20 I I </p><p>Rupees </p><p>2') I ~ ) ~ </p><p>2 17.XO() </p><p>2.103 ,719 </p><p>2.3X 1.51 9 </p><p>1.4 27.233 </p><p>2,656 ,1 J 5 1.427,233 </p><p>(1,505,047) 95 4.2X6 </p><p>( 1,242,509) 1.~ 4 5 . X 4~ </p><p>( 1,242,5() 1) ) 1. 245X14 </p><p>The an nexed notes I to 9 forlll ,\ 11 integral part orthesc condensed intcrilll financia l information. </p><p>5 OEC 2GQ L:1horc Private i\lclIlbcr </p></li><li><p>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/ </p><p>;\'0 te </p><p>l!:~ lr :: l'.l~ ~'~'. ! c... 1 </p><p>311)cccIlliJcr </p><p>20 I I 2010 ---- -- - - --------- ---- - ----- I{, II pees </p><p>J I I)c(</p><p>2011 </p><p>-- --- ------</p><p>,c I11 her </p><p>2010 ----- --- -- - -----</p><p>Rcilllburse lnc nt of operating expen ses </p><p>Income on saving account </p><p>Other in com e </p><p>6,SOO,OOO [-11,356 </p><p>705 </p><p>6,959,06 I </p><p>6.893. 040 </p><p>202.8 11 </p><p>2.4 99 </p><p>7,098 ,3 80 </p><p>1,800,IlOO -7,CJS5 </p><p>70S </p><p>I,SSS,6 90 </p><p>I IO.(l')X </p><p>2.~9 </p></li><li><p>- - --- -</p><p>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 </p><p>Cn~ h fl ows fr OIll oprt":lti ng ,l c t il'iti es </p><p>Net (dcficit )/surpl u, (or th e pcriod </p><p>i\ d ju!ilmcnts for non cns h and oth er itrm s: </p><p>DepreciatiOIl </p><p>Increas e in urrc nt liabilit.i es </p><p>i\ cc rued (\penses </p><p>Cash gener a ted from opera t in g act il'ities </p><p>Cash Oo\\'s fro rtl in\"Cst ing act iv ities </p><p>Fix \:d U" CIS ad di ti ons </p><p>Cns ll used in in\'cst in g .lctivit ics </p><p>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 </p><p>JLllf \T;;;' ~"dCl! Quarter' en de d </p><p>JI Decem be r 3 I il ece llli lcr </p><p>20 11 20 10 :;0 11 20 10 </p><p>--- ---- -------- ----- --- ---- ----- 1</p></li><li><p>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 </p><p>Stat us and nafurl: or the hu~in css </p><p>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. </p><p>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 </p><p>Ex penses inculTe d on operat ions of the r-lInd, illeiliding ( \["le nses rela ting to flillct ion ino of he \'i</p><p>2 Slntrlllcn t of co mp lia nce ;lnd s i~llifi ca n t disclosures </p><p>2.1 Sta tem ent of compliance </p><p>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</p></li><li><p>3.2 Taxat ion </p><p>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 </p><p>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, </p><p>3.3 Fixed asset s a nd li eprcc i;\Ii on </p><p>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</p><p>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' </p><p>carrying amount of the assc ts is included in income st;;tclllelll </p><p>3.4 Impairment </p><p>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. </p><p>3.5 Fin:ln c: ial instrumclIts </p><p>( i) financial assets and fina ncial liabiliti es arc rc cognil.cd wh en thc I:und bccOllle s a party to th e </p><p>con trac tual provisiolls of the instrument, </p><p>(ii) fin an cial ass ets are dc -recognized \\hen thc fund loscs contl'ol of the on tl'actll</p></li><li><p>4 Opcr:ding fj,cd assets - t:lngil.llc </p><p>31 Deccmber 2011 </p><p>C 0 S T </p><p>l'articular5 AS:1 1 UI July f\uditions/ As ill JI 2011 (Disposal) December 20 II </p><p>~~=~-===~.----------:-=-=-~u [lccs------------------------------</p><p>D[I'RECIATIO i\ Wrillcn Dow n Vllluc ns a l </p><p>31 December 2011 </p><p>Rale </p><p>% AsalOIJuly </p><p>2011 Chaq;c ro ,' lhe </p><p>period As II I JI </p><p>Decemher 2011 </p><p>- ----------------------------------RII IlC C s---------------------------------</p><p>Furniture am! li tt ings </p><p>Office equipment </p><p>Motor v~hicks </p><p>42,900 </p><p>371, 194 </p><p>193 .5 58 </p><p>607,652 </p><p>58, 100 </p><p>58,100 </p><p>42,900 </p><p>429,294 </p><p>193 ,5 58 </p><p>665,752 </p><p>20 </p><p>33.33 </p><p>20 </p><p>8,66 1 </p><p>248 .050 </p><p>59,383 </p><p>3 1Ci ,094 </p><p>4,290 </p><p>63,4 74 </p><p>19,35(, </p><p>87,120 </p><p>12.951 </p><p>311 ,52\ </p><p>78.73') </p><p>.tOJ, 2 1-1 </p><p>29,94C) </p><p>117, 770 </p><p>114 .1\ 19 </p><p>2(;2, 5J~ </p><p>30 .lltne 201 1 </p><p>I',lrt ie ulars AsatOI July 20 10 </p><p>c () S </p><p>Additions/ (Disposal) </p><p>T </p><p>As Zl t 30 J UIlC 20 II </p><p>R::!Ic% </p><p>D [ PRf:CIATIO N </p><p>Charge I()f" the AS3l0 l.luly20 10 </p><p>~ car </p><p>/\s ;,t 30 JlIl1C 20 11 </p><p>\Vrillcl1 0 0 1111 Va llie ns al </p><p>30 JU il e 20 II </p><p>--- _---- =--- ~=_::.::..::=::-_- ---- - -Rli rec~- -- ---- ---~- - --:.::..::..::..- --- ----- -------- -- ------------------=:.::..::.:::.::-Rt1pees -- - - --- -------------- ----- -- - --</p><p>" </p><p>Furnilure and liltings 15.700 27.2 00 42.900 20 4. 76 1 3. C) [)(} 8.(,(, I 34.23') </p><p>., .... .,"'1orIIec cqui fJ ll1C l1l J 71. 194 :; 71. 104 .) .) ..)., 124 .330 123 .720 2d X.()5) 123. 1 </p></li><li><p>NOle </p><p>5 Cas h :l nd cll sh equiva lents </p><p>Cash in hand </p><p>L3ank ba lance 5. / </p><p>( Un -Audited) </p><p>31 Decembe r </p><p>20 11 </p><p>I{u pccs </p><p>(/\udilCU) </p><p>30 June </p><p>20 I I !~LlpCCS </p><p>24,()00 </p><p>90 9,2 68 2.1 '11. ' 09 </p><p>93.3,26S 2.1 63.7Ili </p><p>5. 1 This carri es mark up @ of ) 1.00% per annUlll. </p><p>6 Contingcncies :Jnd comm itments </p><p>There were 110 contingcncies and comm itments as at J I Dccelllbcr 20) ) . </p><p>(Un- Audi ted ) </p><p>llalrcnded .31 Deeembc r </p><p>7 Operating expcn ses </p><p>Salaries and wages </p><p>Rent </p><p>Utilitics </p><p>Repair an d ma int enance </p><p>Vehicle running e: penses </p><p>Travclin o , lodging and boarding </p><p>Fee and subscrip t ion </p><p>Printing and stationery </p><p>Co urier and postage </p><p>Legal and Profess ion :lI </p><p>Offi ce and other expenses </p><p>Depreciation </p><p>Audit rs rcmunerat ion </p><p>Advertisemcnt </p><p>I3 nk charges </p><p>M isce ll ancous </p><p>DOlt of :Julhorization for issue </p><p>Q~ DEC 2U121 </p><p>201 1 l~ u pecs </p><p>7,6RO937 653,..10 0 </p><p>152,020 </p><p>79,OU </p><p>207,2.J \ 43,2(]~ </p><p>14,000 </p><p>108,794 </p><p>4,208 </p><p>180,69 11 </p><p>87,1 20 </p><p>200,aOO </p><p>6,Ci 80 </p><p>500 28,% 9 </p><p>::: O)() </p><p>Rupces </p><p>6Ji55 .2) 5 65 3 ...l()0 </p><p>~5 Ui\ </p><p>13' .O ~9 </p><p>213.UI} </p><p>:; 1. 69 ~ </p><p>I X.OOO </p><p>96.('S l) </p><p>10." ,. 1'(1[1(111 </p><p>1 2?' . 5 7 ~ </p><p>79 .(ili </p><p>I t)t).99X </p><p>.-00 </p><p>37.955 </p><p>9,-l-l7,-l I .1 ~ ,o0 6 .J.I() </p><p>The finunci ;iI statc lll cnlS wcre author ized for issue on _____- y the tlanagclllcll t COJl1m it tee 01' </p><p>the Fund. </p><p>9 Genera l </p><p>Figures have been presenled in Iupees, </p><p>o5 DEC 2012 Private Member C It :1 ir ma r1 </p></li></ul>


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