Punjab Pension Fund - Expense Account

Condensed Interim Financial Statcmcnts for the period cnded 31 December 2011

KPMG Ta seer Hadi amp Co Telephone + 92 (42) 3585 0471-76 Chartered Accountants Fax + 92 (42) 3585 0477 53 L Gulberg III Internet wwwkpmg compk 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 middotconclusion 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

IOf1~ lenaL- tW-- ~ Lahore KPMG Taseer Hadi amp Co

Chartered Accountants Date OS December 2012 (Bilal Ali)

Punjab Pensi on Fund - Expense Account Condensed Interim Statement of Assets and Liabilities As 0131 Decellber 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

Ihp resell ted by

1 et (dcticil)suI)lus

N()lc

f

5

6

(Un -Audited)

31 Deccm ber

20 11

I ~ U pees

262538

115 1068

2656ll5

(Audited)

30 Jl1ne

20 I I

Rupees

2) I ~ ) ~

2 17XO()

2103 719

23X 151 9

14 27233

2656 1 J 5 1427233

(1505047) 95 42X6

( 1242509) 1~ 4 5 X 4~

( 12425() 1) ) 1 245X14

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

5 OEC 2GQ L1horc Private ilclIlbcr

Punjab Pension Fund - Expense Account Condensed In te rim Income and Expenditure Account (Un-Jud ited) For (he half year and quarter ended 31 Decell1Jer 20 1

0 te

l~ lr ll~ middot ~~ c 1

311)cccIlliJcr

20 I I 2010 ----shy --shy -shy - ---------shy ----shy -shy -----shy I II pees

J I I)c(

2011

--shy ---shy ------shy

c I11 her

2010 ----- shy --- shy --shy -shy -----

Rcilllburse lnc nt of operating expen ses

Income on saving account

Other in com e

6SOOOOO [-11356

705

695906 I

6893 040

2028 middot11

24 99

7098 3 80

1800IlOO -7CJS5

70S

ISSS6 90

I IO(l)X

2~9 lt)

11 3197

p rati ng ex pcn ses

Net deficit ro r the period

7 9 -I middotP41

(2-I SS35J)

XoOo3 lt1 0

(1 507 0)

-I7()2 OS O

(2903 3 00)

425 1 775

(-I IJX 57X)

A uillu lalcd surplus brough t forw ard 12-158 44 27M 726 16()O SSI

Net (d cfic it )surp lu s cHrried fo rward ( l2middotn 5(9) 12567(i(i (1 2H09) (4 1 ~un)

T he 3nne-cd not es I to 9 form an integra l pan of these condensed interim finan cial information

05- DEC 2012 Llhorc General Mlllagcr Priva tc M Cl11b lr

- - --- -

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 lc( llber JI) II

Cn~ h fl ows fr OIll oprtlti ng l c t iliti es

Net (dcficit )surpl u (or th e pcriod

i d juilmcnts for non cns h and oth er itrm s

DepreciatiOIl

Increas e in urrc nt liabiliti es

i cc rued (penses

Cash gener a ted from opera t in g act ilities

Cash Oos fro rtl inCst ing act iv ities

Fix d U CIS ad di ti ons

Cns ll used in incst in g lctivit ics

Net decrease in cash an d cash cCl uivalc nts d uring tlt c peri od

enmiddot 1t an d cash cqu ililel1t 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

--- ---- -------- ----- --- ---- ----- 1lt u tl c e s ------------ --------------- -- --

( 2-1SS 3S3) ( 15071)6(l ) (2 )OJ3(O) ( 11 )0 -71 )

S7 12 0 7961middot1 jjJ G7

(2 j () 123J ) ( t12S - 16) (2S5S)) J )

1 22S SR2 1781 35 ( 25 ()S ( 722 5

( 11 72 351) ( 1_5 0 21 1 ) (2 J3 (5 ) (middot11 1) lJ )

(5X IOO) (63 500) (581 00 ) ((J51l0)

(5iUO () ) ((3500 ) (51 100) ((1 3 50 11)

(123 0-15 1) ( 131371 1) (2 2920(5) (10))1 1))

2 1(3 7 19 255 l) 393 3225 JD 5 3 9 1middot11

9JJ 1MI 12 IS6H2 lJJJ US 2 ISJ S2

Tht lt1 r m~ed ntltcs I to 9 fo rlll all int ~g ral pln of these condensed inl er im [rll il1 cial ill l()II ll ini o ll

D5 DEC 2Q12 Lahure GrllHu i i1Ir1 f1gcr Ir j v ~ c ilc m bcr

KPMG Ta seer Hadi amp Co Telephone + 92 (42) 3585 0471-76 Chartered Accountants Fax + 92 (42) 3585 0477 53 L Gulberg III Internet wwwkpmg compk 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 middotconclusion 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

IOf1~ lenaL- tW-- ~ Lahore KPMG Taseer Hadi amp Co

Chartered Accountants Date OS December 2012 (Bilal Ali)

Punjab Pensi on Fund - Expense Account Condensed Interim Statement of Assets and Liabilities As 0131 Decellber 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

Ihp resell ted by

1 et (dcticil)suI)lus

N()lc

f

5

6

(Un -Audited)

31 Deccm ber

20 11

I ~ U pees

262538

115 1068

2656ll5

(Audited)

30 Jl1ne

20 I I

Rupees

2) I ~ ) ~

2 17XO()

2103 719

23X 151 9

14 27233

2656 1 J 5 1427233

(1505047) 95 42X6

( 1242509) 1~ 4 5 X 4~

( 12425() 1) ) 1 245X14

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

5 OEC 2GQ L1horc Private ilclIlbcr

Punjab Pension Fund - Expense Account Condensed In te rim Income and Expenditure Account (Un-Jud ited) For (he half year and quarter ended 31 Decell1Jer 20 1

0 te

l~ lr ll~ middot ~~ c 1

311)cccIlliJcr

20 I I 2010 ----shy --shy -shy - ---------shy ----shy -shy -----shy I II pees

J I I)c(

2011

--shy ---shy ------shy

c I11 her

2010 ----- shy --- shy --shy -shy -----

Rcilllburse lnc nt of operating expen ses

Income on saving account

Other in com e

6SOOOOO [-11356

705

695906 I

6893 040

2028 middot11

24 99

7098 3 80

1800IlOO -7CJS5

70S

ISSS6 90

I IO(l)X

2~9 lt)

11 3197

p rati ng ex pcn ses

Net deficit ro r the period

7 9 -I middotP41

(2-I SS35J)

XoOo3 lt1 0

(1 507 0)

-I7()2 OS O

(2903 3 00)

425 1 775

(-I IJX 57X)

A uillu lalcd surplus brough t forw ard 12-158 44 27M 726 16()O SSI

Net (d cfic it )surp lu s cHrried fo rward ( l2middotn 5(9) 12567(i(i (1 2H09) (4 1 ~un)

T he 3nne-cd not es I to 9 form an integra l pan of these condensed interim finan cial information

05- DEC 2012 Llhorc General Mlllagcr Priva tc M Cl11b lr

- - --- -

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 lc( llber JI) II

Cn~ h fl ows fr OIll oprtlti ng l c t iliti es

Net (dcficit )surpl u (or th e pcriod

i d juilmcnts for non cns h and oth er itrm s

DepreciatiOIl

Increas e in urrc nt liabiliti es

i cc rued (penses

Cash gener a ted from opera t in g act ilities

Cash Oos fro rtl inCst ing act iv ities

Fix d U CIS ad di ti ons

Cns ll used in incst in g lctivit ics

Net decrease in cash an d cash cCl uivalc nts d uring tlt c peri od

enmiddot 1t an d cash cqu ililel1t 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

--- ---- -------- ----- --- ---- ----- 1lt u tl c e s ------------ --------------- -- --

( 2-1SS 3S3) ( 15071)6(l ) (2 )OJ3(O) ( 11 )0 -71 )

S7 12 0 7961middot1 jjJ G7

(2 j () 123J ) ( t12S - 16) (2S5S)) J )

1 22S SR2 1781 35 ( 25 ()S ( 722 5

( 11 72 351) ( 1_5 0 21 1 ) (2 J3 (5 ) (middot11 1) lJ )

(5X IOO) (63 500) (581 00 ) ((J51l0)

(5iUO () ) ((3500 ) (51 100) ((1 3 50 11)

(123 0-15 1) ( 131371 1) (2 2920(5) (10))1 1))

2 1(3 7 19 255 l) 393 3225 JD 5 3 9 1middot11

9JJ 1MI 12 IS6H2 lJJJ US 2 ISJ S2

Tht lt1 r m~ed ntltcs I to 9 fo rlll all int ~g ral pln of these condensed inl er im [rll il1 cial ill l()II ll ini o ll

D5 DEC 2Q12 Lahure GrllHu i i1Ir1 f1gcr Ir j v ~ c ilc m bcr

Punjab Pensi on Fund - Expense Account Condensed Interim Statement of Assets and Liabilities As 0131 Decellber 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

Ihp resell ted by

1 et (dcticil)suI)lus

N()lc

f

5

6

(Un -Audited)

31 Deccm ber

20 11

I ~ U pees

262538

115 1068

2656ll5

(Audited)

30 Jl1ne

20 I I

Rupees

2) I ~ ) ~

2 17XO()

2103 719

23X 151 9

14 27233

2656 1 J 5 1427233

(1505047) 95 42X6

( 1242509) 1~ 4 5 X 4~

( 12425() 1) ) 1 245X14

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

5 OEC 2GQ L1horc Private ilclIlbcr

Punjab Pension Fund - Expense Account Condensed In te rim Income and Expenditure Account (Un-Jud ited) For (he half year and quarter ended 31 Decell1Jer 20 1

0 te

l~ lr ll~ middot ~~ c 1

311)cccIlliJcr

20 I I 2010 ----shy --shy -shy - ---------shy ----shy -shy -----shy I II pees

J I I)c(

2011

--shy ---shy ------shy

c I11 her

2010 ----- shy --- shy --shy -shy -----

Rcilllburse lnc nt of operating expen ses

Income on saving account

Other in com e

6SOOOOO [-11356

705

695906 I

6893 040

2028 middot11

24 99

7098 3 80

1800IlOO -7CJS5

70S

ISSS6 90

I IO(l)X

2~9 lt)

11 3197

p rati ng ex pcn ses

Net deficit ro r the period

7 9 -I middotP41

(2-I SS35J)

XoOo3 lt1 0

(1 507 0)

-I7()2 OS O

(2903 3 00)

425 1 775

(-I IJX 57X)

A uillu lalcd surplus brough t forw ard 12-158 44 27M 726 16()O SSI

Net (d cfic it )surp lu s cHrried fo rward ( l2middotn 5(9) 12567(i(i (1 2H09) (4 1 ~un)

T he 3nne-cd not es I to 9 form an integra l pan of these condensed interim finan cial information

05- DEC 2012 Llhorc General Mlllagcr Priva tc M Cl11b lr

- - --- -

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 lc( llber JI) II

Cn~ h fl ows fr OIll oprtlti ng l c t iliti es

Net (dcficit )surpl u (or th e pcriod

i d juilmcnts for non cns h and oth er itrm s

DepreciatiOIl

Increas e in urrc nt liabiliti es

i cc rued (penses

Cash gener a ted from opera t in g act ilities

Cash Oos fro rtl inCst ing act iv ities

Fix d U CIS ad di ti ons

Cns ll used in incst in g lctivit ics

Net decrease in cash an d cash cCl uivalc nts d uring tlt c peri od

enmiddot 1t an d cash cqu ililel1t 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

--- ---- -------- ----- --- ---- ----- 1lt u tl c e s ------------ --------------- -- --

( 2-1SS 3S3) ( 15071)6(l ) (2 )OJ3(O) ( 11 )0 -71 )

S7 12 0 7961middot1 jjJ G7

(2 j () 123J ) ( t12S - 16) (2S5S)) J )

1 22S SR2 1781 35 ( 25 ()S ( 722 5

( 11 72 351) ( 1_5 0 21 1 ) (2 J3 (5 ) (middot11 1) lJ )

(5X IOO) (63 500) (581 00 ) ((J51l0)

(5iUO () ) ((3500 ) (51 100) ((1 3 50 11)

(123 0-15 1) ( 131371 1) (2 2920(5) (10))1 1))

2 1(3 7 19 255 l) 393 3225 JD 5 3 9 1middot11

9JJ 1MI 12 IS6H2 lJJJ US 2 ISJ S2

Tht lt1 r m~ed ntltcs I to 9 fo rlll all int ~g ral pln of these condensed inl er im [rll il1 cial ill l()II ll ini o ll

D5 DEC 2Q12 Lahure GrllHu i i1Ir1 f1gcr Ir j v ~ c ilc m bcr

Punjab Pension Fund - Expense Account Condensed In te rim Income and Expenditure Account (Un-Jud ited) For (he half year and quarter ended 31 Decell1Jer 20 1

0 te

l~ lr ll~ middot ~~ c 1

311)cccIlliJcr

20 I I 2010 ----shy --shy -shy - ---------shy ----shy -shy -----shy I II pees

J I I)c(

2011

--shy ---shy ------shy

c I11 her

2010 ----- shy --- shy --shy -shy -----

Rcilllburse lnc nt of operating expen ses

Income on saving account

Other in com e

6SOOOOO [-11356

705

695906 I

6893 040

2028 middot11

24 99

7098 3 80

1800IlOO -7CJS5

70S

ISSS6 90

I IO(l)X

2~9 lt)

11 3197

p rati ng ex pcn ses

Net deficit ro r the period

7 9 -I middotP41

(2-I SS35J)

XoOo3 lt1 0

(1 507 0)

-I7()2 OS O

(2903 3 00)

425 1 775

(-I IJX 57X)

A uillu lalcd surplus brough t forw ard 12-158 44 27M 726 16()O SSI

Net (d cfic it )surp lu s cHrried fo rward ( l2middotn 5(9) 12567(i(i (1 2H09) (4 1 ~un)

T he 3nne-cd not es I to 9 form an integra l pan of these condensed interim finan cial information

05- DEC 2012 Llhorc General Mlllagcr Priva tc M Cl11b lr

- - --- -

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 lc( llber JI) II

Cn~ h fl ows fr OIll oprtlti ng l c t iliti es

Net (dcficit )surpl u (or th e pcriod

i d juilmcnts for non cns h and oth er itrm s

DepreciatiOIl

Increas e in urrc nt liabiliti es

i cc rued (penses

Cash gener a ted from opera t in g act ilities

Cash Oos fro rtl inCst ing act iv ities

Fix d U CIS ad di ti ons

Cns ll used in incst in g lctivit ics

Net decrease in cash an d cash cCl uivalc nts d uring tlt c peri od

enmiddot 1t an d cash cqu ililel1t 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

--- ---- -------- ----- --- ---- ----- 1lt u tl c e s ------------ --------------- -- --

( 2-1SS 3S3) ( 15071)6(l ) (2 )OJ3(O) ( 11 )0 -71 )

S7 12 0 7961middot1 jjJ G7

(2 j () 123J ) ( t12S - 16) (2S5S)) J )

1 22S SR2 1781 35 ( 25 ()S ( 722 5

( 11 72 351) ( 1_5 0 21 1 ) (2 J3 (5 ) (middot11 1) lJ )

(5X IOO) (63 500) (581 00 ) ((J51l0)

(5iUO () ) ((3500 ) (51 100) ((1 3 50 11)

(123 0-15 1) ( 131371 1) (2 2920(5) (10))1 1))

2 1(3 7 19 255 l) 393 3225 JD 5 3 9 1middot11

9JJ 1MI 12 IS6H2 lJJJ US 2 ISJ S2

Tht lt1 r m~ed ntltcs I to 9 fo rlll all int ~g ral pln of these condensed inl er im [rll il1 cial ill l()II ll ini o ll

D5 DEC 2Q12 Lahure GrllHu i i1Ir1 f1gcr Ir j v ~ c ilc m bcr

- - --- -

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 lc( llber JI) II

Cn~ h fl ows fr OIll oprtlti ng l c t iliti es

Net (dcficit )surpl u (or th e pcriod

i d juilmcnts for non cns h and oth er itrm s

DepreciatiOIl

Increas e in urrc nt liabiliti es

i cc rued (penses

Cash gener a ted from opera t in g act ilities

Cash Oos fro rtl inCst ing act iv ities

Fix d U CIS ad di ti ons

Cns ll used in incst in g lctivit ics

Net decrease in cash an d cash cCl uivalc nts d uring tlt c peri od

enmiddot 1t an d cash cqu ililel1t 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

--- ---- -------- ----- --- ---- ----- 1lt u tl c e s ------------ --------------- -- --

( 2-1SS 3S3) ( 15071)6(l ) (2 )OJ3(O) ( 11 )0 -71 )

S7 12 0 7961middot1 jjJ G7

(2 j () 123J ) ( t12S - 16) (2S5S)) J )

1 22S SR2 1781 35 ( 25 ()S ( 722 5

( 11 72 351) ( 1_5 0 21 1 ) (2 J3 (5 ) (middot11 1) lJ )

(5X IOO) (63 500) (581 00 ) ((J51l0)

(5iUO () ) ((3500 ) (51 100) ((1 3 50 11)

(123 0-15 1) ( 131371 1) (2 2920(5) (10))1 1))

2 1(3 7 19 255 l) 393 3225 JD 5 3 9 1middot11

9JJ 1MI 12 IS6H2 lJJJ US 2 ISJ S2

Tht lt1 r m~ed ntltcs I to 9 fo rlll all int ~g ral pln of these condensed inl er im [rll il1 cial ill l()II ll ini o ll

D5 DEC 2Q12 Lahure GrllHu i i1Ir1 f1gcr Ir j v ~ c ilc m bcr

Punj ab Pension Fund- Expense Account Notes to Ihc Condensed Interim Financia l Statements For rhe half year and qlarrel elided JJ Deceillher () J

Stat us and nafurl or the hu~in css

The Pu njab Pensio n r-und (the Fund) has been establs hed l ndcr the Punjlb Pen sion Iund et 2007 (tl e ctl Th e Goverllillen t of the PUlljab has notified the fulljab Pe nsi on Iund Rules 20 07 (the Rl k s) unde r e( tion 2middot111r 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 IClllIes tn ge 11lr~ 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 iltIlgeIl1 C1t Com mit tec arc pa id Ollt of the trust property in the forlll of an llUal I supp lelll cll tary budge ts dul y appro Cd hy the Man2gcIll ent Committee

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

21 Sta tem ent of compliance

These financial statemcnts have becn prcpared in accordan cc with th e nq uilClllcn ts of the Punjab Ie 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 complisc o f such II RSs as notified under thc provision s of the Co mpan ies O rdi nan ce Ilt)~4 Wherever thc Icqlli relllc nts or the I unj ah Pensio n Fund Ict 2007 and PU llj ab Pension r-und Rules 2007 differ with th e requ ircmel1ts of th ese sllt nd llds the req uiremen ts of Pu nja b Pension f~und Iet 2007 an d Punjab Pen sion Iund Rules 2007 shil l prcail

Th 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 inroll11ltlti on dnls l1 lt1t include a ll 0( the inforillation required for full annual iinancial statemen tS and shou ld be Icild ill cCll1i unct ion with the an nual financia l statel1lcnt s as at and for th e period cnded 30 Junc 20 11

The accoun tin g po licies and Illethods of cOIllP utat io n adopted in the prepa ration of the fi nl nciiil inrorillill ion arc the same as th ose appl ied in preparation ofprecedil1 g anllual financial stateillen ts for the fJe riod ended 30 June 20 II

22 Signi fi c1111 estim ates

The preparation o f financial statements in conro rill ity with approv cd aecollnt ing sW lldards requires Illanagement to make judgmen ts estilllates and as sumptions th at effect thc app li cation of po li c ics and reponc d amoun ts of asse ts and liabilities and in come and cpenses The estillliites and associaled assump ti ons al1d j udgmen ts are based on hi stolieal experience and vario us oth cr fact ors that arc be lie ved to be reasonl ble und er th e ci rcum stances th e resul t ofwhieh form the bas is of ma ki ng the j udglllcnts abou t carrying valu cs 0(

aSsets and li abi li ties that arc not readily apparen t frolll other somees I etllal result s lIlay dirfer (rolll lhese estim ates

The estimates and lIndeliyi ng assumpt ions aiT reviewcd on ltIn ongoing basis Revision to (cou nting es tilll ates arc recognized in the period in which the esti mate is rcvised if the rC l i~ioll effccts 0 111 that period or in the period of revis ion and future periods if the revi s ion affects both eurrcnt and futllle periods The are as here various assumptioll s and esti mates are sign ifi ca nt to JlInd iinltlll eiaJ sta temellts or whc rc judgmell ts were exe rc ised in appl ication of accounti ng policies arc as foll ows

a) Aecrlled liabilities

b) Use ful life of depreciable assets

3 Summary of s ign iii can t ~cco u lt ing polic ies

31 Basis of prcparlt ioll

T he financia l statemen ts have been prepared unde r the histo rical cost cQllvent ion

32 Taxat ion

The income of the fund is o empt frolll ta under Section 57(3)(ii) o f 131t 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 financi1I slatcill elll

33 Fixed asset s a nd li eprcc iIi on

These ~re st~c d ul cost less ilccuillulated depreciticl Dcpleeillion is charged 10 incolc by Tpl i~ the sl rai~h t line meth od so as to wrile oil the opera ting fied assets over thcir epeeted use ful li fe at the rltt cs givcn in note 4 Depreciation is ch argcd frol11 the month o r acquisiti on whilc no dcpreci~ti ol1 is charged in the Illo nth of disposal or deletion of asset Norm(ll rcpairs lt1l1d Illainten ance arc charged to income IS and whcli incurred

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 sttclllelll

34 Impairment

The carrying amo unt of the rund assets arc re vie wcd at each Slltemc 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 asct s rec()vcra hle amount is esti mated An impainllcnt loss is recognied whether the carrying RI110u nt or t h~ Issct neeeds its reco verable amount Impairmcnt losses arc charged to income state men t

35 Finln c ial instrumclIts

( i) financial assets and fina ncial liabiliti es arc rc cognilcd wh en thc Iund 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 contlol of the on tlactllltli rights that conlpriL the financial asset

(iii) r~ in a ncial lia bili ties are de-ncognizcd when they arc c-tinguished ie hen the obligat ion spcc iliu

in the co ntract is discharged ca neclled or e-rired

(iv) Any ga in or loss 011 dc-recogn iti on of the financial asscts and fina ncia l li abi litic s i taken to the ineollle statemcnt account in the period in which it ariscs

(v) The particular measurement methods adopted arc discloscd 111 the individual lJolic sta lclllelllS associated with each itclll

36 orr setting of Ii 11lllcilll IS cts and linanc ialli ll bil it ies

Fi nan ci al assets (l nd filllt1ne ialliabi li ti s are ofTset and the nct dl1l 0unt is rep ned on th e s t~ l tcll 1elll 01 ISS Cl ltInti

li nbi lities if th e f uml has a legal cnforce ab le right to sClOffthc recognicd aillounts and in tends either to sctlk 011 net bas is or to rC1li zc the asse ts and scuic the liabilities simulwneollsly

37 Provis ions

II pro vis ion is recognized in the sta lCl11e nt of assets and liab ilitie s hen Ihe llInd has legal or eOlls llUClic

ob li gation as a result of pas t eve nt it is prob able that lt111 out flow of resomccs embod ying ccollol11ic benerlts

wil l be req ui red to sertle the obli gat io n and the reliable estimate can be made of the lI1lO UII of th c obl igCltiull

The prov isions a re reviewed at each statei11e nt of assets and licl bi litics dlt1e alld 1rc adjustcd t re flect tile current best estimates

38 Revelllle Recognit ion

Profi t on ba llk deposits is rec ognized on accrual ba sis

39 TrlIlSllCliolls with relatcd flU rtics

The rlJ nd enters into transact ion wi th ITlated pal1ics on an rills length basi s Priccs for transac tions with

re lated pan ics are dete rmi ned lIsing admissible val uatioll Illc llt ds

310 Cash and clsh equivalents

Cash and cash equi valell ts are carr ied in the stat emc nt of asse ts ltI nc liltl bilitics at cust

32 Taxat ion

The income of the fund is o empt frolll ta under Section 57(3)(ii) o f 131t 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 financi1I slatcill elll

33 Fixed asset s a nd li eprcc iIi on

These ~re st~c d ul cost less ilccuillulated depreciticl Dcpleeillion is charged 10 incolc by Tpl i~ the sl rai~h t line meth od so as to wrile oil the opera ting fied assets over thcir epeeted use ful li fe at the rltt cs givcn in note 4 Depreciation is ch argcd frol11 the month o r acquisiti on whilc no dcpreci~ti ol1 is charged in the Illo nth of disposal or deletion of asset Norm(ll rcpairs lt1l1d Illainten ance arc charged to income IS and whcli incurred

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 sttclllelll

34 Impairment

The carrying amo unt of the rund assets arc re vie wcd at each Slltemc 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 asct s rec()vcra hle amount is esti mated An impainllcnt loss is recognied whether the carrying RI110u nt or t h~ Issct neeeds its reco verable amount Impairmcnt losses arc charged to income state men t

35 Finln c ial instrumclIts

( i) financial assets and fina ncial liabiliti es arc rc cognilcd wh en thc Iund 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 contlol of the on tlactllltli rights that conlpriL the financial asset

(iii) r~ in a ncial lia bili ties are de-ncognizcd when they arc c-tinguished ie hen the obligat ion spcc iliu

in the co ntract is discharged ca neclled or e-rired

(iv) Any ga in or loss 011 dc-recogn iti on of the financial asscts and fina ncia l li abi litic s i taken to the ineollle statemcnt account in the period in which it ariscs

(v) The particular measurement methods adopted arc discloscd 111 the individual lJolic sta lclllelllS associated with each itclll

36 orr setting of Ii 11lllcilll IS cts and linanc ialli ll bil it ies

Fi nan ci al assets (l nd filllt1ne ialliabi li ti s are ofTset and the nct dl1l 0unt is rep ned on th e s t~ l tcll 1elll 01 ISS Cl ltInti

li nbi lities if th e f uml has a legal cnforce ab le right to sClOffthc recognicd aillounts and in tends either to sctlk 011 net bas is or to rC1li zc the asse ts and scuic the liabilities simulwneollsly

37 Provis ions

II pro vis ion is recognized in the sta lCl11e nt of assets and liab ilitie s hen Ihe llInd has legal or eOlls llUClic

ob li gation as a result of pas t eve nt it is prob able that lt111 out flow of resomccs embod ying ccollol11ic benerlts

wil l be req ui red to sertle the obli gat io n and the reliable estimate can be made of the lI1lO UII of th c obl igCltiull

The prov isions a re reviewed at each statei11e nt of assets and licl bi litics dlt1e alld 1rc adjustcd t re flect tile current best estimates

38 Revelllle Recognit ion

Profi t on ba llk deposits is rec ognized on accrual ba sis

39 TrlIlSllCliolls with relatcd flU rtics

The rlJ nd enters into transact ion wi th ITlated pal1ics on an rills length basi s Priccs for transac tions with

re lated pan ics are dete rmi ned lIsing admissible val uatioll Illc llt ds

310 Cash and clsh equivalents

Cash and cash equi valell ts are carr ied in the stat emc nt of asse ts ltI nc liltl bilitics at cust

bull bull

4 Opcrding fjcd assets - tlngilllc

31 Deccmber 2011

C 0 S T

larticular5 AS1 1 UI July fuditions As ill JI

2011 (Disposal) December 20 II

~~=~-===~-----------=-=-~u [lccs------------------------------shy

D[IRECIATIO i Wrillcn Dow n Vllluc ns a l

31 December 2011

Rale

AsalOIJuly

2011 Chaqc ro lhe

period As II I JI

Decemher 2011

-shy ------shy---------shy----shy-shy------------shy--shyRII IlC C s--shy-shy--shy---shy-----shy-------shy------shy-shy-----shy-shy

Furniture am li tt ings

Office equipment

Motor v~hicks

42900

371 194

193 5 58

607652

58 100

58100

42900

429294

193 5 58

665752

20

3333

20

866 1

248 050

59383

3 1Ci 094

4290

634 74

1935(

87120

12951

311 52middot

7873)

tOJ 2 1-1

2994C)

117 770

114 1 19

2(2 5J~

30 lltne 201 1

Ilrt ie ulars AsatOI July 20 10

c () S

Additions (Disposal)

T

As Zl t 30 J UIlC

20 II RIc

D [ PRfCIATIO N

Charge I()f the AS3l0 lluly20 10

~ car

s middott 30 JlIl1C

20 11

Vrillcl1 0 0 1111

Va llie ns al

30 JU il e 20 II

---shy _---- =--- ~=_=-_- ---- -shy -Rli rec~- -- ----shy ---~- - --- ---shy -----shy -----shy--- -- ------shy------shy------=shy-Rt1pees --shy -shy - ---shy ----shy----------shy -----shy --shy -shy --shy

Furnilure and liltings 15700 272 00 42900 20 4 76 1 3 C) [)( 8(( I 3423)

1orIIec cqui fJ ll1C l1l J 71 194 71 104 ) ) ) 124 330 123 720 2d X()5) 123 1 lt-14

VOlor chick 130r)5~ 6J SOO I lJJ 55ll 20 23 X45 3S)3R 59 1 1~1 131I 75

516 1)2 1)0 700 ( 1l 7Ci5 2 152936 163 JII _ 16() )4 2 ) t55S

tlf~~7

NOle

5 Cas h l nd cll sh equiva lents

Cash in hand

L3ank ba lance 5

( Un -Audited)

31 Decembe r

20 11

Iu pccs

(udilCU)

30 June

20 I I ~LlpCCS

24()00

90 92 68 21 11 09

93326S 21 637Ili

5 1 This carri es mark up of ) 100 per annUlll

6 Contingcncies Jnd comm itments

There were 110 contingcncies and comm itments as at J I Dccelllbcr 20) )

(Un- Audi ted )

llalrcnded 31 Deeembc rmiddot

7 Operating expcn ses

Salaries and wages

Rent

Utilitics

Repair an d ma int enance

Vehicle running e penses

Travclin o lodging and boarding

Fee and subscrip t ion

Printing and stationery

Co urier and postage

Legal and Profess ion lI

Offi ce and other expenses

Depreciation

Audit rs rcmunerat ion

Advertisemcnt

I3 nk charges

M isce ll ancous

DOlt of Julhorization for issue

Q~ DEC 2U121

201 1 l~ u pecs

76RO937 65310 0

152020

79OmiddotU

2072J 432(]~

14000

108794

4208

18069 11

871 20

200aOO

6Ci 80

500 28 9

O)()

Rupces

6Ji55 2) 5 65 3 l()0

~5 Uimiddot

13 O ~9

213UI

1 69 ~

I XOOO

96(S l)

10middot 1(1[1(111

1 2 5 7 ~

79 (ili

I t)t)99X

-00

37955

9-l-l7-l I 1 ~ o0 6 JI()

The finunci iI statc lll cnlS wcre author ized for issue on _____- y the tlanagclllcll t COJl1m it tee 01

the Fund

9 Genera l

Figures have been presenled in Imiddotupees

o5 DEC 2012 Private Member C It 1 ir ma r1

NOle

5 Cas h l nd cll sh equiva lents

Cash in hand

L3ank ba lance 5

( Un -Audited)

31 Decembe r

20 11

Iu pccs

(udilCU)

30 June

20 I I ~LlpCCS

24()00

90 92 68 21 11 09

93326S 21 637Ili

5 1 This carri es mark up of ) 100 per annUlll

6 Contingcncies Jnd comm itments

There were 110 contingcncies and comm itments as at J I Dccelllbcr 20) )

(Un- Audi ted )

llalrcnded 31 Deeembc rmiddot

7 Operating expcn ses

Salaries and wages

Rent

Utilitics

Repair an d ma int enance

Vehicle running e penses

Travclin o lodging and boarding

Fee and subscrip t ion

Printing and stationery

Co urier and postage

Legal and Profess ion lI

Offi ce and other expenses

Depreciation

Audit rs rcmunerat ion

Advertisemcnt

I3 nk charges

M isce ll ancous

DOlt of Julhorization for issue

Q~ DEC 2U121

201 1 l~ u pecs

76RO937 65310 0

152020

79OmiddotU

2072J 432(]~

14000

108794

4208

18069 11

871 20

200aOO

6Ci 80

500 28 9

O)()

Rupces

6Ji55 2) 5 65 3 l()0

~5 Uimiddot

13 O ~9

213UI

1 69 ~

I XOOO

96(S l)

10middot 1(1[1(111

1 2 5 7 ~

79 (ili

I t)t)99X

-00

37955

9-l-l7-l I 1 ~ o0 6 JI()

The finunci iI statc lll cnlS wcre author ized for issue on _____- y the tlanagclllcll t COJl1m it tee 01

the Fund

9 Genera l

Figures have been presenled in Imiddotupees

o5 DEC 2012 Private Member C It 1 ir ma r1