PEF Annual Report 2012 - Punjab Education Foundation

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Punjab Education Foundation 51
Punjab Education Foundation 8.2 Intangible Assets 2012 2011 Note Rupees Rupees Computer Software Cost Balance as at 30 June 417,007 417,007 Amortization Balance as at 1 July (29,889) - For the year (137,612) (29,889) Balance as at 30 June (167,501) (29,889) Net book value as at 30 June 249,506 387,118 Amortization rate per annum 33% 33% 8.2.1 Amortization has been allocated as follows Administrative expenses 137,612 29,889 8.3 Depreciation has been allocated as follows: Administrative expenses 10,071,592 7,854,840 8.4 Freehold land includes land with a book value of Rs. 12 million, located at 152 J-1, Phase II, M.A. Johar Town Scheme, Lahore measuring 40 kanals and 19 square feet, which has been leased to Hamza Foundation under the PEF program for the promotion of education of special children as approved in the meeting of the Foundation's Board of Directors held on 20 March 1996. The terms of the lease agreement stipulate the lease to be for a period of thirty years i.e. from 26 September 1996 to 25 September 2026, at an annual lease rental of Rs. 10,000. Upon expiry of the lease period, the lease can be renewed at a one year notice for a further period of twenty years at a time not exceeding 99 years in total. The management of the Foundation is of the view that based upon Government DC rates, the current value of the land is Rs.192,016,890/-. 9 Advance for purchase of lands These represent long outstanding advances given to Lahore Development Authority (LDA) against purchase of land in 1995. Advance for plot No. 188-C, Mohlanwal Scheme, Lahore 9.1 1,276,663 1,120,000 Advance for plot No. 498-B, Block-J, Sabzazar Scheme, Lahore 9.2 2,837,500 2,837,500 Other - 85,000 4,114,163 4,042,500 9.1 This represents advance paid to LDA against plot no. 188-C, Mohlanwal Scheme, Lahore. Over the years, the Foundation has made several written requests to LDA for refunding the advance but no development has materialized in this regard. The matter was placed before the Finance Committee (FC) of the Foundation in its 25th meeting on 25 February 2012. As the matter was under discussion with LDA, the Chairman of the FC directed that the management should represent the case to the FC once LDA allocates the plot to the Foundation. In compliance with the decision of the FC, the management of the Foundation once again pursued the case with LDA. As a result, LDA informed the Foundation that after the payment of the advance amount in 1996 against plot 188-C, the said plot measuring 05 kanals, 01 marla and 13 sq.ft. had been exchanged with plot no. 134-C measuring 05 kanals and 12 marla. Consequently, LDA also issued a Demand Notice for Rs.156,663/- on account of balance amount payable by the Foundation against Plot No.134-C Mohlanwal Scheme, Lahore to get the physical possession of the said plot. The amount has been paid on 28 June 2012 and possession was handed over to the Foundation on 3 September 2012. 52
Page 1 and 2: Punjab 2012 Education Foundation AN
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Page 31 and 32: Financials
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Page 35 and 36: Punjab Education Foundation Compari
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PEF Annual Report 2012 - Punjab Education Foundation

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