PAKISTAN

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) Rs. 6.88 million (2014: 7.66 million) in respect of Donations from the Foundation's directors. c) Rs. 21.99 million (2014: 17.74 million) paid as remuneration/compensation to key management personnel and Rs. 0.18 million (2014: 0.02 million) received in respect of donation to the Foundation from their personal income. CEO Performance Evaluation During the year, the HR&R Committee of the Board evaluated the performance of the CEO in line with the established performance based evaluation system. The evaluation was reviewed against the following criteria: • Leadership • Policy and Strategy • People Management • Business Processes/Excellence • Governance and Compliance • Financial Performance • Impact on Society Subsequently, on the recommendation of the Committee, this was approved by the Board after their review. Abstract under section 218 (1) of the Companies Ordinance, 1984 During the year ended 30 June 2015, the Board of Directors has revised the remuneration of Syed Asaad Ayub Ahmad, Chief Executive Officer from Rs. 676,200 to Rs. 737,100 per month effective 01 January 2015. There was no change in other terms and conditions of his appointment. Syed Asaad Ayub Ahmad is a deemed director of the Foundation and is considered as interested in the aforesaid revision of his terms of appointment. Financial Statements The financial statements of the Foundation have been approved and duly audited without qualification by the auditors of the Foundation, KPMG Taseer Hadi & Co. and their report is attached with the financial statements. Auditors The auditors, KPMG Taseer Hadi & Co. retire and offer themselves for re-appointment. The audit firm has been given satisfactory rating under the Quality Control Review Program of Institute of Chartered Accountants of Pakistan (ICAP) and the firm is fully compliant with the International Federation of Accountants’ guideline on codes of ethics, as adopted by ICAP. The Audit Committee and the Board of Directors of the Foundation have endorsed their appointment for members’ consideration at the forthcoming Annual General Meeting. Director Dated: 12 August 2015 Chief Executive Officer 24
CHIEF EXECUTIVE’S Review It is my pleasure to present the Annual Report of the Foundation along with audited financial statements and a review of our performance for the fiscal year ended June 30, 2015. Summary of Financial Results Description 2015 2014 Increase/Decrease Rs. in million % School Education Programme Expenses 1,999 1,628 23% Programme Administration Expenses 190 178 7% Operating Expenses 2,189 1,806 21% Donation Income - School Support 1,952 1,538 27% Total Assets 6,973 5,914 18% Operational and Financial Review The Foundation’s Balance Sheet has grown to a footing of Rs. 6,973 million (US$ 68.7 million) as of June 30, 2015, compared to Rs. 5,914 million (US$ 58.3 million) as of June 30, 2014. The operating results of the Foundation as detailed in the Income and Expenditure Account for the year ended June 30, 2015 reflect a 21% increase in total operating expenses. This is reflected by an increase in School Education Programme expenses which have increased by 23%, mainly due to a 14% increase in subsidies to TCF schools. The primary drivers for growth in subsidies to TCF schools were the annual salary increments for faculty and non-faculty school staff, allied costs of school staff and the annualised impact of newly opened school units. It also includes greater focus on repair and maintenance of older schools, higher costs of uniforms provided to students and an increase in school supervision costs. In contrast, Programme Administration expenses included in the total operating expenses increased by only 7%, due to better expense management, and lower inflation. The management maintained efficient control on Programme Administration expenses, which remained at 8.7% of total operating cost. The management is committed to ensuring that overheads as a percentage of operating cost remain within the 10% threshold that the organization has set for itself. 20 Years of Believing in Pakistan 25
Page 1 and 2: 20 YEARS OF BELIEVING IN PAKISTAN A
Page 4 and 5: Legal Status and Nature of Operatio
Page 6 and 7: The Citizens Foundation (TCF) is a
Page 9 and 10: 20 YEARS 1,060 SCHOOL UNITS 165,000
Page 11 and 12: IN PAKISTAN The drive for education
Page 13 and 14: Battagram Battagram Battal Battal M
Page 15 and 16: I completed my B.Sc. in Mathematics
Page 17 and 18: “I had to apply for a Singapore v
Page 19 and 20: A few sent their boys, but not thei
Page 21: and the role they have played in he
Page 24 and 25: DIRECTORS’ Report The Directors o
Page 28 and 29: Donation income for school support
Page 30 and 31: Future Outlook Having crossed the 1
Page 32 and 33: Rahbar TCF mentorship programme aim
Page 34 and 35: Financial Highlights Graphical Pres
Page 36 and 37: Key Financial and Operating Informa
Page 38 and 39: PRIORITIZING Quality of Education
Page 40 and 41: Training Training through a systema
Page 42 and 43: BEYOND the Core Programme Our volun
Page 44 and 45: THE RISING TIDE of Global Support A
Page 46 and 47: Marketing Alliances TCF partnered w
Page 48 and 49: Starting from September 2014 and co
Page 51 and 52: WE BELIEVE IN GOVERNANCE
Page 53 and 54: Musadaq Zulqarnain Inducted as a Di
Page 55 and 56: TCF Management Left to Right (stand
Page 57 and 58: Stitching Dreams At the commencemen
Page 59 and 60: Resource Mobilization Committee The
Page 61 and 62: Internal Audit • The internal con
Page 63: Notice of 19th Annual General Meeti
Page 66 and 67: KPMG Taseer Hadi & Co. Chartered Ac
Page 68 and 69: Income and Expenditure Account For
Page 70 and 71: Cash Flow Statement For the year en
Page 72 and 73: Notes to the Financial Statements F
Page 74 and 75: establishes a framework for measuri
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3.4 Other Payables Other payables a
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4.1 Operating Fixed Assets At 1 Jul
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6. LONG TERM INVESTMENTS 2015 2014
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10. CASH AND BANK BALANCES Cash in
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14.2 This includes an amount of Rs.
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21. OTHER SCHOOL EXPENSES 2015 2014
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25.3 Key management personnel are t
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The analysis below summarizes the c
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CODE OF CONDUCT and Governance Poli
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Managing Conflict of Interest As pe
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HELP TCF Educate Pakistan Educate-a
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Contact Information TCF Head Office
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“Education is a matter of life or
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PAKISTAN

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