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KPMG Taseer Hadi & Co. Chartered Accountants Sheikh Sultan Trust Building No. 2 Beaumont Road Karachi, 75530 Pakistan Telephone +92 (21) 3568 5847 Fax +92 (21) 3568 5095 Internet www.kpmg.com.pk Auditors’ Report to the Members We have audited the annexed balance sheet of The Citizens Foundation (‘the Foundation”) as at 30 June 2015 and the related income and expenditure account, statement of comprehensive income, statement of changes in funds and reserves, cash flow statement together with the notes forming part thereof, for the year then ended and we state that we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of audit. It is the responsibility of the Foundation’s management to establish and maintain a system of internal control, and prepare and present the above said statements in conformity with the approved accounting standards and the requirements of the Companies Ordinance, 1984. Our responsibility is to express an opinion on these statements based on our audit. We conducted our audit in accordance with the auditing standards as applicable in Pakistan. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the above said statements are free of any material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the above said statements. An audit also includes assessing the accounting policies and significant estimates made by management, as well as, evaluating the overall presentation of the above said statements. We believe that our audit provides a reasonable basis of our opinion and, after due verification, we report that: a) In our opinion, proper books of account have been kept by the Foundation as required by the Companies Ordinance, 1984; b) In our opinion: I) The balance sheet and income and expenditure account together with the notes thereon have been drawn up in conformity with the Companies Ordinance, 1984, and are in agreement with the books of account and are further in accordance with accounting policies consistently applied; II) III) The expenditure incurred during the year was for the purpose of the Foundation’s business; and The business conducted, investments made and the expenditure incurred during the year were in accordance with the objects of the Foundation; c) In our opinion and to the best of our information and according to the explanations given to us, the balance sheet, income and expenditure account, statement of comprehensive income, cash flow statement and statement of changes in funds and reserves together with the notes forming part thereof conform with approved accounting standards as applicable in Pakistan and give the information required by the Companies Ordinance, 1984, in the manner so required and respectively give a true and fair view of the state of the Foundation’s affairs as at 30 June 2015 and of the surplus, changes in funds and reserves and its cash flows for the year then ended; and d) In our opinion, no zakat was deductible at source under the Zakat and Ushr Ordinance, 1980. Date: 12 August 2015 Karachi KPMG Taseer Hadi & Co. Chartered Accountants Mazhar Saleem KPMG Taseer Hadi & Co., a Partnership firm registered in Pakistan and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. 64
Balance Sheet As at 30 June 2015 ASSETS Non-Current assets Property and equipment Intangible assets Long term investments Long term deposits Current Assets Advances and prepayments Accrued income and other receivables Short term investments Cash and bank balances Note 2015 2014 (Rupees in '000) 4 4,110,780 3,762,783 5 4,133 4,206 6 1,330,629 712,832 10,573 9,457 5,456,115 4,489,278 7 99,096 65,345 8 76,328 26,629 9 1,173,697 1,231,308 10 167,651 101,304 1,516,772 1,424,586 Total Assets 6,972,887 5,913,864 FUNDS AND LIABILITIES Capital fund 11 2,200 2,200 General fund Surplus / (deficit) of income over expenditure for the year 656,815 38,991 700,427 (43,612) Unrealized gain on remeasurement of available for sale investments 89,862 151,375 787,868 810,390 Non-Current Liabilities Endowment fund 12 1,369,911 972,922 Deferred income relating to operating fixed assets 13 3,851,765 3,429,332 Deferred income relating to school support, grants and children education 14 565,580 461,103 5,787,256 4,863,357 Current Liabilities Accrued expenses and other liabilities 15 397,763 240,117 Total Funds and Liabilities 6,972,887 5,913,864 Contingencies and Commitments 16 The annexed notes 1 to 27 form an integral part of these financial statements. Chief Executive Officer Director 20 Years of Believing in Pakistan 65
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
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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 26 and 27: ) Rs. 6.88 million (2014: 7.66 mill
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 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
Page 76 and 77: 3.4 Other Payables Other payables a
Page 78 and 79: 4.1 Operating Fixed Assets At 1 Jul
Page 80 and 81: 6. LONG TERM INVESTMENTS 2015 2014
Page 82 and 83: 10. CASH AND BANK BALANCES Cash in
Page 84 and 85: 14.2 This includes an amount of Rs.
Page 86 and 87: 21. OTHER SCHOOL EXPENSES 2015 2014
Page 88 and 89: 25.3 Key management personnel are t
Page 90 and 91: The analysis below summarizes the c
Page 92 and 93: CODE OF CONDUCT and Governance Poli
Page 94 and 95: Managing Conflict of Interest As pe
Page 96 and 97: HELP TCF Educate Pakistan Educate-a
Page 98 and 99: Contact Information TCF Head Office
Page 100: “Education is a matter of life or
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PAKISTAN

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