PAKISTAN

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The analysis below summarizes the credit quality of the Foundation's investment in Term Finance Certificates. Debt Securities (term finance certificates) by rating category 2015 2014 issued by JCR-VIS credit rating Co. Ltd AA - 100% The management believes that investment in Treasury bills and Pakistan Investment Bonds does not expose the Foundation to credit risk as the counterparty to the instrument is Government of Pakistan. Bank Balances The Foundation kept surplus liquidity with banks having credit rating from A- to AAA. The rating of the banks is monitored by the management. Long Term Deposits The Foundation has deposited various amounts as security to suppliers against provisioning of different services. The management does not expect to incur material losses on such deposits and consider such amount is receivable upon termination of service contract from respective suppliers. Concentration of Credit Risk Concentration of credit risk exists when changes in economic or industry factors similarly affect groups of counterparties whose aggregate credit exposure is significant in relation to the Foundation's total credit exposure. The Foundation's portfolio of financial instruments is broadly diversified and transactions are entered into with diverse credit-worthy counterparties thereby mitigating any significant concentrations of credit risk. 26.3 Liquidity Risk Liquidity risk is the risk that the Foundation will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Foundation's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, without incurring losses or risking damage to the Foundation's reputation. The following are the contractual maturities of the non interest bearing financial liabilities: 2015 Carrying amount Contractual cash flows Six months or less Six to twelve months One to two years Two to five years After five years (Rupees in '000) Financial Liabilities Accrued and other liabilities 397,763 397,763 49,996 347,767 - - - 2014 Carrying amount Contractual cash flows Six months or less Six to twelve months One to two years Two to five years After five years (Rupees in '000) Financial Liabilities Accrued and other liabilities 240,117 240,117 47,166 192,951 - - - 88
26.4 Fair Value of Financial Instruments The carrying values of the financial assets and financial liabilities approximate their fair values. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. The Foundation measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: - Level 1: Quoted market price (unadjusted) in an active market for an identical instrument. - Level 2: Valuation techniques based on observable inputs, either directly (i.e. as prices) or indirectly (i.e. derived from prices). - Level 3: Valuation techniques using significant unobservable inputs. Investments in certificates of closed end funds and units of open end funds are measured using quoted prices in stock exchange redemption amount of units of open end fund, hence, fair value of such investments fall within Level 1 in fair value hierarchy mentioned above. 26.5 Fund Management The Foundation is funded by contributions received from its members and donors from different sections of society within and outside Pakistan. The Foundation is a company limited by guarantee having no share capital and is not exposed to any externally imposed capital requirements. 27. DATE OF AUTHORIZATION These financial statements were authorized for issue in the Board of Directors meeting held on 12 August 2015. Chief Executive Officer Director 20 Years of Believing in Pakistan 89
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20 YEARS OF BELIEVING IN PAKISTAN A
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Legal Status and Nature of Operatio
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The Citizens Foundation (TCF) is a
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20 YEARS 1,060 SCHOOL UNITS 165,000
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IN PAKISTAN The drive for education
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Battagram Battagram Battal Battal M
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I completed my B.Sc. in Mathematics
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“I had to apply for a Singapore v
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A few sent their boys, but not thei
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and the role they have played in he
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DIRECTORS’ Report The Directors o
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) Rs. 6.88 million (2014: 7.66 mill
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Donation income for school support
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Future Outlook Having crossed the 1
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Rahbar TCF mentorship programme aim
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Financial Highlights Graphical Pres
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Key Financial and Operating Informa
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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
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 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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