Quratulain Hadi, Financial Management Specialist, The World Bank, Islamabad.
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1 Public Disclosure Authorized nu RANG House # 4, Habibt Street, ani Gala, slamabad, Pakistan. Contact: , Enail: info@indusheritagetrust.org.pk January 1, 2018 Public Disclosure Authorized Quratulain Hadi, Financial Management Specialist, The World Bank, slamabad. SUBJECT: SUBMSSON OF AUDTED FNANCAL STATEMENTS, MANAGEMENT LETTER AND NTERNAL AUDT REPORT Dear Miss Qurat, Public Disclosure Authorized Please find enclosed the Management Letter and Audited Financial Statements of Project RANG for the year ended June 30, 2017 and the nternal Audit Report for the half year ended June 30, These were also submitted through an dated December 29, With best regards, Public Disclosure Authorized Zama ullah Umer, Chief Accountant Ww \. l.dulsher 1i tagetrust. orp. pk f] (iindusheritqgetrust
2 NASP JAVAD MAQSOOD MRAN Charter-ed Accountants AUDTOR'S REPORT TO THE MEMBERS OFFCE # 1102, AL-HAFEEZ HEGHTS, 65-D/1, GHALB ROAD, GULBERG, LAHORE. Tel: +92(0) nasirgulzar@njmi.net We have audited the annexed statement of financial position of ndus heritage Trust's RANG Project "Developing Artisanal Livelihoods in Rural Pakistan" funded by Japan Social Development Fund and administered by the World Bank as at June 30, 2017 and the related income and expenditure account and statement of cash flows 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 purpose of our audit. t is the responsibility of the Trust's management to establish and maintain a system of internal control, and prepare and present the above said statements in conformity with the policies of the Trust and according to the agreement between the Trust, Japan Social Development Fund and World Bank. Our responsibility is to express an opinion on these financial statements based on our audit. We have conducted our audit in accordance with the auditing standards 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 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 for our opinion and, after due verification, we report that: n our opinion the statements present fairly in all material aspects the financial position of "Developing Artisanal Livelihoods in Rural Pakistan" as at June 30, 2017 and of its surplus for the year then ended is in accordance with the policies of the Trust. Place: Lahore Dated: December 15, Nasir Javaid M qsood LA;; Chartered Acc ntants Muhammad Maqsood ffices also at: RACH0: OlF 1= 807. Xiii Fi.oo, Q M. tis i. Pi oi Ni. 112, EiLANDR ROAD, OP. SiiN \in CONx, O 1.1. CH NDR(i NR Ru, K 1RA(Hi- PAK]'1A\ A member firm of Tel: +92(0) ,3 5 Fax: +92(0) ,5 khi:@njmi.net AMABAD: OFFCE 12 & 13.3RiF[ (OOR. FA/% ARCAM. F-11 MARKAZ, SLA.MAB.AD. P\KSTAN. C,l Ac Tel: Fax: , njmiconsultan ( tgtnailcoin ran
3 ' ' NDUS HERTAGE TRUST - RANG PROJECT DEVELOPNG ARTSANAL LVELHOODS N RURAL PAKSTAN FNANCAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2017
4 NDUS HERTAGE TRUST - RANG PROJECT DEVELOPNG ARTSANAL LVELHOODS N RURAL PAKSTAN STATEMENT OF FNANCAL POSTON AS AT JUNE 30, 2017 NOTE Rupees Rupees * ASSETS Non - Current Assets Property, plant and equipment 5.1 1,186,119 2,026,862 2,026,862 Current Assets Curn ses1,186, ,497,964 2,231,657 nventory Advances, deposits and other receivables 7 1,860,123 3,100,774 Cash and hank balances 8 17,336,955 2,566, ,695,042 7,89 8,672 TOTAL ASSETS 22,881,161 9,925,534 3 LABLTES Deferred Grant Accrued and other liabilities 9 REPRESENTED BY Fund balance 17,501,715 5,391, ,283,860 2,271,346 19,785,575 7,662, ,095,586 2,262,664 22,881,161 9,925,534 Contingencies and commitments The annexed notes to 16forins an integral part of these financial statements. Trse CiprO
5 NDUS HERTAGE TRUST - RANG PROJECT DEVELOPNG ARTSANAL LVELHOODS N RURAL PAKSTAN STATEMENT OF NCOME AND EXPENDTURE FOR THE YEAR ENDED JUNE 30, 2017 ncome Grants NOTE ,209 49,985,475 Expenditure 13 (68.231,209) (49, ) Project expenses ,064,199 Other ncome 832,922 2,064,199 Surplus / (Deficit) before taxation Taxation SUPLUS (DEFCT) FOR THE YEAR 832,922 2,064,199 U The annexed notes J to 16 forms an integral part of these financial statements. 3C ruste CiAro. t
6 NDUS HERTAGE TRUST - RANG PROJECT DEVELOPNG ARTSANAL LVELHOODS N RURAL PAKSTAN CASH FLOW STATEMENT FOR THE YEAR ENDED JUNE 30, Rupees R upee CASH FLOWS FROM OPERATNG ACTVTES Surplus/(Deficit) for the year Adjustment for non cash items: Dercain1,061,858 ~ ~~Depreciation Changes in Working Capital 832,922 2,064,199 i~,s 996,586 1,89,7803,060,785 [increase) Decrease in Current Assets (266,307) (2,231,657) nventory Advances, deposits and other receivables 1,240,651 (1,867,406) ncrease /(Decrease) in Current Liabilities Accrued and other liabilities 12, , ,858 (3,392,858) 2,881,638 (332,073) CASH FLOW FROM NVESTNG ACTVTES (221,115) (1,333,622) Property, Plant & Equipment (1,333,622) (221,115) CASH FLOW FROM FNANCNG ACTVTES ncrease/ (Decrease) in Deferred Grant 12,110,191 (14,653,957) 12,110,191 (14,653,957) NET NCRFASE/(DECREASE) N CASH AND CAS EQUVALENTS 14,170,714 (16,319,652) CASH AND CASH EQUVALENT AT THE BEGNNNG OF THE YEAR 2,566,241 18,885,893 CASH AND CASH EQUVALENT AT THE END OF THE YEAR 17,336,955 2, The annexed notes 1 to 16 forms an integral part ofthese financial statements, T Chairperso Trustee
7 NDUS HERTAGE TRUST - RANG PROJECT tdevelopng ARTSANAL LVELHOODS N RURAL PAKSTAN NOTES TO AND FORMNG PART OF THE FNANCAL STATEMENTS FOR THE YEAR ENDED JUNE 30,2017 LEGAL STATUS AND OBJECTS Developing Artisanal Livelihoods in Rural Pakistan project is funded by Japan Social Development Fund and is administered by the World Bank. The project is being executed under the umbrella of ndus Heritage Trust. Main objective of this project is to improve the livelihood opportunities for rural artisans. t will demonstrate to policy makers the ettectiveness of a crals-based cluster approach to poverty alleviation and to improve living conditions for weavers and embroiderers (especially women and girls) and their families in targeted communities in Punjab and Sindh. The project is to assist an estimated 2,600 vulnerable artisan families, mainly women headed households as is common in project districts, at the bottom of the pyramid to help them rebuild their lives and access sustainable livelihoods through establishing their own artisan institutions. The project is expected to benefit an overall population of about 18,200 individuals. Out of the total number of beneficiaries, 70% of the beneficiaries are expected to be women. 2 STATEMENT OF COMPLANCE Theses financial statements have been prepared on accrual basis of accounting and in accordance with policies of trust and trust deed. 3 BASS OF PREPARATON 3 These financial statements have been prepared under the historical cost convention. 4 PRNCPAL ACCOUNTNG POLCES Fixed capital expenditure Fixed Assets are stated at cost less accumulated depreciation. Depreciation on all fixed assets is charged on Staright Line balance method at the rate specified in note 5 Depericiation on additions is charged from date of puchase till year end. Maintenance and normal repair are charged to income as and when incurred. Major renewals and improvements are capitalized and the assets so replaced. if any, are retired. Gains and losses on deletion of assets are included in current year's income. 4,2 Receivables Receivables are recognized at nominal amount. which is the fair value of the consideration to be received in future. Balances considered bad and irrecoverable are written off when identified. 4.3 Payables These are initially carried at their fair value, subsequent to initial recognition, these are stated at at their amortized cost 4.4 Cash and cash equivalents Cash and cash equivalents are carried in the balance sheet at cost. 4.5 ncome recognition Grant income is measured at fair value of the consideration and recognized when earned. nterest on investments and deposit account is recognised on time proportion basis by reference to the principal outstanding and the applicable rate of return. 4.6 Functional and presentation currency These financial statements are presented in Pak Rupee, which is the Trust's functional and presentation currency. NoteRupees 5 Property, plant and equipment Rupees at cost-less-accumulated depreciation 5.1 1,186,119 2,026,862 PAV
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9 ,NDUS HERTAGE TRUST - RANG PROJECT DEVELOPNG ARTSANAL LVELHOODS N RURAL PAKSTAN NOTES TO AND FORMNG PART OF THE FNANCAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2017 Note 2 Rupees 6 nventory Finished Goods nventory 1,763,494 1,689,950 Raw materials (Fabric and supplies) 734, ,707 2,497,964 2,231,657 7 Advances, deposits & other receivables Advances for workshops - 1,577,164 Other Advances 999, ,192 Receivable from ndus Heritage Trust 295, ,418 Security deposits - Office premises 565, ,000 1,860,123 3,100,774 8 Cash and bank balances Cash in hand 95, ,000 Cash at bank ,241,955 2,441,241 17,336,955 2,566, Cash at bank consists of following: Burj Bank USD (16,597@104.85) 1,740,195 59,879 Burj Bank PKR 14,178,000 1,877,844 Waseela Bank PKR (Escrow Account) 1,323, ,518 17,241,955 2,441, Accrued and other liabilities,6,13 310,7 Audit fee payable 198, ,000 Exchange gain/loss (unrealized) 5,809 1,719 Advance tax deducted 1,334,225 1,681,680 Withholding sales tax 173, ,947 Accrued Office Rent ,0 572,590-2,283,860 2,271, ,4, ,6,4 10 General 5und Opening balance 2,262, ,465 Surplus/(Deficit) for the year 832,922 2,064,199 3,095,586 2,262,664 1 Contingencies and commitments 5,030 Jf There are no contingencies and commitments at the balance sheer date.
10 DEVELOPNG ARTSANAL LVELHOODS N RURAL PAKSTAN NOTES TO AND FORMNG PART OF THE FNANCAL STATEMENTS FOR THE YEAR ENDED JUNE 30, Note Rupees 12 Grants Developing Artisanal Livelihoods in Rural Pakistan 68,231,209 49,985, Project expenses Developing Artisanal Livelihoods in Rural Pakistan 68,231,209 49,985,475 Project salaries 18,266,494 8,488,779 Consultant's fee 8,245,660 20,037,952 Non-consulting services 872,978 1,788,717 Office rent 7 7,087,670 1,781,005 Traveling and vehicle running expense 5,013,385 47,920 Workshops 12,552,801 13,450,815 Depreciation 5.1 1,061, ,586 Repair & maintenance 261, ,745 Sample development 951,608 - Communication 427, ,837 Fuel 199,018 58,915 Utilities 310, ,064 Auditor's remuneration 198, ,000 Office Supplies 566, ,628 Printing & stationary 742,622 1,407,842 Advertisement and commission 188, ,279 Postage & courier 68,740 33,450 Bank charges 30, ,723 nsurance 31,505 - Legal and professional charges 33,920 - Misc. expenses 200, ,217 Security Expenses 918, ,000 Security Expenses 68,231,209 49,985,475 68,231,209 49,985, Other ncome Exchange gain/(loss) 12,504 1,560,682 Other ncome 820, , ,922 2,064, Date of Authorization for issue These financial statements were authorized for issue on by the Management Board of Developing Artisanal Livelihoods in Rural Pakistan Project. 16 General - Figures have been rounded off to the nearest rupee. - Figures for the previous year have been rearranged. wherever necess ose of comparison Ch irperson Trustee
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