Account Summary 2018 – 2019

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By the Grace of Allah and the continuous support of its donors, the financial position of PSRD remained satisfactory during the year 2018-2019.

Throughout the year prudent policies and due care was taken to use the Society’s resources. Necessary internal controls were maintained and standard accounting practices were adopted to ensure that the Society’s financial statements reflect a true and fair view of the Society’s financial position.

The salient features of the Balance sheet are as follows:-

Society’s total Non-current assets stood at Rs. 121 million as compared to last year’s figure of Rs. 112 million.

The above includes Fixed Assets after depreciation of Rs. 64 million as compared to Rs. 61.2 million in the previous year.

Long Term Security deposits at Rs 1 million were the same as last year (Gas, Electricity, Water Securities).

Endowment & Long Term Investment of Rs. 56 million includes an Endowment Fund amounting to Rs. 6.33 million.

Current Assets stood at Rs. 52.6 million, including short term investments of Rs. 29.3 million.

The Society’s total assets  as at 30th June, 2019 stood at Rs. 173.8 million.

INCOME AND EXPENDITURE ACCOUNT

Total Operational Income for the year 2018-19 is Rs. 89.8 million as compared to Rs. 83 million in the previous year.

Operating expenses, includes cost of services, raw material, salaries, utilities etc. and were Rs. 146 million as compared to Rs. 131 million last year.

This year the deficit from operating expenses is Rs. 9.1 million. This deficit was covered from grant-in-aid, donations, zakat from public and profit on investments. This year Total revenue from other sources is Rs 47 million.

 

ENDOWMENT AND OTHER FUNDS

Income from the Endowment fund is used to provide free medicines to poor and deserving patients.

The receipt from Endowment and other available Funds for treatment was Rs. 2.5 million. During 2018-2019 total free medicines of Rs. 1.5 million were given. Other than free medicine the cost of medical treatment, surgery and appliances comes to Rs. 26 million which is Rs. 3 million more than last year.

 

GRANT IN AID

During the year 2018 – 2019 the following grants were received from:

Name of Institution/Govt. Department

2017-2018

(Rs.)

2018 – 2019

(Rs.)

Punjab Welfare Trust for the Disabled

3,520,428

Regular Grant

3,024,000

Regular Grant

Govt. of Punjab Health Service

90,000/-

 

BUDGET FOR THE YEAR 2018-19

The Budgeted expenditure for the year 2018-2019 was Rs. 161 million and anticipated income was Rs. 144.8 million.

The estimated budgeted expenditure for the year 2019-2020 is Rs. 173 million and anticipated income is Rs. 159 million.

CONCESSION & FREE TREATMENT

The value of concessional and free treatment given to poor and deserving patients is Rs. 26 million. 20% of patients were treated totally free; an additional 60% were treated on highly subsidized rates. Only 20% of patients paid the full rates.

EXTERNAL AUDIT

The accounts for the year 2018-19 were audited by M/s Khalid & Co. Chartered Accountant, 45/A-2, P.G.E.C.H.S College Road, Township Lahore, and were presented on time.

The financial position of PSRD as at 30th June, 2019 was fully satisfactory. All income and expenditure for the year was recorded in accordance with the approved accounting standards as applicable in Pakistan.