FINANCE 2017 – 2018

The financial position of PSRD by the grace of God and the unstinted support of its donors remained satisfactory throughout the year. The Society used its resources prudently and carefully throughout the year. The Society also maintained such internal controls as were necessary to enable the preparation of financial statements free from material misstatements. Financial statement of the Society is prepared according to the identified Financial Reporting and Auditing standards as applicable in Pakistan. The salient points of the Balance Sheet are:

BALANCE SHEET (Statement of Financial Position)

FIXED AND CURRENT ASSETS (Property, Plant, Equipment, Investment, Cash and Bank Balances)

Society’s total non-current assets stood at Rs. 112 million as compared to last year’s figure of Rs. 105.6 million.

It includes Fixed Assets of Rs. 61.2 million as compared to last year’s figure of Rs. 51.2 million. Long Term Security deposits stand at Rs. 1.01 million (Gas, Electricity, Water Securities Deposited).

Long Term investment includes Endowment Fund amounting to Rs. 7.4 million and other PSRD investments Rs. 42.7 million thus the total long term investment stands at Rs. 50 million. The short term investment after an increase of Rs. 20.5 million stood at Rs. 45 million. Current assets stand at Rs. 68 million as compared to Rs. 44 million last year 2016-2017.

The Society’s total assets in the year 2017- 2018 stood at Rs.180 million as compared to Rs. 149.7 million last year.

Other Activities

Total operational income for the year 2017 — 2018 is Rs. 83 million as compared to Rs. 71.3 million last year.

Operating expenses including cost of services, raw material, salaries, utilities etc. stood at Rs.131 million as compared to Rs. 115.5 million last year.

Thus this year the deficit from operating expenses is Rs. 48 million. This operational deficit of Rs. 48 million was covered from grant-in-aid, donations, zakat from public, profit on investments and other sources that comes to Rs. 48 million. Finally we have Rs. 0.184 million accesses over expenditure.

Endowment and Other Funds

Income from the Endowment Fund is used to provide free medicines to poor and deserving patients. The income of the Endowment Fund available for treatment was Rs. 1.8 million. During 2017-2018 free medicines of Rs. 0.83 million was given to staff, school students, poor and indigent patients. Cost of medical treatment, surgery and appliances comes to Rs. 22.3 million.

Grants in Aid

During the year 2017 — 2018, Rs. 16.89 million was received as grants in aid. This includes a special grant from the Govt. of Punjab Special Education Rs. 11.4 million, PWTD Rs. 4 million and INFAQ Foundation Rs. 1.47 million.

Budget For the Year

The Budgeted expenditure for the year 2017-2018 was Rs. 137.7 million and anticipated income was Rs. 132.25 million. The estimated budgeted expenditure for the year 2018-2019 is Rs. 161 million and anticipated income is Rs. 144.8 million.

Concession & Free Treatment

The value of concessional and free treatment given to poor and deserving patients is Rs. 22.3 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 2017 — 2018 were audited by M/s Khalid & Co. Chartered Accountant, 45/A-2, P.G.E.C.H.S. College Road, Township Lahore. Audit of Accounts for the year 2017 — 2018 were presented in time. The financial position of PSRD as at 30th June 2018 was fully satisfactory.

Capital Work in Progress

Remodeling of Surgical Unit Wards.