Account Summary 2019 – 2020
By the Grace of Allah and the continuous support of its donors, the financial position of PSRD remained satisfactory during the year 2019-2020.
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. 111 million as compared to last year’s figure of Rs. 121 million.
The above includes Fixed Assets after depreciation of Rs. 52.4 million as compared to Rs. 64 million in the previous year. The reduction is due to depreciation.
Long Term Security deposits at Rs 1 million were the same as last year (Gas, Electricity, Water Securities).
Endowment & Long Term Investment of Rs. 57.4 million includes an Endowment Fund amounting to Rs. 6.4 million.
Current Assets stood at Rs. 57.8 million, including short term investments of Rs. 3.3 million. Last year short term investments were Rs. 29.2 million, this reduction is due to maturity of our investments in Meezan bank & the same balance is reflected in our bank account. These funds were reinvested after balance sheet date in other banks.
The Society’s total assets as at 30th June, 2020 stood at Rs. 168.8 million.
INCOME AND EXPENDITURE ACCOUNT
Total Operational Income for the year 2019-20 is Rs. 83.4 million as compared to Rs. 89.8 million in the previous year.The dip was due to the Covid-19 lockdown which had a major impact on the income of our hospital and O&P Centre.
Operating expenses, includes cost of services, raw material, salaries, utilities etc. and were Rs. 143.1 million as compared to Rs. 145.9 million last year. The saving in expenses is mainly due to the lower level of activity caused by the pandemic.
This year the deficit from operating expenses is Rs. 59.7 million. This deficit was covered from grant-in-aid, donations, zakat
from public and profit on investments by Rs. 51.6 million.
Finally , we had a net deficit of Rs. 8 million in our Income & Expenditure statement as compared to Rs. 9.1 million in previous year.
ENDOWMENT AND OTHER FUNDS
Income from the Endowment fund is used to provide free medicines to poor and deserving patients.
The Budgeted expenditure for the year 2019-2020 was Rs. 173 million and anticipated income was Rs. 159 million.
The estimated budgeted expenditure for the year 2020-2021 is Rs. 145 million and anticipated income is Rs. 143 million.We have reduced our estimates in teh budget due to prevailing covid-19 situation.
CONCESSION & FREE TREATMENT
The value of concessional and free treatment given to poor and deserving patients is Rs. 23.3 million.
The accounts for the year 2019-20 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, 2020 was fully satisfactory. All income and expenditure for the year was recorded in accordance with the approved accounting standards as applicable in Pakistan.