muKPMG Taseer Hadi & Co.Chartered Accountants

Diya Pakistan (formerly Kaneez FatimaWelfare Foundation)

Reciepts and ExpenditureAccount

For the year ended30 June 2008

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nm KPMG Taseer Hadi & Co.Chartered AccountantsFirst Floor

Sheikh Sultan Trust Building No.2Beaumont RoadKarachi 75530 Pakistan

Telephone + 92 (21) 568 5847Fax + 92 (21) 568 5095Internet www.kpmg.com.pk

Auditors' Report to the Trustees

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We have audited the annexed receipt and expenditure account of the Diya Pakistan (formerlyKaneez Fatima Welfare Foundation) ("the foundation") for the year ended 30 June 2008together with the notes forming part thereof (here-in-after referred to as the "statement") for theyear then ended.

It is the responsibility of the foundation's management to establish and maintain a system ofinternal controls, and prepare and present the statement in conformity with the cash receipt andexpenditure basis as described in Note 2 to the statement. Our responsibility is to express anopinion on the statement based on our audit.

We conducted our audit in accordance with generally accepted auditing standards. Thosestandards require that we plan and perform the audit to obtain reasonable assurance aboutwhether the statement is free of material misstatements. An audit includes examining on a testbasis, evidence supporting the amounts and disclosures in the statement. An audit also includesassessing the accounting policies used and significant estimates made by management, as well asevaluating the overall presentation of the statement. We believe that our audit provides areasonable basis for our opinion.

As described in Note 2, the statement has been prepared on the cash receipt and expenditurebasis of accounting, which is a comprehensive basis of accounting other than generally, acceptedaccounting principles.

In our opinion the statement presents fairly, in all material respects, the cash receipt andexpenditure of the Foundation for the year ended 30 June 2008 on the basis of accountingdescribed in Note 2 to the statement.

The statement of the Foundation for the year ended 30 June 2007 was audited by another firm ofChartered Accountants who had expressed an unqualified opinion vide their audit report dated 6March 2008.

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Date:0 8 JUNZ009

KPMG Taseer Hadi & Co.Chartered Accountants

Karachi

KPMG Taseer Hadi & co.. a partnership firm registered in Pakistanand a member firm of the KPMG network of independent memberfirms affiliated with KPMG International, a Swiss cooperative

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Diya Pakistan (formerly Kaneez Fatima Welfare Foundation)Receipts and Expenditure AccountFor the year ended 30 June 2008

RECEIPTS

Donations -generalDonations -endowment fund

Donations -earthquake reliefAnnual membership feeBank profit - net of tax and zakatRecovery ITom third partyExchange gainRecoveries from Qarz-e-Hasna

EXPENDITURE

Capital expenditure

Revenue expenditure:Earthquake reliefEducational stipends and assistance to teachersEducational stipends as Qarz-e-HasnaEducation stipend as Non Qarz-e-HasnaKarwan-e-ilm Foundation

Financial assistance to widows and the poor

Free eye campStaff salaries

Loan given to third partyOffice maintenanceCommunication

Computer maintenance expensePrinting and stationaryBank charges

Travelling

Total expenditure

Receipts over payments -surplus / (deficit)

Cash and cash equivalents at the beginning of the year

Cash and cash equivalents at the end of year

kt1i1-1#It1

Jt.~~ Managing Trustee

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Note 20072008

26,268,6616,236,000

10,570,772

168,798

1,510,2384,000

26,052122,000

669,02336,000

12,269,06233,342,482

86,450 1,080

(l/Director Finance

47,200 1,551,1857,354,145 2,791,0855,063,355 3,284,2354,717,255 2,913,8491,364,313 631,664

1,821,161 809,500300,216

555,550 I I 350,70098,000

10,631 8,690102,757 14,388

6,540 21,60045,834 20,5314,127 4,5173000 600

21,095,868 12,800,760

21,182,318 12,801,840

12,160,164 (532,778)

896,860 1,429,638

4 Rupees 13,057,024 896,860

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Diya Pakistan (formerly I(aneez Fatima Welfare Foundation)Notes to the Receipts and Expenditure AccountFor the year ended 30 June 2008

1. NATURE OF ACTIVITIES

Diya Pakistan (formerly Kaneez Fatima Welfare Foundation) was registered under the VoluntarySocial Welfare Agencies (Registration and Control) Ordinance, 1961 on April 19, 1992. Its objectivesare to provide financial assistance to the students in completing their education, assistance formarriages and to assist the widows and the poor in satiating their daily livelihood. With effect from 2October2007the activitiesare beingcarriedout in the nameof Diya Pakistan.

2. BASIS OF ACCOUNTING

a) The receipts and expenditure account has been prepared on the cash receipt and expenditurebasis of accounting, which is a comprehensive basis of accounting other than generally acceptedaccounting principles.

b) The Statement has been prepared in accordance with the historical cost convention.

3. FOREIGN CURRENCY TRANSLATION

Donations received in foreign currency have been recorded in Pak Rupees at the rates of exchangewhich approximate those prevailing at the date of the receipt of donation. Cash and bank balancesheld in foreign currencies are translated in Pak Rupees at the rates of exchange which approximatethose prevailing at the year end. The resulting exchange gain or loss is taken into receipts orexpenditure currently.

4. CASH AND CASH EQUIVALENTS 20072008

Cash in handCash at bank

1,000895,860

896z86013,057,02413,057,024

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Rupees

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