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Audit Report
Auditors Report and Statement of Accounts for the year ended 30th June, 2010
AUDITOR'S REPORT

We have audited the annexed Balance Sheet of Integrated Development Foundation (IDF) as at 30th June, 2010 and Income and Expenditure Account and Receipts and Payments Account for the year ended then. The preparation of these Financial Statements is the responsibility of the Foundation’s Management. Our responsibility is to express an independent opinion on these Financial Statements based on our audit.

We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. The audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. The audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall Financial Statements presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the Balance Sheet, Income & Expenditure Account and Receipts and Payments Account and Other Statements were prepared in accordance with Bangladesh Accounting Standards (BAS), give true and fair view of the state of the Foundation’s affairs as of 30th June, 2010 and of the result of its operations for the year ended 30th June, 2010 and comply with applicable rules and regulations issued by Bangladesh Bank and other applicable laws and regulations.

We also report that:

a) we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the propose of our audit and made due verification thereof;

b) in our opinion, proper books of account as required by law have been kept by the Foundation so far as it appeared from our examination of those books;

c) the Foundation’s Balance Sheet and Profit and Loss Account dealt with by the report are in agreement with the books of accounts and returns;

d) the expenditure incurred was for the purposes of the Foundation;

e) the financial position of the Foundation as on 30th June, 2010 and the profit for the year from 01st July, 2009 to 30th June, 2010 have been properly reflected in the Financial Statements have been prepared in accordance with the Generally Accepted Accounting Principles (GAAP);

f) the records and statements submitted by the branches have been fairly maintained and consolidated in the Financial Statements;

Zoha Zaman Kabir Rashid & Co.
Chartered Accountants


Integrated Development Foundation (IDF)

BALANCE SHEET AS ON 30 JUNE 2010
PROPERTY AND ASSETS
NOTES
AMOUNT (IN TAKA)
30.06. 2010
30.06. 2009
FIXED ASSETS
Fixed Assets at cost less depreciation
3
14,669,669.00
9,561,230.00
INVESTMENTS
50,758,090
44,561,508
Investment in FDR
4
40,150,000
30,150,000
Investment in FDR, LLP
5
15,100,000
10,600,000
Investment, LLP
6
3,328,023
3,631,441
Investment, Depreciation Provision, FDR
8
12,000,000
-
Investment, DMF (Bank)
7
180,067
180,067
CURRENT ASSETS
634,353,873
490,804,016
Asset in Bank
9
516,215
469,144
Loan Receivable Balance
10
510,880,709
422,653,229
Accrued Interest on FDR
11
7,204,475
3,504,202
Staff Advance
12
3,611,295
3,241,703
Other Advance
13
23,699,208
19,294,515
Cash and Bank Balances
14
88,441,971
41,641,223
TOTAL TAKA
699,781,632
544,926,754
FUND AND LIABILITIES CAPITAL ACCOUNT
Capital Fund
15
148,401,381
130,521,646
FUND LIABILITIES
90,835,812
78,619,443
Staff Welfare Fund
16
918,557
767,551
Provident Fund
17
3,030,771
1,732,404
Emergency Fund
18
28,027,669
22,370,339
Loan Loss Provision Fund
19
44,005,750
40,255,954
Disaster Management Fund
20
4,786,454
3,661,558
Education Scholarship Fund-
21
9,412,701
9,296,377
Innovation Fund
22
75,786
68,896
Center Fund
23
578,126
466,364
LONG TERM LOAN
191,550,502
92,583,547
Loan from PKSF
24
125,500,000
61,300,000
Loan from Other Sources
25
66,050,502
31,283,547
CURRENT LIABILITIES
252,398,924
230,340,135
Savings Fund
26
193,232,066
188,341,884
Special Savings
27
52,186,899
36,335,869
Paribaric Savings
28
4,944,466
3,155,069
Savings Account
29
2,035,493
2,507,313
OTHER CURRENT LIABILITIES 16,595,013 12,861,983
Risk Insurance
30
 3,148,352 2,151,869
Agriculture Program
31
 - 74,238
Health Program
32
 5,832,620 5,832,708
Security money, Staff
33
 1,758,910 1,297,780
Other
34
 5,855,131 3,505,388
TOTAL TAKA
 699,781,632 544,926,754
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE, 2010
INCOME
Service Charges 100,823,056 91,569,592
Interest on Staff Advance 97,393 113,151
Interest on FDR 4,040,514 2,681,631
House Rent 887,753 910,338
Bank Interest 388,239 206,009
Pass Book Sale 154,205 151,500
Account Closing Fee 365,376 393,028
Interest on Solar Loan 1,158,318 664,160
News Paper Sale 13,165 11,394
Attendance Register Sale 26,039 13,957
Car Sale - 465,000
Other Income 348,606 300,888
Donation   445,563
TOTAL TAKA
 108,302,664 97,926,211
EXPENDITURE
OPERATING EXPENSES
73,152,718
79,305,265
Salary and Allowance
45,032,207
43,170,652
Travelling & Conveyance
3,747,403
3,812,374
Reporting, Printing & Publication
1,280,837
1,247,518
Stationery
627,187
522,759
Office Rent
3,605,142
3,285,668
Utilities
734,992
654,168
Postage & Telephone
626,472
581,669
Operation & Maintenance of Equipment
572,126
441,184
Workshop/Seminar
656,799
617,702
Fuel & Maintenance
620,775
633,744
Registration and Insurance
141,536
112,912
Bank Charges
913,734
410,345
Legal Expense
256,916
154,538
Carrying Transport
48,412
7,721
Advertisment
110,730
74,222
Audit Fee
54,000
29,000
Work Aid
79,221
63,320
Newspaper
167,080
170,613
Contribution to Provident Fund
1,125,127
861,280
Research & Development
590,626
177,447
Human Resources Development
138,161
420,975
Contribution to Emergency Fund
1,378,558
3,545,199
Contribution to Staff Welfare Fund
151,006
69,105
Staff Welfare Fund
-
7,386
Education Expenses
595,512
0
LLPE
6,679,975
15,394,176
DMFE
1,124,896
887,094
Agriculture Program
100,296
-
Depriciation
1,640,383
1,474,161
Donation
40,000
14,800
Contingencies
312,608
463,532
INTEREST ON LOAN
8,942,897
7,805,955
Grameen Trust
 -
1,122
PKSF 2,750,875
1,521,825
Grhayan Tahbil 19,601
11,107
Bank ASIA 1,222,534
334,276
BASIC Bank 208,779
22,813
Krish Bank 231,867
-
BRAC Bank 1,855,786
4,112,170
Interest on Provident Fund (Staff) 376,100
201,000
Staff Welfare Fund 50,000 -
Education Scholarship Fund 862,551
849,243
Security Money, Staff 130,000
-
G F USA Fund 327,927
-
Health Program 504,301
529,951
Interest on Provident Fund (IDF) 173,240
-
Innovation Fund 6,890
-
CDF
222,446
222,448
INTEREST PAID ON MEMBERS' SAVINGS 11,257,494 10,083,791
Members Savings 7,800,989 7,748,193
Special Savings 1,728,800 1,084,477
Paribaric Savings 307,600 204,481
Savings Account 63,184 109,690
Emergency Fund 1,221,394 830,161
Risk Fund 111,333 87,511
Center Fund 24,194 19,278
EXCESS OF INCOME OVER EXPENDITURE 14,949,556 731,201
TOTAL TAKA
108,302,664 97,926,212
RECEIPT AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 30 JUNE, 2010
RECEIPTS
OPENING BALANCES -1 JULY, 2009 41,641,223 22,310,406
Cash in Hand 2,733,947 1,278,428
Cash at Banks 38,907,276 21,031,978
 
Encashment (Savings) of FDR 11,000,000 1,500,000
Encashment (LLP) of FDR - 2,000,000
Loan Loss Provision Fund Investment 303,418 4,376,637
Disaster Management Fund Investment - 385,824
Interest on FDR 340,241 733,238
Asset in Stock 469,144 -
Loan Realised from Members 796,419,020 749,379,395
Staff Advance Realised 2,165,118 2,771,123
Other Assets 9,013,138 25,647,053
Members Savings 80,663,954 88,892,205
Special Savings 56,315,599 41,157,607
Paribarc Savings 2,667,944 2,174,762
Savings Account 16,107,791 6,987,603
Emergency Fund 9,501,957 8,176,122
Risk Insurance 950,150 523,157
Center Fund 127,661 110,930
Health Program 220,447 -
Loan from PKSF 100,500,000 55,000,000
Loan from Other Sources 52,581,867 7,565,347
Security Money, Staff 696,530 593,810
Other Liabilities 10,346,359 5,438,686
Service Charge 100,823,056 91,569,592
Interest from Staff Advance 97,393 113,151
Bank Interst 388,239 206,009
House Rent 887,753 910,338
Pass Book Sale 154,205 151,500
Account Clossing Fee 365,376 393,028
Interest on Solar Loan 1,158,318 664,160
Newspaper Sale 13,165 11,394
Attendance Register Sale 26,039 13,957
Car Sale - 465,000
Other Income 348,606 300,888
Donation - 445,563
TOTAL TAKA
1,296,293,711 1,120,968,486
PAYMENTS
LOAN DISBURSED 884,646,500 758,605,500
OPERATING AND ADMINISTRATIVE COST 67,522,532 66,844,526
Salary and Allowance 45,068,969 43,126,240
Travelling & Conveyance 3,643,362 3,671,966
Reporting, Printing & Publication 1,280,237 1,247,518
Stationery 627,187 522,759
Office Rent 3,599,142 3,237,904
Utilities 708,412 633,049
Postage & Telephone 626,042 579,669
Operation & Maintenance of Equipment 572,126 441,184
Workshop/Seminar 656,799 617,702
Motor Fuel & Repair 613,475 626,044
Registration and Insurance 141,536 112,912
Bank Charges 913,734 410,345
Legal Expense 256,916 154,538
Carrying &Transport 48,412 7,721
Advertisment 110,730 74,222
Audit Fee 14,000 29,000
Work Aid 79,221 63,320
Newspaper 167,080 170,613
Cost of Fund (Interst on Loan) 5,939,354 6,495,866
Research & Development 586,471 177,447
Human Resources Development 138,161 420,975
Contribution to Emergency Fund Expenses 1,378,558 3,545,199
Donation Payment 40,000 14,800
Contingencies 312,608 463,532
CAPITAL EXPENDITURE 6,748,822 929,875
Land 1,772,860 144,442
Vehicle 1,310,000 -
Building 2,398,990 26,910
Equipment 856,941 367,541
Electrical Installation 210,270 157,534
Furniture 199,761 233,448
CAPITAL FUND 222,777,723 205,260,443
Investment of FDR (Savings) 14,000,000 10,400,000
Investment of FDR (LLP) 1,500,000 10,600,000
Investment of LLP - 318,079
Investment,Depreciation Provision 2,000,000 -
Asset in Stock 516,215 270,564
Security Money, Staff 365,400 48,530
Health Programe 1,799,836 264,583
Loan Refund (PKSF) 36,300,000 25,030,000
Loan Refund (Other Sources) 18,568,940 24,392,161
Agricalture Fund 74,238 242,741
Education Scholarship   98,211
Memebers Savings Returned 83,574,761 95,760,537
Special Savings 42,193,369 25,137,755
Paribaric Savings 1,186,147 856,718
Savings Account 16,642,795 8,537,675
Emergency Grant Disbursed 3,991,022 3,053,229
Risk Insurance 65,000 249,660
OTHER FUND 26,156,163 47,686,919
Other Advance 13,417,831 37,715,541
Staff Welfare Fund 2,534,710 3,086,404
Staff Advance Fund 1,341,739 592,693
Center Fund 40,093 15,029
Others 8,821,790 6,277,252
CLOSING BALANCE -30 JUNE, 2010 88,441,971 41,641,223
Cash in Hand 1,500,453 2,733,947
Cash at Banks 86,941,518 38,907,276
TOTAL TAKA
 1,296,293,711 1,120,968,486
CASH FLOWS STATEMENT FOR THE YEAR ENDED 30 JUNE, 2010
A) Cash Flow from Operating Activities :
Excess of Income Over Expenditure 14,949,556 731,201
Other Cash from Operating Activities & Items not Investing Cash Depreciation 1,640,383 1,474,161
Loan Disbursement for Rural Credit (including Other Advances) (900,599,041) (799,407,445)
Loan Collection from Micro Enterprise (including Other Advances) 807,597,276 777,797,572
Net Cash used in Operating Activities (76,411,826) (19,404,511)
 
B) Cash Flow from Investing Activities :
Acquisition of Fixed Assets (6,748,822) (929,875)
Investment Related Parties    
Inventory (47,071) (270,564)
Increase Other Current Liabilities 3,733,030 604,983
Increases Investment in FDR (9,896,855) (15,004,011)
Net Cash used in Investing Activities (12,959,718) (15,599,467)
 
C) Cash Flow from Financing Activities :
Loan from PKSF 64,200,000 29,970,000
Loan from Other Sources 34,766,954 (16,826,814)
Saving Deposit (Compulsory) 22,058,789 17,861,852
Change in Other Fund :    
DMRI 1,124,896 887,094
Bad Debt Reserve 6,679,975 15,394,176
Staff welfare Fund 151,006 (137,576)
Provident Fund 1,298,367 861,280
Emergency Fund 5,657,329 5,953,054
Centre Fund 111,762 115,179
Education Scholarship Fund 116,324 256,550
Inovation Fund 6,890 -
Net Cash used in Financing Activities 136,172,292 54,334,795
     
Net Increase in Cash & Bank Balance (A+B+C) 46,800,748 19,330,816
Opening Cash & Bank Balance 41,641,223 22,310,406
Closing Cash & Bank Balance 88,441,971 41,641,223
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