GCS (PRIVATE) LIMITED

NOTES TO THE STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS

FOR THE PERIOD FROM JANUARY 01, 2021 TO SEPTEMBER 30, 2022

1 CORPORATE AND GENERAL INFORMATION

1.1 Grantee: GCS (PRIVATE) LIMITED

GCS (Private) Limited is a Private Limited company registered with S.E.C.P. vide registration number CRN :
00 62926 formed on September 18, 2007. The company is engaged in the business of providing IT Related
Technical Services and Solutions in Pakistan.

1.2 Overview of Grant Agreement

Brief description and nature of Project

Sub-National Governance Programme (SNG) Innovation Challenge Fund and Research Action is Two years
(January 2021 - December 2022) project executed by GCS (Private) Limited with the financial support of
UK Foreign, Commonwealth & Development Office. The target area of this project is the province of
Punjab. The mandate of the project is to build software for Punjab Excise department to Automate the
Revenue Collection and checking system for Number Plates of the car. The project is implemented through
coordination of Grantee and Provincial Government (Excise & Taxation department of Punjab).

Grantee GCS (Private) Limited

Fund Manager Oxford Policy Management Pakistan Private Limited
Funding Institution UK Foreign, Commonwealth & Development Office
Grant period January 01, 2021 to December 31, 2022
Project status Completed
Total Grant value PKR 33,692,009/-

BASIS OF PREPRATION
2.1 Statement of Compliance

The Statement of Cash Receipts and Disbursements is prepared in accordance with the terms of Grant
Agreement Number: SNGII/CF/R1/Punjab-GCS-01, dated December 28, 2020 between Oxford Policy
Management Pakistan (Pvt) Ltd (Fund Manager) and GCS (Private) Limited (Grantee).

2.2 Financial and Presentation Currency

This financial statement is presented in Pak Rupees (PKR), which is the Company’s functional currency.
Figures have been rounded off to the nearest rupee unless otherwise stated.

AGREEMENT NUMBER: SNGII/CF/R1/Punjab-GCS-01

GRANTEE: GCS (Private) Limited

NOTES TO THE STATEMENT OF CASH RECEIPTS AND

DISBURSEMENTS FOR THE PERIOD FROM JANUARY 01, 2021 TO
DECEMBER 31, 2022

3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The key accounting policies according to which financial statement is prepared are as follows:
3.1 Receipts

Receipts represent the grant received from Fund manager. Receipts are recognized on the date of
receipt of money from the Fund manager. Receipts are recognized on gross basis inclusive of all
taxes.

3.2 Disbursements

Disbursements is recognized on the date when payment is made or cheque is issued.

3.3 Grant Receivable

All Disbursements made in excess of the grant received over the period are booked as grant
receivable in the statement of cash receipts and disbursements.

3.4 Payables

Payables are recognized when it is probable for the project that outflow of resources embodying
economic benefits will result from the settlement of a present obligation and the amount at which
the settlement will take place can be measured reliably.

CHIEF OPERATING OFFICER