The internal and external crises being faced by Pakistan & next steps" presented by Chairman PTI Imran Khan
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Kahne mai kay Harj Hai.....(Imran Khan)
PTI UK Finance
Message for all PTI UK members
PTI UK is a common man's party and needs to be funded by the common man. Our foundations are there as PTI is the only party where the Chairman has all his assets in Pakistan so he has a vested interest in the country. Other party leaders have funds / properties abroad.
We encourage our members to ask questions so that we can address their concerns, as this is your party as you and us the members want this party to bring change to Pakistan.
Please note that all FINANCIAL matters / policies / procedures are owned by Central Finance Office in Pakistan hence all these matters are discussed within the CEC PTI meetings in Pakistan as appropriate.
Valid PTI accounts - which ones are these ?
As on the website FYI:PTI International Bank Accounts(1) PTI Canada Account(2) PTI UK AccountLloyds TSB Bank Plc, Eastern Branch, White chapel High St, E17PH. Account Name: Pakistan Tehreek-e-InsaafAccount no: 00191424 ; Sort code: 30-92-90
How many signatories to the PTI UK account
There are 3 signatories of the account. The names of the signatories are with the Secretary Finance. Please note that PTI finances are governed by PTI Finance central.
Who defines global finance policies ?
Sardar Azhar Tariq is a respected member of PTI Globally, he is the Finance Secretary Globally, he is part of the CEC globally, he is part of the ISC.
What is the UK model ?
As Finance secretary UK, Sobia Zia and two other signatories of the PTI UK account (Kashif Jan, Khurram Naeem) and they have a direct reporting line to Finance Secretary Globally, Sardar Azhar Tariq. PTI UK will only be governed by the rules globally set by PTI Finance Central and by any local laws in the UK. We have been told to only publish high level information, which we have and it will be updated.
However please note that this level of detail / transparency is only provided by the UK chapter and no where else. PTI UK members are all getting more information than any where else. Finance Central Pakistan has access to the detailed statements of the UK account.
Level of financial transparency / accountability
As per policies and procedures laid down by the Central Finance PTI, it is not acceptable anywhere in the world as bank details / statements are. confidential for security purposes. Only Chairman PTI (if he so wishes) and Finance Central can access these. Why would members want these ? Instead of using this money for PTI, do these members recommend we use it for other means?
If you support PTI in some form but you are unable to support its Chairman, key appointees of the party, you are unable to respect people, the Finance Secretary, the processes established at the CEC level then please take this up inpidually with the respected person in the a dignified one to one manner.
One member quoted FSA requirements regarding accounts
Please google FSA to find out their responsibilities as we cannot cover their role here. FSA is not related to defining transparency of accounts of non profit organizations however if you are very worried then please visit The Companies House who do have categorical requirements for firms in reference to accounting statements.
Please note that the Financial Services Authority do not personally audit accounts of non profit organizations. Accounting firms and inpiduals registered with a registered body do. Also please note that a company qualifies for an audit exemption if its turnover is less than £6.5m and if it’s total balance sheet is no more than £3.26m - unfortunately it may surprise you but the total revenue generated for PTI UK is much less..it is approximately £59k YTD.
Where does the money that is raised via UKT PTI go to ?
All monies based on Finance Central requirements are sent to Pakistan on a monthly / periodic basis as per the Central rules & policies. Monies are collected for PTI the party and also different initiatives launched by the party in Pakistan ie. Sasta Tandoor. All monies that are remitted are split by the causes for which people have donated for.
What if I have PTI members who belong to ArifWala and we want to collect money for a project / work in ArifWala?
As per the policy of Central Finance, if you want to raise money for a particular constituency / district / cause then all donations should have a reference of the purpose of payments. These donations should be paid into the PTI UK bank account. These monies will be routed to the Central PTI Account in Pakistan and will be disbursed from there for the appropriate purposes.
Audited Accounts
For a private company, a company has 21 months to deliver its accounts (from the date of incorporation). PTI UK is a small “not for profit organisation” and by law is not required to produce any audited accounts.
So why are we auditing the accounts of PTI in the UK and why were we looking at firms in Pakistan.
We want to have the accounts audited from a registered external audit company as we feel it is appropriate to undertake this exercise. A full audit is very expensive, so we were looking at an established auditing firm in Pakistan for cheaper costs as we could not justify the cost and get sign off from Central Finance. However we will now use a firm in UK due to various reasons and not one in Pakistan (LOGISTICAL REASONS).
What now ?
After discussions with Central Finance, we now have the approval to undertake an external Audit review which we are in the process of doing ( a lot of time was spent on the exercise above), however again this is being finalised based on discussions with several auditors based on costs and processes & reviews. OUR choice of firms has been restricted to auditors who deal mainly with not for profit companies and there are not that many reputable ones who will do it for such a small entity as it is not a requirement here in the UK.
But there is no urgency as we will only finalise this with a reputable and established firm as Central Finance is satisfied with the monies being sent to them regularly, we also raised thousands for the SWAT appeal where the names of the donors were put on the website (who gave their permission) and the funds were remitted to Pakistan.
PTI UK is registered in the UK as a non-for-profit organisation, what is the registered charity number of PTI UK?
PTIUK is a "not for profit" organization i.e. an international chapter of a political party and is not registered as a CHARITY at present.
Under what regulatory body does PTI UK non for profit organisation comes if its not a charity but a chapter of a political party?
There is a range of structures open to ‘not-for-profit (“NFP”)’ orgs and to set up the account we have used the cheapest "Unincorporated Association" structure. One does not have to seek approval to set this up and we are free to draw up our democratic constitution setting out the rules under which this will operate. We used the manifesto of the party. We do not have to register with any regulatory body however if the NFP company has charitable aims then we will be required to register with the Charity Commission (this will be reviewed at the time of the account audits and although this will incur costs - to register with a charity commission, this could be mandatory with long term benefits).
Also we are reviewing the tax requirements of the donations which do not incur tax but profits from fund raising activities do and this will also be assessed independently in the audit review.
To protect the data of our members we are registered with the ICO ("Information Commissioners Office") which provides us with legal obligations to protect the privacy of member’s data.
PTI UK has been set-up for more than a year now, can you provide audited accounts of PTI UK
A company qualifies for an audit exemption (does not have to produce audited accounts) if its turnover is less than £6.5m and if it’s total balance sheet is no more than £3.26m. PTIUK generated approximately £59k ytd. Small companies have 21 months to produce their first set of accounts from the date of incorporation.
We are a small “not for profit organisation” and by law are not required to produce any audited accounts.
We are getting the accounts audited or reviewed by external qualified auditors as we feel it is appropriate to undertake this exercise. We have approval from Central Finance to undertake an external Audit review which we are in the process of doing, however again this is being finalised based on discussions with several auditors based on costs and processes & reviews. OUR choice of firms has been restricted to auditors who deal mainly with not for profit companies and there are not that many reputable ones who will do it for such a small entity as it is not a requirement here in the UK.
We will finalise this with a reputable and established firm as soon as possible - the process is underway right now.
Is there a schedule of active funding programmes available so that funders can pick and choose a relevant beneficiary stream?
Yes this is work in progress as these are being defined with Pakistan CEC and you will be notified of this soon.
Government of Pakistan announcing its intention to eradicate extremism in South-Waziristan, we feel that this funding will be of strategic benefit and importance for the regionally displaced people of South- Waziristan.
PTI UK raised over £14,000 and all of this money was sent to PTI SWAT fund and used for the displaced people and for the Internally displaced People returning to their homes and for the rebuilding. You can submit any funds in the PTI UK account with the reference "IDP or SWAT or Waziristan" or go to the link and transmit the funds however else you want too. These people need the monies as soon as possible:
http://www.insaf.pk/AboutUs/FinancialAccounts/tabid/243/Default.aspx
This shows you all the official accounts including PTIUK.
