Audited accounts 2009-10 by Magic Bus

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CHILDLINK INDIA FOUND A TION ,ill!

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~ Balance Sheetas on 31 March 2010~ .:~,:;;,;'

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CHILD LINK I~T \ FOUNDATION MANAGING

COMMITTEE

REPORT TO THE MEMBERS

The Committee presents the Tenth Annual Report, comprising of:.Review of the Financial Results of the Foundation for the year ended on 31March, 2010. .Report REVIEW

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on the Foundation's Activities for the year 2009-2010. OF FINANCIAL ~~

RESULTS

The financial workings of the Foundation for the year ended 31 st March 20 I 0 are as follows: (Ru ees in Lakhs) 31.03.2010 31.03.2009

Particulars

Ru ees om

Sur ",'

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511~03

569:J2,

353.41

58.32)

32.58

Financial hi2hli2hts : Income: The total receipts during the year were Rs.5.11 crores as against Rs.3.86 crores in the year 2008-09, showing an increase of 32% over previous year. Receipts from foreign donors amounted to Rs.3.16 crores in 2009-10 as against Rs. 2.65 crores in 2008-09, showing a rise ()f almost 19%: Receipts from within India, amounted to1.95 crores as against Rs 1.21 crores in 2008-09, showing a robust gro',,\'th of 60 %.This was due to focused attention on local sustainahility initialives. haliJsome revenue gener3Ting activities of Magic Bus Centre for Experiential Learning at Karjat, and positive revenue flows from UNICEF funded "Training of Trainers "National Programme. ExDenditure : The total expenditure this year amounted to Rs.5.69 crores as against Rs.3.53 crores in 2008-09 indicating a rise of 61 %. The primary drivers for this significant rise in the expenditure were proactive measures taken to strengthen and further augment the prospects of achieving greater degree of self-sustainability in the years to come. The share of expenditure of Rs.4.48 crores on programme t activities in the total expenditure was 79%, as against 76% in 2008-09, indicating increased spending on

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our core activities. UPDATE & HIGHLIGHTS: The year 2009-10, which is the tenth year of our existence, has marked the beginning ofa truly transformational era in Magic Bus'sjourney towards establishing and spreading the culture of using the medium of sports and outdoor activities, fot all round betterment of chi Idren living in some of the most marginalized circumstances. The most significant aspect of this transformation was restructuring our organization more purposefully and with sharper focus. During this year, the organization was structured into following four verticals, each with its own distinct identity and purpose.

1. 2. 3. 4.

Programme Development. Magic Bus Centre near Karjat. National Sports for Development Programme. Support functions.

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Each of these four ~~I(icaJs ha"~ ':)Iearly defined objectives and individual plans that they will pursue vigorously in the years to come. ",orne highlights of these verticals are detailed below. I

1. Prol!ramme Develooment:The tables below indicate that City Programmes, through di~ect and. indirect interventions, continued to record impressive gains, both in terms of number of sessIons held VISa-vis sessionsplanned, and number of children benefitted out of the same. Overall, while the strike rate of actual sessionsheld against the planned sessions improved modestly from 86% to 90%, the number of children who benefitted out of these sessions rose significantly by 37% from 2008-09 to 2009-10 respectively. Sessiondetails for the year 2008-09 No's of Sessions Sessions Projects d Id children Planne He. benefited

NGO

210

178

330.

175

161

241

Voyager& /

Sessiondetails for the year 2009-10 Session .No's of SessIons . H Id children Projects s e. Planned benefited

NGO

210

187

298

Peers

315

304

376

799 210 401

764 184 294

2012 384 125

1935

1733

3195

Voyager &

Peers Community (Dharavi,MKD & BPT) BMC INSTITUTION

595 512. 245

518 424 208

838 333 438

Community (Dharavi,MKD, Jog. & BPT) INSTITUTION SPECIALISED

SPECIALISED

350

316

152

MAGICBUS

2087

1805

2332

Curriculum Develooment : Magic Bus has been consistently setting new benchmarks of impact of its city programmes on children and it has learnt many valuable lessons from it. It is therefore best placed to conduct further research in impact areas wherever necessaryand develop reliable, authentic and userfriendly curriculums on various aspects of using sports and outdoor activities for the benefit of children living in marginalized circumstances. The developmental work in this regard has already been undertaken ,:

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and it will be completed in the year 20 10-11.

I 1. Mal!ic Bus Centre near Kariat: The scope of programmes offered at the Centre has diversified this year. The children's programmes continues to be the key focus, but the utilization of the facilities at Centre is much better with a broader portfolio ofprogrammees customized to suit needs and requirements of diverse groups of people. This would greatly impact our financial sustainability and outreach capacity in future. Steps are being taken to commence construction work on phase II, comprising two additional dormitories, extension of toilet block and children's pavilion. The process of acquiring additional land beyond the river, required for future expansion has also been activated. In terms of the regular programmes conducted for children, the tables below gives an indication of the level of activities.

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In the Adventurers programme, for the children associated with our graduation ~rogra~me as wel.' as the children who mainly come through our NGO partners and institutions not associated with graduation programme, compared to 2008-09, the number of children who benefitt~d went d~wn ~rom ~308 to 3115, mainly due to prolonged fear psychosis and uncertainties caused by Swine Flu epidemic which swept across the state last year. For the year 2008 -09

For the year 2009 -10

Adventurer

AdventurerProEramme

Programme

Total no. of

Planned

Held

children

Daytrips (in

Planned

Held

children

Daytrips (in

centre)

Daytrips (outside centre)

---trek

Total no. of

Overnight

579

centre)

Daytrips (outside centre)

960

941

381

trek

284

192

108

431

41~

Overnight

260

2 daysCamp (centre)

161

2 days Camp (centre)

0 34

Expedition

663

2 days Camp (outside centre)

(centre)

2 daysCamp (outside' centre)

3 daysCamp (outside centre) 3 daysCamp

Total

986

0 3308

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3 daysCamp (outside centre) 3 days Camp (centre) Expedition Total

14 .

3115

2. National Snorts for Develonment Proeramme : Sports for Development is a nascent concept in our country and we have successfully used Mumbai as an incubation ground. It has provided Magic Bus with much needed learnings that currently shape our curriculums. A melange of activities have evolved which addressesvarious impact areas which are chosen by the community that we work in. The programme in Mumbai has been confined to a few thousand children but there was always an understanding that eventually Magic Bus had to go to scale if it wanted to make a dent in a country as vast as India. The Training of Trainers programme that started with funding from UNICEF in August 2008, at three locations, viz, Medak in Andhra Pradesh, Chandrapur in Maharashtra and Delhi, provided further valuable experience of operating in a multi-location environment. We have established an office in Noida, which will be the central hub for all aspects of national programme, which is being headed by a newly appointed, experienced Chief -National Progamme. The year 2010-11 will witness a tremendous surge of organizational activities on this front.

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, .. 3. ~UDDort Functions~Essentially, as the title suggests, this vertical is a combination of all sup~ui1 functions vital to keep the three aforesaid verticals of Magic Bus running effectively and efficiently. It comprises of Sustainability (fundraising), Finance, Accounts, Human Resources, Legal and Administration functions. Few of the many noteworthy developments in this vertical are as follows. .All

key Senior Management positions filled up, paving way for more focused and

proactive support to various Magic Bus programmes. .Campus recruitment of 10 professionally qualified sports trainers from Laxmibai National University for Physical Education (LNUPE). .Key communication messages developed to lend greater clarity to everything that Magic Bus is doing for the children. .Head office of Magic Bus shifted from Mahim to Lower Parel on a long term lease. Registered office address changed and approved by Registrar of Companies. .Introduction of "CEO Question Hour" every quarter at HO as well as Centre. Through this initiative, employees are encouraged ask any questions that they wish and get the replies ~ , '-'

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from CEO in a townhall meeting. mark the 10thanniversary of Magic Bus, all the employees of Magic Bus at HO and Centre, had a "Staff Day Out" on 20th January, 2010, and went for white waater river rafting at Sutarwadi, near Kolad in Maharashtra.

COMMITTEE

MEMBER'S

RESPONSIBILITY

STATEMENT:

.Pursuant to the requirement under Section 217 (2M)

of the Companies Act, 1956 with respect to

Members' responsibility Statement, it is hereby confirmed: i.

that in the preparation of the annual accounts for the financial year ended 31 st March, 20 I 0, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii.

that the committee members had selected such accounting policies and applied them consistently and made judgements and estimates that were reasonable arid prudent so as to give a true and fai~ view of the state of affairs of the foundation at the end of the financial year under review;

iii.

that the committee members had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the companies Act, 1956 for safeguarding the assetsof the company and for preventing and detecting fraud and othcr irregularities;

iv.

that the committee members had prepared the accounts for the financial year ended 31 st March,

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2010 on a 'going concern' basis.

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COMMITTEE MEMBERS:

There was no change in the compositionof the ManagingCommitteeduring the year. AUDITORS: Mis S. L. Makhija & Co., CharteredAccountants,the Auditors of the companyretire at the ensuing Annual GeneralMeeting and being eligible offer themselvesfor reappointment.

PERSONNEL: ;;Your Companydid not have any employeeswho are in receiptof remunerationof not more than Rs. 24 lakhs per annumor Rs. 200,000 per month for the year under review as per stipulations laid down in section217 (2A) of the CompaniesAct, 1956readwith Companies(Particularsof Employees)Rules 1975.

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BY ORDER OF THE MANAGING

COMMITTEE

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S.t. MAKHIJA & CO

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ERED ACCOUNTANTS

AUDITORS REPORT Auditor's Report to the members of CHILD LINK INDIA FOUNDATION We have audited the attached Balance Sheet of CHILDLINK INDIA FOUNDATION, as at 31st March, 2010 and also the Income & Expenditure Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on financial statements based on our audit.

We conducted our audit accordance with auditing standards generally accepted in India. Those standards require tllat we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material f"'""'iJ' C -amounts

misstatement. audit includes examining, and An disclosures in the financial

onstatements. a test basis, An evidence audit

supporting the also includes

assessing the accounting principles used and significant estimate made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. . The Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub- section (4A) of section 227 of the Companies Act, 1956, is not applicable to this Company as it is registered and licensed to operate under section 25 of the Companies Act, 1956 ~

Further to our comments in the Annexure referred to above, we report that: (a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; t (b) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books; (c) The Balance Sheet and Income and Expenditure Account dealt with by this

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report are in agreement with the books of account; (d) In our opinion, the Balance Sheet and Income and Expenditure report section

comply 211

with of

the

accounting

Companies

standards

referred

dealt with by this sub-section

(3C)

Act,1956;

(e) On the basis of written representations received from the Managing Committee Members, as on 31st March, 2010, and taken record by the Managing Committee, we report that none of the members are disqualified as on 31 March 2010 from being ~ppointed as a committee member in terms of clause (g) of sub-section (1) of sectIon 274 of the Companies Act, 1956;

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. 701-B CHURCHGATE CHAMBERS, 5 NEW MARINE LINES, MUMBAI- 400020. TEL.: 6171 3690 FAX.: 2270 3690 E-mail: slmco@slmco.net

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S.L. MAKHIJA & CO .CHARTERED ACCOUNTANTS .

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(f) Since the levy of cess under section 441 (A) has not been notified by the CentraJ Government till date mentioned herein below, the amount of cess leviable has not been paid nor provided for in the accounts. In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India .in

the case of the 31st March 2010,

Balance

Sheet,

of the

state

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Company

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the case of the Income ended on that date..

and Expenditure

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for the year

FOR S. L. MAKHIJA & CO. CHARTERED ACCOUNTANTS Reg No : lO5893W

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GS:Zlkhija ~ Proprietor Membership No: 042150 Mumbai: 27 September 2010

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. 701-B CHURCHGATE CHAMBERS, 5 NEW MARINE LINES, MUMBAI- 400 020. TEL.: 6171 3690 FAX.: 22703690 E-mail: slmco@slmco.net

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CHILDLINK,-INDIA FOUNDATION

BALANCE SHEET AS AT 31 MARCH 2010 Schedule

31.03.2010 Rupees

31.03.2009 Rupees

2,000 6,40,89,909 79,11,580 1,04,38,356

2,000 5,37,57,407 75,01,580 1,04,38,356

19,24,857

77,56,825

8,43,66,701 ,-~. .

7,94,56,169

5,08,75,512

4,75,02,540

~OURCES OF FUNDS

I-Funds MembershipFund CentreFund AssetsFund SelfSustainabilityFund IIa)-Reserves Surplus Account Income& & Expenditure

APPT,TCATTONOF FUNDS

111-FixedAssets

IV-Investment

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1,77,11,633

V -CUITentAssets,Loans& Advances -Cash & BankBalance -Receivables -Loan & Advances

3 4 5 -'-

VI -~: -CUlTent CUITent Liabilities Liabilities and Provisions

2,80,29,598 48,98,605 32,11,132

1,11,45,512 27,49,437 18,34,430

3,61,39,335

1,57,29,378

26,48,147

14,87,384

, 26,48,147

Net Current Assets

Notes on Accounts Schedules1 to 11 form an integral part of the accounts. As per our attachedreport of evendate

3,34,91,188

1,42,41,995

8,43,66,701 .-,

7,94,56,168

ehalf of the Managing Commit~ee

CHARTERED ACCOUNT ANTS

--Membership

eg.NO'~05893W .."'f-fJ

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San. a IJa Pro etor No.: 042150 Mumbai:

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For S.L. MAKHIJA & CO.

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CHILD LINK INDIA FOUNDATION INCOME

& EXPENDITURE

i ACCOUNT FOR Th'bYEAR

END'

Schedule

31 j\1ARCH 2010

31.03.2010

31.03.2009

Rupees

!~COME ~ontributions Received -In Foreign Currency -In Local Currency (INR) CenterServiceCharges Other Income Profit on saleof Asset

7 A

FXPF,NrnTURE

Expenseson Activities Administrative Expenses Financial Expenses Depreciation Loss on sale of assets

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8 9 10 2 B

"--,...,., Surplus C/f to Balance Sheet

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Notes on Accounts Schedules 1 to 11 form an integral part of the accounts. As per our attached report of even date

For CHARTERED S.L. MAKHIJA ACCOUNTANTS & CO.

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Proprietor

Membership No.: 042150

2,64,53,433 98,84,190 10,74,942 11,83,236 3,500 ~ ~hh 3,85,99,302

4,47,72,400 78,42,886 30,611 42,73,342 15,996 5,69,35,235 -.-, .

2,67,33,857 40,83,338 24,806 44,92,558 ~,~~~ 3,53,41,299

(58,31,968)"

\ehalf of the Managing

3,16,01,303 1,37,62,881 48,26,567 9,12,516 Nil 5,11,03,268

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32,58,003

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SCHEDULE FORMING PART OF THE BALANCE SHEETAS AT 31 MARCH 2010 31.03.2010 '

31.03.2009

Rupees

Openin~ Balance blf

77,56,825

44,98,823

Surplus M!!-l

(58,31,%8)

32,58,002

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& EXPENDITUREACCQJJm.

for the year

-19,24,857

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CHILDLINK

INDIA FOUNDATION

SCHEDULE FORMING PART OF THE. BALANCE SHEET AS AT 31 MARCH 2010

;

31-03.2010 Rupees

31.03.2009 Rupees

SCHEDULE 3 : CASH & BANK BALANCES Cash in Hand Cash at Bank

5,36,325 2,74,93,273 2;80;29,598

3,89,720 1,07,55,792 1,11,45,512

SCHEDULE4:RECEIVABLES ,

OutstandinR

for less than

six months

--48,98,605

SCHEDULE 5 : LOANS & ADVANCES (Unsecured, considered Rood) Advances receivable in cash or in kind or for value to be received Deposits

27,49,437 48,98,605

27,49,437

7,22,162 24,88,970 32,11,132

6,98,430 11,36,000 18,34,430

25,35,562 1,12,585 26,48,147

12,99,968 1,87,416 14,87,384

SCHEDULE 6 : CURRENT LIABILITIES

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For OutstandinR Expenses For Duties and Taxes -

SCHEDULE7: OTHER INCOME Interest on FD Bank Interest Expense Reversal Miscellaneous Income

3,55,992 Nil 2,60,926 .11,83,236 97,528 Nil 1,98,070 Nil 9,12,516 11,83,236

SCHEDULE 8 : EXPENSES ON ACTIVITIES Day Trips &: Weekend Camps Sports Proy,rammes Expenses Proy,ramme Support Costs OrRanisation Capacity BuildinR FundraisinR Expenses MonitorinR & Evaluation Centre OperatinR Expenses Train The Trainer

'-"

9,57,717 1,45,15,483 47,45,909 5,63,284 45,82,325 5,34,086 93,33,357 95,40,238

5,06,547 73,01,960 26,04,302 6,37,471 31,95,509 9,48,413 73,47,682 41,91,973

4,47,72,400

2,67,33,857

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CHILD LINK INDIA FOUNDATION -.,

SCHhDULE FORMING

PART

Y TH~

BALANCE SHEETAS AT 31 MARCH 2010 31.03.2010 SCHEDULE 9: ADMINISTRATiVE

,I ""W'

31.03.2009

Rupees

7,521 1,59,402 3,48,945 62,367 3,22,284 1,41,691 1,43,749 1,77,642 1,84,191 25,254 1,41,441 1,54,626 12,453 1,05,732 3,76,411 5,24,453 2,54,086 40,10,856 50,780

Nil 87,944 1,19,995 67,936 75,837 55,073 2,25,000 31,718 17,885 55,276 54,867 1,12,154 30,727 4,04,667 77,849 4,65,912 1,37,005 19,33,983 ' 30,653

EXPENSES

Accountiny; Chary;es Auditors Remuneration Communication Chary;es Company Secretary Fees Electricity Chary;es Entertainment Expenses External Consultant's Fees Insurance Chary;es Housekeepiny;Chary;es Miscellaneous Expenses Printiny; & Stationery Professional Fees Provident Fund- Admn & EDLI Cost PF Admin Chary;es Recruitment Expenses Rental Chary;es Repairs & Maintenance Chary;es(Office) Staff Salaries & Way;es Staff Welfare Expenses Travelliny; Expenses Traininy; Expenses Transportation Chary;es Office Rellocation-Admn

1,25,779 4,11,910 3,557 97,757 -78,42,886

81,080 Nil 17,778 Nil 40,83,338

~~HEDULE 10 : FINANCE EXPENSES Interest Paid on Service Tax Bank Charges

1,975 28,636 30,611

20,97] 3,835 24,806

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INDIA FOUNDATION \

NOTES ANNEXED TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH, 2010 Background: The company is Registered uls 25 of the Companies Act, 1956 for promoting children's right to play and empowering them to bring positive developments in their lives through the medium of sports and outdoor activities.

~ SIGNIFICANTACCOUNTINGPOLICI~S:

1. The Financial Statements are prepared under historical cost convention, generally on accrual basis unless otherwise stated. 2. Depreciation is provided

for on Fixed Assets as per rates prescribed in Schedule XIV of the

Companies Act, 1956 on Written down method. ;' "'

3. Preliminary expenses are written off over a period of five financial years from the commencement of activities of the Foundation. 4. All purchases of Consumable and Perishable items are written off during the year of purchase 5. Basis of Preparation of Financial Statements: The financial statements have been prepared in accordance with the Accounting Standards specified by the Institute of Chartered Accountants of India. 6. Use of estimates: The preparation of financial statements requires the management to make estimates and assumptions that affect the reported amounts of assets & liabilities, the disclosure of contingent assets and liabilities on the date of the financial statements and reported amounts of revenues) and expenses during the period reported. Actual results could differ from those estimates. r

7. -Both

Accounting Convention and Revenue Recognition: The accounting statements have been prepared in accordance with historical cost convention. income and expenditure items are recognized on accrual basis.

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8. Fixed Assets: Fixed Assets are stated at cost of acquisition and subsequent improvement thereto inclusive of taxes, duties, freight and other incidental expenses related to acquisition, improvements and installation.

9. AS-ll -Accounting for Foreign Exchange Transaction: It was observed that the foreign currency transactions have been accounted in accordance with AS-II issued by the ICAI. The Contributions and Donations received in Foreign Currency in FCRA account have been booked at the prevailing rate on the date when the same have been received i.e. on the day of realization the exchange gain I loss has been recognised. The monetary assets in foreign currency if any have been revalued with the exchange rate prevailing on the date of the balance sheet.

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10. Acco~ting practices.

practices not specifically mentioned are consistent with the accepted accounting ,

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INDIA FOUND A TION

NOTES ANNEXED TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH, 2010 SCHEDULE 11: NOTES TO THE ACCOUNTS (Cont...)

~ NOTESTO ACCOUNTS: 1.

The Foundation has been registered as a company under the provisions of the Companies Act, 1956. By virtue of the license granted to the Foundation by the Central Government of India under section 25 of the Act, the word "PRIVATE LIMITED" has not been used as a part of its name. The income of the Foundation is exempt from Income Tax under the provisions of section 11 of the Income Tax Act, 1961.

31.03.201031.03.2009 Rs. Rs.

Contingent Liabilities

Nil

3. 4.

Capital Commitments (Towards acquisition of land- refer point no. 9)

Auditors Remuneration Audit Fee Income Tax matters Service Tax Matters Consultancy Char~es Company Law Out of pocket expenses (Service Tax) TOT At;

4. Expenditure in Foreign Currency

Nil

27,59,833.00

Nil

99,270.00 10,000.00 10,000.00 5,000.00 Nil Nil

60,000.00 Nil Nil 21,764.00 Nil 6,180.00

124,270.00

81,944.00

Nil

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NOTES ANNEXED TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH, 2010 SCHEDULE 11: NOTES ON ACCOUNTS (Contd.) 5. Earnings in Foreign Exchange -Contribution received towards -Activities -Center -Assets -Self Sustainability

2,86,27,814 1,00,97,228 4,10,000 Nil

2,22,46,665 1,64,91,236 17,60,042 56,55,741

3,91,35,042 ==========

6. Credibility Alliance Norms Compliance i.

Distribution

of Staff Salaries including

4,61,53,684 =========

consultants and professionals paid during the

financial year

Less than 5000

5,000-10,000 10,000-25,000 25,000-50,000 50,000-1,00,000 Greaterthan 1,00,000 ii.

34 19 11 3 NAN

iii.

54 28 19 7

Staff remuneration [Gross annual salary+ benefits]in Rupees

Head of the organization:Rs. :.,;

20 9 8 4 A

N.A.

per annum

Highest paid:

Rs 11.42.400/-Eer annum

Lowest paid:

Rs. 45.672/ -Der annum

Details of FOreIgn Travel durin~the Sohan year Shah Name

;

Designation Destination

Head-Sustainability Heathrow -UK

Purpose

Meetingswith prospectivefunders.

GrossExpense(Rs)

33663/-

Sponsoredby externalorganisation

MBUK

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INDIA FOUNDATION

NOTES ANNEXED TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH, 2010 SCHEDULE 11: NOTES ON ACCOUNTS (Contd..) Name

Matthew Spacie

Designation

Chairman

Destination

.Kualalampur

Purpose

Conference

Gross Expense(Rs)

18608/-

Sponsoredby external organisation '

iv.

Details of Foreign Travel during the year Name

'Priyanka

Designation Destination Purpose

Sharma Head -Children & Youth Programme Johannesburg Workshop

..SCORE

GrossExpense(Rs)

33417/-

Sponsoredby external organisation

UK Sports

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Details of Foreign Travel during the year Name

Lorraine Fernandes

Designation

Manager-Monitoring & Evaluation

Destination

Johannesburg

Purpose'

ScoreWorkshop

Gross Expense(Rs) Sponsoredby external organisation

33417/UK Sports

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INDIA FOUNDATION

NOTES ANNEXED TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH, 2010 SCHEDULE 11: NOTES ON ACCOUNTS (Contd.) 7. During the year the company has initiated the process of acquiring certain identified plots (plots) of land beyond the river that is running parallel to its Magic Bus Centre for Experiential Learning ( Centre) near Karjat. The acquisition of the said plots is of immense strategic importance to the company for expansion of its core activities and achieving self-sllstainability for the Centre in future. The ownership of these agricultural plots is with certain individuals who are farmers and they can sell these plots only to other individuals who are farmers. Under the relevant laws applicable in Maharashtra, for acquisition of agricultural land for non-agricultural purposes, a prescribed process is to be followed. Though it has made payments to the selling parties, until the office of concerned District Collector sanctions the conversion of agricultural plots into nonagricultural plots, the title of such plots will not. vest in the company. The company has however,

followed diligent process of title verification. Out of total amount of Rs.70,06,000/- ( including stamp duty, registration, brokerage, documentation charges, advances for acquisition process facilitation etc) payable for plot(s) admeasuring 4.25 acres, the company has already paid Rs. 42,46,167/- .Thus, a sum of Rs.27,59,833/- ( excluding stamp duty, registration, documentation charges etc, which cannot be quantified) remains payable as on 3151March, 20 I 0, to various parties where transactions are incomplete. These payments are reflected as "Capital Advances" as part of Capital Work in Progress in the fixed assets' schedule of the balance sheet.

8. Leases: Lease of Asset under which all the risks and rewards of ownership are effectively retained by the lessor are classified as operating lease. Lease payments under Operating Leases are recognized as an expense on accrual basis in accordance with respective lease agreements. The disclosure as required by AS 19 in respect of operating leases in the books of lessee is given below. t ..-1

Lease Rental for the year -Rs. 28,00,000/- (w.e.f. 01.06.2009) Particulars Not later than one year Later than one year and not later than five years Later than five years Total

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31.03.20I 0 Rs.33,60,000/-

31.03.2009 Nil

Rs.I ,45,57,200/Rs.l,80,53,244/Rs.3,59,70,444/-

Nil Nil Nil

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INDIA FOUNDATION

NOTES ANNEXED TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH, 2010

SCHEDULE 11: NOTES ON ACCOUNTS (Contd.) 9. Provisions and Contingent Liabilities: The Company recognises a provision when there is a present obligation as a result of a past event that probablyrequires an outflow of resourcesand a reliable estimate can be made of the amountof the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources.Where there is a possible obligation or a present obligation that the likelihood of outflow of resourcesis remote, no provision or disclosureis made. ,,..r'

10. During the year under review the companyhas made a provision for Gratuity Liabilit}' for Rs.8,92,847/based on actuarial valuation done as on 31.03.2010. as required under Accounting Standard 15 (viz., Accounting for Retirement Benefit in the Financial Statementof employers) issued by The Institute of CharteredAccountants of India. 11. During the year under review the Companyhas written off certain balanceswhich were brought forward under Loans and Advances, Other Receivable and current liabilities based on information and confirmations available in this respect.The total net amount of write off is shown .under Prior Period Items under CenterExpensesamountingto Rs.30,247/-. 12. During the year under review the company has received donation in kind in the form of Sports Consumablesfrom KNVB and Nike Sports worth Rs.29,20143/-. 13. Based on information available with the company, there are no Small Scale industrial undertaking to whom the Companyowes an amountexceedingRs. One Lacs for more than thirty days.

14. Under the Micro, Small and Medium Enterprises Development Act, 2006, which came into force oh .I ! October 2, 2006, certain disclosures are required to be made relating to Micro, Small and Medium --Enterprises. As no relevant inform~tion is available from the suppliers about their coverage under the Act., no disclosureshave beenmade in the Accounts. 15. As the coIl1pany is not a manufacturing concern, additional information pursuant to the provisions of paragraph 3 of Part II of Schedule VI of the Companies Act, 1956 has been furnished to the extent applicable. 16. The Previous Years Figures have been regrouped,wherevernecessary,so as to correspond with those of the current year.

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INDIA FOUNDATION

NOTES ANNEXED TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH, 2010

SCHEDULE 11: NOTES ON ACCOUNTS (Contd.) 1J. In the opinion of the Managing Committee and to the best of their knowledge and belief, the value on realisation of Current Assets, Loans & Advances in the ordinary course of activities should not be less than the amount at which they are stated in the BalanceSheet.The provision for all known liabilities is adequate and neither in excessnor short of the amount reasonably necessary.

Per our report attached to the BalanceSheet

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ForS. L. MAKHIJA & CO.

For and on Behalf of the Managing Committee

CHARTERED ACCOUNT A

1\t\WÂ£ 1..,

S nja! Makhija

c'""'" cie ~~~nghaVi

ProprIetor

aIrman

Mumbai:

~eeV~~r

,-"",, -~Mehta Gaurang

Head-A~counts& Administration

Mumbai:

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