magic bus india foundation - childhood to livelihood · development that go beyond the sports...

MAGIC BUS INDIAFOUNDATION

Final Accounts

For the year ended31 st March 2014

MAGIC BUS INDIA FOUNDATION

MANAGING COMMITTEE REPORT TO THE MEMBERS

The Committee presents the Fourteenth Annual Report, comprising of:-• Review of the Financial Results ofthe Foundation for the year ended on 31March, 2014.• Report on the Foundation's Activities for the year 2013-2014.

REVIEW OF FINANCIAL RESULTS

The financial workings of the Foundation for the year ended 31st March 2014 are as follows: -

(R . Lakh)upees III S

Particulars 31.03.2014 31.03.2013(Rupees) (Rupees)

Income 2280.20 2080.75Expenses 2262.93 1929.50

Surplus/(Deficit) 17.27 151.25

( A ) FINANCIAL HIGHLIGHTS:

INCOME:

The financial performance during the year has been encouraging. Compared to previous year,although the income has risen by 9.58%, it is noteworthy that this modest rise is on the back ofan exponential rise of about 183% since 2010-11. The gradual decline in the surplus generatedreflects judicious deployment of resources in the core activities, as demonstrated by the ratio ofexpenses on activities within overall expenses. Given the fact that internationally, the work doneby Magic Bus in India is gaining more and more recognition, the income from foreign sources asdefined in Foreign Contribution ( Regulation) Act 2010, constituted 64% of the total incomeshown above. The balance 36% raised from domestic sources reflects encouraging mix of fundsgenerated from Corporates, activities at Magic Bus centre, events and online/offline donations.

EXPENDITURE :

As stated above, the expenditure has outpaced the income by rising 15% over the previous year.Essentially this reflects the focused deployment of accumulated surpluses of previous years intothe core activities of Magic Bus. This focused deployment, coupled with strategic scaling downof some of our projects as mentioned below, has resulted in a highly encouraging ratio ofexpenses on activities vis a vis total expenditure to 89 : 11 respectively.

.( B ) SUSTAINABILITY :

During the year under review, we continued to sharpen our focus on domestic corporate sectorand philanthropic foundations for raising programme grant funds. Our efforts have startedyielding positive results with the breakthrough partnerships with A list corporates andfoundations such as Asian Paints, Muthoot group, Vodafone India, Reliance Foundation andICICI Foundation for Inclusive Growth. With Section 135 of the new Companies Act, 2013relating to CSR activities by companies exceeding prescribed turnover, net worth or net profit,coming into force from 015t April, 2014, it is expected to open a new window of opportunity forMagic Bus as it is fully eligible, as per the said Act, to forge CSR partnerships with thecompanies. Steps are being taken to induct senior and experienced professionals who can tap into

.this potent source of grant funds.

( C ) PROGRAMME HIGHLIGHTS:

At Magic Bus, our objective is to ensure India's poorest children move out of poverty. Ourprogramme works with children and their communities over a long term, to enable them on ajourney from childhood to livelihood. In order to maintain uncompromising quality ofprogrammes and remain financially viable in the long term, we scaled down some of ourprojects, which brought down the number of children outreached to 239659 compared to 272756in the year 2012-13. The participation of girls has marginally improved to 45.2% as compared to43.8% in 2012-13. A state-wise statement of number of children outreached is attached. Some ofthe major highlights of the year under review are,

• The programmes were conducted on the .ground by 6696 trained volunteers, of which32.4% are girls and 67.6% are boys. These volunteers and staff members who lead themreceive regular training.

• Geographically, by the end of March 2014, Magic Bus was present in 15 states of thecountry.

• Across the said 15 states, children and youth from 2080 communities are participating inMagic Bus programmes.

• A total of 592 children, of which 259 or 30.14% are girls, were part of Magic Bus'ssporting excellence programme.

• As a backbone to our programmes, a second, more refined version of Magic Bus Sportsfor Development curriculum was developed during the year.

• A special curriculum was developed using cricket for those locations which areimplementing Cricket for Change programme funded by Barclay's Bank.

• Top-up learning modules, as an addition to the existing curriculum, were prepared on twotopics of vital importance, i.e. sexual and reproductive health, and safety.

• In a first of its kind project, we started working with 550 polio affected children from 5villages in Rajasthan, in collaboration with Indiability Foundation.

• In our "Training of Trainer" initiative, 1448 persons were trained during the year, whowill deploy their learning in conducting programmes for children.

• Magic Bus has collaborated with ICICI Foundation for Inclusive Growth ( IFIG ) inRajasthan to make Right to Education Act work better in the state.

( D ) NEXT STEP INTERNATIONAL CONFERENCE:

The Sport for Development and Peace International Working Group (SDP IWG) Secretariat,hosted by the United Nations Office on Sport for Development and Peace (UNOSDP),nominated Magic Bus to host the Next Step 2014 Conference, which was held in New Delhifrom February 10 to 14,2014. The conference was an international event that brought together arange of stakeholders who can promote the global Sport for Development agenda. With plenarysessions, breakaways and workshops, it was designed to build the perspectives on Sport forDevelopment that go beyond the sports field. The five-day conference also advanced global.partnerships for development. The emphasis was on creating a web of linkages to foster the Sportfor Development space and enable practitioners, academicians, donor agencies and corporatehouses to learn about and implement effective Sport for Development programmes.

With 95 speakers and 453 participants, the Next Step Conference overshot its target reach by.about 100 participants. The event was streamed live on www.sportanddev.org, which reported aweb audience of 1,400 views.

( E ) MAGIC BUS ON SOCIAL MEDIA:

Over the last year we maximised the use of various social media platforms to generate awareness.about Magic Bus' work and intensify audience engagement. As a result, we saw a 75% increasein our social media followers. Several A-list Bollywood celebrities including AbhishekBachchan and Farhan Akhtar tweeted their support for our cause over the course of the year.

( F ) DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 with respect

to Members' responsibility Statement, it is hereby confirmed:

1. that in the preparation of the annual accounts for the financial year ended 31 st March, 2014,the applicable accounting standards have been followed along with proper explanationrelating to material departures;

11. that the Directors had selected such accounting policies and applied them consistently andmade judgements and estimates that were reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and of theSurplus of the company for the year under review;

111. that the Directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the companies Act, 1956 forsafeguarding the assets of the Company and for preventing and detecting fraud and other

. irregularities;

IV. that the Directors had prepared the accounts for the financial year ended 31 st March, 2014on a 'going concern' basis.

AUDITORS

.MIs SLM & CO LLP, Chartered Accountants, retire at the forthcoming Annual General Meetingand being eligible offer themselves for re-appointment.

PERSONNEL

The Company did not have any employees who were in receipt of remuneration of more thanRs. 60 lakhs per annum or Rs. 500,000 per month for the year under review as per stipulationslaid down in section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars ofEmployees) Rules 1975.

LQj MANAGING COMMITTEE MEMBERS:

There was no change in the composition of the Managing Committee during the year.

BY ORDER OF THE MANAGING COMMITTEE

II

.MAGIC BUS OUTREACH STATISTICS

Total Children Total YouthStates /Clusters

Boys Girl TotalMal

Female TotaleDelhi 43799 32763 76562 1286 644 1930Rajasthan 1473 522 1995 38 4 42Jharkhand 543 457 1000 16 18 34Bihar 650 650 1300 0 0 0Haryana 0 0 0 0 0 0Uttar Pradesh 685 235 . 920 15 10 25West Bengal 159 76 235 13 8 21

.Subtotal of DelhiRegion 47309 34703 82012 1368 684 2052

Andhra PradeshState 37857 34041 71898 1810 701 2511Odisha 1377 1068 2445 61 27 88

Subtotal of AndhraPradesh Region 39234 35109 74343 1871 728 2599

Maharashtra 22423 17601 40024 547 331 878MadhyaPradesh 1173 1277 2450 66 32 98

Subtotal ofMaharashtraRegion 23596 18878 42474 613 363 976

Karnataka 15938 14740 30678 547 336 883Tamil Nadu 4276 3993 8269 93 36 129Goa 792 621 1413 . 22 16 38Kerala 243 227 470 14 5 19

Subtotal ofKarnataka Region 21249 19581 40830 676 393 1069.Grand Total 131388 108271 239659 4528 2168 6696

SLM & CO LLP•CHARTERED ACCOUNTANTS

•INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF MAGICBUS INDIA FOUNDATION

Report on the Financial StatementsWe have audited the accompanying financial statements of MAGICBUS INDIA FOUNDATION("the Company"), which comprise the Balance Sheet as at March 31, 2014, and the Statement ofIncome & Expenditure and Cash Flow Statement for the year then ended, and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Financial StatementsManagement is responsible for the preparation of these financial statements that give a true and fairview of the financial position, financial performance and cash flows of the Company in accordancewith the Accounting principles generally accepted in India, including the Accounting Standardsnotified under the Companies Act, 1956 read with General Circular 15/2013 dated 13 September2013, issued by the Ministry of Corporate Affairs, in respect of Section 133 of the Companies Act,2013. This responsibility includes the design, implementation and maintenance of internal controlrelevant to the preparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement, whether due to fraud or error.

Auditor's ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. Weconducted our audit in accordance with the Standards on Auditing issued by the Institute of CharteredAccountants of India. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosuresin the financial statements. The procedures selected depend on the auditor's judgment, including theassessment of the risks of material misstatement of the financial statements, whether due to fraud orerror. In making those risk assessments, the auditor considers internal control relevant to theCompany's preparation and fair presentation of the financial statements in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing an opinionon the effectiveness of the entity's internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accounting estimates madeby management, as well as evaluating the overall presentation of the financial statements. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion.

OpinionIn our opinion and to the best of our information and according to the explanations given to us, thefinancial statements give the information required by the Companies Act, 1956 ("the Act") in themanner so required and give a true and fair view in conformity with the accounting principlesgenerally accepted in India:a. in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;b. in the case of the Income and Expenditure Statement, of the surplus for the year ended on that date;c. in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. J- ~O

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--1A, STANDARD HOUSE, 83, MAHARSHI KARVE ROAD, MUMBAI - 400 002.TEL NO. : 022-6171 3690· FAX NO. : 022-6171 3600· E-MAIL: [email protected]

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SLM & CO LLP•CHARTERED ACCOUNTANTS

•

Report on Other Legal and Regulatory Requirements

1. The Companies (Auditor's Report) Order, 2003 issued by the Central Government of India interms of sub- section (4A) of section 227 of the Companies Act, 1956, is not applicable to theCompany is licensed to operate under section 25 of the Companies Act, 1956.

2. As required by section 227(3) ofthe Act, 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 purpose of our audit;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, Statement ofIncome and Expenditure, and Cash Flow Statement dealt with by this

Report are in agreement with the books of account;d) in our opinion, the Balance Sheet, Statement of Income and Expenditure, and Cash Flow

Statement comply with the Accounting Standards notified under the Companies Act, 1956read with General Circular 1512013 dated 13 September 2013, issued by the Ministry ofCorporate Affairs, in respect of section 133 of the Companies Act, 2013; and

e) on the basis of written representations received from the directors as on March 31, 2014, andtaken on record by the Board of Directors, none of the directors is disqualified as on March31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) ofsection 274 of the Companies Act, 1956.

f) Since the Central Government has not issued any notification as to the rate at which the cess isto be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules underthe said section, prescribing the manner in which such cess is to be paid, no cess is due andpayable by the Company.

FOR SLM & CO LLPCHARTERED ACCOUNTANTSFirm No.: W-I00030 &. Co

. "<I---I,...lt.i~/'~

-~Sanjay Ma ija'" .;~~ ,

• V'-PartnerMembership No. 042150Mumbai: 29 September 2014

lA, STANDARD HOUSE, 83, MAHARSHI KARVE ROAD, MUMBAI - 400 002.TEL NO. : 022-6171 3690· FAX NO. : 022-6171 3600· E-MAIL: [email protected]

MAGIC BUS INDIA FOUNDATIONBalance Sheet as at 31 March 2014

Particulars Notes As atMarch 31, 2014 March 31, 2013

Flupees FlupeesOWN FUNDS AND LIABILITIESOwn Funds

Membership FundReserves and Surplus

34

2,00083,492,766

2,00081,685,618

Current liabilitiesOther current liabilitiesShort-term provisions

24,894,0462,993,717

24,362,6392,284,584

56

TOTAL 111,382,529 108,334,841

ASSETSNon-current assets

Fixed Assets- Tangible assets

Long-term loans and advances69,138,5237,441,957

67,811,2568,427,994

78

Current assetsReceivablesCash and bank balances

910

2,507,78532,294,264

1,708,95230,386,639

TOTAL 111,382,529 108,334,841Summary of Significant AccountingPolicies 2

The accompanying notes are an integral part of the financial statements.

Auditor's ReportSigned in terms of separate report of even date.

Mis SLM & CO LLPChartered AccountantsFirm Regn No:W-100030 ~

'!'';~ALA- fcffJJ ~-~[~--~~"v \~~SanjaYVlakh· a ~ . \ _Partner 1J~:\tV- '\../Membership No: 042150, -Date: 29 September, 2014

For And On Behalf Of The Managing Committee

I

~11~Deval,~anghviMember

~Rajeev DubeyMember

Date: 29 September, 2014

MAGIC BUS INDIA FOUNDATIONStatement ofIncome And Expenditure for the year ended 31 March 2014

Particulars Year endedNotes March 31, 2014

Rupees

Year endedMarch 31, 2013

Rupees

INCOMEDonations and ContributionsOther Income

226,153,905 207,421,6861,866,415 653,744

228,020,320 208,075,430

201,840,952 174,840,6645,287,517 4,494,672

19,164,703 13,614,705226,293,172 192,950,041

1,727,148 15,125,389- -

1,727,148 15,125,389- -

1,727,148 15,125,389

- -- -- -- -

1,727,148 15,125,3891,727,148 15,125,389

1112

TOTALEXPENDITURE

Expenses On ActivitiesDepreciation And Amortization ExpenseOther Expenses

131415

TOTALSurplus Before Exceptional AndExtraordinary Items And Tax (I-II)

Exceptional ItemSurplus BeforeExtraordinary Items And Tax (III-IV)

Extraordinary ItemsSurplus Before TaxTax Expense

Current taxDeferred tax charge / (Benefit)Income Tax of earlier years

Total tax expenseSurplus after taxSurplus for the year from operations

Summary of Significant Accounting Policies 2

The accompanying notes are an integral part of the financial statements.

Mis SLM & CO LLPChartered Accountants _

t~RegnNo:W-100030. 4~~O«'~A".-· •••••.JiHI_A--(),v""'L' "' ""'I~\~/ *Sanjay Makhija ~,"(..I:')

Partner 1--: \Iv- '\ \.Membership No: 042150Date: 29 September, 2014

For And On Behalf Of The Managing Committee

d~. -J •

jjCval a~ghviMember

~yMember

Date: 29 September, 2014

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MAGIC BUS INDIA FOUNDATIONNotes Forming Part Of the Financial Statements for the year ending 31 March 2014

Nature of OperationsThe company is Registered U/S 25 of the Companies Act, 1956 for promoting children's right to play and empowering them to bring positivedevelopments in their lives through the medium of sports and outdoor activities.

1.1 The financial statements have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP) under the historical costconvention on an accrual basis in compliance with all material aspect of the Accounting Standard (AS) Notified by Companies Accounting StandardRules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The accounting policies have been consistently applied by theCompany and are consistent with those used in the previous year.

2 Summary of Significant Accounting Policies

2.1 Current! Non-Current classification of assets and liabilitiesAll assets and liabilities have been classified as current or non-current as per the Company's normal operating cycle and other criteria set out in theSchedule VI to the Companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and theirrealization in cash and cash equivalents, the Company has ascertained its operating cycle as up to twelve months for the purpose of current - Non Currentclassification of assets and liabilities.

2.2 Use of EstimatesThe 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 duringthe year reported. Actual results could differ from those estimates.

2.3 Fixed AssetsFixed assets are stated at cost, less accumulated depreciation and impairment losses if any. Cost comprises the purchase price and any attributable cost ofbringing the asset to its working condition for its intended use. Items of fixed asset held for disposal are stated at lower of the net book value and netrealisable value and are shown under other current assets.

2.4 Depreciation

Depreciation is provided on all the assets under Written-Down value Method on pro-rata basis on the assets, which were in use during the year at the ratesprescribed in Schedule XIV of the Companies Act, 1956. If the assets are purchased during the year, depreciation is provided on pro - rata basis from thedate the assets are installed. In case the assets are sold, depreciation is provided on the same upto the date of sale on pro - rata basis.

2.5 Impairment

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication ofirnpairment based on internal/external factors. Animpairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of theasset's net selling price and value in use. In assessing value in use, the estimated future casb flows are discounted to the present value at interest ratespecific to the asset and in case where the specific rate is not available at the weighted average cost of capital which is adjusted for country risk/currencyrisk.

After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.

2.6 .Revenue RecognitionCOlltributioll / DOllatioll

Donations are recognized to the extent that the amounts are received or committed by Donors and the same can be reliably measured. Grants and otherContributions are recognized for on an accrual basis in accordance with the terms and contracts entered into between the company and the donor!contributor.

Interest IncomeRevenue is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable.

2.7Retirement and other employee benefits

Retirement benefits in the form of Provident Fund is a defined contribution scheme and the contributions are charged to the Statement of Profit and Lossof the year when the contributions to the respective funds are due. There are no other obligations other than the contribution payable to the respectiveauthorities or trusts.Actuarial valuation is obtained to ascertain the Gratuity liability and accordingly the same is provided in the books.Compensated absences are not provided for in the books.

2.8 Foreign Currency Transactions

Initial RecognitionForeign currency transactions are recorded in reporting currency by applying to the foreign currency amounts, the exchange rates available on the date ofsuch transactions.

ConversionForeign currency monetary items are reported using the closing rates. Non monetary items which are carried in terms of historical costs denominated in aforeign currency are reported using the exchange rate at the date of transaction.

Exchange DifferenceIt was observed that the foreign currency transactions have been accounted in accordance with AS-II issued by the lCAI. Transactions arising in foreigncurrency during the year are converted at Bank rates as per Bank advice received during the year. In absence of Bank intimation, and for transactionsoutstanding as on the year end date, the Bank rate prevailing on that date is taken.

2.9 Taxes On IncomeThe Company has been registered as a Not-For-Profit Company under the provisions of the Companies Act, 1956. By virtue of the license granted to theCenter by the Central Government of India under section 25 of the Act, the word "PRlVATE LIMITED" has not been used as a part of its name. Theincome of the Company is exempt u/s.12 of the Income Tax Act, 1961. Hence the Accounting Standard (AS-22) Accounting for Taxes is not applicable.

2.10 Segment Reporting PoliciesSegment Policies:The company is Registered u/s 25 of the Companies Act, 1956 for promoting children's right to play and empowering them to bring positivedevelopments in their lives through the medium of sports and outdoor activities. The activities of the company are primarily concentrated in onegeographical location. As such, there is no separate reportable segment as per accounting standard 17 on segment reporting.

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2.11 Earnings Per ShareThe Company does not have any Share Capital hence this is not applicable

2.12 ProvisionsA provision is recognised when an enterprise has a present obligation as a result of past event; it is probable that an outflow of resources will be requiredto settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based onbest estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the currentbest estimates.

2.13 Cash and Cash EquivalentsCash and cash equivalents in the cash flow statement comprise cash at bank and in hand and in Fixed Deposits with maturity date less than three months.

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MAGIC BUS INDIA FOUNDATIONNotes to financial statements for the year ended 31 March 2014

3 Membership Fund March 31, 2014 March 31, 2013Rupees Rupees

Opening Balance 2,000 2,000Add: Received during the year - -

Total 2,000 2,000

4 Reserves and Surplus March 31, 2014 March 31, 2013Rupees Rupees

l.Surplus:Income and Expenditure AlcAt the beginning of the Accounting Period (2,441,727) (17,567,117)Addition During the Year 1,727,148 15,125,391(Balance in Statement of Profit & Loss Alc)Less: Appropriations(if anyl - -Net surplus in the Statement of Profit and Loss (714,579) (2,441,727)

2.0ther Reserves(Please specify the names)CENTRE FUNDAt the beginning of the Accounting Period 64,789,909 64,789,909Additions during the year - -At the end of the Accounting period 64,789,909 64,789,909FIXED ASSETS FUNDAt the beginning of the Accounting Period 8,899,080 8,899,080Additions during the year 80,000 -At the end of the Accounting period 8,979,080 8,899,080SELF SUSTENANCEAt the beginning of the Accounting Period 10,438,356 10,438,356Additions during the year - -At the end of the Accounting period 10,438,356 10,438,356

Total 83,492,766 81,685,618

5 Other liabilities March 31, 2014 March 31, 2013Rupees Rupees

(a)CurrentStatutory Dues 320,982 1,555,632Unearned revenue (Grant received in advance) 17,856,922 7,231,291Sundry Creditors (Refer note no.17) 6,147,096 4,932,888Employee Dues 566,406 8,075,357Advance from Parties 2,640 2,567,471

Total 24,894,046 24,362,639

6 Provisions March 31, 2014 March 31, 2013Rupees Rupees

(alCurrent - -(blNon-current - - -Other ProvisionProvision for employee benefitsProvision for Gratuity (Refer Note no.22) 2,993,717 2,284,584

Total 2,993,717 2,284,584Total 2,993,717 2,284,584

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NOTE FORMING PART OF THE BALANCE SHEET AS AT 31 MARCH 2014NOTE: 7FrXED ASSETS

GROSS BLOCK DEPRECrATlON NET BLOCK

Particuhars Addition As on Sale As on As on As onAs on 01.04.2013 during the Sale/Deduction As on 31.03.2014 01.04.2013 AdjustmentsFor the year 31.03.2013 31.03.2014 31.03.2013

year durinz the year

Land 6,978,118 - 6,978,118 - - - 6,978,118 6,978,118Children Centre 17,797,496 17,660,217 420,630 35,037,083 4,977,053 933,746 5,910,799 29,126,284 12,820,441Resource Centre 10,855,378 61,212 10,916,590 2,244,620 439,886 2,684,506 8,232,084 8,543,554Furniture & Fixtures 4,384,772 579,476 4,964,248 2,068,048 460,312 2,528,360 2,435,888 2,316,724Office Equipments 1,035,037 418,270 1,453,307 326,280 118,857 445,137 1,008,170 708,756Centre Equiprnents 8,746,147 - 8,746,147 4,555,626 586,676 5,142,302 3,603,845 4,190,521Electrical Fittings 2,637,110 70,526 2,707,636 1,765,730 164,767 1,930,497 777,139 938,580Office Renovation 1,490,403 215,690 1,706,093 1,490,403 71,897 1,562,300 143,793 (0)Computers & Accessories 8,819,727 3,224,138 12,043,865 5,313,547 1,845,400 7,158,947 4,884,918 3,506,183Vehicle 5,924,190 - 5,924,190 3,351,862 665,976 4,017,838 1,906,352 2,572,327

Totah 68,668,378 22,229,529 420,630 90,477,277 26,093,169 - 5,287,517 31,380,686 59,096,591 42,575,205

Add:Building W.1. P. Exps. 17,144,479 1,218,317 17,660,217 702,579 702,579 17,144,479( Community Center)Capital Advance - Land 8,091,573 1,247,780 9,339,353 9,339,353 8,091,573

69,138,523 67,811,256Previous Yea r 62,153,417 6,596,364 81,403 68,668,377 21,564,906 33,595 4,494,671 26,093,172 67,811,256 63,135,629

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8 Loans and Advances March 31, 2014 March 31, 2013Rupees Rupees

(a)Current(i)Securitv deposit 4,557,146 4,472,530

(ii)Short Tern Loans & Advances- Loan and advances to employees 267,177 194,692- Advances to Vendors 498,489 1,897,833

(iii)Prepaid expenses 666,153 803,478

Total 5,988,965 7,368,533(b)Non-CurrentAdvance Income Tax (Net of Provision) 1,452,992 1,059,461

Total 7,441,957 8,427,994

9 Receivables March 31, 2014 March 31, 2013Rupees Rupees

(a)Current(i) Unsecured, considered good unless stated otherwise- Outstanding for a period exceeding six months from the date 215,250 429,972

they are due for payment

- Others 2,292,535 1,278,980Total 2,507,785 1,708,952

10 Cash and bank balances March 31, 2014 March 31, 2013Rupees Rupees

Cash and cash equivalents(i) Cash in hand 25,307 200,118(ii)Balances with banks:- In Savings accounts 12,159,177 30,186,521- Fixed Deposits with Bank maturing in less than 3 months. 20,109,780 -

Total 32,294,264 30,386,639

11 Donations and Contributions March 31, 2014 March 31, 2013Rupees Rupees

In Foreign Currency 146,723,931 135,517,148In Local Currency (lNR) 79,429,974 71,904,538

Total 226,153,905 207,421,686

12 Other income March 31, 2014 March 31, 2013Rupees Rupees

Interest Income 1,866,415 653,744Total 1,866,415 653,744

13 Expenses on Activites March 31, 2014 March 31, 2013Rupees Rupees

Day Trips & Weekend Camps - 1,038,581 903,771

Sports Programmes Expenses 2,119,033 8,934,501Programme Support Costs 22,548,317 20,088,811Organisation Capacity Building 4,192,057 2,758,859Fundraising Expenses 19,994,545 6,982,941Centre Operating Expenses 15,483,015 20,206,853Train The Trainer 131,286,532 112,809,318Communication 5,178,872 2,155,610

Total 201,840,952 174,840,664


14 Denreciation & Amortization Exnenses March 31. 2014 March 31. 2013Rupees Rupees

Depreciation 5,287,517 4,494,672Total 5,287,517 4,494,672

15 Other Expenses March 31, 2014 March 31, 2013Rupees Rupees

Bank Charges 66,463 88,417Foreign Exchange Loss (Net) 2,846 14,073Accounting Charges - 53,967Payment to Auditors as

- Audit Fees 250,000 337,080- For Taxation Matters 114,215 45,281- For Other Services 82,416 26,077

Communication Charges 1,186,453 872,795Electricity Charges 868,966 780,139Entertainment Expenses - 79,854Insurance Charges 850,313 15,347Housekeeping Charges 185,937 264,869Miscellaneous Expenses 44,767 101,990Printing & Stationery 376,428 462,203Postage & Courier Expenses 184,225 76,120Professional Fees 4,333,973 1,624,651Repairs & Maintenance Charges 737,766 673,877Staff Salary & Wages 7,193,755 6,657,962Staff Welfare Expenses 1,273,775 709,215Staff Training Expenses - 81,065Travelling Expenses 1,410,965 470,212Transportation Charges 1,440 45,427

Prior Period Items - 71,157Amounts Written Off (Net) - 28,024Loss on Sale of Assets - 34,903

Total 19,164,703 13,614,705

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MAGIC BUS INDIA FOUNDA nONNotes Forminz Part Of the Financial Statements for the year ending 31 March 2014

16 Details of Contingent liabilities are as under:The Compnay does not has liability of contingent nature for the year under review.

17 Under the Micro, Small and Medium Enterprises Development Act, 2006, which came into force on October 2, 2006, certain disclosures are required tobe made relating to Micro, Small and Medium Enterprises. As no relevant information is available from the suppliers about their coverage under the Act.,no disclosures have been made in the Accounts.

18 Loans and advances in the nature of loans given to companies under same management:There are no Loans or advances given to any company under the same management.

19 List of Related PartiesParties RelationshipRelated parties where control existsPavmate India Pvt Ltd Common DirectorCE Info Systems Pvt LId Common DirectorFuture - E - Commerce Infrastructure LId Common DirectorSherpalo India Advisors Pvt LId Common DirectorZoom In (Online) India Pvt LId Common DirectorStudvplaces Common DirectorKotak Urja Pvt Ltd Common DirectorCleartrin Inc, Cayman Islands President I DirectorCleartrip Inc, Mauritius Common DirectorCleartrip MEA FZ, LLC Common DirectorReverse Logistics Company Pvt LId Common DirectorLightbox Management Limited Common DirectorLizhtbox India Advisors Pvt Ltd Common DirectorMahindra Intertrade LId Common DirectorMahindra Insurance Brokers Ltd Chairman

Mahindra First Choice Wheels Ltd Common DirectorMahindra Steel Services Center LId Common DirectorMahindra Retail Private Limited Common DirectorMahindra First Choice Services LId Chairman

Mahindra United Football Club P LId Common DirectorMahindra Electrical Steel P Pltd Common DirectorWalchand People First Ltd Common DirectorMahindra Auto Steel Private Limited Common DirectorMahindra Electoral Trust Company Common DirectorBombav Chamber of Commerce & Industry Member Of The Mg. CommitteeImpact Foundation (India) Common DirectorAmarchand & Mangaldas & Suresh AShroff & PartnerCoInternational Apparel Manufacturers Common DirectorNew Age Sourcing Common Director

20 Related Party DisclosureName of the related party Nature of transaction Balance as on Balance as on

March 31, 2014 March 31, 2013 31st March 31st March2014 2013

Impact Foundation General Donation 950,000 -Reimbursement of Expenses 95,000Training & Development(Revenue) 75,900Centre ( Revenue) 536,250

21 Payment in Foreign Currencya) Value of imports calculated on C.I.F basis for Capital goods:

Particulars March 31, 2014 I March31,2013 IBasis I - ITotal I _- I

b) Amount remitted during the year in foreign currency, on account of expensesParticulars March 31, 2014 March 31, 2013Impact Creative Pvt LId 115,462Cynthia Andrade 1,585,893J A Coalter 64,750International Baccalureate Organization 6,701Global Networking Consultants 125,646Capella Hotel Singapore 984,679Stichting Women Win 45,375Swiss Academy for Development 68,922Total 1,296,074 1,701,354


c) Donation! Contributions IGrants Received in Foreign CurrencyTrade Receivables/Sundry debtors includes amount receivable from following Companies under same management

IParticulars March 31, 2014 I March 31, 2013 IIDonation, Contributions and Grants Received 146,723,931 I 135,517,148 IIAdvance Grant Received 17,856,922 6,056,942

22 Employee Retiral Benefits: (AS 15)(As per Actuarial Valuation Report)

During the year under review the company has made a provision for Gratuity Liability for Rs.29,93,716/- based on actuarial valuation done as on31.03.2014 as required under Accounting Standard 15 (viz., Accounting for Retirement Benefit in the Financial Statement of employers) issued by TheInstitute of Chartered Accountants of India.

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 dayssalary (last drawn salary) for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, suchas supply and demand in the employment market.

The following tables surnmarise the components of net benefit expense recognised in the Statement of Profit and Loss and the funded status and amountsrecognised in the Balance Sheet for the respective plans.

Statement of Profit and Loss:Net employee benefit expense (recognised in Employee Cost)Particulars March 31, 2014 March 31, 2013Current Service cost 875,960 692,362Interest cost 169,307 158,523Expected return on plan assets -Net actuarial (gain)/loss recognised in the year 103,597 (279,137)Net Gratuity Benefit Expense 1,148,864 571,748

Balance Sheet:Details of Provision for Gratuity BenefitParticulars March 31, 2014 March 31, 2013Fair value of the plan asset at the end of the

(Present value of Benefit obligation at the endof the period) 2,993,716 2,284,583Unfunded Status 2,993,716 2,284,583

[Net AssetJ(L1ab.llty) Recogmsed III theBalancesheet 2,993,716 2,284,583

Changes in the present value of the defined benefit obligation are as follows:Particulars March 31, 2014 March 31, 2013Opening Defined Benefit Obligation 2,284,583 2,017,124Current Service Cost 875,960 692,362Interest Cost 169,307 158,523Plan Amendment CostActuarial (gain)lloss 103,597 (279,137)Benefits paid (439,731) (304,289)Closing Defined Benefit Obligation 2,993,716 2,284,583

Changes in the fair value of plan assets are as follows:Particulars March 31, 2014 March 31, 2013Opening Fair value of plan assets -Expected return on plan assetsActuarial gainl (loss)Contribution by employerAsset acquired on acquisitionBenefits paidClosing Fair Value of Plan Assets - -

Experience Adjustment -IParticulars 01/04113-31/03114 01/04/12-31/03113On plan liability(gain)llosses 354,550 (370,848)

IOn plan assets(losses )/gains

The principal assumptions used in determining Gratuity for the Company's plans is as below:Particulars March 31, 2014 March 31, 2013Discount Rate 9.10% 8.50%Estimated rate of return on plan assets 0.00% 0.00%Attrition Rate 0.00% 0.00%Salary Escalation 6.00% 6.00%

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relev"?t factors, suchas supply and demand in the employment market.


23 Credibility Alliance Norms Compliancea) Distribution of Staff Salaries including consultants and professionals paid during the financial year

Slab of gross salary (in Rs) plus benefits paid to Male stafT Female staff Total staff

Less than 5000 66 75 1415,000 - 10,000 241 124 36510,000 - 25,000 94 45 13925,000 - 50,000 32 19 5150,000 - 1,00,000 7 15 22Greater than 1,00,000 10 5 15

b) Staff remuneration [Gross annual salary + benefits] in RupeesParticular Per annum

Head of the organization N.AHighest paid: 5000004Lowest paid: 52704

Number of paid workers in the oreanisation No of personsRegular Full Time 709Regular Part Time 0Full time contract staff 14Part Time contract staff 2Consultants 8Other paid members (including paid

0volunteers)

TOTAL 733

c) Details of Foregin Travel during the yearName Robert ThomasDesignation Head-CentreDestination UKPurpose FundraisingGross Expenses (Rs) 34042Sponsored by external organisation Internal

Name Robert ThomasDesignation Head-CentreDestination LondonPurpose FundraisingGross Expenses (Rs) 47265Sponsored by external organisation Internal

Name Pratik KumarDesignation CEODestination LondonPurpose Commonwealth ConferenceGross Expenses (Rs) 70496Sponsored by external organisation Glasgow

Name Mathew SpacieDesignation ChairmanDestination SingaporePurpose Fund RaisingGross Expenses (Rs) 34864Sponsored by external organisation Internal

Name Mathew SpacieDesignation ChairmanDestination MulticityPurpose Fund RaisingGross Expenses (Rs) 10959 ..Sponsored by external organisation Internal

Name Gitaniali sinzhDesignation HeadD&CDestination SingaporePurpose Singapore - Program SeepingGross Expenses (Rs) 24256Sponsored by external organisation Internal

Narne Havovi WadiaDesignation HeadR&DDestination SingaporePurpose Singapore - Program ScopingGross Expenses (Rs) 24256Sponsored by external organisation Internal

MAGIC BUS INDIA FOUNDA nONNotes Forming Part Of the Financial Statements for the year ending 31 March 2014

Name Mathew SpacieDesignation ChairmanDestination SinzaoorePumose Fund RaisingGross Expenses (Rs) 78039Sponsored by external organisation Internal

,

Name Mathew snacieDesignation ChairmanDestination SingaporePurpose FundraisingGross Expenses (Rs) 33505Sponsored by external organisation Internal

Name Masood ShaikhDesignation ManagerT&ADestination Singapore - Program TrainingPurpose PilotGross Expenses (Rs) 21510Sponsored by external organisation Internal

Name Rozina Haj ianiDesignation Manager DeeCDestination Singapore - Program TrainingPurpose PilotGross Expenses (Rs) 21510Sponsored by external organisation Internal

Name Monisha DiwanDesignation SrGMPDDestination Singapore - Program TrainingPurpose PilotGross Expenses (Rs) 21510Sponsored by external organisation Internal

[Name Saidia Nicolai DrentieDesignation Chief Sustainabilitv OfficerDestination SingaporePurpose Fund RaisingGross Expenses (Rs) 273899Sponsored by external organisation Internal

Name ParvatiDesignation junior TrainerDestination MalaysiaPurpose Laures AwardsGross Expenses (Rs) 18300Sponsored by external organisation Internal

Name SasmitaDesignation Manazer Recl)Destination BanzaladeshPurpose FundraisingGross Expenses (Rs) 2823Sponsored by external organisation Internal

Name Pratik KumarDesignation CEODestination PeruPurpose Fund Raising -Gross Expenses (Rs) 27006Sponsored by external organisation Internal

Name Pratik KumarDesignation CEODestination SingaporePurpose WorkshopGross Expenses (Rs) 45229Sponsored by external organisation Internal

Name Pratik KumarDesignation CEODestination UK & BarcelonaPurpose WorkshopGross Expenses (Rs) 48709Sponsored by external organisation Internal

-~~CO<

(; ~-?/j, II

:V'

MAGIC BUS INDIA FOUNDA nONNotes Forming Part Of the Financial Statements for the year ending 31 March 2014

Name Pratik KumarDesiznation CEODestination GenevaPurpose WorkshopGross Expenses (Rs) 41090Soonsored by external orzanisation Internal

Name Pratik KumarDesignation CEODestination AustraliaPurpose WorkshopGross Exoenses (Rs) 13128Sponsored by external orsanisation Internal

Name Pratik KumarDesienation CEODestination UKPurpose FundraisingGross Expenses (Rs) 53746Soonsored by external organisation Internal

Name Pratik KumarDesignation CEODestination GermanyPurpose FundraisingGross Expenses (Rs) 1500Sponsored by external organisation Internal

Name Pratik KumarDesiznation CEODestination DubaiPurpose FundraisinzGross Expenses (Rs) 9808Soonsored by external organisation Internal

Name ParvatiDesignation Junior TrainerDestination SingaporePurpose Singapore GalaGross Exoenses (Rs) 23745Sponsored by external organisation Internal

Name Saidia Nicolai DrentieDesignation Chief Sustainabilitv OfficerDestination USAPurpose USA eventGross Expenses (Rs) 42123Soonsored bv external orzanisation Internal

24 Capital Commitments:the company anticipates additional liability of Rs.26,17 ,6401- towards stamp duty and registration charges, taking the total amount payable toRs.I,24,26,0401- (previous year Rs. 1,24,26,0401-). After taking into account the amount ofRs.82,98,553/- (previous year Rs.80,9I,573/-), the balanceamount of Rs.4 1,27,487/- (previous year Rs.43,47,467/-) still remains payable.

Addition amount ofRs.9,85,8001-(previous year Rs.Nil) has been paid for post acquisition formalities in village Asrewadi, Karjat. The total amountpayable towards the said land formalities is Rs.15,85,8001-(previous year Rs.Nil). Hence a balance of Rs.6,OO,OOOI-still remains payable.

The construction of additional dormitory and learning pavilion for children undertaken at Magic Bus Centre on the outskirts of Karjat in Maharashtra hasbeen completed during the year under review on 30th November, 2013. The entire cumulative construction and related costs pertaining to the above-referred two structures have been duly capitalized as Fixed Assets in the company's books of accounts in the year under review.

25 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 paymentsunder Operating Leases are recognized as an expense on accrual basis in accordance with respective lease agreements.

Operating LeaseParticulars March 31, 2014 March 31, 2013Lease Payment recognised in the P & L Nc 11,154,949 8,788,563Future Minimum Lease Payments:Not later than One Year 10,188,310 9,315,488

Years 24,433,758 24,571,368Later than Five YearsTotal 34,622,068 33,886,856

•

MAGIC BUS INDIA FOUNDATIONNotes Formin Part Of the Financial Statements for the ear endin 31 March 2014

26 Donation in KindDuring the year under review the company has received donation in kind worth Rs. 4,80,33,872/- (Previous year Rs.23,0001-) which includesSportsConsumables i.e.football sohes, football, T Shirts etc. and also includes used computer hardware which has been considered as consumed during the yearand hence not recorded in the books of acocunts.

27 AS-II Accounting for Foreign ExchangeIt was observed that the foreign currency transactions have been accounted in accordance with AS-II issued by the ICAI. The Contributions andDonations 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. onthe day of realization the exchange gain I loss bas been recognised. The monetary assets in foreign currency if any have been revalued with the exchangerate prevailing on the date of the balance sheet.

28 Impairment of Assetsthe management is of the opinion that there is no impairment in the value of assets.

29 Previous year comparativesPrevious year's figures have been regrouped where necessary to conform to current year's classification.

30 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 inthe ordinary course of activities should not be less than the amount at which they are stated in the Balance Sheet. The provision for all known liabilities isadequate and neither in excess nor short of the amount reasonably necessary.

Auditor's ReportSigned in terms of separate report of even date.

For and on Behalf of the Managing Committee

"""'-JUl"':nAw.;,...--· ~

~

Date: 29 September, 2014Date: 29 September, 2014

•

MAGIC BUS INDIA FOUNDATIONCash Flow Statement for the year ended 31 March 2014

March 31, 2014 March 31,2013Rupees Rupees

A. Cash Flow from Operating Activities:Profit before tax 1,727,148 15,125,389Adjustments for:

Depreciation 5,287,517 4,494,672(Profit) 1 loss on sale 1write off of assets 33,595Interest on deposits (1,866,415) (653,744)Fixed Assets w/off -

Operating profit before working capital changes 5,148,250 18,999,912

Movements in working capital- (Increase)/decrease in Trade Receivable (798,833) (1,140,973)- (lncrease)/decrease in loans and advances 1,379,568 (2,974,098)- Increase/(decrease) in Trade Payables (214,992)- Increase/(decrease) in other liabilities 1,240,540 10,919,359

Cash generated from operations 6,969,525 25,589,208- Taxes paid (393,532) -

Net cash generated from operating activities - (A) 6,575,993 25,589,208

B. Cash flow from investing activities:Purchase of fixed assets (6,534,784) (5,443,451 )Proceeds from sale of fixed assets - 81,403Payment made for construction of immovble assets - (3,841,846)Investment in fixed deposits (20,109,780) -Interest on deposits & loans ./ 1,866,415 653,744Net cash generated from investing activities - (B) (24,778,149) (8,550,150)

C Cash flow from Financing Activitv:Net cash generated from financing activities - (C) - -Net Increase in cash and cash equivalents (A+B+C) (18,202,156) 17,039,059

Cash and cash equivalents - Opening balance as on 1 April 2012 30,386,639 13,347,580Cash and Cash Equivalents - Closing balance as on 31 March 2013 12,184,484 30,386,639Net Increase in Cash and Cash Equivalents (18,202,156) 17,039,059

Components of cash and cash equivalents as at Rupees Rupees

- Cash in hand 25,307 200,118- with banks on current account 12,159,177 30,186,521

- with bank in fixed deposits with original maturity period ofless than 3 months or less

ITotal 12,184,484 30,386,639

Signed in terms of separate report of even date .'

Mis SLM & CO LLP For and on behalf of the ManagingChartered Accountants

~CCCommittee

Finn Regn No:W-100030 v ' ,~~

{:J(~A'-_~~.~.

Partner 'V: Vt,q \) Mem~~r MemberMembership No: 042150 -Date: 29 September, 2014 Date: 29 September, 2014

•


RECEIPTS AND PAYMENTS STATEMENT FOR THE YEAR ENDED 31 MARCH 2014

Add:

Less:

RECEIPTSOpening Balance (Cash & Bank)

Contributions ReceivedOther IncomeIncrease in Current LiabilityIncrease in Provisions

PAYMENTS

Expenses on ActivitiesIncrease In current AssetLoans and Advance givenAdministrative ExpensesCapital Advance for LandCenter WIPFixed Assets purchased

Closing Balance (Cash & Bank)

For and on behalf of the Managing Committee

Deva SanghviMem er

Mumbai: 29 September, 2014

Ra~Member

AMOUNT

226,153,9051,866,415

531,407709,133

AMOUNT30,386,639

229,260,860

201,840,952798,833

(986,037)19,164,7031,247,7801,218,3174,068,687

259,647,499

227,353,236

32,294,263

•

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