Page 1

MAGIC BUS INDIA FOUNDATION Final Accounts

For the year ended 31 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: Particulars Income Expenses Surplus/(Deficit)

(R upees III . Lakh)S 31.03.2014 31.03.2013 (Rupees) (Rupees) 2280.20 2080.75 2262.93 1929.50 151.25 17.27

( 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 of an exponential rise of about 183% since 2010-11. The gradual decline in the surplus generated reflects judicious deployment of resources in the core activities, as demonstrated by the ratio of expenses on activities within overall expenses. Given the fact that internationally, the work done by Magic Bus in India is gaining more and more recognition, the income from foreign sources as defined in Foreign Contribution ( Regulation) Act 2010, constituted 64% of the total income shown above. The balance 36% raised from domestic sources reflects encouraging mix of funds generated 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 into the core activities of Magic Bus. This focused deployment, coupled with strategic scaling down of some of our projects as mentioned below, has resulted in a highly encouraging ratio of expenses 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 sector and philanthropic foundations for raising programme grant funds. Our efforts have started yielding positive results with the breakthrough partnerships with A list corporates and foundations such as Asian Paints, Muthoot group, Vodafone India, Reliance Foundation and ICICI Foundation for Inclusive Growth. With Section 135 of the new Companies Act, 2013 relating 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 for Magic Bus as it is fully eligible, as per the said Act, to forge CSR partnerships with the companies. 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. Our programme works with children and their communities over a long term, to enable them on a journey from childhood to livelihood. In order to maintain uncompromising quality of programmes and remain financially viable in the long term, we scaled down some of our projects, which brought down the number of children outreached to 239659 compared to 272756 in the year 2012-13. The participation of girls has marginally improved to 45.2% as compared to 43.8% in 2012-13. A state-wise statement of number of children outreached is attached. Some of the major highlights of the year under review are, • The programmes were conducted on the .ground by 6696 trained volunteers, of which 32.4% are girls and 67.6% are boys. These volunteers and staff members who lead them receive regular training. • Geographically, by the end of March 2014, Magic Bus was present in 15 states of the country. • Across the said 15 states, children and youth from 2080 communities are participating in Magic Bus programmes. • A total of 592 children, of which 259 or 30.14% are girls, were part of Magic Bus's sporting excellence programme. • As a backbone to our programmes, a second, more refined version of Magic Bus Sports for Development curriculum was developed during the year. • A special curriculum was developed using cricket for those locations which are implementing Cricket for Change programme funded by Barclay's Bank. • Top-up learning modules, as an addition to the existing curriculum, were prepared on two topics 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 5 villages in Rajasthan, in collaboration with Indiability Foundation. • In our "Training of Trainer" initiative, 1448 persons were trained during the year, who will deploy their learning in conducting programmes for children. • Magic Bus has collaborated with ICICI Foundation for Inclusive Growth ( IFIG ) in Rajasthan 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 Delhi from February 10 to 14,2014. The conference was an international event that brought together a range of stakeholders who can promote the global Sport for Development agenda. With plenary sessions, breakaways and workshops, it was designed to build the perspectives on Sport for Development 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 Sport for Development space and enable practitioners, academicians, donor agencies and corporate houses 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 a web 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% increase in our social media followers. Several A-list Bollywood celebrities including Abhishek Bachchan 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 explanation relating to material departures;

11.

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

111.

that the Directors 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 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, 2014 on a 'going concern' basis.

AUDITORS

.MIs SLM & CO LLP, Chartered Accountants, retire at the forthcoming Annual General Meeting and being eligible offer themselves for re-appointment. PERSONNEL The Company did not have any employees who were in receipt of remuneration of more than Rs. 60 lakhs per annum or Rs. 500,000 per month for the year under review as per stipulations laid down in section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) 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 States /Clusters Delhi Rajasthan Jharkhand Bihar Haryana Uttar Pradesh West Bengal

Boys

Girl

Total Youth Total

Mal

e

Female

Total

43799 1473 543 650 0 685 159

32763 522 457 650 0 235 . 76

76562 1995 1000 1300 0 920 235

1286 38 16 0 0 15 13

644 4 18 0 0 10 8

1930 42 34 0 0 25 21

47309

34703

82012

1368

684

2052

37857 1377

34041 1068

71898 2445

1810 61

701 27

2511 88

39234

35109

74343

1871

728

2599

22423

17601

40024

547

331

878

1173

1277

2450

66

32

98

23596

18878

42474

613

363

976

15938 4276 792 243

14740 3993 621 227

30678 547 8269 93 1413 . 22 470 14

336 36 16 5

883 129 38 19

21249

19581

40830

676

393

1069

131388

108271

239659

4528

2168

6696

.Subtotal of Delhi Region Andhra Pradesh State Odisha Subtotal of Andhra Pradesh Region Maharashtra Madhya Pradesh Subtotal of Maharashtra Region Karnataka Tamil Nadu Goa Kerala Subtotal of Karnataka Region .Grand Total


SLM & •CO LLP

CHARTERED

ACCOUNTANTS

• INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF MAGICBUS INDIA FOUNDATION Report on the Financial Statements We 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 of Income & Expenditure and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting principles generally accepted in India, including the Accounting Standards notified under the Companies Act, 1956 read with General Circular 15/2013 dated 13 September 2013, 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 control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Companies Act, 1956 ("the Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally 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. ~O J-

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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: slmco@slmco.net


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 in terms of sub- section (4A) of section 227 of the Companies Act, 1956, is not applicable to the Company 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, 1956 read with General Circular 1512013 dated 13 September 2013, issued by the Ministry of Corporate 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, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

FOR SLM & CO LLP CHARTERED ACCOUNTANTS &. Co

Firm No.: W-I00030

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

Sanjay Ma ~ Partner

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Membership No. 042150 Mumbai: 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: slmco@slmco.net


MAGIC BUS INDIA FOUNDATION Balance Sheet as at 31 March 2014 Particulars Notes As at March 31, 2014 March 31, 2013 Flupees Flupees OWN FUNDS AND LIABILITIES Own Funds Membership Fund 3 2,000 2,000 Reserves and Surplus 4 83,492,766 81,685,618 Current liabilities Other current liabilities Short-term provisions

5

24,894,046 2,993,717

24,362,639 2,284,584

111,382,529

108,334,841

7 8

69,138,523 7,441,957

67,811,256 8,427,994

9 10

2,507,785 32,294,264 111,382,529

1,708,952 30,386,639 108,334,841

6

TOTAL ASSETS Non-current assets Fixed Assets - Tangible assets Long-term loans and advances Current assets Receivables Cash and bank balances TOTAL Summary of Significant Accounting Policies

The accompanying

notes are an integral part of the financial statements.

Auditor's Report Signed in terms of separate

Mis SLM & CO LLP Chartered Accountants Firm Regn No:W-100030

'!'';~ALA[~--~~"v SanjaYVlakh¡

2

a

Partner Membership No: 042150, Date: 29 September, 2014

report of even date.

For And On Behalf Of The Managing ~

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Deval,~anghvi Member

~

Rajeev Dubey Member

Date: 29 September,

2014

Committee


MAGIC BUS INDIA FOUNDATION Statement ofIncome Particulars

And Expenditure for the year ended 31 March 2014 Year ended Year ended Notes March 31, 2014 March 31, 2013 Rupees Rupees

INCOME Donations and Contributions Other Income TOTAL EXPENDITURE Expenses On Activities Depreciation And Amortization Expense Other Expenses TOTAL Surplus Before Exceptional And Extraordinary Items And Tax (I-II) Exceptional Item Surplus Before Extraordinary Items And Tax (III-IV) Extraordinary Items

11 12

226,153,905 1,866,415 228,020,320

207,421,686 653,744 208,075,430

13 14 15

201,840,952 5,287,517 19,164,703 226,293,172

174,840,664 4,494,672 13,614,705 192,950,041

1,727,148

15,125,389

1,727,148

15,125,389

1,727,148

Surplus Before Tax Tax Expense Current tax Deferred tax charge / (Benefit) Income Tax of earlier years Total tax expense Surplus after tax Surplus for the year from operations

15,125,389

-

-

-

-

1,727,148 1,727,148

15,125,389 15,125,389

2

Summary of Significant Accounting Policies

The accompanying notes are an integral part of the financial statements. Mis SLM & CO LLP

For And On Behalf Of The Managing Committee

Chartered Accountants t~RegnNo:W-100030.

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Sanjay Makhija

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Partner Membership No: 042150 Date: 29 September, 2014

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MAGIC BUS INDIA FOUNDATION Notes Forming Part Of the Financial Statements for the year ending 31 March 2014 Nature of Operations The company is Registered U/S 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. 1.1

2

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

of Significant

Accounting

Policies

2.1

Current! Non-Current classification of assets and liabilities All 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 the Schedule VI to the Companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as up to twelve months for the purpose of current - Non Current classification of assets and liabilities.

2.2

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 year reported. Actual results could differ from those estimates.

2.3

Fixed Assets Fixed assets are stated at cost, less accumulated depreciation and impairment losses if any. Cost comprises the purchase price and any attributable cost of bringing 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 net realisable 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 rates prescribed in Schedule XIV of the Companies Act, 1956. If the assets are purchased during the year, depreciation is provided on pro - rata basis from the date 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. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the asset'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 rate specific 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/currency risk. After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.

2.6 .Revenue Recognition COlltributioll

/ 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 other Contributions are recognized for on an accrual basis in accordance with the terms and contracts entered into between the company and the donor! contributor. Interest Income Revenue is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable. 2.7

Retirement

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 Loss of the year when the contributions to the respective funds are due. There are no other obligations other than the contribution payable to the respective authorities 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 Recognition Foreign currency transactions are recorded in reporting currency by applying to the foreign currency amounts, the exchange rates available on the date of such transactions. Conversion Foreign currency monetary items are reported using the closing rates. Non monetary items which are carried in terms of historical costs denominated in a foreign currency are reported using the exchange rate at the date of transaction. Exchange Difference It was observed that the foreign currency transactions have been accounted in accordance with AS-II issued by the lCAI. Transactions arising in foreign currency during the year are converted at Bank rates as per Bank advice received during the year. In absence of Bank intimation, and for transactions outstanding as on the year end date, the Bank rate prevailing on that date is taken. 2.9

Taxes On Income The 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 the Center 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. The income 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 Segment Policies:

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 positive developments in their lives through the medium of sports and outdoor activities. The activities of the company are primarily concentrated in one geographical location. As such, there is no separate reportable segment as per accounting standard 17 on segment reporting.


MAGIC BUS INDIA FOUNDATION Notes Forming Part Of the Financial Statements for the year ending 31 March 2014 2.11 Earnings Per Share The Company does not have any Share Capital hence this is not applicable 2.12 Provisions A 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 required to 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 on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. 2.13 Cash and Cash Equivalents Cash 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.


3

MAGIC BUS INDIA FOUNDATION Notes to financial statements for the year ended 31 March 2014 Membership Fund March 31, 2014 March 31, 2013 Rupees Rupees Opening Balance 2,000 2,000 Add: Received during the year Total 2,000 2,000

-

4

Reserves and Surplus

March 31, 2014 Rupees

l.Surplus: Income and Expenditure Alc At the beginning of the Accounting Period Addition During the Year (Balance in Statement of Profit & Loss Alc) Less: Appropriations(if anyl Net surplus in the Statement of Profit and Loss

(2,441,727) 1,727,148

(714,579)

2.0ther Reserves(Please specify the names) CENTRE FUND At the beginning of the Accounting Period Additions during the year At the end of the Accounting period FIXED ASSETS FUND At the beginning of the Accounting Period Additions during the year At the end of the Accounting period SELF SUSTENANCE At the beginning of the Accounting Period Additions during the year At the end of the Accounting period

64,789,909

-

5

Other liabilities

6

Provisions (alCurrent (blNon-current Other Provision Provision for employee benefits Provision for Gratuity (Refer Note no.22) Total Total

64,789,909

-

8,899,080 80,000 8,979,080

8,899,080 8,899,080

10,438,356

10,438,356

-

10,438,356

10,438,356

83,492,766

81,685,618

320,982 17,856,922 6,147,096 566,406 2,640 24,894,046 March 31, 2014 Rupees

-

(2,441,727)

64,789,909

March 31, 2014 Rupees

(a)Current Statutory Dues Unearned revenue (Grant received in advance) Sundry Creditors (Refer note no.17) Employee Dues Advance from Parties Total

(17,567,117) 15,125,391

64,789,909

-

Total

March 31, 2013 Rupees

March 31, 2013 Rupees 1,555,632 7,231,291 4,932,888 8,075,357 2,567,471 24,362,639 March 31, 2013 Rupees

-

-

-

-

2,993,717 2,993,717 2,993,717

2,284,584 2,284,584 2,284,584


MAGIC BUS INDIA FOUNDATION NOTE FORMING PART OF THE BALANCE SHEET AS AT 31 MARCH 2014 NOTE: 7 FrXED ASSETS GROSS BLOCK Particuhars

Land Children Centre Resource Centre Furniture & Fixtures Office Equipments Centre Equiprnents Electrical Fittings Office Renovation Computers & Accessories Vehicle Totah Add: Building W.1. P. Exps. ( Community Center) Capital Advance - Land Previous Yea r

As on 01.04.2013

Addition during the year 17,660,217 61,212 579,476 418,270

DEPRECrATlON

Sale/Deduction durinz the year

As on 31.03.2014

As on 01.04.2013

Sale Adjustments

For the year

NET BLOCK As on 31.03.2013

-

As on 31.03.2014

As on 31.03.2013

6,978,118 17,797,496 10,855,378 4,384,772 1,035,037 8,746,147 2,637,110 1,490,403 8,819,727 5,924,190 68,668,378

70,526 215,690 3,224,138 22,229,529

420,630

6,978,118 35,037,083 10,916,590 4,964,248 1,453,307 8,746,147 2,707,636 1,706,093 12,043,865 5,924,190 90,477,277

17,144,479

1,218,317

17,660,217

702,579

702,579

17,144,479

8,091,573

1,247,780

9,339,353

9,339,353 69,138,523

8,091,573 67,811,256

62,153,417

6,596,364

67,811,256

63,135,629

420,630

-

81,403

68,668,377

4,977,053 2,244,620 2,068,048 326,280 4,555,626 1,765,730 1,490,403 5,313,547 3,351,862 26,093,169

21,564,906

-

33,595

933,746 439,886 460,312 118,857 586,676 164,767 71,897 1,845,400 665,976 5,287,517

4,494,671

5,910,799 2,684,506 2,528,360 445,137 5,142,302 1,930,497 1,562,300 7,158,947 4,017,838 31,380,686

26,093,172

6,978,118 29,126,284 8,232,084 2,435,888 1,008,170 3,603,845 777,139 143,793 4,884,918 1,906,352 59,096,591

6,978,118 12,820,441 8,543,554 2,316,724 708,756 4,190,521 938,580 (0) 3,506,183 2,572,327 42,575,205


MAGIC BUS INDIA FOUNDATION Notes to financial statements

for the year ended 31 March 2014

8 Loans and Advances

March 31, 2014

March 31, 2013

Rupees

Rupees

(a)Current 4,557,146

(i)Securitv deposit (ii)Short Tern Loans & Advances

4,472,530

- Loan and advances to employees

267,177

194,692

- Advances

498,489 666,153

1,897,833 803,478

5,988,965

7,368,533

(iii)Prepaid

to Vendors

expenses Total

(b)Non-Current Advance Income Tax (Net of Provision) Total

9 Receivables

1,452,992

1,059,461

7,441,957

8,427,994

March 31, 2014

March 31, 2013

Rupees

Rupees

(a)Current (i) Unsecured,

considered

- Outstanding

good unless stated otherwise 215,250

for a period exceeding six months from the date

429,972

they are due for payment - Others Total 10 Cash and bank balances

March 31, 2013 Rupees

25,307

200,118

12,159,177 20,109,780

30,186,521

32,294,264

30,386,639

with banks:

- Fixed Deposits with Bank maturing in less than 3 months. Total

March 31, 2014 Rupees

and Contributions

In Foreign Currency

146,723,931

In Local Currency (lNR) Total

12

1,708,952

Rupees

- In Savings accounts

11 Donations

1,278,980

2,507,785 March 31, 2014

Cash and cash equivalents (i) Cash in hand (ii)Balances

2,292,535

Other income

71,904,538

226,153,905

207,421,686 March 31, 2013 Rupees

1,866,415

653,744

1,866,415

653,744

March 31, 2014 Rupees

Sports Programmes Programme

-

Organisation Fundraising

Expenses

Support Costs Capacity Building Expenses

Centre Operating Expenses Train The Trainer Communication Total

135,517,148

79,429,974

Rupees Total

Day Trips & Weekend Camps

March 31, 2013 Rupees

March 31, 2014

Interest Income

13 Expenses on Activites

-

1,038,581

March 31, 2013 Rupees 903,771

2,119,033

8,934,501

22,548,317

20,088,811 2,758,859

4,192,057 19,994,545

6,982,941

15,483,015

20,206,853

131,286,532

112,809,318

5,178,872

2,155,610

201,840,952

174,840,664


MAGIC BUS INDIA FOUNDATION Notes to financial statements for the year ended 31 March 2014 & Amortization

14 Denreciation

Exnenses

Depreciation Total 15 Other Expenses

5,287,517

March 31. 2013 Rupees 4,494,672

5,287,517

4,494,672

March 31, 2014 Rupees 66,463

Bank Charges Foreign Exchange Loss (Net) Accounting

March 31. 2014 Rupees

Charges

March 31, 2013 Rupees 88,417

2,846

14,073

-

53,967

Payment to Auditors as - Audit Fees

250,000

337,080

- For Taxation Matters

114,215

45,281

- For Other Services Communication Electricity

Charges

Charges

Entertainment

82,416

26,077

1,186,453

872,795

868,966

780,139

-

Expenses

79,854

Insurance Charges

850,313

15,347

Housekeeping

Charges

185,937

264,869

Miscellaneous

Expenses

44,767 376,428

462,203

Printing & Stationery Postage & Courier Expenses Professional

Fees

Repairs & Maintenance

Charges

101,990

184,225

76,120

4,333,973

1,624,651

737,766

673,877

Staff Salary & Wages

7,193,755

6,657,962

Staff Welfare Expenses

1,273,775

709,215

-

Staff Training Expenses Travelling Expenses Transportation

1,410,965

Charges

1,440

81,065 470,212 45,427

Prior Period Items

-

71,157

Amounts Written Off (Net)

-

28,024

-

Loss on Sale of Assets Total

19,164,703

34,903 13,614,705


MAGIC BUS INDIA FOUNDA nON Notes 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

18

Under the Micro, Small and Medium Enterprises Development Act, 2006, which came into force on October 2, 2006, certain disclosures are required to be 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. 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 Parties Parties

Relationship

Related parties where control exists CE Info Systems Pvt LId

Common Director Common Director

Future - E - Commerce Infrastructure LId

Common Director

Pavmate India Pvt Ltd

Sherpalo India Advisors Pvt LId

Common Director

Zoom In (Online) India Pvt LId

Common Director

Studvplaces

Common Director

Kotak Urja Pvt Ltd

Common Director

Cleartrin Inc, Cayman Islands Cleartrip Inc, Mauritius

President I Director Common Director

Cleartrip MEA FZ, LLC

Common Director

Reverse Logistics Company Pvt LId

Common Director

Lightbox Management Limited

Common Director

Lizhtbox India Advisors Pvt Ltd

Common Director

Mahindra Intertrade LId Mahindra Insurance Brokers Ltd

Common Director Chairman

Mahindra First Choice Wheels Ltd

Common Director

Mahindra Steel Services Center LId

Common Director

Mahindra Retail Private Limited Mahindra First Choice Services LId

Common Director Chairman

Mahindra United Football Club P LId

Common Director

Mahindra Electrical Steel P Pltd

Common Director

Walchand People First Ltd Mahindra Auto Steel Private Limited

Common Director Common Director

Mahindra Electoral Trust Company

Common Director

Bombav Chamber of Commerce & Industry

Member Of The Mg. Committee

Common Director Impact Foundation (India) Amarchand & Mangaldas & Suresh AShroff & Partner Co Common Director International Apparel Manufacturers Common Director

New Age Sourcing 20

Related Party Disclosure Name of the related party

Nature of transaction March 31, 2014

Impact Foundation

General Donation

950,000

Reimbursement of Expenses

95,000

Training & Development (Revenue)

75,900

Centre ( Revenue) 21 a)

536,250

Payment in Foreign Currency Value of imports calculated

on C.I.F basis for Capital goods:

Particulars

I I I

March 31, 2014

Basis Total b)

Amount remitted during the year in foreign currency, on account of expenses Particulars March 31, 2014 Impact Creative Pvt LId Cynthia Andrade J A Coalter

Capella Hotel Singapore

984,679

Total

I - I _- I

March 31, 2013 115,462

64,750 125,646

Swiss Academy for Development

March31,2013

1,585,893

International Baccalureate Organization Global Networking Consultants Stichting Women Win

March 31, 2013

6,701

45,375 68,922 1,296,074

1,701,354

Balance as on Balance as on 31st March 31st March 2014 2013

-


MAGIC BUS INDIA FOUNDATION Notes Forming Part Of the Financial Statements for the year ending 31 March 2014 c)

Donation! Contributions

IGrants

Trade Receivables/Sundry

debtors includes amount receivable from following Companies under same management

Received in Foreign Currency

IParticulars

March 31, 2014

IDonation, Contributions

and Grants Received

IAdvance Grant Received 22

Employee Retiral Benefits:

(AS 15)(As per Actuarial

I March 31, 2013

146,723,931 I 17,856,922 Valuation

I

135,517,148 I 6,056,942

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 on 31.03.2014 as required under Accounting Standard 15 (viz., Accounting for Retirement Benefit in the Financial Statement of employers) issued by The Institute 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 days salary (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, such as 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 amounts recognised 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, 2013

Current Service cost

875,960

692,362

Interest cost

169,307

158,523

-

Expected return on plan assets Net actuarial (gain)/loss Net Gratuity

recognised in the year

Benefit Expense

103,597

(279,137)

1,148,864

571,748

Balance Sheet: Details of Provision for Gratuity Benefit Particulars

March 31, 2014

March 31, 2013

Fair value of the plan asset at the end of the (Present value of Benefit obligation at the end of the period) Unfunded Status [Net AssetJ(L1ab.llty) Balancesheet

Recogmsed

III

2,993,716

2,284,583

2,993,716

2,284,583

2,993,716

2,284,583

the

Changes in the present value of the defined benefit obligation are as follows: Particulars Opening Defined Benefit Obligation

March 31, 2014

March 31, 2013

2,284,583

2,017,124

Current Service Cost

875,960

692,362

Interest Cost

169,307

158,523

103,597

(279,137)

(439,731) 2,993,716

(304,289) 2,284,583

Plan Amendment Cost Actuarial (gain)lloss Benefits paid Closing Defined Benefit Obligation Changes in the fair value of plan assets are as follows: Particulars

March 31, 2014

March 31, 2013

-

Opening Fair value of plan assets Expected return on plan assets Actuarial gainl (loss) Contribution by employer Asset acquired on acquisition Benefits paid

-

Closing Fair Value of Plan Assets

-

Experience Adjustment IParticulars On plan liability(gain)llosses

-

01/04113-31/03114 354,550

01/04/12-31/03113 (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, 2013 Discount Rate Estimated rate of return on plan assets

9.10% 0.00%

8.50% 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, such as supply and demand in the employment market.


MAGIC BUS INDIA FOUNDATION Notes Forming Part Of the Financial Statements for the year ending 31 March 2014 23 a)

b)

Credibility Alliance Norms Compliance 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 75 Less than 5000 66 124 5,000 - 10,000 241 10,000 - 25,000 45 94 19 25,000 - 50,000 32 50,000 - 1,00,000 7 15 Greater than 1,00,000 10 5

141 365 139 51 22 15

Staff remuneration [Gross annual salary + benefits] in Rupees Per annum Particular Head of the organization N.A Highest paid: 5000004 52704 Lowest paid: Number of paid workers Regular Full Time Regular Part Time

in the oreanisation

Full time contract staff Part Time contract staff Consultants Other paid members (including paid volunteers) TOTAL c)

Total staff

No of persons 709 0 14 2 8 0 733

Details of Foregin Travel during the year Name Designation Destination Purpose Gross Expenses (Rs) Sponsored by external organisation Name Designation Destination Purpose Gross Expenses (Rs) Sponsored by external organisation Name Designation Destination Purpose Gross Expenses (Rs) Sponsored by external organisation

Robert Thomas Head-Centre UK Fundraising 34042 Internal Robert Thomas Head-Centre London Fundraising 47265 Internal Pratik Kumar CEO London Commonwealth Conference 70496 Glasgow

Name Designation Destination Purpose Gross Expenses (Rs) Sponsored by external organisation

Mathew Spacie Chairman Singapore Fund Raising

Name Designation Destination Purpose Gross Expenses (Rs) Sponsored by external organisation

Mathew Spacie Chairman Multicity Fund Raising 10959

Name Designation

Gitaniali sinzh

Destination Purpose Gross Expenses (Rs) Sponsored by external organisation Narne Designation Destination Purpose Gross Expenses (Rs) Sponsored by external organisation

34864 Internal

Internal

HeadD&C Singapore Singapore - Program Seeping 24256 Internal Havovi Wadia HeadR&D Singapore Singapore - Program Scoping 24256 Internal

..


MAGIC BUS INDIA FOUNDA nON Notes Forming Part Of the Financial Statements for the year ending 31 March 2014 Name Designation Destination Pumose Gross Expenses (Rs) Sponsored by external organisation Name Designation Destination Purpose Gross Expenses (Rs) Sponsored by external organisation

Mathew Spacie Chairman Sinzaoore Fund Raising 78039 Internal , Mathew snacie Chairman Singapore Fundraising 33505 Internal

Name Designation Destination Purpose Gross Expenses (Rs) Sponsored by external organisation

Masood Shaikh ManagerT&A Singapore - Program Training

Name Designation

Rozina Haj iani Manager DeeC Singapore - Program Training

Destination Purpose Gross Expenses (Rs)

Pilot 21510 Internal

Pilot 21510 Internal

Sponsored by external organisation Name Designation Destination

Monisha Diwan SrGMPD Singapore - Program Training

Purpose Gross Expenses (Rs) Sponsored by external organisation

Pilot 21510 Internal

[Name Designation Destination Purpose Gross Expenses (Rs) Sponsored by external organisation

Saidia Nicolai Drentie Chief Sustainabilitv Officer Singapore

Name Designation Destination Purpose Gross Expenses (Rs) Sponsored by external organisation

Parvati junior Trainer Malaysia Laures Awards

Name Designation Destination

Sasmita Manazer Recl)

Purpose Gross Expenses (Rs)

Fund Raising 273899 Internal

18300 Internal

Banzaladesh Fundraising 2823 Internal

Sponsored by external organisation Name Designation Destination Purpose Gross Expenses (Rs) Sponsored by external organisation

Pratik Kumar CEO Peru Fund Raising

Name Designation Destination Purpose Gross Expenses (Rs) Sponsored by external organisation

Pratik Kumar CEO Singapore Workshop

Name Designation

Pratik Kumar

Destination Purpose Gross Expenses (Rs)

-

27006 Internal

45229 Internal

CEO UK & Barcelona Workshop 48709 Internal

Sponsored by external organisation

-

~~CO<

(;

~

-?/j,

II

:V'


MAGIC BUS INDIA FOUNDA nON Notes Forming Part Of the Financial Statements for the year ending 31 March 2014 Name Desiznation Destination Purpose Gross Expenses (Rs) Soonsored by external orzanisation

41090 Internal

Name Designation Destination Purpose Gross Exoenses (Rs) Sponsored by external orsanisation

Pratik Kumar

Name Desienation Destination Purpose Gross Expenses (Rs) Soonsored by external organisation

Pratik Kumar CEO

Name Designation Destination Purpose Gross Expenses (Rs) Sponsored by external organisation

Pratik Kumar CEO Germany Fundraising

Name Desiznation Destination Purpose Gross Expenses (Rs) Soonsored by external organisation

Pratik Kumar CEO Dubai Fundraisinz

Name Designation Destination Purpose Gross Exoenses (Rs) Sponsored by external organisation

Parvati Junior Trainer

Name Designation Destination Purpose Gross Expenses (Rs) Soonsored bv external orzanisation 24

Pratik Kumar CEO Geneva Workshop

CEO Australia Workshop 13128 Internal

UK Fundraising 53746 Internal

1500 Internal

9808 Internal

Singapore Singapore Gala 23745 Internal Saidia Nicolai Drentie Chief Sustainabilitv Officer USA USA event 42123 Internal

Capital Commitments: the company anticipates additional liability of Rs.26,17 ,6401- towards stamp duty and registration charges, taking the total amount payable to Rs.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 balance amount 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 amount payable 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 has been completed during the year under review on 30th November, 2013. The entire cumulative construction and related costs pertaining to the abovereferred 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 payments under Operating Leases are recognized as an expense on accrual basis in accordance with respective lease agreements. Operating Lease Particulars Lease Payment recognised in the P & L Nc

March 31, 2014 11,154,949

March 31, 2013 8,788,563

Future Minimum Lease Payments: Not later than One Year

10,188,310

9,315,488

Years

24,433,758

24,571,368

Later than Five Years Total

34,622,068

33,886,856


Notes Formin

MAGIC BUS INDIA FOUNDATION Part Of the Financial Statements for the ear endin

31 March 2014

26 Donation in Kind During the year under review the company has received donation in kind worth Rs. 4,80,33,872/- (Previous year Rs.23,0001-) which includesSports Consumables i.e.football sohes, football, T Shirts etc. and also includes used computer hardware which has been considered as consumed during the year and hence not recorded in the books of acocunts. 27

AS-II Accounting for Foreign Exchange 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 bas 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.

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

29 Previous year comparatives Previous 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 in the 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 is adequate and neither in excess nor short of the amount reasonably necessary.

Auditor's Report Signed in terms of separate report of even date. For and on Behalf of the Managing Committee

"""'-JUl"':nAw.;,...--¡ ~

~ Date: 29 September, 2014

Date: 29 September, 2014


MAGIC BUS INDIA FOUNDATION Cash Flow Statement for the year ended 31 March 2014 March 31, 2014 Rupees A. Cash Flow from Operating Activities: Profit before tax Adjustments for:

1,727,148

15,125,389 4,494,672 33,595 (653,744)

5,287,517

Depreciation (Profit) 1 loss on sale 1 write off of assets Interest on deposits Fixed Assets w/off Operating profit before working capital changes

(1,866,415)

-

Movements in working capital - (Increase)/decrease in Trade Receivable - (lncrease)/decrease in loans and advances - Increase/(decrease) in Trade Payables - Increase/(decrease) in other liabilities Cash generated from operations - Taxes paid Net cash generated from operating activities - (A)

5,148,250

18,999,912

(798,833) 1,379,568

(1,140,973) (2,974,098) (214,992) 10,919,359 25,589,208

1,240,540 6,969,525 (393,532) 6,575,993

B. Cash flow from investing activities: Purchase of fixed assets Proceeds from sale of fixed assets Payment made for construction of immovble assets Investment in fixed deposits ./ Interest on deposits & loans Net cash generated from investing activities - (B) C

March 31,2013 Rupees

25,589,208

(5,443,451 ) 81,403 (3,841,846)

(6,534,784)

-

-

(20,109,780) 1,866,415 (24,778,149)

653,744 (8,550,150)

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

30,386,639 12,184,484

13,347,580 30,386,639

(18,202,156)

17,039,059

Rupees

Rupees

- Cash in hand - with banks on current account

25,307 12,159,177

200,118 30,186,521

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

12,184,484

30,386,639

Cash and cash equivalents - Opening balance as on 1 April 2012 Cash and Cash Equivalents - Closing balance as on 31 March 2013 Net Increase in Cash and Cash Equivalents Components

of cash and cash equivalents as at

.'

Signed in terms of separate report of even date Mis SLM & CO LLP Chartered Accountants Finn Regn No:W-100030

~

For and on behalf of the Managing Committee

~CC v

.~. Partner Membership No: 042150 Date: 29 September, 2014

,

'

{:J(~A'-_ ~~

'V: Vt,q \)

-

Mem~~r Date: 29 September, 2014

~ Member


MAGIC BUS INDIA FOUNDATION RECEIPTS AND PAYMENTS STATEMENT FOR THE YEAR ENDED 31 MARCH 2014

AMOUNT

RECEIPTS Opening Balance (Cash & Bank) Add:

226,153,905 1,866,415 531,407 709,133

Contributions Received Other Income Increase in Current Liability Increase in Provisions

AMOUNT 30,386,639

229,260,860 259,647,499

PAYMENTS Less:

201,840,952 798,833 (986,037) 19,164,703 1,247,780 1,218,317 4,068,687

Expenses on Activities Increase In current Asset Loans and Advance given Administrative Expenses Capital Advance for Land Center WIP Fixed Assets purchased

32,294,263

Closing Balance (Cash & Bank)

For and on behalf of the Managing Committee

Deva Sanghvi Mem er Mumbai: 29 September, 2014

227,353,236

Ra~

Member

Audited accounts 2013-14  

Magic Bus India Foundation's final accounts for the year ended 31st March 2014

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