In pursuance of Sub Section 5B of Section 18 of the Cost Accountants Act, 1959, the Annual Report of the Council of the Institute and the Audited Accounts of the said Institute

REGD. No. D. L.-33004/99 The Gazette of India CG-WB-E-04102024-257698 EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 761] NEW DELHI, FRIDAY, SEPTEMBER 27, 2024/ASVINA 5, 1946 6310 GI/2024 THE INSTITUE OF COST ACCOUNTANTS OF INDIA NOTIFICATION Kolkata, the 27th September, 2024 No. G/20-CWA/9/2024.—In pursuance of Sub-Section 5B of Section 18 of the Cost Accountants Act, 1959, the Annual Report of the Council of the Institute and the Audited Accounts of the said Institute for the year ended 31st March, 2024 are hereby published for general information. KAUSHIK BANERJEE, Secy. [ADVT.-III/4/Exty./530/2024-25] 65th, ANNUAL REPORT, 2023-24 The Council of the Institute of Cost Accountants of India takes pleasure in presenting this 65th Annual Report giving the achievements and activities of Departments, Committees, Regions and Chapters of the Institute. Abridged Annual Report 2023-24 Directorate and its Activities Activities of the Committees/Boards/Cells/Directorates ✓ President's Office President's office at Delhi and Kolkata facilitates coordination of various activities on behalf of the President of the Institute with Departments of the Institute and external agencies. The Department also carried out various tasks, and jobs assigned by Council Members, Former Presidents and Higher Officials of the Institute. ✓ Directorate of Examination The Foundation, Intermediate and Final examinations were held in offline centre-based mode in June 2023 and December 2023 term. The Examination was conducted in 161 and 181 examination centres (including 3 overseas centres) for June and December 2023 term of examination respectively. In total there were 31214 examinees for the Foundation examination and 179079 examinees had appeared in the Intermediate and Final examinations of June and December 2023 term. The results of all examinations were published smoothly adhering to the time schedules and conforming to the standards. ✓ Finance Department The input from Finance Department is Audited Annual Accounts and Audit Report for F.Y 2023-24 as approved by Council. Directorate of Studies The Directorate is mainly focused on students' related activities and always striving to serve them better by performing several activities through online or offline mode. Presently it is having six distinct wings: (A) Academics (B) Administration (C) Online Coaching/E-Learning (D) Skills Training (E) Practical Training (F) IOTP While Academic wings of D.O.S is assigning with the duties to develop the skill of the students through knowledge, comprehension, application and analysis of various academic related matters, the Administrative wing of D.O.S administers the other functional activities such as students' admission, coaching, revalidation, exemption, training and all related matters. Some activities are jointly handled and looked after by both these wings. ✓ Membership Department The Membership Department has continued to improve and offer seamless services, mostly through online to members throughout the year. Maintaining the continuity of DIGILOCKER facility for members, especially for availing online Members' Identity Card together with the processing followed by grant of membership on every week, the existing special features which were introduced earlier were continued as well as with introduction of some new features. Some of the salient features of the department are: Provision for restoration of Certificate of Practice. ❖ Waiver of convenience charges / bank charges in making online payments by Members. ❖Provision for incorporation of GST number against membership number along with the reflection of the same in their corresponding membership fees receipts. Facility of payment of membership fee online without login. Faster grant of Certificate of Practice in a regular manner. Publication of List of Members as well as List of Members holding Certificate of Practice. Introduction of facility of Mobile OTP based login system. OTP based verification of mobile no. and email id of the new applicant for membership. ❖ Introduction of photo and signature of the member at Associate and Fellow membership certificates. Introduction of one-time Remission/Amnesty Scheme for the members whose names were removed earlier due to non-payment of membership fees. ❖Continuous improvement for a seamless digital experience covering all activities of membership through online facility. ✓ Directorate of Journal & Publications ❖The Directorate publishes monthly journal “The Management Accountant” and quarterly journal "Research Bulletin" on regular basis. The Management Accountant journal is now available in 94 countries across the world and continuously trying to increase the same to other parts of the world. The Management Accountant journal is available on apps for reading through third parties viz. Magzter and Readwhere and the Directorate is also trying to enlist the same to other platforms mainly at the International Level. ❖The highly appraised Column “Digital Transformation” presented a wide array of topics on digital transformation like, Digital Leader and Digital Leadership; Challenges from 8Vs of Big Data Analytics; Web3 and Tokenisation for Asset Creation etc. ❖Column for Sustainability Leaf Interview of Renowned Personalities ✓ Information Technology Department With the efficient use of Information Technology, the services to Institute's stakeholders is getting better exponentially as Information Technology is contributing to overall growth of the Institute. Elections to the Council and Regional Councils, 2023 ICMAI Channel has been made live on JIO TV Development of Fixed Asset Management System Global Summit 2023 Migration of Application & Database Server on Microsoft Azure Creation of Email IDs Members Online System Students Online System Helpdesk Portal Edu Connect Portal Introduction of Chat Bot on ICMAI Website TRD & BFSI Development of New Sections for various courses conducted by various departments IT Support during CMA Awards 2022 Online Events IT Policy Review ✓ Professional Development & CPD Directorate ❖ PROFESSIONAL DEVELOPMENT ACTIVITIES Π Recognition of CMAs on the Institute's representation Representations to Government, PSUs, Banks and Other Organizations Unique Document Identification Number (UDIN) Portal MoU of the Institute Guidance Note Awards of the Institute CONTINUING EDUCATION PROGRAMME (CEP) ACTIVITIES Π Mandatory Capacity Building Training (MCBT) for COP holders Continuing Education Programme Programmes and Webinars Joint Programmes ✓ International Affairs Department Associate Membership of ASEAN Federation of Accountants (AFA) International Meetings & Events • South Asian Federation of Accountants (SAFA) • Confederation of Asian and Pacific Accountants (CAPA) • International Federation of Accountants (IFAC) • Other International Events ✓ Board of Advanced Studies & Research • Advanced Studies Courses • Online Examinations ✓ Technical Department • Cost Accounting Standards Board (CASB) • Cost Auditing and Assurance Standards Board (CAASB) • Technical Cell (Cost Audit & Statutory Compliances) • Peer Review Board (PRB) ✓ Banking Financial Services & Insurance Board A) Representation letters for inclusion of CMAS B) Inclusion of CMAs in various opportunities C) Representations towards various authorities D) Representation to IRDAI E) Meetings with Dignitaries for enhancing the scope of CMAS F) Conducting various Events and Webinars G) Various Months dedicated by the BFSIB by conducting various programmes H) BFSI Insight Summit organized by the Business Standard I) Publication of the BFSI Board J) Online Certificate Courses K) Daily Updates ✓ Sustainability Standards Board The Council of the Institute of Cost Accountants of India has constituted the Sustainability Standards Board (SSB) in the year 2022 with the objective to enable the members of the Institute play an active role in the Business Responsibility and Sustainability Report (BRSR) & Environmental, Social and Governance (ESG) compliance and disclosures. The SSB has done the following activities for the year 2023-24. 1. Webinars 2. Monthly Newsletter titled Sukhinobhavantu 3. Course on ESG 4. Guidelines for implementing BRSR Core for Value Chain Partners and assurance standards for BRSR Core 5. Finalization of Sustainability Standards and many more ✓ Management Accounting Committee The Management Accounting Committee of the Institute, is continuously making the endeavour to develop best practices and guidance on the relevant topics of Management Accounting that is of high importance to the members in practice, business and industry. The Committee proposes to facilitate communication and sharing of knowledge between the Institute and its members as well as other organizations dealing with Management Accountancy and to take up the task of issuing Management Accounting Guidelines and / or Good Management Accounting Practices on the significant areas of Management Accounting worldwide. ✓ Public Sector Undertakings Co-ordination Board The Board having 15 members which is headed by CMA Avijit Goswami as Chairman. This consists of members from the Council and also senior persons having rich PSU and industrial experience. Members in Industry Committee ❖Publication of 'Industry Insights' Bulletin ❖MII Portal - Industry Connect - https://icmai.in/icmai/MI_Industry_Insights.php MII LinkedIn Profile - https://www.linkedin.com/in/members-in-industry-committee-4482052a9/ Five-day Online Industry Connect and Knowledge Enrichment Program: ❖CFO Leadership Summits ✓ Cooperative Development Board The Cooperative Development Board of the Institute of Cost Accountants of India for the year 2023-24 have functioned under the chairmanship of CMA Navneet Kumar Jain. Cooperatives are organizations formed at the grassroots level by people to harness the power of collective bargaining in the marketplace. Cooperatives are a state subject under the Constitution, meaning they come under the State Governments' jurisdiction, but there are many societies whose members and areas of operation are spread across more than one state. ✓ Internal Control Committee Internal Audit The Department had coordinated for the appointment of Internal Auditors for the year 2023-2024 for the Headquarters including Delhi Office, four Regional Councils (WIRC, SIRC, EIRC and NIRC) and nine Chapters (Bangalore, Hyderabad, Bhubaneswar, Jaipur, Vijayawada, Coimbatore, Thrissur Nellore and Cochin) with Turnover exceeding Rs. 1 crore and above through an Expression of Interest and also providing the scope of work and necessary coordination for such audit. Purchase Proposals The department has been vetting various purchase proposals originating from different departments at HQ, Delhi Office along with procurement proposals of Regional Councils and Chapters. Implementation of Uniform Purchase Procedure Regional Council & Chapters Coordination Committee The Committee is tasked with: • Bridging the gap among Headquarters, Regional Councils & Chapters • Improving operational efficiencies • Encouraging Regional Council & Chapters to cooperate with compliance, rules & regulations of the Institute • Proactively identifying issues and facilitating joint action on cross-cutting issues or issues of shared Concern. Activities of the Committee: ❖ Region wise Chapters Meets in 2023 National Chapters Meet in 2024 ❖ Initiatives to revise the Chapter Bye Laws ✓ Career Counselling & Placement Committee To initiate, create and develop promotional, creative and meaningful content for disseminating knowledge, focusing on CMA Education and Career opportunities; To organize awareness programmes, deliberations, discussions, workshops and other similar types of activities for drawing the student's attention and awareness; To interact and collaborate with Schools, Colleges, Institutes, Universities, Higher professional Accounting bodies and other entities in India and exchange information aligning with the aims and objectives of the Committee; ❖To organize and participate in various education, career counselling and job fairs; ❖Conducting workshops in schools, colleges, Institutes and Universities on the topics of interest; To take up any other activities aligning with the aims and objectives of the Committee and Council. ✓ Quality Review Board (QRB) The had 4 meetings during the Financial Year 2023-24. ✓ Tax Research Department • Budget Seminar, 2024 • Celebrating the 7th Anniversary of GST Day • Quiz • Tax Bulletins • Workshops • Webinars • Representation to the Government • Taxation Help Desk • Taxation Courses Indirect Taxation • Certificate Course on GST • Advanced Certificate Course on GST • GST Course for College and Universities • Advance Course on GST Audit and Assessment • Certificate Course on International Trade Direct Taxation • Certificate Course on TDS • Certificate Course on Income Tax Return Filling • Advance Course on Income Tax Appeals and Assessment • Income Tax Course for College and Universities ✓ CAT Directorate Activities: ❖ CAT Course for retiring/retired Defence Personnel NCVET Recognition Career Counselling New ROCC Examination Online Classes ✓ PR ❖ Institute's request to Govt. Ministries and Departments and its follow up ❖ Media Management Inviting VVIP's for Institute's Programmes as Chief Guests and Guests of Honor on behalf of the institute ❖ General ✓ MSME & Start-up Promotion Board The following two publications of the MSME & Start up promotion board were released at 61st National Cost Management Accountants' Convention at Gujarat. (a) Compendium on the MSME Schemes (b) Enterprises Performance & Risk Management for MSMEs INDEPENDENT AUDITOR'S REPORT The Council of THE INSTITUTE OF COST ACCOUNTANTS OF INDIA Report on the Audit of the Financial Statements Qualified Opinion We have audited the accompanying financial statements of THE INSTITUTE OF COST ACCOUNTANTS OF INDIA (‘the Institute') which comprises the Balance Sheet as at 31st March, 2024, the Statement of Income and Expenditure and the Cash Flow Statement for the year then ended and notes to the financial statements, including a summary of significant accounting policies and other explanatory information. In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matters described in the Basis for Qualified Opinion section of our report, the accompanying financial statements prepared in all material respects in accordance with the Cost Accountants Act, 1959, give a true and fair view of the financial position of the Institute as at 31st March, 2024, its financial performance and its cash flows for the year then ended in accordance with the applicable Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI). Basis for Qualified Opinion 1. The consolidated financial statements of the Institute are prepared considering Head Quarter Kolkata, New Delhi Office, four Regional Councils and one hundred seven Chapters. Out of which the financial statement of one Chapter namely Jabalpur is unaudited. Financial statements of nine Chapters are not available for consolidation in the consolidated financial statements of the Institute. 2. There is an un-reconciled net credit balance of Rs. 2,29,43,332 /- Cr (P.Y – Rs. 32,18,52,550/-Cr) classified under 'Current Accounts with Regional Councils and Chapters'. Refer Note No. 5 of Notes to Financial Statements. 3. In respect of Eastern India Regional Council (EIRC): There has been an understatement of income in the books of EIRC Regional Council to the extent of Rs. 19,20,000/- for the FY 2023-24 (Total Rs. 49,60,000/- from September, 2021 to March, 2024) with respect to the part of the premises rented out to State Bank of India. 4. In respect of Northern India Regional Council (NIRC): i) The Council has not provided for the liability of gratuity in the books of accounts to the extent of Rs. 56,84,605/- as per valuation report received from LIC of India, Pension and Group Schemes Department. Moreover, valuation has been done for 6 employees whereas there are 7 employees in the organization. ii) The Council has not maintained proper records showing full particulars including quantitative details and situation of fixed assets. No physical verification of fixed assets has been conducted during the year. However, the Management is in the process of preparation of fixed assets register and physical verification of fixed assets. Financial impact of the above qualifications cannot be ascertained. We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Institute in accordance with the ethical requirements that are relevant to our audit of the financial statements and we have fulfilled our responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. Emphasis of Matter We draw attention to the following notes: a) In respect to Head Quarter: 1. Note No. 2(j) of Notes to Accounts which describes that, an amount of Rs. 4,99,78,350/- is lying in the books of Head Quarter representing CWIP in respect of which no further work has been carried out/undertaken during the last 6 years. Details as below: +-----------------+-------------------+----------------------------------------------------------------------------------------------------+ | Particulars | Amount (Rs.) | Remarks | +=================+===================+====================================================================================================+ | Navi Mumbai | 4,99,78,350/- | Last amount paid Rs.5,66,334/- on 13.07.2016 | | Centre of | | & Rs. 22,400/- on 17.08.2016 to the Contractor. | | Excellence | | However, litigation is pending before Bombay | | | | High Court vide Commercial Arbitration | | | | Petition No 613 of 2021. | +-----------------+-------------------+----------------------------------------------------------------------------------------------------+ | TOTAL | 4,99,78,350/- | | +-----------------+-------------------+----------------------------------------------------------------------------------------------------+ b) In respect to EIRC: i) Note 3(c) of Notes to Accounts regarding TDS receivable balance of Rs. 4,14,918/- appearing as on 31.03.2024 which needs to reconciled with reference to physical TDS certificates as well as actual deposits to the Department in the name of Institute from Income Tax Portal. ii) Note 3(d) of Notes to Accounts regarding an amount of Rs. 10,00,000/- paid as advance to Bhubaneswar Chapter on 22.11.2023 for 43rd RCC preliminary expenditure which is lying unadjusted as on 31.03.2024. c) In respect to WIRC: Note No. 4(a) of Notes to Accounts, which describes that, Claims receivable of Rs. 67,30,000/- appearing in the books of WIRC. d) In respect to NIRC: i) Note No. 5(a)(iii) of Notes to Accounts regarding pending demands of TDS at Traces for Rs. 1,45,710/- are pending for a long time but no provision has been made in the books as the Council is of view that demand will be quashed after rectification. ii) Note No. 5(a)(iv) of Notes to Accounts regarding Security Deposits given amounting to Rs. 1,67,690/- and advance to employees amounting to Rs. 15,488/- which is considered to be doubtful, but no provision has been made against the same as the Council is of the view that they will recover the same. e) The year-end balance confirmation of trade receivables, trade payables, loans and advances etc. have not been received from the parties. Our opinion is not modified in respect of these matters. Responsibilities of Management for the Financial Statements Institute's Management is responsible for the preparation and fair presentation of these financial statements in accordance with the Cost Accountants Act, 1959 and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Management is responsible for assessing the Institute's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Institute or to cease operations, or has no realistic alternative but to do so. The Management is responsible for overseeing the Institute's financial reporting process. Auditor's Responsibility for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: 1. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 2. Obtain an understanding of internal control relevant to the audit 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 Institute's internal control. 3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. 4. Conclude on the appropriateness of Management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Institute's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Institute to cease to continue as a going concern. 5. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in: i) planning the scope of our audit work and in evaluating the results of our work; and ii) to evaluate the effect of any identified misstatements in the financial statements. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Other Matters 1. (a) We did not audit the financial statements of four Regional Councils and one hundred and six Chapters whose financial statements reflect total assets of Rs. 2,43,67,04,251/- and total revenue of Rs. 50,52,08,961/- as considered in the financial statements. The financial statements of these Regional Councils have been audited by Other Auditors, appointed by the respective Regional Councils and the financial statements of majority of these Chapters have been audited by Cost Accountants appointed by Governing Bodies of the Chapter in terms of Regulation 133 of the Cost Accountants Act, 1959, and Clause 26 of the Chapter Bye-laws of the Institute, whose reports have been furnished to us by the Management and our opinion on the financial statements, in so far as it relates to the amounts and disclosures included in respect of these aforesaid Councils and Chapters is based solely on the reports of the Other Auditors and Cost Accountants respectively. (b) The financial statements of one Chapter namely Jabalpur is unaudited and have been furnished to us by the Management and our opinion on the financial statements, in so far as it relates to the amounts and disclosures included in respect of this aforesaid Regional Council and Chapter based solely on such unaudited financial statements certified by the Management. In our opinion and according to the information and explanations given to us by the Management, the financial statements as certified by the Management is not material in the context of overall financial statements of the Institute. (c) The financial statements for the year of the Institute do not include the financial statements of nine Chapters, as no financial statements have been received from their end. (d) The financial statements of the Institute for FY 2023-24 include ninety-seven Chapters audited by Cost Accountants and nine Chapters audited by Chartered Accountants. Our opinion on the financial statements and our report on Other Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the Other Auditors and Cost Accountants, as the case may be and the financial statements certified by the Management. 2. The Fixed Asset Register for the Immovable Asset of the Institute is being updated. 3. The amount of Rs. 36,35,000/- released during FY 2020-21 is still lying as “Advance for Pune Building" under the head “Loans & Advances" and not being treated as “Capital Grant" 4. Labour Cess payable amounting to Rs. 1,41,157/- is lying in the books of accounts. As informed by the Management the same has not been paid due to delay on part of Government procedures. 5. An amount of Rs. 15,56,53,261/- has been reversed for excess provision made on account of current liabilities towards Regional Councils and Chapters which is included in prior period adjustment (net) as reported in Income & Expenditure Account. 6. During the FY 2023-24 an amount of Rs. 1,68,45,233/- GST input lying unutilized have been charged to Income & Expenditure Account. 7. With respect to Bangalore chapter i) On review of Internal Audit Report (First Half 2023-24) para 3 & 4, and based on e-mail received form the Head Quarters on 6th April, 2023 stating that “the recruitment/engagement of personnel at Bangalore Chapter of the Institute which took place without the consent or approval of the concerned authority(s) of the Head Quarters of the Institute stands cancelled with immediate effect. The salaries and other benefits drawn by them during their service tenure shall be recovered from the paying authority(s).” In this connection, the Chapter's Management has taken action to terminate the concerned contractual employees. Further, the Chapter's Management had written letter to the Head Quarters seeking clarification about 'paying authority(s)' in order to recover the amount from them and also requested the Head Quarters to clarify the accounting treatment of the above receivables in the books of Bangalore Chapter, for which the reply is awaited. The salaries and other benefits paid to those contractual employees during their service tenure from FY 2017-18 to 2023-24 need to be quantified by the Internal Auditors. Report on Other Regulatory Requirements We further report that: a) Except for the effects of the matters described in the basis for qualified opinion paragraph above, we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit; b) Except for the effects of the matters described in the basis for qualified opinion paragraph above, in our opinion proper books of account as required by the Cost Accountants Act, 1959, have been kept by the Institute so far as appears from our examination of those books and proper returns adequate for the purpose of our audit have been received from the Regions and Chapters read with paragraph 1 of 'Other Matters'; c) The reports on the financial statements of the Regional Councils and Chapters of the Institute audited by the Other Auditors and Cost Accountants of the respective Regions and Chapters as have been received by us, were properly dealt with in preparing this report. d) The Institute's Balance Sheet, Statement of Income and Expenditure and Cash Flow Statement dealt with by this report are in agreement with the books of account. For KGRS & Co Chartered Accountants Firm Registration No. 310014 E Anshu Agarwal Partner Membership No. 308581 UDIN: 24308581BKFOFP3756 Place: Kolkata Date: 21st July, 2024 CMA Soma Banerjee Additional Director -Finance CMA Dr. Kaushik Banerjee Secretary CMA Bibhuti Bhusan Nayak Vice President CMA Ashwin G. Dalwadi President THE INSTITUTE OF COST ACCOUNTANTS OF INDIA BALANCE SHEET AS AT 31ST MARCH, 2024 +====================+=================================================+======+=================+ | As At | PARTICULARS | Note | As At | | 31st March 2023 | | | 31st March 2024 | +====================+=================================================+======+=================+ | ₹ | | | ₹ | +--------------------+-------------------------------------------------+------+-----------------+ | SOURCES OF FUNDS | | | | +--------------------+-------------------------------------------------+------+-----------------+ | INSTITUTE FUND | | | | +--------------------+-------------------------------------------------+------+-----------------+ | 4,233,909,019 | General Fund | (1) | 4,900,868,551 | | 2,239,482 | Employees' Gratuity Fund | (2) | 2,242,028 | | 12,880,698 | Miscellaneous Prize Fund | (3) | 13,325,226 | | 50,541,678 | Other Funds | (4) | 19,342,262 | | 778,431,364 | Current Liabilities | (5) | 444,928,588 | | 17,256,939 | Provisions | (6) | 15,590,847 | +--------------------+-------------------------------------------------+------+-----------------+ | 5,095,259,180 | TOTAL | | 5,396,297,502 | +--------------------+-------------------------------------------------+------+-----------------+ | APPLICATION OF FUNDS | | | +--------------------+-------------------------------------------------+------+-----------------+ | Non Current Assets | | | +--------------------+-------------------------------------------------+------+-----------------+ | 618,781,092 | a) Property, Plant and Equipment | (7) | 699,110,042 | | 698,180 | b) Intangible Assets | (7) | 446,370 | | 151,849,719 | Capital Work In Progress | | 88,089,199 | +--------------------+-------------------------------------------------+------+-----------------+ | 111,151,147 | Investments | (8) | 111,151,147 | +--------------------+-------------------------------------------------+------+-----------------+ | Current Assets | | | +--------------------+-------------------------------------------------+------+-----------------+ | 7,568,481 | Inventories | (9) | 9,252,542 | | 175,529,378 | Trade Receivables | (10) | 233,444,286 | | 3,977,417,448 | Cash and Cash Equivalents | (11) | 4,189,698,434 | | 52,263,735 | Loans and Advances | (12) | 65,105,481 | +--------------------+-------------------------------------------------+------+-----------------+ | 4,212,779,042 | | | 4,497,500,743 | +--------------------+-------------------------------------------------+------+-----------------+ | 5,095,259,180 | TOTAL | | 5,396,297,502 | +--------------------+-------------------------------------------------+------+-----------------+ | | Significant Accounting Policies and Notes to Accounts | (20) | | +--------------------+-------------------------------------------------+------+-----------------+ | | Accompanying Notes 1-20 form an integral part of the financial statements | | | +--------------------+-------------------------------------------------+------+-----------------+ This is the Balance Sheet referred to in our report of even date. For KGRS & CO Chartered Accountants Firm Regn. No.: 310014E CMA Soma Banerjee Additional Director -Finance CMA Dr. Kaushik Banerjee Secretary Anshu Agarwal Partner Membership No. : 308581 Place: Kolkata Dated: 21/07/2024 CMA Bibhuti Bhusan Nayak Vice President CMA Ashwin G. Dalwadi President THE INSTITUTE OF COST ACCOUNTANTS OF INDIA STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31ST MARCH, 2024 +====================+========================================================================+======+=================+ | For the Year ended | PARTICULARS | Note | For the Year ended| | 31st March 2023 | | | 31st March 2024 | +====================+========================================================================+======+=================+ | ₹ | | | ₹ | +--------------------+------------------------------------------------------------------------+------+-----------------+ | INCOME: | | | | +--------------------+------------------------------------------------------------------------+------+-----------------+ | 51,859,340 | Membership and Other Fees | (13) | 55,345,089 | | 1,235,176,071 | Tuition and Other Fees | (14) | 1,304,622,758 | | 308,685,692 | Examination and Other Fees | (15) | 341,082,187 | | 25,774,494 | C. P.D and Other Programme Fees | | 25,652,453 | | 481,948 | Journal Subscription incl. Advertisement | | 467,702 | | 220,908 | Sale of Publication | | 820,546 | | 184,136,391 | Interest | | 259,317,463 | | 13,984,942 | Other Income | | 10,315,948 | +--------------------+------------------------------------------------------------------------+------+-----------------+ | 1,820,319,785 | TOTAL | | 1,997,624,146 | +--------------------+------------------------------------------------------------------------+------+-----------------+ | EXPENDITURE: | | | | +--------------------+------------------------------------------------------------------------+------+-----------------+ | 369,515,306 | Establishment Expenses | (16) | 383,233,281 | | 158,141,238 | Office Expenses | (17) | 198,581,521 | | 2,135,149 | Statutory Audit Fees | | 2,391,310 | | 16,838,417 | Travelling & Conveyance | | 14,419,768 | | 301,940,529 | Examination Expenses | (18) | 239,833,167 | | 42,903,223 | Council and Committee Meeting Expenses | | 36,960,095 | | 21,646 | Election Expenses incl. Tribunal | | 20,192,488 | | 11,361,041 | Journal Expenses | | 19,992,191 | | 11,796,583 | Membership Subscription to Foreign Bodies | | 11,874,750 | | 6,833,009 | Conference & Meeting International | | 4,212,601 | | 40,857,065 | C. P.D, Technical Skill Development and Other Programme Expenses | (19) | 44,254,997 | | 14,967,624 | Professional Development Expenses | | 12,040,446 | | 390,935,780 | Coaching Expenses | | 340,995,397 | | 47,221,667 | Study Materials and Prospectus Consumed | | 73,218,780 | | 557,579 | Publication Stock Consumed | | 2,907,718 | | 855,855 | Inventories and bad debts written off | | 4,474,977 | | 16,636,602 | Contribution to MBF & Critical illness | | 13,327,552 | | 47,742,768 | Depreciation and amortisation | (7) | 50,341,405 | +--------------------+------------------------------------------------------------------------+------+-----------------+ | 1,481,261,080 | TOTAL | | 1,473,252,444 | +--------------------+------------------------------------------------------------------------+------+-----------------+ | 339,058,704 | Balance being excess of Income over Expenditure | | 524,371,702 | | 5,869,896 | Prior Period Adjustments (Net) | (19a)| (135,754,171) | +--------------------+------------------------------------------------------------------------+------+-----------------+ | 333,188,808 | Balance being Surplus transferred to General Fund | | 660,125,873 | +--------------------+------------------------------------------------------------------------+------+-----------------+ | | Significant Accounting Policies and Notes to Accounts | (20) | | +--------------------+------------------------------------------------------------------------+------+-----------------+ | | Accompanying Notes 1-20 form an integral part of the financial statements | | | +--------------------+------------------------------------------------------------------------+------+-----------------+ This is the Statement of Income and Expenditure referred to in our report of even date. For KGRS & CO Chartered Accountants Firm Regn. No. : 310014E CMA Soma Banerjee Additional Director -Finance CMA Dr. Kaushik Banerjee Secretary Anshu Agarwal Partner Membership No. : 308581 Place: Kolkata Dated: 21/07/2024 CMA Bibhuti Bhusan Nayak Vice President CMA Ashwin G. Dalwadi President THE INSTITUTE OF COST ACCOUNTANTS OF INDIA CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2024 +====================+========================================================================+=================+=================+ | For the year ended | PARTICULARS | For the year ended| For the year ended| | 31st March 2023 | | 31st March 2024 | 31st March 2024 | +====================+========================================================================+=================+=================+ | ₹ | | ₹ | ₹ | +--------------------+------------------------------------------------------------------------+-----------------+-----------------+ | | A. CASH FLOW FROM OPERATING ACTIVITIES | | | +--------------------+------------------------------------------------------------------------+-----------------+-----------------+ | 333,188,808 | SURPLUS BEFORE TAXATION AND EXTRAORDINARY ITEM | 660,125,873 | | | | ADJUSTMENTS FOR:- | | | +--------------------+------------------------------------------------------------------------+-----------------+-----------------+ | 47,742,768 | DEPRECIATION AND AMORTISATION | 50,341,405 | | +--------------------+------------------------------------------------------------------------+-----------------+-----------------+ | 380,931,576 | OPERATING SURPLUS BEFORE WORKING CAPITAL CHANGES | 710,467,278 | | +--------------------+------------------------------------------------------------------------+-----------------+-----------------+ | | ADJUSTMENTS FOR WORKING CAPITAL CHANGES | | | +--------------------+------------------------------------------------------------------------+-----------------+-----------------+ | 117,096,755 | INCREASE/(DECREASE) IN CURRENT LIABILITIES | (335,168,869) | | | (30,422,714) | (INCREASE)/DECREASE IN CURRENT ASSETS | (72,440,716) | | +--------------------+------------------------------------------------------------------------+-----------------+-----------------+ | 86,674,041 | | (407,609,585) | | +--------------------+------------------------------------------------------------------------+-----------------+-----------------+ | 467,605,617 | NET CASH FROM OPERATING ACTIVITIES (A) | | 302,857,693 | +--------------------+------------------------------------------------------------------------+-----------------+-----------------+ | | B. CASH FLOW FROM INVESTMENT ACTIVITIES | | | +--------------------+------------------------------------------------------------------------+-----------------+-----------------+ | (70,201,433) | MOVEMENTS IN PROPERTY, PLANT AND EQUIPMENTS INCLUDING CWIP | (16,316,620) | | | | DECREASE IN INVESTMENT | | | +--------------------+------------------------------------------------------------------------+-----------------+-----------------+ | (70,201,433) | NET CASH FROM INVESTING ACTIVITIES (B) | | (16,316,620) | +--------------------+------------------------------------------------------------------------+-----------------+-----------------+ | | C. CASH FLOW FROM FINANCING ACTIVITIES | | | +--------------------+------------------------------------------------------------------------+-----------------+-----------------+ | (43,483,451) | MOVEMENT IN FUND BALANCE | (74,260,088) | | +--------------------+------------------------------------------------------------------------+-----------------+-----------------+ | (43,483,451) | NET CASH FROM FINANCING ACTIVITIES (C) | | (74,260,088) | +--------------------+------------------------------------------------------------------------+-----------------+-----------------+ | 353,920,733 | NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C) | | 212,280,985 | +--------------------+------------------------------------------------------------------------+-----------------+-----------------+ | 3,623,496,715 | ADD- CASH & CASH EQUIVALENT AT THE BEGINNING OF THE PERIOD | | 3,977,417,448 | +--------------------+------------------------------------------------------------------------+-----------------+-----------------+ | 3,977,417,448 | CASH & CASH EQUIVALENT AT THE END OF THE PERIOD | | 4,189,698,434 | +--------------------+------------------------------------------------------------------------+-----------------+-----------------+ NOTES:- i. The above Cash Flow Statement has been prepared under 'Indirect Method' as set out in Accounting standard, AS - 3 on " Cash Flow Statement". ii. Cash and Cash Equivalents represent : | 1,204,785 | Cash in hand | 941,070 | | | 200,681,972 | Bank Balance - Current Account | 245,795,614 | | | 92,197,894 | Bank Balance - Savings Account | 88,808,664 | | | 3,683,332,798 | Fixed Deposits with Banks | 3,854,153,087 | | +--------------------+------------------------------------------------------------------------+-----------------+-----------------+ | 3,977,417,448 | | | 4,189,698,434 | +--------------------+------------------------------------------------------------------------+-----------------+-----------------+ This is the Cash Flow Statement refered to in our report of even date. For KGRS & CO Chartered Accountants Firm Regn. No.: 310014E CMA Soma Banerjee Additional Director -Finance CMA Dr. Kaushik Banerjee Secretary Anshu Agarwal Partner Membership No.: 308581 Place: Kolkata Dated :21/07/2024 CMA Bibhuti Bhusan Nayak Vice President CMA Ashwin G. Dalwadi President THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS (CONTD.) NOTE NO.1 : GENERAL FUND +====================+==========================================+=================+ | As At | PARTICULARS | As At | | 31st March 2023 | | 31st March 2024 | +====================+==========================================+=================+ | ₹ | | ₹ | +--------------------+------------------------------------------+-----------------+ | 3,898,048,503 | Balance as per last Accounts | 4,233,909,019 | | | Add: | | | | i) Capitalization of Chapter's Building | 73,320,604 | | | ii) Transfer of Capital- Vindhyanagar Chapter | 4,243,819 | +--------------------+------------------------------------------+-----------------+ | 3,898,048,503 | | 4,311,473,442 | +--------------------+------------------------------------------+-----------------+ | 3,898,048,503 | | 4,311,473,442 | | | Less- Adjustment for Chapters Building building | 73,320,604 | | 2,671,708 | Add: Entrance Fees (Member) | 2,589,840 | +--------------------+------------------------------------------+-----------------+ | 3,900,720,211 | | 4,240,742,678 | +--------------------+------------------------------------------+-----------------+ | 333,188,808 | Add: Surplus for the year as per annexed Statement of Income and Expenditure | 660,125,873 | +--------------------+------------------------------------------+-----------------+ | 4,233,909,019 | | 4,900,868,551 | +--------------------+------------------------------------------+-----------------+ NOTE NO. 2: EMPLOYEES' GRATUITY FUND +====================+==========================================+=================+ | As At | PARTICULARS | As At | | 31st March 2023 | | 31st March 2024 | +====================+==========================================+=================+ | ₹ | | ₹ | +--------------------+------------------------------------------+-----------------+ | 1,296,391 | Balance as per last Account | 2,239,482 | | 129,573 | Add: Contribution for the year | (38,942) | +--------------------+------------------------------------------+-----------------+ | 1,425,964 | | 2,200,540 | | 622,391 | Add: Interest earned on Fixed Deposit during the year | 41,488 | | (191,127) | Less: Transferred to gratuity fund during the year | | +--------------------+------------------------------------------+-----------------+ | 2,239,482 | | 2,242,028 | +--------------------+------------------------------------------+-----------------+ THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS (CONTD.) NOTE NO.3: MISCELLANEOUS PRIZE FUND +====================+==========================================+=================+ | As At | PARTICULARS | As At | | 31st March 2023 | | 31st March 2024 | +====================+==========================================+=================+ | ₹ | | ₹ | +--------------------+------------------------------------------+-----------------+ | 12,419,397 | Balance as per Previous Balance Sheet | 12,880,698 | | 43,833 | Add: Addition during the year | 228,121 | | 568,023 | Add: Income credited during the year | 405,438 | | (150,555) | Less: Cost of the prize | (189,031) | +--------------------+------------------------------------------+-----------------+ | 12,880,698 | | 13,325,226 | +--------------------+------------------------------------------+-----------------+ NOTE NO.4: OTHER FUND +====================+==========================================+=================+ | As At | PARTICULARS | As At | | 31st March 2021 | | 31st March 2022 | +====================+==========================================+=================+ | ₹ | | ₹ | +--------------------+------------------------------------------+-----------------+ | 4,198,087 | Building Fund | 2,213,979 | | 4,497,251 | Library Fund | 4,577,251 | | 41,846,340 | Miscellaneous Fund | 12,551,032 | +--------------------+------------------------------------------+-----------------+ | 50,541,678 | | 19,342,262 | +--------------------+------------------------------------------+-----------------+ THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS (CONTD.) NOTE NO.5 : CURRENT LIABILITIES +====================+===================================================+=================+ | As At | PARTICULARS | As At | | 31st March 2023 | | 31st March 2024 | +====================+===================================================+=================+ | ₹ | | ₹ | +--------------------+---------------------------------------------------+-----------------+ | 1,151,900 | Library Deposit | 1,172,900 | | 278,321,933 | Trade Payables | 173,194,354 | | 321,852,550 | Current Account with Regional Councils and Chapters | 22,943,332 | | 155,588,257 | Other Liabilities | 221,457,656 | | 12,564,269 | Payable to Members Benevolent Fund | 12,720,169 | | 8,952,455 | TDS Payable | 13,440,177 | +--------------------+---------------------------------------------------+-----------------+ | 778,431,364 | | 444,928,588 | +--------------------+---------------------------------------------------+-----------------+ NOTE NO.6 : PROVISIONS +====================+==========================================+=================+ | As At | PARTICULARS | As At | | 31st March 2023 | | 31st March 2024 | +====================+==========================================+=================+ | ₹ | | ₹ | +--------------------+------------------------------------------+-----------------+ | 17,256,939 | Provisions | 15,590,847 | +--------------------+------------------------------------------+-----------------+ | 17,256,939 | | 15,590,847 | +--------------------+------------------------------------------+-----------------+ THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS NOTE NO. 7: PROPERTY, PLANT AND EQUIPMENT & INTENGIBLE ASSETS +====================+============+================+============+====================+============+====================+====================+============+====================+====================+ | Description of Assets | Opening | Addition | Less: Sale/| Total | Upto | For the | Add/(Less): | Upto | As at | As at | | | Cost | during the | Adjustment | as on | 01.04.2023 | year | Depreciation | 31.03.2024 | 31.03.2024 | 31.03.2023 | | | 01.04.2023 | period | during the | 31.03.2024 | | | Adjustment | | | | | | | | period | | | | during the year | | | | +====================+============+================+============+====================+============+====================+====================+============+====================+====================+ | ₹ | ₹ | ₹ | ₹ | ₹ | ₹ | ₹ | ₹ | ₹ | ₹ | ₹ | +--------------------+------------+----------------+------------+--------------------+------------+--------------------+--------------------+------------+--------------------+--------------------+ | A. Property, Plant and Eqipment: | +--------------------+------------+----------------+------------+--------------------+------------+--------------------+--------------------+------------+--------------------+--------------------+ | FREEHOLD LAND | 198,565,488| 10,889,941 | | 209,455,429 | | | | | 209,455,429 | 198,565,488 | +--------------------+------------+----------------+------------+--------------------+------------+--------------------+--------------------+------------+--------------------+--------------------+ | LEASEHOLD LAND | 64,431,251 | | | 64,431,251 | 11,350,070 | 832,057 | | 12,182,127 | 52,249,124 | 53,081,181 | +--------------------+------------+----------------+------------+--------------------+------------+--------------------+--------------------+------------+--------------------+--------------------+ | FREEHOLD BUILDING | 729,382,767| 81,799,771 | (393,174) | 810,789,364 | 450,289,342| 31,900,594 | 474,793 | 482,664,729| 328,124,635 | 279,093,425 | +--------------------+------------+----------------+------------+--------------------+------------+--------------------+--------------------+------------+--------------------+--------------------+ | FURNITURE & FITTINGS| 93,819,634 | 11,179,880 | (124,441) | 104,875,073 | 55,208,810 | 4,624,038 | (3,384,977) | 56,447,871 | 48,427,202 | 38,610,824 | +--------------------+------------+----------------+------------+--------------------+------------+--------------------+--------------------+------------+--------------------+--------------------+ | LIBRARY BOOKS | 12,783,236 | 282,113 | | 13,065,349 | 12,263,052 | 380,199 | (229,808) | 12,413,443 | 651,906 | 520,184 | +--------------------+------------+----------------+------------+--------------------+------------+--------------------+--------------------+------------+--------------------+--------------------+ | OFFICE EQUIPMENTS | 106,774,089| 7,818,149 | (97,674) | 114,494,564 | 74,268,529 | 5,747,558 | (2,670,944) | 77,345,143 | 37,149,421 | 32,505,560 | +--------------------+------------+----------------+------------+--------------------+------------+--------------------+--------------------+------------+--------------------+--------------------+ | GENERATORS | 16,148,773 | 684,311 | | 16,833,084 | 12,105,524 | 684,016 | (26,751) | 12,762,789 | 4,070,295 | 4,043,249 | +--------------------+------------+----------------+------------+--------------------+------------+--------------------+--------------------+------------+--------------------+--------------------+ | LIFT | 14,168,449 | 3,082,882 | | 17,251,331 | 10,639,546 | 884,517 | | 11,524,063 | 5,727,268 | 3,528,903 | +--------------------+------------+----------------+------------+--------------------+------------+--------------------+--------------------+------------+--------------------+--------------------+ | MOTOR CAR | 2,934,582 | 1,202,510 | | 4,137,092 | 645,631 | 583,845 | | 1,229,476 | 2,907,616 | 2,288,951 | +--------------------+------------+----------------+------------+--------------------+------------+--------------------+--------------------+------------+--------------------+--------------------+ | COMPUTER | 70,472,144 | 4,646,787 | (1,049) | 75,117,882 | 63,928,816 | 4,424,183 | (3,582,264) | 64,770,736 | 10,347,146 | 6,543,328 | +--------------------+------------+----------------+------------+--------------------+------------+--------------------+--------------------+------------+--------------------+--------------------+ | CYCLE | 8,368 | | | 8,368 | 8,368 | | | 8,368 | | | +--------------------+------------+----------------+------------+--------------------+------------+--------------------+--------------------+------------+--------------------+--------------------+ | TOTAL A | 1,309,488,781| 121,586,344 | (616,338) | 1,430,458,787 | 690,707,689| 50,061,007 | (9,419,951) | 731,348,745| 699,110,042 | 618,781,092 | +--------------------+------------+----------------+------------+--------------------+------------+--------------------+--------------------+------------+--------------------+--------------------+ | B. Intangible Assets : | +--------------------+------------+----------------+------------+--------------------+------------+--------------------+--------------------+------------+--------------------+--------------------+ | SOFTWARE | 42,425,760 | 14,514 | (33,198) | 42,407,076 | 41,727,580 | 280,398 | (47,272) | 41,960,706 | 446,370 | 698,180 | +--------------------+------------+----------------+------------+--------------------+------------+--------------------+--------------------+------------+--------------------+--------------------+ | TOTAL B | 42,425,760 | 14,514 | (33,198) | 42,407,076 | 41,727,580 | 280,398 | (47,272) | 41,960,706 | 446,370 | 698,180 | +--------------------+------------+----------------+------------+--------------------+------------+--------------------+--------------------+------------+--------------------+--------------------+ | Grand Total | 1,351,914,541| 121,600,858 | (649,536) | 1,472,865,863 | 732,435,269| 50,341,405 | (9,467,223) | 773,309,451| 699,556,412 | 619,479,272 | | Previous Year | 1,325,515,909| 26,573,207 | (174,575) | 1,351,914,541 | 686,036,348| 47,742,768 | (1,343,847) | 732,435,269| 639,479,561 | | +--------------------+------------+----------------+------------+--------------------+------------+--------------------+--------------------+------------+--------------------+--------------------+ | Capital-Work in Progress | 151,849,719| | (63,760,520)| 88,089,199 | | | | | 88,089,199 | 151,849,719 | +--------------------+------------+----------------+------------+--------------------+------------+--------------------+--------------------+------------+--------------------+--------------------+ THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS (CONTD.) NOTE NO.8: INVESTMENTS (AT COST) UNQUOTED +====================+========================================================================+=================+ | As At | PARTICULARS | As At | | 31st March 2023 | | 31st March 2024 | +====================+========================================================================+=================+ | ₹ | | ₹ | +--------------------+------------------------------------------------------------------------+-----------------+ | SHARES OF CO-OPERATIVE TRUST : | | +--------------------+------------------------------------------------------------------------+-----------------+ | 500 | 50 (Previous year 50) Shares of Rs. 10/- each in Rohit Chambers Premises Co-operative Society Limited, Mumbai (earlier described as Jai Brindaban Premises Trust Fund, Bombay) | 500 | +--------------------+------------------------------------------------------------------------+-----------------+ | 110,000,000 | Investment in Insolvency Professional Agency of ICAI (1,10,00,000 (Previous year 1,10,00,000 Nos.) of paid up shares of Rs.10 each) | 110,000,000 | +--------------------+------------------------------------------------------------------------+-----------------+ | 1,100,000 | 1,10,000 (Previous year 1,10,000) Investment in ICMA-Registered Valuers Organisation | 1,100,000 | | 50,647 | Others | 50,647 | +--------------------+------------------------------------------------------------------------+-----------------+ | 111,151,147 | | 111,151,147 | +--------------------+------------------------------------------------------------------------+-----------------+ NOTE NO. 9: INVENTORIES +====================+==========================================+=================+ | As At | PARTICULARS | As At | | 31st March 2023 | | 31st March 2024 | +====================+==========================================+=================+ | ₹ | | ₹ | +--------------------+------------------------------------------+-----------------+ | 2,657,387 | Publication Stock | 2,443,686 | | 3,056,760 | Study Material incl. Prospectus Stock | 5,150,411 | | 1,854,334 | Stock of Other Material | 1,658,445 | +--------------------+------------------------------------------+-----------------+ | 7,568,481 | | 9,252,542 | +--------------------+------------------------------------------+-----------------+ THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS (CONTD.) NOTE NO. 10: TRADE AND OTHER RECEIVABLES (UNSECURED, CONSIDERED GOOD) +====================+==========================================+=================+ | As At | PARTICULARS | As At | | 31st March 2023 | | 31st March 2024 | +====================+==========================================+=================+ | ₹ | | ₹ | +--------------------+------------------------------------------+-----------------+ | 26,049,317 | Trade Receivable | 30,447,801 | | 149,480,061 | Other Receivables | 202,996,485 | +--------------------+------------------------------------------+-----------------+ | 175,529,378 | | 233,444,286 | +--------------------+------------------------------------------+-----------------+ NOTE NO. 11: CASH AND CASH EQUIVALENTS +====================+==========================================+=================+ | As At | PARTICULARS | As At | | 31st March | | 31st March 2024 | +====================+==========================================+=================+ | ₹ | | ₹ | +--------------------+------------------------------------------+-----------------+ | Cash and Cash Equivalents : | | +--------------------+------------------------------------------+-----------------+ | 1,204,785 | Cash in hand | 941,070 | +--------------------+------------------------------------------+-----------------+ | Balances with Scheduled Banks: | | +--------------------+------------------------------------------+-----------------+ | 200,681,972 | On Current Account | 245,795,614 | | 92,197,894 | On Savings Account | 88,808,664 | | 3,683,332,798 | Fixed Deposits with Banks | 3,854,153,087 | +--------------------+------------------------------------------+-----------------+ | 3,977,417,448 | | 4,189,698,434 | +--------------------+------------------------------------------+-----------------+ THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS (CONTD.) NOTE NO.12 : LOANS AND ADVANCES (UNSECURED, CONSIDERED GOOD) +====================+==========================================+=================+ | As At | PARTICULARS | As At | | 31st March 2023 | | 31st March 2024 | +====================+==========================================+=================+ | ₹ | | ₹ | +--------------------+------------------------------------------+-----------------+ | 18,242,591 | Other Advances | 25,209,147 | | 629,225 | Festival Advance to Employees | 560,261 | | 21,364,841 | TDS Receivable | 22,824,667 | | 1,424,264 | Prepaid Expenses | 11,272,900 | | 10,602,814 | Deposit | 5,238,506 | +--------------------+------------------------------------------+-----------------+ | 52,263,735 | | 65,105,481 | +--------------------+------------------------------------------+-----------------+ THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS (CONTD.) NOTE NO.13: MEMBERSHIP AND OTHER FEES : +====================+===================================================+=================+ | For the year ended | PARTICULARS | For the year ended| | 31st March 2023 | | 31st March 2024 | +====================+===================================================+=================+ | ₹ | | ₹ | +--------------------+---------------------------------------------------+-----------------+ | 40,944,868 | Annual Membership Fees | 39,849,596 | | 9,046,075 | Members Certificate of Practice Fees | 9,053,240 | | | Certified Facilitation Centre Fees | 4,212,400 | | 672,934 | Members Complaint / Restoration Fees/Nomination Fees| 917,130 | | | Nomination Fee | 519,050 | | 1,159,150 | Membership & Certification Fees - IMA(USA) | 635,273 | | 36,313 | Certificate of Good Standing | 158,400 | +--------------------+---------------------------------------------------+-----------------+ | 51,859,340 | | 55,345,089 | +--------------------+---------------------------------------------------+-----------------+ NOTE NO.14 : TUITION AND OTHER FEES : +====================+===================================================+=================+ | For the year ended | PARTICULARS | For the year ended| | 31st March 2023 | | 31st March 2024 | +====================+===================================================+=================+ | ₹ | | ₹ | +--------------------+---------------------------------------------------+-----------------+ | 36,324,900 | Student Registration Fees | 23,330,224 | | 5,605,500 | Practical Training Registration Fees | 12,660,000 | | 7,253,300 | Practical Training/Subject Exemption Fees | 9,015,500 | | 1,119,336,310 | Tuition Fees | 1,172,483,882 | | 52,595,256 | CAT Course Income | 63,638,312 | | 4,892,200 | Revalidation of Coaching Completion Certificates Fees | 3,403,149 | | 5,440,671 | Sale of Prospectus | 2,384,043 | | 3,727,934 | Sale of Study Notes | 17,707,648 | +--------------------+---------------------------------------------------+-----------------+ | 1,235,176,071 | | 1,304,622,758 | +--------------------+---------------------------------------------------+-----------------+ NOTE NO.15 : EXAMINATION AND OTHER FEES : +====================+==========================================+=================+ | For the year ended | PARTICULARS | For the year ended| | 31st March 2023 | | 31st March 2024 | +====================+==========================================+=================+ | ₹ | | ₹ | +--------------------+------------------------------------------+-----------------+ | 302,528,692 | Examination Fees | 333,644,279 | | 6,157,000 | Verification of Answers Paper Fees | 7,437,908 | +--------------------+------------------------------------------+-----------------+ | 308,685,692 | | 341,082,187 | +--------------------+------------------------------------------+-----------------+ THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS (CONTD.) NOTE NO.16: ESTABLISHMENT EXPENSES +====================+===================================================+=================+ | For the year ended | PARTICULARS | For the year ended| | 31st March 2023 | | 31st March 2024 | +====================+===================================================+=================+ | ₹ | | ₹ | +--------------------+---------------------------------------------------+-----------------+ | 300,503,987 | Salaries and Allowances | 317,093,684 | | 13,437,010 | Employer's Cont. to Employees' Gratuity Fund | 9,861,775 | | 26,286,122 | Employer's Cont. to Employees' Provident Fund | 28,156,708 | | 46,075 | Employer's Cont. to Employees' Benevolent Fund | 11,674 | | 15,043,620 | Employer's Cont. to Employees' Leave Encashment | 11,138,425 | | 898,378 | Employees' Leave Encashment - Existing | 2,615,582 | | 8,432,367 | Medical Expenses | 8,907,614 | | 2,863,485 | Leave Travel Allowance to Employees | 3,021,144 | | 1,437,228 | RPFC Administration and E.D.L.I. Inspection Charges | 1,579,879 | | 567,034 | Training and Development (H.R.D.) | 846,796 | +--------------------+---------------------------------------------------+-----------------+ | 369,515,306 | | 383,233,281 | +--------------------+---------------------------------------------------+-----------------+ THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS (CONTD.) NOTE NO.17 : OFFICE EXPENSES +====================+===================================================+=================+ | For the year ended | PARTICULARS | For the year ended| | 31st March 2023 | | 31st March 2024 | +====================+===================================================+=================+ | ₹ | | ₹ | +--------------------+---------------------------------------------------+-----------------+ | 8,203,332 | Printing & Stationery | 7,317,924 | | 7,967,164 | Postage,Telegrams,Telephones and Fax | 9,837,384 | | 1,880,720 | Internal Audit Fees | 1,895,300 | | 10,523,080 | Electricity Charges | 13,201,224 | | 280,487 | Generator Expenses | 307,518 | | 10,323,935 | Rates and Taxes | 3,260,076 | | 451,108 | Insurance | 352,016 | | 11,311,762 | Repair and Maintenance | 10,747,121 | | 1,357,064 | Car Expenses | 1,454,718 | | 7,820 | Interest on Caution Money Deposit | 7,820 | | 8,780,220 | Legal Charges | 5,864,645 | | 735,187 | Bank Charges | 861,575 | | 6,669,924 | Computer Maintenance Expenses | 6,868,394 | | 2,512,558 | Public Relation Expenses | 4,477,108 | | 3,644,220 | Watch and Ward Expenses | 3,994,408 | | 566,718 | Books and Periodicals | 520,003 | | 234,069 | Delegate Fee | 236,550 | | 234,000 | Gazette Notification | 289,630 | | 1,999,517 | Staff Welfare | 3,602,231 | | 7,383,947 | Rent | 9,168,657 | | 65,683,430 | Administrative Charges | 104,452,397 | | 7,390,977 | Sundry Expenses | 9,864,821 | +--------------------+---------------------------------------------------+-----------------+ | 158,141,238 | | 198,581,521 | +--------------------+---------------------------------------------------+-----------------+ THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS (CONTD.) NOTE NO.18: EXAMINATION EXPENSES +====================+===================================================+=================+ | For the year ended | PARTICULARS | For the year ended| | 31st March 2023 | | 31st March 2024 | +====================+===================================================+=================+ | ₹ | | ₹ | +--------------------+---------------------------------------------------+-----------------+ | 192,392,183 | Examination Expenses | 91,892,216 | | 78,244,190 | Examiners' Remunaration | 85,899,927 | | 29,944,026 | Examination Center Expenses | 60,537,005 | | 126,887 | Examination Expenses for oral coaching Students | 14,250 | | 1,233,243 | Prize & Prize Distribution Expenses | 1,489,769 | +--------------------+---------------------------------------------------+-----------------+ | 301,940,529 | | 239,833,167 | +--------------------+---------------------------------------------------+-----------------+ NOTE NO.19: CPD PROGRAMME EXPENSES AND TECHNICAL SKILL +====================+===================================================+=================+ | For the year ended | PARTICULARS | For the year ended| | 31st March 2023 | | 31st March 2024 | +====================+===================================================+=================+ | ₹ | | ₹ | +--------------------+---------------------------------------------------+-----------------+ | 10,294,371 | CPD Expenses | 10,861,046 | | 56,827 | National Award including Best Chapter Award | 99,308 | | 9,080,516 | Regional Cost / National Convention Expenses | 5,790,327 | | 17,651,068 | CPD Expenses - RC's/Chapters | 24,184,386 | | 3,774,283 | Technical Skill Development | 3,319,930 | +--------------------+---------------------------------------------------+-----------------+ | 40,857,065 | | 44,254,997 | +--------------------+---------------------------------------------------+-----------------+ THE INSTITUTE OF COST ACCOUNTATS OF INDIA NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTD.) Note-20 A. SIGNIFICANT ACCOUNTING POLICIES Basis for preparation of Financial Statements The Financial Statements are prepared as going concern under the historical cost convention, in accordance with the applicable Accounting Standards, the relevant provisions of the Cost Accountants Act, 1959, as amended and on accrual basis unless otherwise stated. Basis of Consolidation The financial statements of Headquarter (Kolkata), New Delhi Office, its Regional Councils and Chapters are consolidated line by line by adding together the like items of assets and liabilities, income and expenses after eliminating all material intra group balances, intra group transactions and resultant unrealized surplus/(deficit). Necessary adjustments are made wherever required. Use of Estimates The preparation of the financial statements requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities and the reported income and expenses of the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Actual results could differ from the estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known/ materialized. Revenue Recognition (a) Entrance Fees from Members Entrance Fees received from members is credited to General Fund. (b) Student Registration Fees Registration Fees received from students is recognized as revenue income as and when the student is enrolled and payment is received. (c) Annual Members Fees Annual Members Fees is recognized in the year to which it pertains and when the payment is received except advance (d) Tuition Fees Revenue in respect of Postal and Oral Tuition Fees are recognized as and when the student is enrolled and payment is received. (e) Sale of Publications Revenue in respect of sale of publications is recognized when such publications are transferred to a user for a price. (f) Examination Fees Examination Fees is recognized for the concerned term (s) to which it pertains. (g) Programme Fees Revenue from Programme Fees is recognized as and when such activity is undertaken. (h) Interest Interest income in respect of fixed deposits with Banks is recognized on accrual basis taking into account the amount accrued and at applicable rate. (i) Investment Income Income from Investments is recognized as and when the right to receive the same is established. Expenditure The expenditure is recognized on accrual basis including expenses related to postal and oral coaching except in the following cases: (i) The Annual Grants to Chapters are recognized on accrual basis based on claims. (ii) Election expenses are recognized in the financial year in which it is incurred. Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and net of impairment, if any. Cost comprises the purchase price and any other cost, attributable to bringing the asset to its working condition for its intended use. Intangible Assets Intangible Assets being computer software are carried at cost less accumulated amortization and net of impairment, if any. Capital Work in Progress Expenditure incurred on construction of assets which is not ready for their intended use is carried at cost less impairment, if any, under Capital Work in Progress. Depreciation/Amortization (a) Depreciation/amortization on Property, plant and equipment and Intangible Assets is provided on written down value method as per Income Tax Act, 1961. (b) Leasehold land is amortized over the Lease period. The premium paid for acquisition of Lease Hold Land is amortized over the period of lease. The ground rent, if any, are recognized as expense in the year for which such charges are due or payable. (c) Library books are depreciated at 40% in the year of purchase. Investments Long term investments are stated at cost. However, when there is a permanent decline in the value of long term investments, carrying amount is reduced to recognize the decline. Inventories Publication stock, Study Materials and Paper Stock including Prospectus stock etc. are valued at lower of Cost or Net Realizable Value. Cost of Publications and that of Study Materials is determined on Weighted Average basis and cost of paper is determined on First-In-First-Out (FIFO) basis. Provisions, Contingent Liabilities and Contingent Assets (i) A provision is recognized: (a) when there is present obligation as a result of past event; (b) it is probable that an outflow of resources embodying economic benefit will be required to settle the obligation; and (c) a reliable estimate can be made of the amount of obligation. (ii) No provision is recognized for: (a) any possible obligation that arises from past events and the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Institute; (b) any present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or a reliable estimate of the amount of obligation cannot be made. Such obligations are disclosed as Contingent Liabilities. These are assessed at regular intervals and only that part of the obligation for which an outflow of resources embodying economic benefits is probable, is provided for except in extremely rare circumstances where no reliable estimate can be made. Contingent Assets are not recognized nor disclosed in the financial statements. Foreign Currency Transactions Transactions in foreign currency are denominated at the exchange rate prevailing on the transaction date. Monetary items are reported by using the closing rate, prevailing at the Balance Sheet date. Differences in the exchange rate arising on the settlement of monetary items initially recorded/reported are recognized as income /expense, as the case may be, in the Statement of Income and Expenditure, in the period in which it arises. Employee Benefits i) Short term benefit The short term employee benefit is recognized as expense when claimed during the period. Unclaimed amount is provided for. ii) Post employment benefit Post-employment benefits such as Provident Fund, Gratuity, Leave Encashment etc. have been provided for, as applicable to Headquarter and Delhi Office and COEs. Impairment of Assets The carrying value of assets at each Balance Sheet date is reviewed for impairment. Impairment is recognized, if the carrying amount of these assets exceeds their recoverable amount. Taxes on Income The Institute has been granted exemption from Income Tax under section 12A read with section 11 of the Income Tax Act, 1961, as such no provision for income tax is made and no provision for deferred tax asset or liability is considered necessary. Prior Period income/expenditure Prior period items which arise in the current period as a result of errors or omissions in the preparation of financial statements in one or more prior periods are separately disclosed in the Statement of Income and Expenditure. GST Unutilized Balance Written Off Balance of GST Input Credit as on 31.03.2024 lying unutilized is charged to Income & Expenditure Account. B. NOTES TO ACCOUNTS 1. Basis of Consolidation The consolidated financial statements of the Institute are prepared considering Headquarter Kolkata, New Delhi Office, four Regional Councils and one hundred seven Chapters. Out of which the financial statements of one Chapter namely Jabalpur is unaudited. Financial statements of nine Chapters namely, Vindhyanagar, Singrauli, Bokaro Steel City, Jajpur-Keonjhar, Jamshedpur, Naihati-Ichapur, Rajpur, Chandrapura and Muzaffarpur are not included in consolidated financial statements during current year, having not been received. However, current year's figures of the consolidated financial statements include the previous year's figures wherever available of these chapters. 2. With respect to Head Quarter: a) Contingent Liability (to the extent not provided for) i) The Service Tax demand of Rs. 5,01,68,756/- (Previous Year Rs.5,01,68,756/-) along with applicable interest penalty of Rs. 5,01,68,756/- (Previous Year Rs.5,01,68,756/-) as per Finance Act, 1994 RW CGST Act, 2017 against which a sum of Rs.37,62,657/- (Previous Year Rs.37,62,657/-) being 7.5% of the demand has been paid and shown under the head “Loans and Advances”. The Institute has filed an appeal against the demand which is yet to be adjudicated. ii) As per policy, medical expenses are reimbursed to the employees on submission of bills, subject to limits specified in the policy. As per the terms of the policy the unutilized balance can be accumulated for a period of 4 years. As on 31st March, 2024, the unutilized balance lying to the credit of the employees amounting to Rs 28,61,868/- (Previous Year Rs. 23,30,216/-). b) Exemption in respect of Income Tax has been granted under section 12A read with Section 11 of the Income Tax Act, 1961, Accordingly, no provision for income tax has been made. No provision for Deferred Tax Assets or Liability is considered necessary. c) All Prize Funds maintained by the Institute have been sponsored by different donors and are incorporated in the accounts with corresponding investment in Fixed Deposit with Banks, in terms of the decision of the Council. d) Fixed Deposits of Rs 190,48,46,113/- (Previous Year Rs. 189,81,79,094/-) (HQ Kolkata and Delhi office) e) Other Advances include Rs.1,36,097/- (Previous Year Rs.1,36,097/-) due from a former Council Member owing to disallowance by the MCA, Govt. of India and presently the matter is subjudice. f) Statutory Audit Fees (inclusive of GST) Rs. 5,45,210/- (Previous year Rs. 5,86,869/) - Excluding Statutory Audit Fees in respect of Regions and Chapters. g) Provident Fund contributions are made to “The Institute of Cost Accountants of India Employees Provident Fund Trust.” h) The liability in respect of Gratuity, as per Payment of Gratuity Act, 1972 (as amended) is recognized on the basis of contribution made to the LICI against the Group Gratuity Policy. i) The liability in respect of leave encashment is recognized on the basis of contribution made to an Approved Leave Encashment Fund maintained with the LICI. j) Construction of Navi Mumbai Centre Excellence building at Belapur, Navi Mumbai on the leasehold plot taken from CIDCO was started in the year 2012-13. The tender for the said construction was given to Gulraj Construction Pvt Ltd in the year 2013.As per the decision of the Council construction work of the building was stopped in the year 2015, the super structure of the building consisting of ground plus 3 above floors was completed. Due to this stoppage of the construction works Gulraj Construction, Civil Contractor of the project filed a case before the Hon'ble Arbitrator, Bombay claiming an amount of Rs. 4,70,40,917/- from the Institute for their loss of profit, overhead, escalation of cost due to time overrun of the project in the year 2017-18. Subsequently, an Award of Rs. 81,48,937/- + interest @ 18% per annum from 07.05.2021 was passed by the Arbitral Tribunal on 07.04.2021 payable to Gulraj Construction. An appeal against the said Arbitral Award has been filed by the Institute before the Bombay, High Court. The Honorable High Court of Bombay vide its Order dated 13th March, 2024 stayed on the operation, execution, and implementation of the Award dated 7th April 2021 subject to the Institute (Applicant/Petitioner) depositing the awarded amount of Rs.32,28,257/- and furnishing a bank guarantee of a Nationalized Bank with regard to the interest at the rate of 12% on principal amount of Rs 32,28,257/-, which is as on the date of Award is Rs 18,83,275/-. The amount has been fully provided for in the books of accounts. k) The Institute had availed the services of AON Consulting Pvt Ltd (AON) for conducting online examination of June and December 2022 Term. The 338th Examination Committee in its meeting held on 14th January 2023 noted material breach of the Contract in providing the satisfactory service by AON and has withheld payment amounting to Rs. 13,99,40,122 (inl. GST). During the FY 2023-24, invoice of Rs. 5,71,933/- (incl GST) was received from AON pertaining to June 2022 Examination Term resulting in total amount payable to AON is Rs 14,05,12,055/- (inl. GST). After direction received from competent authority, during the F.Y 2023-24, the payment was released to AON amounting to Rs.13,15,81,205/- (incl GST) after deduction of Rs.41,67,730/- (3.5% of base value excluding 18% GST on Rs.14,05,12,055/-i.e Rs.11,90,78,013) and deduction of applicable taxes. l) TCS-ION had been engaged by the Institute to conduct online Intermediate and Final Examination of Dec 2021 term. As noted by the 334th Council in its meeting held on 22nd January 2022 which was concluded on 7th March 2022 and the 335th Examination Committee in its meeting held on 7th March 2022 the services of TCS-ION were not satisfactory for which the final examination of the Institute for December 2021 was delayed and had to be rescheduled and conducted in a phased manner. An invoice amounting to Rs.24,22,75,900/-(incl. GST) was received from TCS in the FY 2022-23. As per the approval from the Examination Department, it was decided to pay 50% of the billed amount and withheld the remaining 50% amount of Rs. 10,26,59,280 (excl GST). TCS-ION has served a legal notice dated 15th March 2023 demanding a payment of Rs. 12,52,44,320.80/-. After direction received from competent authority, during the F.Y 2023-24, the payment was released to TCS-ION amounting to Rs.10,47,12,466/- (incl GST) after deduction of Rs.1,23,19,114/- (6% of base value excluding 18% GST on Rs.24,22,75,900/-i.e Rs.20,53,18,560/-) and deduction of applicable taxes. m) Investments (Not held in the name of the Institute) i) Investments in Insolvency Professional Agency of ICAI include 6 shares of Rs. 10/- each not held in the name of the Institute but in the names of nominees of the Institute of Cost Accountants of India. ii) Investments in ICMAI Registered Valuers Organisation include 1 share of Rs. 10/- each not held in the name of the Institute but in the names of nominees of The Institute of Cost Accountants of India. n) Amount of Rs. 36,35,000 released during the FY 2020-21 is still lying as “Advance for Pune Building" under the head “Loans & Advances” due to pending land transfer in the name of Head Quarter o) An amount of Rs. 15,56,53,261/- has been reversed for excess provision made on account of current liabilities towards Regional Councils and Chapters which is included in prior period adjustment (net) as reported in Income & Expenditure Account. a) Physical verification of movable fixed asset for the FY 2022-23 was conducted. As per the said report damaged/obsolete movable fixed asset amounting to Rs 2,24,109/- have been found and the same was been written off in the books of accounts. b) Inventories consisting of old Syllabus books of the year 2016 amounting to Rs 35,45,363/- have been written off during the year. c) Based on the available information with the Institute as at 31st March, 2024, there is no amount including Interest thereon payable to Micro Enterprises and small Enterprises as defined under “The Micro, Small and Medium Enterprises Development Act, 2006", as amended. 3. In respect of EIRC a) In accordance with the letter issued by the Secretary of the Institute, EIRC neither raised any invoice against the rent nor collected any amount from SBI from the period beginning from September, 2021 to March 2024 amounting to Rs. 49,60,000/-. b) Contingent Liability- A legal suit has been filed by some ex-contractual employees against EIRC of the Institute of Cost Accountants of India sometime in the year 2014, which is still pending. Status has not changed during the year. Necessary effect, if any, will be provided in the accounts after the closure of the case and as per final verdict. c) In TDS receivable account balance of Rs. 4,14,918/- is appearing as on 31.03.2024. This would be thoroughly reconciled with reference to the physical TDS certificates as well as actual deposits to the department in the name of the Institute from Income Tax Portal. d) An amount of Rs 10,00,000/- paid as advance to Bhubaneswar chapter on 22.11.2023 for 43rd RCC preliminary expenditure which is lying unadjusted as on 31.03.2024. e) Sundry Creditors amounting to Rs. 86,803/- being unclaimed for long period is written back. f) Sundry debtors amounting to Rs 15,32,585/- are lying for more than 3 years as on 31st March, 2024 has been written off. g) Other advances of Rs 13,07,101/- as on 31st March 2024 are lying in books since 2013 against which no details are available has been written off. 4. In respect of WIRC a) Claims receivable from FDAPL of Rs 67,30,000/- as appearing in Schedule 3 – Current Assets, is also considered fully recoverable. b) The amount of provisions for recoverable of Rs 4,20,707/- – Current Liabilities to be written back on being approved by the AGM since not payable. Similarly, the same amount is incorporated in the Headquarter Account as receivable which also needs to be written off subject to approval by the AGM. 5. In respect of NIRC a) (i) An amount of Rs 0.99 lakhs is lying as on 31st March 2024 in the books of the region being current account balances with the Chapters which is yet to be reconciled. (ii) Other Loan to Chapters of NIRC. - An amount of Rs 34.87 lakh loan has been given to various chapters under NIRC long ago for which no confirmation has been received from the chapters. (iii) NIRC has the outstanding TDS demand of Rs. 1,45,710/-. (iv) Security deposits given amounting to Rs. 1,67,690/- and advance given to former employee amounting to Rs. 15,488/- is outstanding for more than 3 years and considered to be doubtful b) Prior Period Income (i) Includes Rs. 3,39,752/- for interest on Fixed Deposit relating to previous year. (ii) Includes income of Rs. 51,000/- towards GST certificates course for the FY 2018-19 and Rs. 7,77,000/- for placement program pertaining to the program FY 2022-23. c) Prior Period Expenses (i) Includes Rs. 26,56,597/- towards demand raised by the EPFO against the enquiry u/s 14B & 7Q for the period April 2019 to July 2022 vide ref no. DL/CPM/17428/Damages-II/7881 dated 2nd January, 2023. 6. In respect of Cochin Chapter Contingent Liability (i) During the financial Year 2018-2019 there was a Sub Court order against the Institute. These cases were filed by the neighbours of CFE claiming damage to their building due to the construction carried out by the CFE. The decreed amount is Rs.19,38, 785/- comprising of Rs. 13,00,000 for compensation and Rs 6,38,755/- towards interest. Chapter filed an against this order with District court of Ernakulum along with the appeal, a stay petition was also moved and the District Court, Ernakulum was pleased to stay the operation of the decree on a condition that the chapter will furnish a bank guarantee for a sum of Rs. 15,00,000/-, and the same was produced. The District Court has upheld the verdict of the lower court and hence the institute has decided to go for appeal in the Honourable High court of Kerala. The case has been handed over to the HQ as directives from HQ and case is handled by advocates empaneled by the HQ at Kolkata. An additional Bank Guarantee for Rs 543,885/- was furnished on 28th November 2023 based on the directive from the court. As the matter is in court, the final outcome cannot be predicted with any significant probability, Hence, no provision for contingent liabilities is being made at this stage. (ii) In case of works contracts awarded by the Chapter for the Constructions of Building at Chalikkavattom, Gramina Vayanasala Road, Vytilla, Ernakulam, awarder is responsible for deduction of tax (WCT) for those works contract involves both supply of materials and the labour. Cochin chapter is liable to deduct and pay the works contract tax from the contractors before the payment is made to them unless a certificate in form No.1EE is collected from respective contractors. In the case of work contracts amounting to Rs. 75, 80, 762/- the Form 1EE is not obtained. The works contract tax liability on the above will be Rs- 6,06, 461/- plus the interest. The Chapter has not taken WCT registration, as all contractors are registered with the tax department, and have agreed to submit Form 1EE. The Chapter has retained an amount of Rs. 4,67,057/- which will be released to contractors only after the liabilities in relation for 1EE have been fulfilled. 7. In respect of Bhubaneshwar Chapter a) Closing balance of Rs. 20,94,405/- lying in Canara Bank as on 31.03.2024 includes Finance Assistance of Rs 1,85,460 received from members for the medical treatment of CMA student pursuing Final Course & Rs 12,58,381 for 43rd Regional Council Conference. b) Total Value of Leave Encashment as on 31.03.2023 was Rs. 25,56,414. Against this Rs. 4,69,840 was paid to Head Office earlier, the present fund value of which as on 31.03.2023 is Rs.8,68,843/- and provision taken during the year for FY 2022-23 up to 31.03.2023 was Rs. 10,68,333/-. So balance amount of Rs. 6,19, 238/- has been taken into account as per prior period leave encashment expenses. 8. Necessary adjustment entries pertaining to Regional Councils and Chapters have been made at the time of consolidation of financial statements. 9. Previous year's figures have been regrouped and rearranged wherever necessary to confirm to the current year's classification/disclosure. Signatures to Notes 1 to 20 CMA Soma Banerjee Additional Director -Finance CMA Dr. Kaushik Banerjee Secretary CMA Bibhuti Bhusan Nayak Vice President CMA Ashwin G. Dalwadi President Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054. AMIT KUMAR JAISWAL Digitally signed by AMIT KUMAR JAISWAL Date: 2024.10.04 18:42:28 +05'30'