BSR &Associates LLP Chartered Accountants 8-2-618/2, Reliance Humsatar, Telephone +91 40 3046 5000 4th Floor, Road, No. 11, Fax +91 40 3046 5299 Banjara Hills Hyderabad - 500 034, India. INDEPENDENT AUDITOR'S REPORT ‘TO THE MEMBERS OF ISB Alumni Association Report on the Finan Statements We have audited the accompanying financial statements of ISB Alumni Association (‘the Association’), which comprise the balance sheet as at 31 March 2014 and the Income and Expenditure account for the year then ended, and a summary of significant accounting policies and other explanatory information, Association’s Responsibility for the Financial Statements Association is responsible for the preparation of these financial statements in accordance with the approved framework and rules of the Association. This responsibility includes the design, implementation and maintenance of internal control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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 (ICAI).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 the 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Association, 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 on the financial statement. sosremamremaar merotsBSR & Associates LLP INDEPENDENT AUDITORS’ REPORT (continued) Opinion In our opinion and to the best of our information and according to the explanations given to us, The aforesaid financial statement give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Association as at 31 March 2014, and its surplus for the year ended on that date. Further we report that: 8) 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; )_In our opinion, proper books of account as required by law have been kept by the Association so far as appears from our examination of those books; ©) In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read with notes thereon, give a true and fair view in conformity with accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of the affairs of the Association as at 31 March 2014; (ii) in the case of the Income and Expenditure account, of the surplus of the Association for the year ended on that date. for BSR & Associates LLP Chartered Accountants ICAI Firm Registration Number: 116231W /W - 100024 Not jant Maheshwari Parmer Membership Number: 096537 Place: Hyderabad Date: 14 December 2045ISB Alumni Association Balance sheet as at 31 March 2014 (All amount in Indian rupees (®), except share data and unless otherwise stated) Particulars Source of Funds Reserve Fund Excess of income over expenditure Total Application of Funds ed assets + Tangible assets = Intangible assets Current assets, oans and advances Receivables Cash and bank balances Loans and advances and provisions Net current assets Total Significant accounting policies Notes to accounts The schedules referred to above form an integral part of the balance sheet. As per our Report of even date attached. for BSR & Associates LLP Chartered Accountants ICAI Firm Registration Number: 116231W/ W ~ 100024 lap Hemant Maheshwari Partner Membership Number: 096537 Hyderabad Date: 14 decernber 2016 Notes As at Asat 31 March 201431 Mareh 2013, 38,018,856 33,757,255 2,265,206 1.215.497 40,284,062 34,972,752 42,732 15,70 |. 38,302 52,993,935, 40,414,352 332,668 = 22,000 : 35,348,605, 40,414,352 13,122,842 5,441,600 40,225,761 34972752 40,284,062 34,972,752 for and on behalf of the Members of ISB Alumni Association Reg.No:1908-0F 20 Kamal Nara Chargers Place Hyderabad Date 44 Dettrsher ZolS{8B Alumni Awocation Income and expenditure account for the year ended 31 March 2014 (Allamourt in ingian rupees), except shire dats and unless cers tated) Income: Curent funds EXPENDITURE, Aadmissatve expenses (Chap events expenses Depreciation Excess ofincome over expenditure Curent tox frei years Excess of income over expenditure transferred Sinica acourtng policies ‘Notes to aczounts The schedules refered to ahove farm an integral part ofthe income nd expenditre acount A per our Repon of cven dt tached for BSR& Associates L (Chartered Accountants ICAL Fiem Regisuation Number: 1162311W/ W - 100024 yee Herat Maheshovari Parer “Membership Number: 096537 Place Hydembed Paes $4 Decornber 2016 Notes For the year ended For the year ended 31 Mareh 2014 31 March 2013 7 S823 2.176270 ae ara 8 sm550 250,811 9 1932789 7091962 3 21383 - Tae a 2m7360 “97 1160470 “ 2s ____si7ast_ - 009.709 (2g For and on behalf of the Members of 1SB Alum Assocation Reg No-1908-0F-2012 Place Hy dtrabond Puc ey Detersby 2015ISB Alumni Association Notes tothe finan 1 12 13 4 Ls statements forthe year ended 31 March 2014 The Indian School of Business Alumni Association (the Association) was accorded recognition by the Registrar of Andhra Pradesh Societies Registration Act, 2001, in accordance with the Andhra Pradesh Societies Registration Act. The Association i stituted for the Purpose of furthering the interest of the Indian School of Business and to facilitate the school to develop a5 a world class institution, Further, it aims at developing a strong organisation so a o further the eacer goals and enhance networking amor the ISB graduates, ad to provide continuing education and other services. The Association will have the rxponsbity of administration of the "The indian School of Business Alumni Assocation, including specitically approving the annual budge, establishing and coleting fess and arranging forthe management of the Association in an efficient manner Basis of preparation of financial statements The financial statements are prepared under the historical cost convention on the acrual basis of accountng in accordance with the rles of the Association. Accordingly, these financial stsements are intended to be a presentation in conformity with generally accepted accounting principles applicable to general business enterprises and ate prepared in accordance withthe rule ofthe Associaton, The financial statements are presented in Indian Rupees rounded off to the nearest rupee Use of estimates ‘The preparation ofthe financial statements in conformity withthe rules ofthe Association requires the Management to make estimates and assumptions that affect the reported amounts of assets and liabilities on the date of the financial statements and reported amounts of ‘income and expenditure forthe year. Actal resus could differ from these estimates. Any revision to accounting estimates i reeognised prospectively inthe eurtent and future periods, Fixed assets and depreciation Fixed assets are cared at the cat of acquisition or constuction less accumulsted depreciation The cost of fixed assets includes tases, duties freight and othe incidental expenses related to the acquisition and installation ofthe respective assets. Depreciation is provided on ‘written-down value bassin aceordance with he rates specified inthe Income Tax Act, 1961 asthe Management belcves that thse rates reflect the useful life ofthe assets, Assets individually costing Rs$,000 or less are filly depreciated inthe year of purchase Provated deprecation is provided on al assets Purchased and sold during the year. Revenue recognition Revenve is recognised from the students graduation fers collected, A per the by-laws ofthe Association, the fands ace classified into reserve fund and curtent fund, Reserve fund consists oF 8% ofthe fe collected and te Blane 20% is transfered to the curcent fund for camying out day to day operations ofthe Association Fees colleced in advance by ISB on behalf of ISBAA is counted as Advance Alumni Fees and classified as ‘Other current liabilities” Taxation Income tax expense comprises cuenta Current tax The current charge forthe income taxes i calculated in accordance with the relevant tax regulations applicable othe Associaton Provisions ‘The Association recognises provision when there isa present obligation a a result of past obligating event that probably requites an ‘outflow of resources and a reliable estimate can be made ofthe amount ofthe obligation ‘Where there i a possible obligation or a present obligation tha the liklibood of outflow of resources is remote, no provision or disclosure ismadeISB Alumai Association ‘Notes to the financial statements for the year ended 31 March 2014 (All amount in Indian rupees @), except share data and unless otherwise stated) Asat Asat 31 Mareh 2014 31 Mareh 2013 Note: 1 Reserve fund Balance at the beginning of the year 33,757,255 33,757,255 ‘Add: Additions - 80% of membership fees 4.261,601 2 38,018,856 33,757255, Note: 2 Excess of income over expenditure Balance at the beginning ofthe year 1,215,497 “ ‘Add: Excess of income over expenditure forthe year 1,049,709, 1,215,497 Less: Deductions = . 2,265,206 1213,497, Note: 4 ‘ash and bank balances Cash in hand - 2 Balance with Banks - in current account 332,668 332,668 == Note: 5 Loans and advances Salary advance 22,000 : 22,000 = Note: Current liabilities Provision for expenses 1,952,980 114,600 Advance Alumai fees 11,169,862 5,327,000 13,122,802 441,600ERI] TESS - a ese TSE sat Sa TL USS EET EET = WELT OFT ost ost OE = OF CT OOF LT SRY sesso qqrSuny wre eer wor = TED TST ‘06 te 009 8 00781 . 00S 9F 00s 9 1909 9se 9s ozt't . ozr'e 3908 168 468 5968 5968 poss ygr2u0y POTTS | POE PII | conor ae eormavie [Former |, oer sy wesy "PC loyy soy aiseya | aesy vesy rd id enone SPOR wonenaidea) Pore sR, (0m (Panunwes) poz H>seW 1g p2puD 4894 a4) 409 suamM ToTSONTSp PUR HAART PPG 200, aio ss3]un pu ene ax0ysadsoxa (3) Soadtu ueypuy ul YuHOUR ITY) UEUYY 241 01 S210N, onepossy muuny as}1SB Alumni Association Notes to the financial statements for the year ended 31 March 2014 (continued) [(sllamount in Indian rupees @) except share data and unless otherwise stated) Note: 7 Current funds Interest on savings bank account Interest on fixed deposits Chapter events collections Membership fees - 20% Note: 8 Administrative expenses Salaries Consultancy ‘Audit fees ‘Travelling and conveyance Communication expenses ‘Alumni leadership day Bank Charges Note: 9 Chapter events - expenses Contribution to solstice & equinox Mumbai - Class of 2014 ‘Mumbai -Artha 2013 Mumbai Welcome event 2014 Mumbai chapter expenses Delhi - Healthcare Pharma Meet 2013 ‘Alum Gyaan Session 'Nega Workshop ‘Gyan Session for Class of 2014 Energy Infra Meet 2013 ISB Social day Hyderabad-Friday B-Hive Puno - Lunch Event ‘Chennai - Welcome lunch 2013 Kolkata- Welcome party 2013 Delhi - Welcome Event USA Chapter expenses Others For the year ended For the year ended 31 March 2014 31 March 2013, 11,059 : 3,804,181 2,141,085, 671,742 35,235 1,065,400 s 5,552,382 2.176270 420,300 192,500 82,500 50,000 112,360 3 186,682 4.984 16,684 350 52,068 2977 $6 : £870,650 250,811 1,000,000 500,000 172,200 - 31,912 . 247,000 a 6,467 . 35,298 - 2,723 - 33,000 3 17.402 . 20,800 . 89,215 ¥ 21,398 . 38,215 . 28,700 a 2,986 : 140,490 - 44,983 - : 209,962, 1.93271 ye WX ODISB Alumai Assocs Notes fo the financial statements forthe year ended 31 March 2014 2: Notes to accounts a4 22 23 24 25 26 Contiogent liabilities and commitments Nit The funds received by Indian School of Business Alumni Association (ISBAA) towards Alumni membership fees are held in trust with Indian Schoot of Business (ISP) ISB maintains the fund and releases the same to ISBAA on need bass. The membership fee collected by [SB on behalf of ISBAA is tobe transfered to ISBAA once the student graduates, s per the Bye laws. However, as on 31 March 2014 an amount of Rs. 52,995,934 have not been transfered to ISBAA and are fying with ISB ony. The financial statements forthe previous year were audited by a im other than BS R & Associates LLP, [As perth bye laws, ISBAA shal on or before 30 September each year prepare and publish an audited annual financial statements forthe year ending 31 March ofthe preceeding year. However, the same was not complied “Tax forthe financial year 2012-2013 for Rs, $17,181 has Beem provided inthe current financial yeu, Previous year figures have heen regrouped reclassified rearranged, wherever necessary, t0 conform those ofthe eurent year. ‘As per our Report of even dats attached, Jor and on behalfof the Members of for BS RB Associates ISH Alumni Association (Chartered Accountants Reg.No-1908-0F-2012 ICAI Firm Registration Number: 116231W/ W - 100024 Partner ‘Membership Number: 096537 7 Kamal Nai Chairperson Poe Hyderabad Pace: Hyetrabad Datei 4G December 2045 Date: dy Deteraber 2ois