SINGH I{B,ISHNA & ASSOCIATESChartered Aecountants

8, Second Floor, Krishna Market, Kalkaji, New Delhi - 110 O1gTele. / Fax : 4059 OB 44, e-mail : skacamail@ gmail. com

AUDITORS'REPORT

To the Members of the General Body ofCreating Resources for Empowerment in Action

Report on the Financial Statements

We have audited the accompanying financial statements of Creating Resources for Empowerment inAction (CREA), a society registered under the Societies Registration Act, 1860, which comprise theBalance Sheet as at March 31, 2017 and the Income and Expenditure Account for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view ofthe financial position and financial performance of the Society in accordance with the accounting principlesgenerally accepted in India. This responsibility includes the design, implernentation and maintenance ofinternal control relevant to the preparation and presentation ofthe financial statements that give a true andfair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conductedour audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants ofIndia. Those Standards require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in thefinancial statelnents. The procedures selected depend on the auditors' judgment, including the assessmentof the risks of rnaterial misstatement of the financial statements, whether due to fraud or error. In makingthose risk assessments, the auditors consider internal financial control relevant to the entity's preparation ofthe financial statements that give a true and fair view in order to design audit procedures that areappropr'iate ln the circumstances, but not for the purpose of expressing an opinion on the effectiveness ofthe entity's internal financial control. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management, as well asevaluating the overall presentation ofthe financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion.

Auditors' Report and Opinion

We report that:

we have sought and obtained all the infonnation and explanations, which to the best of ourknowledge and belief were necessary for the purposes of our audit;

in our opinion, properbooks ofaccount as required by law have been kept by the Society so faras appears from our examination of the books;

(i)

(ii)

ffiw Page I

(iii) the Balance Sheet and the Income and Expenditure Account dealt with by this report are inagreement with the books of account;

(iv) in our opinion, the Balance Sheet and the Income and Expenditure Account dealt with by thisreport comply with the applicable accounting standards issued by the Institute of CharteredAccountants of India;

(v) in our opinion and to the best of our information and according to the explanations given to us,

the said statements give a true and fair view in conformity with the accounting principlesgenerally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Society as at March 31,2017;and

b) in the case of the Income and Expenditure Account, of the surplus for the year ended onthat date.

for Singh Krishna & AssociatesChartered AccountantsFirm's Registration No. 00871 4C

(Krishna Kumar Singh)PaftnerM. No. 0'7'7494

Place : New DelhiDate : ]o/tol2q7

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Page2

CREATING RESOURCES FOR EMPOWERMENT INREGISTERED OFFICE: 7 MATHURA ROAD, JANGPURA B, NEW

BALANCE SHEET AS AT MARCH 3I, 2OI7

ACTTON (CREA)DELHT 110 014

Amount in {LIABILITIES AMOUNT ASSETS AMOUNT

]ENERAL FLIND

Opening Balance

Add: Surplus brought fonvard frorn the hrconle

ard Expenditure AccouDt

RESTRTCTED GRANTS (Refer to Schedule l)

DEFERRED REVENUE FUND

Opening Balance

Add: Fixed Assets Acquired out ofProject Funds

Less: Ailroull eqrrivalenl to depreciation

charged on such assets transferred to

hrcome and Expenditure A/c

EARMARKED FUNDS

Pushing tlre Frontiers : A Meeting

Opening Balance

Less: Funds Utilised

CURRENT LIABILITIES AND PROVISIONS

TDS Payable

Sundry Creditors for Expenses

Provision for Grahrity

58,1 t4,617.96

22.992.821.98

8 l, I 07,439.94

29,393,342 83

1,672,485.00

I 2,580,5 I 7.00

FIXED ASSETS (Refer to Schedule 2)

CURRENT ASSETS, LOANS, ADVANCES, ETC.

CT]RRENT ASSETS

Grants Receivable (Refer to Schedule l)Cash and Bank Balances:

Cash in Hand

Foreign Cunency in Hand

Standard Chartered Bank (A/c No. - 520 I I 02752 I )

ICICI Bank (A"rc No. - 006501 100964)

Standard Chartered Bank (A,rc No. - 5201 1027505)

Standard Chartered Bank (A,/c No. - 52011124241)

Fixed Deposits (lncl. Accrued Interest thereon)

LOANS, ADVANCES AND OTHER ASSETS

(recoverable in cash or in kind or for value to be

received)

Advances

Security Deposits

Prepaid Expenses

Income Tax Recoverable

10,2'79.54

9,683.00

3,447,305.50

5,57 6,253.46

19,205,'721.48

3,809,33 1.09

76.443.522.51

2,t21,889.00

9,662,59s.60

I 08,502,096.54

4,467,203.63

I,768,01 9.00

543,538.00

639.072.00

257,419.00

257 ,419.00

2,834,753.0(

68,091.0(

32,553.0(

1.53 t -806.6:

920,027.0C

7,50 I,366.0C

4.159.124.0C

Total 124.753.784.7' Total 124,753,784.77

Accounting Policies and Notes on Accounts (ReGr to Schedule 3)

As per our report ofeven date attached

for Singh Krishna & Associates

Clrartered Accourtants

Finn's Registration No. 008714C

Krishna ( umar Singlt

Partner

M. No. 0"7494

Place : New Dellri

Date: ') oftoftotT

for Creating Resources for Empowement in Action

Director - Programs

)

96,.ffi8

Page 3

CREATING RESOURCES FOR EMPOWERMENT IN ACTION (CREA)REGISTERED OFFICE: 7 MATHURA ROAD, JANGPURA B, NEw DELHI I l0 014

INCOME AND EXPENDITURE ACCOUNT FOR THE Y[,AR ENDf,D MARCH 3I,2OI7Amount in {

PARTICULARS AMOUNT PARTICULARS AMOUNT

IPROGRAM EXPENDITURESII Books and Periodicals

I Trarell,ng Expenses

I Local Conueyance

I t"t.phon.. Fax and Inrernet Charges

I Sulari., and Allowances

I crutuity

I other Staff Benefits

I tectrnicat and Professional Services

I Workshop/ Semrnar/ Meetings

I Monitoring. Evaluation and Research

I Publication costs

| *"tr',. Developmenr and Maintenance

Ileonl rr,l lsrn trryE ExpENDITUREsII Bank Charges

I Local Conv.yance

I slectricity and warer

I office Expesnse

I offi." n"n,

I Postage&courierI

I Telephone, l:ar and Internet Charges

I PrintinS & Stationary Charges

I Repairs and Matntenance - OfficeI

I Repairs and Maintenance - Computer

Repairs and Vaintenance - Equipment

Office Insurance

Salaries and Allowances

Cratuity

Other Staff tlenefits

Technical and Professional Services

Workshop/ Seminar/ Meetings

Audil Fees

Depreciation

Recoverable Written-off

Foreign Exchange Loss

Interest on TDS

Registration Fees

Surplus carried forrvard to General Fund

t 1 ,467.00

7,505,963.00

14s,754.00

670,81 0.00

19,258,297.00

659,371.00

3 89,367.00

6,623,202.00

2 I,339,59 1.00

5,005,796.00

359,308 00

I 45.540.00

62,t 14.466.0C

r 5,330,539. I 9l

22.gg2.821.g81

lmconrln.,n,.

I Restricred Grants Availedr Utilised (Refer ro

I Schedule I )

I Eannarked Funds Utilised

I Urrestricted Grant and Other projecr Receipts

I

lOther Income :

I Interest on Savrngs Bank Accounts

I In,.r"r, on Fixed Deposits

I Appropriation lrom Defened Revenue Fund

Income from Investment

Interest on TDS Refunds

756,07s.00

3,708,992.34

639,072.00

6,859,883.68

17.792.41

74,430,032.41

257,4t9.0(

13,768,s60.2(

I 1,981,815.43

42,272.19

62,466.0A

282,855.00

469,03 1.00

2, I 67,500.00

246,385.00

167,703.00

293,572.00

l s0,306.00

253,4't9.00

53,s51.00

23,908.00

7,015,620.00

347 ,66s.00

177,869.00

2,427,803.00

72,242.00

203,670.00

747, I 85.00

57,882.00

3,355.00

470.00

63.750.00

Total 100,437,827.l Total 100.437.827 I

Accounting P,tUcies and Notes on Accounts (Refer to Schedule 3)

As per our report ofeven date attached

for Singh Krrshna & Associates

Chartered Accountants

Firm's Registration No. 008714C

for Creatrng Resources for Empowerment in Action

4*/r-*-*Krishna Kurnar Singh

Partner

M. No.07749..1

Place : New Delhi

Dile: 3af/o/Lo/7

6rN'rQ*Director - Programs

...){fecutive Director

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CREATING RESOURCES FOR EMPOWERMENT IN ACTION (CREA)

SCHEDULES FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED MARCH 3I,2OI7

Schedule 3 - Accounting Policies and Notes on Accounts

A. Accounting Policies

1. Financial statements have been prepared on the basis of historical costs convention and inaccordance with the applicable accounting standards and accounting practices in India.

The society follows accrual basis of accounting, unless otherwise stated herein. Audit fee isaccounted for on cash basis.

Grants received for specific purposes are initially treated as a liability and adjusted for capital orrevenue expenses as per utilisation during the year. Generally, grants to the extent utilised forrevenue expenses are treated as income of the year. After fulfillment of obligations attached with a

particular grant, any unutilised amount of the grant is refunded to the donor or transferred to theIncome and Expenditure Account.

Expenses incurred on purchases ofcapital assets out ofgrant funds are capitalised and grants to thatextent are treated as defered revenue. Amount equivalent to depreciation charged on such assets is

transferred to the Income and Expenditure account from the Deferred Revenue Fund.

Fixed assets are carried on at cost less depreciation. The cost of fixed assets includes otherincidental expenses incurred for acquisition ofthe assets.

Depreciation on the fixed assets is provided on written down value method at the rates prescribed in

the Income Tax Act, 1961. Assets purchased and put to use on or after l'tOctober of a year are

depreciated during that year at half ofthe rates stated above.

Management periodically assesses whether there is an indication that an asset may be impaired. Incase of such an indication, the management estimates the recoverable amount of the asset. If the

recoverable amount of an asset is less than its carrying amount, the carrying amount of the asset is

reduced td its'recov€rable amount and the difference is recognised as impairment loss.

Leases where the lessor effectively retains substantially all the risks and benefits of ownership ofthe leased assets are classified as operating leases. Operating lease payments are recognised as an

expense in the Income and Expenditure Account.

Liability for gratuity is calculated on the assumption that gratuity is payable to all employees at the

end of the accounting year. Such amount of gratuity is charged to revenue. This is in accordance'with the Accounting Standard (AS) 15 Employee Benefits issued by the Institute of CharteredAccountants of India as the average number of persons employed during the year is less than fifty.

Short term employee benefits are recognised as an expense in the Income and Expenditure Accountof the year in which the related service is rendered.

10. Foreign currency transactions are recorded at the exchange rate prevailing on the date of the

transaction. Differences arising out of foreign currency transactions settled during the year are

recognised in the Income and Expenditure Account.

Monetary items outstanding at the balance sheet date and denominated in foreign currencies are

recorded at the exchange rate prevailing at the end of the year. Differences arising there from are

in the Income and Expenditure Account.

fl^,ffi\-<y VWgn,nk'/'6

ll. Provisions are recognised when the Society has a present obligation as a result of past events forwhich it is probable that an outflow of resources will be required to settle the obligation and areliable estimate can be made. Provision required settling the obligation are reviewed regularly andare adjusted where necessary to reflect the current best estimate of the obligation.

A disclosure for a contingent liability is made when there is a possible obligation or a present

obligation that may but probably will not require an outflow of resources. Disclosure is also madein respect of a present obligation that probably requires an outflow of resources, where it is notpossible to make a reliable estimate of the related outflow.

Notes on Accounts

Contingent Liability - Nil

Capital Commitment - Nil

The Society is registered with the Income-Tax Department under Section l2A of the Income-TaxAct,196l vide a certificate No. DIT (E)l 2001-021 C-6251 20011447 dated October 05, 2001. In theopinion of the management of the Society, all activities undertaken by the Society during the yearare within the purview of the said section. Hence, no provision for the current income-tax and

deferred tax has been made in these financial statements.

As per the information available, there are no amounts due that require disclosure/ provisioning as

per the requirements of the Micro Small and Medium Enterprises Development Act,2006.

In the opinion of the Management of the Society, current assets, loans and advances have a value on

realisation in the ordinary course of the business at least equal to the amount at which they are

stated in the balance sheet and provision for all known liabilities have been made in the financialstatement.

The Society leases certain office premises under cancellable operating lease alrangements. The rent

expense under these agreements for the year is < 21,67 ,500.

12.

B.

2.

).

1.

Signatories to Schedule I to 3

As per our report ofeven date attached

for Singh Krishna & AssociatesChartefed AccountantsFirm's Registration No. 008714C

/---^/--* /a--*'*(Krishna Kumar Singh)PartnerM. No. 07749+

New Delhi

3o/ro/zo/ 7

for Creating Resources for Empowerment in Action

Director - Programs

4.

5.

6,

Place :

Date :

i Misra)ed,rr?xi?r,

Page 8