..

__(CA)I V.K.
CHARTERED
Dafria
ACCOUNTANTS
&. Co.
H.O.:302&309,ManasBhawanExt.,R.N.T.Marg,INDORE,Phone: 2526142,4237537,E-mail:info@vkdca.com

INDEPENDENT AUDITOR'S REPORT

TO STUDENTS ACTIVITY COUNCIL INDIAN INSTITUTE OF MANAGEMENT INDORE
(Run by IIM, lndore)

Report on Financial Statements

We have audited the accompanying financial statements of STUDENTS ACTIVITY COUNCIL
INDIAN INSTITUTE OF MANAGEMENT INDORE ("the Organization") , which comprises the
Statement of Assets and Liabilities as at March 31, 2015, and the Statement of Income and
Expenditure for the year then ended, and a summary of significant accounting policies and other
explanatory information.
Management's

Responsibility

for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair
view of the financial position of the organization in accordance with the Generally Accepted
Accounting Principal. This responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with the Standards on Auditing issued by the Institute of
Chartered Accountants of India. Those Standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor's judgment,
including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments; the auditor considers internal control
relevant to the Company's preparation and fair presentation of the financial statements in order to
design audit procedures that are appropriate in the circumstances. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of the accounting estimates
made by management, as well as evaluating the overall presentation of the financial statements.

Website:

www.vkdca.com

Opinion
We report that:

We have obtained all the information and explanations which to the best of our knowledge &
belief were necessary for the purposes of our audit.

In our opinion, proper books of accounts have been kept by the organization so far as appears
from our examination of the books of accounts.

In our opinion and to the best of our information and according to the explanations given to
us, the said accounts read together with notes on accounts, give a true and fair view in
conformity with the accounting principles generally accepted in India:
a.
In case of Statement of Asset and Liability, of the state of affairs as at 31st March 2015
and

b.

In case of Statement of Income and Expenditure, of the Income and Expenditure for the
year ended on that date.

VINOD AGALCHA
Partner
M.No.412190
PLACE: INDORE
DATE: 31/12/2015

.~

""~ ~

.~

.-

"

STUDENTSACTIVITY COUNCIL INDIAN INSTITUTE OF MANAGEMENT INDORE

STATEMENT OF ASSETSAND LIABILITIESAS AT

31st MARCH2015

I)

AMOUNT
31.03.2015

SCH.

PARTICULAR

AMOUNT
I

31.03.2014

CONTRIBUTION
& LIABILITIES
1)

2)

General Fund
a. GeneralFund

"A"

1,797,042

"B"

621,072

1,470,522

LongTerm Liabilities
a. SecuredLoan
b. Unsecured Loan

3)

Current Liabilities & Provisions

a. Current Liability

TOTAL

2,418,114

9,345

1,479,867

OFFUNDS
II) APPLICATION
1)

FixedAssets

"c"

2)

Investments

"0"

3)

Current Assets
Students' Eventsand Sposorship
Loans& Advances
Cash & BankBalance

"E"
"F"
"G"
TOTAL

684,2731

200,000

60,000

271,630
716,000
546,211

239,681
926,175
254,011

2,418,114

1,479,867

Schedule"A" to "G" form integral part of Statement of Assetsand Liabilities

VINOD AUALCHA
Partner
Mem. No. 412190

Date: Dec31, 2015

Place:Indore

-,.~

~...

-..

STUDENTS ACTIVITY COUNCIL INDIAN INSTITUTEOF MANAGEMENT INDORE

STATEMENT OF INCOME AND EXPENDITUREFORTHE YEAR ENDED 31st MARCH2015

I SCH I

PARTICULAR

I)

Membership Fees

3,013,500
61,370

2,254,870
271,351
49,000

3,074,870

2,575,221

TOTAL(I)
EXPENSES

Activity Club

"H"
"I"

Expenses

Students' Committees Expenses

Student Health Insurance

TOTAL(II)

FUND OF INCOME TRANSFERREDTO GENERAL

EXCESS

Y f\$Rt\T S\-\t\.R.MIt
Co-ordinator
Date: Dec 31, 2015
Place: Indore

I (1_ II)

46,985
1,123,794

1,624,684
198,8451
499,400

"J"
"c"

Other Expenses
Depreciation

III)

AMOUNT
31.03.2014

INCOME

Interest & Other

General Sposorship

II)

AMOUNT
31.03.2015

106,768
57,103
2,486,799

588,071

190,644
1,361,423

1,213,798

..

STUDENTS ACTIVITYCOUNCIL INDIAN INSTITUTE OF MANAGEMENT INDORE

SCHEDULE "A" TO "G" FORMING PART OF BALANCESHEET
PARTICULAR

AMOUNT(Rs.)

"A" General Fund

1) General Fund
Opening Balance
Less: Event Balance transfer of Avhan 12 and Mridang 13
Excess of income for the year

AMOUNT(Rs.)

1,470,522
(261,551)
588,071
1,797,042

Total
"B" Current Liabilities & Provisions
Current Liabilities
a.IPM SAC
Sponsorship Receipt
Less: Advance Paid against Receipt

256,724
1,213,798
1,470,522

2,148,154
(1,734,265)
413,889

b. Other Pavables
1 Deposit From Students for Printer Facility
2 E Cell Enactus Fund
3 Interest Clubs
5 Sports Committee

159,232
40,000
7,950

7,950
1,395

207,182
621,071

Total
"D" Investment
Partner Share in X-PREES
0 MAT

9,345
9,345

200,000
Total

200,000

"E" Students' Events and Sposorship

Sub Sch I
Expenses Incurred for Events
Sub Sch I
Less: Sponsorship Receipts
Less: Event Balance transfer of Avhan 12 and Mridang 13

1,694,957
(1,455,276)

(532,613)
1,065,7941
(261,551)

"

Total

239,681
I

"F" Loans & Advances

Alumni Committee
JAM Loan
Pi-Shop Loan
Total
"G" Cash & Bank Balance
Cash-in-hand
SBIBank Balance
Axis Bank Balance

271,630

420,000
91,000
205,000
716,000

551,155
150,OlD
225,010
926,175

7,2511
538,960
546,211

254,011

STUDENTS ACTIVITY COUNCIL INDIAN INSTITUTE OF MANAGEMENT

SCHEDULE "c" FORMING

Sr No

Fixed Assets

INDORE

PART OF BALANCE SHEET

Gross Block
Depreciation
Rate
Balance
Additions
Dedu Balance as Balance Depreciati Deducti
as at 1
ons
(%)
Upto Sep Upto Mar ction at 31 March as at 1 on charge
14
15
s
2015
April 2014
Aoril
ladiust

Net Block
Balance Balance as Balance as at
as at 31 at 31 March 31 March
March
2015
2014

Tangible Assets
1 Snooker Table

10%

2 Printers

15%

Total

681,376

681,376

60,000

681,376

741,376

60,000

60,000

6,000

6,000

54,000

51,103

51,103

630,273

57,103

57,103

684,273

60,000

60,000

STUDENTSACTIVITY COUNCILINDIAN INSTITUTEOF MANAGEMENT INDORE

Sub ScheduleJ of Schedule"E"

Opening
Balance

Name of Event

A] IRISFund
Ahvan

Paid during the

year

Mridang

FY'13-14
Receipt during the
year

559,715.00

613,525.00

555,000.00

-58,525.00

-58,525.00

-242,544.00

-242,544.00

IRIS'I4

1,357,259.00

1,114,715.00

256,652.00

257,500.00

Indore Marathon'14
SUB-TOTAL

Fund

C] Utsaha Fund
Utsaha'13

Utsaha'14

5UB-TOTAL

TOTAL

Opening Balance

743,734.00

ClosingBalance
B] Indore Marathon/Udaan
Indore Marathon'13

ClosingBalance

FY'l4-15
Paid during the Receipt during
year
the year

256,652.00

257,500.00

81,046.00
-

83,061.00
83,061.00

81,046.00
1,694,957.00

1,455,276.00

-184,019.00

848.00

-184,019.00

848.00

848.00

848.00

2,015.00

2,015.00

2,015.00

2,015.00

-239,681.00

-239,681.00

30,487.00

ClosingBalance

235,051.00

20,545.00

250,000.00

191,475.00

2,418,500.00

2,019,214.82

-399,285.18

2,448,987.00

2,504,265.82

-187,265.18

848.00

309,563.00

305,873.00

-3,690.00

309,563.00

305,873.00

-2,842.00

62,937.00
81,517.00
144,454.00

60,917.00
-

2,903,004.00

60,917.00
2,871,055.82

-5.00
-81,517.00
-81,522.00
-271,629.18

STUDENTSACTIVITYCOUNCILINDIANINStiTUTEOFMANAGEMENTINDORE
TO ''It' FORMINGPARTOFINCOMEAND EXPENDITURE
STATEMENT
AMOUNT
H
AMOUNT
PTICULAR
31.03.2015
31.03.2014

*,

SCHEDULE

"H" Club Expenses

Consulting Club
Currenc-I Club

64/082

15/059
11/006
9/113
2/250
10/006

DebatingSocietyClub
Harmon-IClub
IdanimClub
Infinit-IClub
Management CanvasClub
Mercur-IClub
Pragat-I Club

QuizClub
Vibes Club
Equit- I Club

Total

26,471
6/026

13/005

25/000
4/034
3/353

8/035

4/514
7/641

HumainiClub
VoyageCapitalClub

6,453

7/810
21/973

198/845

46/985

10/003
333/141
1/002/552
39/015
2,400
41/749

4/160

"I" Students'CommitteesExpenses
AcademicCommitee
AlumniCommitee
CulturalCommittee
Sports Committee
Student ExchangeCommittee
Infrastructure Committee
IndustryInteraction CellCommittee
Media Committee

5/524
Total

1/031/221
36/705

190/300

51/708

1/624/684

1/123/794

865
98/000
7/903

697
39/500
150/447

106/768

190/644

"J" Other Expenses

".

Bank Charges

HostelPostman Expenses
General Exp
Total

Student Activity Council- Indian Instittute of ManagC!ment Indore

Notes forming part of the Financials Statements
Note1:

Entity Infonnation:
Student Activity Council- Indian Institute of Management Indore ('the Association') was formed as Assocaition of Person on 20th
Febuary, 2013. The Association has been formed for the mutual benefit of the PGP Students of Indian Institute of Management (11M),
Indore. The Association is running various activities for students and organising various studnets centric events.

Note 2 : Accounting policies

(a) Basis of preparation of financial statements:
The Financial Statements of the Association have been prepared in accordance with Indian Generally Accepted Accounting Principles
(Indian GAAP).
(b) Use of Estimates:
The preparation of the financial statements is in conformity with the generally accepted accounting principles requiring management to
make estimates and assumptions that affect the reported amount of assets and liabilities on the date of the financial statements and
the reported amount of revenues and expenses during the reporting period. Differences between actual results and estimates are
recognized in the period in which the results are known! materialize.
(c) Fixed Assets:
Tangible Assets
Fixed Assets are recorded at their cost of acquisition less accumulated depreciation and impairment losses, if any. The cost of an item
of fixed asset comprises its purchase price and other non refundable taxes or levies and any directly attributable cost for bringing the
asset to its working condition for its intended use.
(d) Depreciation/Amortisation:
Depreciation is provided on Written Down Value basis at the rates and in the manner specified in Income Tax Act, 1961.
(e) Revenue Recognition
Revenue of the Association comprises of annual contribution from the PGP students of 11MIndore, interest from bank deposits and
charges for facilities arranged by the Assocation for common benefit of the students. These are recognised on receipt basis.
(e) Event Sposorshlps

and Payments

Event sponsorships and payments are treated as event-specific balances, recognized as assets /liabilities in the Statement of Assets
and Liabilities on a cumulative basis and not taken to Statement of Income and Expenditure.
(g) Income Taxes
No tax provision has been made in view of the fact that the Association is a mutual concern and is working for the mutual benefit of its
members.
Note 3: In respect of printer facilty provided to the students, amount recovered from the barch of PGP 2013-15 have only been booked as
income. Amount recovered from other students have been accounted for as deposit and shall be taken to income only at the time of
students leaving the institute.
Note 4: Surplus of Events Ahvan and Mridang, pertaining to the period before establishment of SAC-11M,Rs 161551.00 and Rs 100000.00
respectively had been transferred to SAC-11Mduring the year 2013.14. In that year, this surplus had been taken to the credit of
Statement of Income and Expenditure and accordingly got transferred to Genral Fund.
During the current year, It has been decided to use the old surplus of Ahvan and Mridang events for activites of IRIS, Accordingly,
old surplus has now been transferred from General Fund and added to the balance of IRIS uder the head" Students' Events and
Sposorship"

,.....

this