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CASH AND BANK BALANCES
The Foundation had a total bank balance of `23,555.17 lakhs as at 31 March, 2018, including `5,980.54 lakhs
in fixed deposits with the original maturity of more than 12 months in banks and housing financial institutions. The
same has been disclosed in the financial statements under ‘other non-current assets’ (Ref Schedule 2.11). Of the total
cash and bank balances, the amounts held in the form of fixed deposits with banks and housing financial institutions
with original maturity of less than 12 months is `4,709.51 lakhs.
The balances with banks comprise of the following:
> Subsidy collections from the Government for the feeding programs executed
> Earmarked capital expenditure donation funds received for operating kitchens and new kitchens
> Donation funds to meet the revenue expenditure in operations
Corporate entities and other donors donate funds in the month of February and March 2018 to meet their
CSR obligations and avail the tax deduction available to them.
The details of balances held with various banks and financial institutions have been provided in a separate section of
this Annual Report. (Refer page number 41)
RECEIVABLES
The total receivable from the Government as at 31 March, 2018, is `2,929.12 lakhs as compared to
`2,911.05 lakhs the previous year. This includes the unbilled cash subsidy of `1,560.09 lakhs as compared
to `1,461.12 lakhs in the previous year. The cash subsidy income from the Government and Government bodies
increased by 11.7% during the year, while the outstanding receivables decreased by 12.5% as compared to
the previous year.
During the four months ended 31 July, 2018, out of the above receivables, we have collected an amount
of `1,276.50 lakhs, while the balance will be collected in the coming months.
As per the financial policy, provision for doubtful receivables of `60 lakhs had been made during the year in the
financial statements. Your Foundation is working with the concerned stakeholders for realisation.
MANAGEMENT DISCUSSION & ANALYSIS
The Management Discussion & Analysis Report, analysing the current performance and detailing the future plans of the
organisation, is presented in a separate section of this Annual Report. (Refer Page Number 67).
AWARDS AND ACCOLADES
During the year, the Foundation received recognition from various quarters. These have been separately covered in a
section which forms a part of this Annual Report. (Refer page number 45)
TRANSPARENCY
The Foundation strives to ensure transparency in all spheres of the organisation.
AUDITORS AND AUDITORS’ REPORT
All the branches as well as the Central Office are subjected to periodic internal audits. During the year, the Foundation
appointed Ernst & Young LLP, a reputed chartered accountant firm, to carry out the internal audits. The framework
adopted was effective risk management through comprehensive risk-based audits to enhance the efficiency and
effectiveness of the processes. The reports issued by the internal auditors are reviewed by the Audit Committee through
the audit department of the Foundation.
M/s BSR & Co, LLP, Chartered Accountants, Registration No. 101248W/W-100022, are the statutory auditors of
the Foundation. They have audited the financial statements that have been attached in the Annual Report and have
expressed an unqualified report which does not call for any further comments.
M/s KPMG are the independent auditors of the Foundation for the financial statements prepared under
International Financial Reporting Standards (IFRS). They have audited the said financial statements and have expressed
an unqualified report which does not call for any further comments.
TRUST GOVERNANCE
The details of Governance Philosophy and Governance Model of the Foundation have been covered in a separate section
of this Annual Report. (Refer page number 15)
ANNUAL REPORT 2017-18 ASPIRE - 35
ASPIRE - 36 ANNUAL REPORT 2017-18