SCIENCE GALLERY BENGALURU (Company incorporated under Section 8 of The Companies Act, 2013) Balance Sheet as at 31st March, 2020 (Amount in Rs.) Note No
Particulars I. EQUITY AND LIABILITIES CAPITAL FUND : (a) Reserves and surplus (b) Capital Grant from GOK (2) Current Liabilities (a) Trade Payables (i) Dues to Micro & Small Enterprises (ii)Dues to other than Micro & Small Enterprises (b) Other Current Liabilities
As at 31st March 2020
As at 31st March 2019
1 2
2,195,176 137,913,168
(77,902) 27,622,761
3 4
31,292,247 79,334,093
287,355 59,243,403
250,734,684
87,075,617
Total II. ASSETS (1) Non-Current Assets (a) Fixed Assets (i) Property, Plant & Equipment (ii) Capital Work in Progress (b) Long term Loans and Advances
5 6 7
2,360,414 137,913,168 -
680,577 27,622,761 -
(2) Current Assets (a) Cash and Cash Equivalents (b) Short term Loans and Advances
8 9
108,966,560 1,494,542
40,293,794 18,478,486
250,734,684
87,075,617
Total SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS
15
As per our report of even date attached. FOR SCIENCE GALLERY BENGALURU
Director
PLACE : Bangalore DATE :
Director
SCIENCE GALLERY BENGALURU (Company incorporated under Section 8 of The Companies Act, 2013) Statement of Income & Expenditure for the year ending 31st March, 2020 (Amount in Rs.) For the year For the Year Note Particulars ending 31st ending 31st No March 2020 March 2019 I. Revenue from State Government Grant 10 33,159,674 8,521,494 II. Other Income 11 2,273,078 29,192 III. Total Revenue (I +II) 35,432,752 8,550,686 IV. Expenses: Employee benefit expenses 12 7,397,367 4,199,996 Finance costs 13 73,761 9,680 Depreciation and amortisation expenses 5 199,900 51,614 Other expenses 14 25,488,646 4,260,204 Total Expenditure 33,159,674 8,521,494 2,273,078
V. Excess of Income over Expenditure Before Tax (III-IV) VI. Prior Period Items: Expenses (Refer Note 15(f))
29,192
-
VII. Excess of Income over Expenditure Before Tax (V-VI)
2,273,078
VI. Tax Expense: Current Tax Deferred Tax
29,192
-
-
VII. Excess of Income over Expenditure after tax (V-VI)
2,273,078
29,192
VIII. Excess of Income over Expenditure for the Year
2,273,078
29,192
SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS
15
-
FOR SCIENCE GALLERY BENGALURU
Director
PLACE : Bangalore DATE :
Director
SCIENCE GALLERY BENGALURU (Company incorporated under Section 8 of The Companies Act, 2013) Cash flow statement for the year ending 31st March, 2020 Year ended 2020
Particulars A) CASH FLOW FROM OPERATING ACTIVITES (a) Net Surplus/(Deficit) for the year Add/(Less) - Adjustments Income from time deposit Depreciation & Amortization Operating Surplus/(Deficit) before working capital adjustments
2,273,078 (2,273,078) 216,400 Sub Total (a)
Adjustment for Working Capital: (Increase)/Decrease in Capital Fund Increase/(Decrease) in Trade Payable Increase/(Decrease) in Other Current Liabilities Increase/(Decrease) in Short term Loans and Advance Increase/(Decrease) in Long Term Loans and Advance
B) CASH FLOW FROM INVESTEMENT ACTIVITIES Income from time deposit Purchase of property, plant & equipments Net Cash Flow From Investement Activites
216,400
110,290,407 31,004,892 20,090,690 16,983,944 Sub Total (b)
Income Tax Paid Net Cash generated from operations Direct taxes paid/Refund (net) Net Cash from operating Activites
Year ended 2019
(a)+(b) (A)
(B)
29,192 (29,192) 63,989 63,989
178,369,933
27,622,761 (111,383) 24,097,351 (18,460,960) 473,000 33,620,769
178,586,333 178,586,333
33,684,758 33,684,758
2,273,078 (112,186,644) (109,913,566)
29,192 (17,109,433) (17,080,241)
C) CASH FLOW FROM FINANCING ACTIVITES Net Cash from Financing Activities ( C) Net Increase/(decrease) in cash & cash equivalents (A)+(B)+(C) Cash and Cash Equivalents at the Beginning of the year Cash and Cash Equivalents at the End of the year SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS
-
-
68,672,767
16,604,517
40,293,793 108,966,560
23,689,276 40,293,793
15
FOR SCIENCE GALLERY BENGALURU
Director Partner: Membership No: Director PLACE : Bangalore DATE :
SCIENCE GALLERY BENGALURU (Company incorporated under Section 8 of The Companies Act, 2013) Notes forming part of the Financials for the year ending 31st March 2020 1 RESERVES & SURPLUS SL. NO.
Particulars
1 Surplus: Balance b/f from Previous year (+/-) Current year surplus/(deficit) TOTAL
For the year ending 31st March 2020 (77,902) 2,273,078 2,195,176
For the Year ending 31st March 2019 (77,902) (77,902)
2 Capital Grant from GOK SL. NO.
Particulars
a Fund utilised for construction upto FY 2018-19 b Fund utilised for construction during FY 2019-20 c Capital Fund - Fixed Assets TOTAL
For the year For the Year ending 31st ending 31st March March 2020 2019 27,622,761 27,622,761 107,664,982 2,625,425 137,913,168 27,622,761
3 Trade Payables SL. NO.
Particulars a Trade Payables (Dues to Micro & Small Enterprises-NIL (PY NIL)) Total
For the year ending 31st March 2020
For the Year ending 31st March 2019
31,292,247
287,355
31,292,247
287,355
4 Other Current Laibilites SL. NO.
Particulars a Dues to Promoters b Unspent grant from Government of Karnataka c Statutory Dues Payable TOTAL
For the year ending 31st March 2020 77,980,683 1,353,410 79,334,093
For the Year ending 31st March 2019 58,832,140 411,263 59,243,403
7 Long term Loans and Advances SL. NO.
Particulars a SGB Land Lease Rent Advance Total
For the year ending 31st March 2020 -
For the Year ending 31st March 2019 -
For the year ending 31st March 2020
For the Year ending 31st March 2019
8 Cash and cash equivalents SL. NO.
Particulars a Balances with bank - State Bank of India A/c-39067320389 - State Bank of India A/c No. 64195515169 b On Hand c Short Term Deposit with bank TOTAL
15,205 96,082,448 19,000 12,849,907 108,966,560
10,293,794 30,000,000 40,293,794
SCIENCE GALLERY BENGALURU (Company incorporated under Section 8 of The Companies Act, 2013) Notes forming part of the Financials for the year ending 31st March 2020 9 Short term loans and advances SL. NO.
Particulars a b c d e f g
TDS Receivables Bangalore Metro Rail Corporation Limited Advance for Water & UGD Connection Batul Raaj Mehta & Associates LLP Mobilization Advance(JMC) Accrued Interest on Term Deposit Other Advance Total
For the year For the Year ending 31st ending 31st March March 2020 2019 230,277 2,920 1,188,458 1,188,458 16,727 (1) 17,243,723 74,208 26,258 1,600 400 1,494,542 18,478,486
10 Revenue from State Government Grant SL. NO.
Particulars a Grant from Government of Karnataka TOTAL
For the year For the Year ending 31st ending 31st March March 2020 2019 33,159,674 8,521,494 33,159,674 8,521,494
11 Other Income SL. NO.
Particulars a Interest Income-Others b Interest from Term Deposit TOTAL
For the year For the Year ending 31st ending 31st March March 2020 2019 14 2,273,078 29,178 2,273,078 29,192
12 Employee benefits SL. NO.
Particulars a Salaries & wages b Relocation Allowance c Performance Bonus - Director TOTAL
For the year For the Year ending 31st ending 31st March March 2020 2019 6,384,895 4,199,996 12,472 1,000,000 7,397,367 4,199,996
13 Finance cost SL. NO.
Particulars a Bank charges TOTAL
For the year For the Year ending 31st ending 31st March March 2020 2019 73,761 9,680 73,761 9,680
SCIENCE GALLERY BENGALURU (Company incorporated under Section 8 of The Companies Act, 2013) Notes forming part of the Financials for the year ending 31st March 2020 14 Other Expenses For the year For the Year SL. Particulars ending 31st ending 31st March NO. March 2020 2019 Auditors Remunertaion - For Statutory Audit 26,550 22,500 - GST/ Service Tax - Income tax matters 26,550 22,500 Advertising Expenses 145,656 Accounting & Book keeping Charges 834,900 350,100 Annual Membership Fee - SGI 4,401,314 Boarding & Lodging Expenses 48,295 Computer Maintenance 3,949 Conveyance Expenses 28,660 24,641 Digitization Service Expenses 49,101 ELEMENTS Exhibition Expenses 502,379 Submerge Exhibition Expenses 13,629,305 Bangalore Science Habba 300,000 Exchange Gain/Loss 4,149 44,408 Festival Expenses 1,820 Honorarium Expenses 10,800 16,621 Interest on TDS Deducted 170 Late filing charges 1,000 Labour Charges 13,500 Lease Rent Expenses 16,500 16,500 Meals & Entertainment 19,323 45,001 Meeting Expenses 75,337 40,710 Office Administration Expenses 1,800 11,402 Postage & Courier Charges 340 1,772 Professional Fees 3,552,490 1,861,299 Printing & Stationary 93,154 50,712 Rates & Taxes 314,460 66,675 Registration & Renewal Charges 14,230 10,450 Repairs & Maintenance 23,041 Rent Expenses 4,720 Staff Welfare Expenses 497 System & Software (Expire Annually) 21,135 Food & Hospitality Expenses 52,620 8,555 Telephone & Internet Expenses 9,454 7,518 Travelling Expenses 606,169 740,986 Transportation & Lower Value Equipment Cost 22,000 Tree Plantation Charges 63,000 Vehicle Hiring Charges 858,395 678,787 TOTAL 25,488,646 4,260,204
SCIENCE GALLERY BENGALURU Groupings to Financial Statements PARTICULARS
31.03.2020
Trade Payables Audit Fee Payable Annarao And Shrikanta Batul Raaj Mehta & Associates LLP HR Consultancy Charges Payable JMC Project (India) Ltd KC Enterprises Krithika Ramachander-Submerge
Professional charges payable CNT Architects R V S & Co.,
A.N Prakash Construction Project Consultants P. Ltd Vehicle Hiring Charges Payable Freight Express International Pvt Ltd Mediator Fee for Submerge Total PARTICULARS Statutory Dues Payable Professional Tax TDS on Contractor TDS on salary TDS on Profession TDS on Non Resident TDS on GST GST Payable
20,250 34,560 963 30,199,141 1,371 90 6,300 653,484 180 375,160 (2) 750 31,292,247 31.03.2020
Total
1,400 217,447 83,402 83,410 160,967 580,111 226,673 1,353,410
31.03.2019 22,500 112,500 37,100 115,255 287,355 31.03.2019 400 1,165 16,000 393,698 411,263
PARTICULARS
31.03.2020
Professional Fees Financial Planning & Control Service Charges HR Consultancy Charges Legal & Advisory Fees Professional Fee - PAN Updation Management Advisory Services- Fund Raising Professional Fees-Certification Professional Fees-IT Returns & Fillings Professional Fees- Secretarial Services Professional Fee - Season Producer Professional Fee - Research Associate Professional Fee - Design of Fund Raising Dossier Professional Fee - Filling FCRA Registration Total PARTICULARS SGB Building Under Construction- WIP Architectural Fees Construction Cost Lighting, Audio Visual, ELV Systems & Acoustic design Consultancy Services Professional Fees-Project Consultant Professional Fees- Building & Museum Planning Project Management Fees Scientific Study & Research Expenses Soil Testing Fees Employees Salaries-HOPD Developmental Fee - SGB by SGI NOC Fees BWSSB Property Tax Capital Fund - Fixed Assets Total
1,345,200 11,250 42,249 1,180 564,528 20,650 96,680 800,000 120,000 430,700 120,053 3,552,490 31.03.2020
31.03.2019 843,700 620,040 85,000 23,600 39,750 249,209 1,861,299 31.03.2019
4,009,008 95,497,103
4,773,412 -
423,620 4,701,120 1,712,912 852,000 3,057,900 38,119 (1,375) 110,290,407
211,810 1,567,040 1,233,100 710,000 24,780 138,886 3,062,725 4,554,722 132,051 75,100 16,483,626
SCIENCE GALLERY BENGALURU Note: 5 Property, Plant & Equipments Gross Block Sl. No. 1 2
Particulars Office Equipment Lease Hold Land Total (Current Year)
As on 01.04.2019 272,687 485,375 758,062
Additions during the year
Sales/Adjustments during the year
1,896,237 1,896,237
-
As on 31.03.2020 2,168,924 485,375 2,654,299
As on 01.04.2019 65,110 12,375 77,485
Accumulated Depreciaton Depreciation/ Sales/Adjustments Adjustment during the year for the year 199,900 16,500 216,400 -
Net Block As on 31.03.2020 265,010 28,875 293,885
As on 31.03.2020
As on 31.03.2019
1,903,914 456,500 2,360,414
207,577 473,000 680,577
Note: 6 Capital Work in Progress Gross Block Sl. No.
Particulars
1
SGB Building Under ConstructionWIP * Total (Current Year)
As on 01.04.2019 27,622,761 27,622,761
Additions during the year 110,290,407 110,290,407
Sales/Adjustments during the year -
As on 31.03.2020 137,913,168 137,913,168
As on 01.04.2019 -
Accumulated Depreciaton Depreciation/ Sales/Adjustments Adjustment during the year for the year -
*The company has taken land from Government of Karnataka on 30 years lease and construction of building is being done on the Lease Hold Land.
-
Net Block As on 31.03.2020 -
As on 31.03.2020 137,913,168 137,913,168
As on 31.03.2019 27,622,761 27,622,761
Science Gallery Bengaluru (Company incorporated under Section 8 of the Companies Act 2013)
NOTE 15 Significant Accounting Policies and Notes on Accounts Forming Part of Balance Sheet as at 31-032020 and Statement of Income & Expenditure for the Year ended on that date. 1. Background Science Gallery Bengaluru (“the Company�) was incorporated as a Section 8 company limited by guarantee without share capital under Companies Act, 2013 on 5th November 2015, registered at Bangalore, India. The company is formed to ignite creativity and discovery where science and art collide, creating an environment for learning and allowing students, teachers and general public to reach their full creative potential and host a programme of exhibitions, workshops and events at regular intervals to engage a core audience of young adults aged between 15-30 years with science, technology, arts and design, on non- profit making basis. 2. Summary of Significant accounting polices a) Basis for preparation of financial statements: The financial statements are prepared and presented in accordance with Generally Accepted Accounting Principles in India (GAAP), under the historical cost convention on the accrual basis of accounting. GAAP comprises mandatory Accounting Standards as prescribed under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014. These financial statements have been prepared and presented in Indian Rupees. The Company is a Small and Medium sized Company (SMC) in accordance with the criteria laid down in the Rules. Accordingly, the Company has complied with Accounting Standard applicable to a SMC. The preparation of the financial statements requires that the management make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. An example of such estimates includes the useful lives of fixed assets. Actual results could differ from those estimates. b) Basis of Accounting: The accounts have been prepared on accrual basis as a going concern. c) Cash flow statement (AS 03): Cash flows are reported using the indirect method, whereby net profit /loss before tax is adjusted for the Effects of transaction of a non cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flow comprises regular revenue generating, investing and financing activities of the company. Cash and cash equivalents in the balance sheet comprise of cash at bank and in hand and short term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value. d) Property, Plant & Equipments (AS 10): Properties, Plant & Equipments are stated at historical cost less accumulated depreciation. Cost comprises the purchase price and any attributable costs of bringing the asset to its location and condition necessary for it to be capable of operating in the manner intended by the management. Depreciation (AS 10): Depreciation is provided on straight line method on the basis of useful life and the manner specified in Schedule II to the Companies Act, 2013. Impairment of Assets: Impairment of Assets will be tested on an annual basis after the completion of the construction phase. e) Foreign Exchange (AS 11): Transactions in foreign currencies have been accounted at the exchange rates prevailing at the time of entering into transaction. Monetary items denominated in foreign currencies at the yearend are restated at year end closing rates. f) Government Grant (AS 12): (a) Grants (Revenue Nature) received from GOK have been recognized as income in statement of profit and loss to the extent of expenditure incurred and unutilized grant is treated as current liability. (b) Grants (Capital Nature) received from GOK utilized for construction of building has been treated as grant from GOK under capital fund. Unutilized capital grant has been shown under current liabilities. g) Employee Benefits (AS 15): Number of employees employed by the company during the period does not exceed threshold limits attracting the provisions of defined contribution plans like contribution to Employees Provident Fund & Employees State Insurance Scheme nor defined benefit plans like Payment of Gratuity Act. Short term employee benefits are charged to Statement of profit & loss as and when incurred. h) Leases (AS 19): The company has taken land from Government of Karnataka on 30 years lease basis and it will be written off over the lease period on yearly basis. i) Taxation (AS 22):
The Company’s income is exempt under section 10 (23C) of The Income Tax Act, 1961, In view of the above provision for Income Tax and recognition of Deferred tax is considered not necessary. j) Provisions, Contingent Liabilities and Contingent Assets (AS 29): Provisions in respect of present obligations arising out of past events are made in the accounts when reliable estimates can be made of the amount of the obligations. Contingent liabilities, if material, and probable in the opinion of the management are estimated and disclosed by way of Notes to Accounts. Contingent Assets are not recognized nor disclosed in the financial statements. 3. Other Notes to Accounts a) Share capital: Science Gallery Bengaluru (“the company”) was incorporated as a Section 8 company limited by guarantee without share capital under Companies Act 2013 as stated in the Memorandum of Association and in clause 4 of the Articles of Association. The liability of the members is limited to Rs.1,000/- and no member in his/her capacity as such shall incur any personal liability whatsoever to any creditor or any other person for debts properly incurred on behalf of the company. b) Contingent liabilities: Claims against the company not acknowledged as debts- Nil (Pr Yr-Nil) c) Commitments: Estimated capital commitments and other Commitments not provided for – Nil (Pr Yr-Nil) d) Related party Disclosures: (I) Key Managerial Personnel Sl. No. Name of the Related Party A
Dr. Jahnavi Phalkey, Director
Relationship Key Managerial Personnel
From
To
01-11-2017
31-10-2022
Transactions during the year with related parties: (II)
Key Managerial Personnel Particulars
Expenditure: Dr. Jahnavi Phalkey – Director
For the year For the year ended ended 2019-20 2018-19 Rs.
Rs.
i)
Salary and Allowances
50,00,000/-
39,99,996/-
e. Particulars of expenditure incurred/recognized during the year to Building under construction: Nature of Expenditure
Amount recognized (Rs) 2019-20 2018-19
Developmental fee
-
Lighting, Audio Visual, ELV Systems & Acoustic design Consultancy Services Fee
423,620
Museum planning fee
1,712,912
NOC Charges - BWSSB
-
Professional Architect fee Construction Cost
4,009,008 95,497,103
Project Management fee Project Consultant fee
852,000 4,701,120
Property Tax
38,119
Capital Fund - Fixed Assets
(1,375)
Research & Soil testing expenses
-
Salary - Head of Project Delivery
3,057,900
Total
110,290,407
4,554,722 211,810 1,233,100 132,051 4,773,412 710,000 1,567,040 75,100 163,666 3,062,725 16,483,626
For and on behalf of Science Gallery Bengaluru
Director Place: Bangalore Date:
Director