Deloitte Haskins & Sells LLP

Chartered Accountants Indiabulls Finance Centre Tower 3, 27th -32nd Floor Senapati Bapat Marg Elphinstone Road (West) Mumbai – 400 013 Maharashtra, India Tele: + 91 22 6185 4000 Fax: +91 22 6185 4001

Regd. Office. Indiabulls Finance Centre, Tower 3, 27th -32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400 013, Maharashtra, India.

(LLP Identification No. AAB-8737)

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF REVIVING GREEN REVOLUTION CELL

Opinion

We have audited the accompanying financial statements of Reviving Green Revolution Cell (“the

Society”), which comprise the Balance Sheet as at March 31, 2020, and the Statement of Income and

Expenditure for the year ended and a summary of significant accounting policies and other explanatory

information.

In our opinion and to the best of our information and according to the explanations given to us, the

aforesaid financial statements give a true and fair view of the financial position of the Society as at

March 31, 2020, and of its financial performance for the year then ended in accordance with the

Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI).

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) issued by ICAI. Our

responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit

of the Financial Statements section of our report. We are independent of the Society in accordance with

the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical

requirements that are relevant to our audit of the financial statements, and we have fulfilled our other

ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe

that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion

on the financial statements.

Management’s Responsibility for the Financial Statements

The Society’s management is responsible for the preparation of these financial statements that give a

true and fair view of the financial position, financial performance in accordance with the Accounting

Standards and other accounting principles generally accepted in India. This responsibility also includes

maintenance of adequate accounting records to safeguard the assets of the Society and for preventing

and detecting frauds and other irregularities; selection and application of appropriate accounting

policies; making judgments and estimates that are reasonable and prudent; and design,

implementation and maintenance of adequate internal financial controls, that were operating effectively

for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and

presentation of the financial statement that give a true and fair view and are free from material

misstatement, whether due to fraud or error.

In preparing the financial statements, the Society’s management is responsible for assessing the society’s

ability to continue as a going concern, disclosing, as applicable, matters related to going concern and

using the going concern basis of accounting unless management either intends to liquidate the entity or

to cease operations, or has no realistic alternative but to do so.

The Society’s Management is responsible for overseeing the Society’s financial reporting process.

Deloitte

Haskins & Sells LLP

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Auditor’s Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are

free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that

includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an

audit conducted in accordance with SAs will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the

aggregate, they could reasonably be expected to influence the economic decisions of users taken on the

basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional

skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to

fraud or error, design and perform audit procedures responsive to those risks, and obtain audit

evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting

a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may

involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal

control.

• Obtain an understanding of internal financial control relevant to the audit in order to design audit

procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion

on the effectiveness of the Society’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by the management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and,

based on the audit evidence obtained, whether a material uncertainty exists related to events or

conditions that may cast significant doubt on the Society’s ability to continue as a going concern. If we

conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report

to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify

our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s

report. However, future events or conditions may cause the Society to cease to continue as a going

concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the

disclosures, and whether the financial statements represent the underlying transactions and events in

a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually or in

aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the

financial statements may be influenced. We consider quantitative materiality and qualitative factors

in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate

the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned

scope and timing of the audit and significant audit findings, including any significant deficiencies in

internal control that we identify during our audit.

Type text here

Deloitte

Haskins & Sells LLP

3

We also provide those charged with governance with a statement that we have complied with relevant

ethical requirements regarding independence, and to communicate with them all relationships and

other matters that may reasonably be thought to bear on our independence, and where applicable,

related safeguards.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

(Firm Registration No. 117366W/ W-100018)

Joe Pretto

(Partner)

(Membership No. 77491)

(UDIN – 20077491AAAABV7367)

Place: Mumbai

Dated: September 29, 2020

REVIVING GREEN REVOTUTION CELL

BAIANCE SHEET AS AT MARCH 3L,2O2ORegistration No.: 680 of 2007-08

Particulars Note No As at March 3t,2O2Olln ll

As at March 3t,2OL9lln {l

FUNDS AND TIABITITIES

FUNDS

(a) Earmarked Funds

(b) Fixed Assets Fund

(c) Income and Expenditure Account

UABtUTtES

Current Liabilities

TOTAI

ASSETS

(a) Fixed assets

(b) Loans and advances(c) Cash and bank balances

TOTAI

3

4

5

6

7

89

56,72,8859,46,707

81.010

t,44,00,8658,47,408

40.548

67,@,602 1,52,88,82L

7.24.870L,24,87O

67.@.ffi2 1.54,13,691

9,46,707r,23,915

56.29,980

8,47,4082,26,285

r.43.39,99867.OO.@2 1,54,13,691

iee accompanying notes forming part of the financial

;tatements1-18

In terms of our report attached.For Deloitte Haskins & Sells LIP

Chartered AccountantsFor Reviving Green Revolution Cell

U>\Al

Joe PrettoPartner

Place : MumbaiDate : Seotember 29.2020

Amrita S. PatwardhanSecretary

Place : LudhianaDate : Seotember 29,2020

REVIVING GREEN REVOLUTION CELT

Registration No.: 680 of2007-08

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED MARCH 3'-,2O2O

Particulars Note No, For the year ended

March 31,2020(ln t)

For the year endedM'arch 31,2019

(ln <)

!ncomeTransfer from Earmarked fundsTransfer from Fixed Assets fundOther income

ExpensesExpenditure on objects of the Society

(i) Grant paid(ii) Project expenses(iii) Establishment expenses(iv) Employee Benefit Expenses

(v) Depreciation and amortization expense

Total expenses

Excess of Income over Expenditure

10

ttt213

7

4,70,75,3812,49,884

40,462

3,43,49,8823,20,974

11,159

4,L3,O5,727 3,46,82,015

3,75,99,99724,81,3099,34,0752.49.444

8,!7,9142,94,77,790

40,54,178

3.20.9744,12,65,265 3,46,70,856

40462 .11.159

iee accompanying notes forming part of the financialrlttemcnt(

1-18

n terms of our report attached.For Deloitte Haskins & Sells [[PChartered Accountants

,oe PrettoPartner

Place : MumbaiDate : Seotember 29,2020

For Reviving Green Revolution Cell

t1>1/11

Amrita s. Patwariinln

REVIVING GREEN REVOTUTION CELLNOTES FORMING PART OF THE FINANCIAL STATEMENTS

1) Sociew overuiew:

Reviving Green Revolution Cell Cthe Society) is registered with the Registrar of Societies under

Societies Registration Act (XXl of 1860y and as amended by the Punjab Amendment Act, 1957 vide

Registration No. 680 dated 24th March, 2008. The Society is also registered under Foreign

Contribution (Regulation) Act, 2010 C'FCRA'1 vide registration no. 115300042 dated July 9, 2OL2 for

the period starting from July 9,20L2 to July 8,20L7 and renewed from July 9,20L7 to July 8,2022

The Society is engaged in implementing a number of projects focusing on agricultural development

and building rural livelihoods such as Integrated Productivity Management of Cotton, Wheat and

Basmati, Dairy in Punjab.

The Society incurs expenditure by way of grants given towards objects and projects expenses which

represent initiativeslactivities undertaken by the society.

2l Sisnificant Accountine Policies

Basis of Preparation of Financial Statements:

The financial statements have been prepared on cash basis except for provision for

gratuity and advances to vendors which is accounted for on accrual basis.

Fixed Assets:

a) Fixed assets are carried at cost less accumulated depreciation. Cost of acquis,ition of

fixed assets includes all direct expenses relating to acquisition of the asset.

b) Fixed Assets value upto < 5,000/- is fully depreciated in thti year of acquisition.

c) Fixed Asset fund is created for the fixed assets purchased from specific grant

received

Depreciation:

Depreciation on the fixed assets has been provided on written down value basis, in

accordance with the rates prescribed under Income Tax Act.

A.

B.

c.

D. Revenue Recognition:

a) Earmarked grants are initially credited to a grant account in the Balance

are transferred to Income and Expenditure Account in the year in

expenditure has been incurred. Interest from fixed deposit created from

and interest on savings accounts are transferred to respective grants.

b) Interest Income is recognized in the year of receipt.

Sheet and

which the

such fund

Nature of Assets Rate of Depreciation (Percentagel

Computers & Software 40%

Office Equipment L5%

Furniture and Fixtures LO%

Plant & Machinerv 15%

REVIVING GREEN REVOTUTION CEILNOTES FORMING PART OF THE FINANCIAL STATEMENTS

F.

c) Funds received from foreign donors are kept in designated bank accounts and

separate books of account are also maintained as per FCRA rules.

E. Grants:

Grants paid to activity partners are accounted as an expense in the year of payment.

Emplovee benefits:

a) Short Term Benefits:

Employee benefits are accounted as an expense in the Income and Expenditure

accounts the year in which payments are made.

b) Post Emplovment Benefit Plans:

Contribution to Provident Fund are recognised as an expense in the Income and

Expenditure Account when the employees have rendered services entitling them to

contribution.

Charge and provision for gratuity is recorded based on actuarial valuation done by

an independent actuary.

Foreign Currencv Transactions:

The Society has received foreign contributions under Foreign Contribution Regulating

Act, 2O1O read with FCRA Rules, 2011. The foreign contribution received has been

accounted for in the books on the basis of the Foreign Inward Remittance Certificate

(FtRC) copies issued by the banker. The exchange rate mentioned in the FIRC copy is

taken as conversion rate for the purpose of converting foreign contributions in lNR.

G.

REVIVING GREEN REVOIUTION CETI

Notes forminB part of the financial statements

Ar at March 31, 2020 As at March 31.2019

Balance at beginning of the year

Add: Received during the year

: Interest Income received during the year

Less: Transferred to Income and Expenditure AccountLess: Transferred to Fixed AsseB fund

Less: Refunded during the year

Less: Other Adjustments

Refer Annexure 3.1 for details

Particulars As at March 31, 2020,li ll

As at March 31,2019,r- tl

lalance at beginning of the year

\dd: Transferred from Earmarked Funds

.ess: Utilised during the year

4,47,4083,49,183

t) aa 99L'

tL,72,382s6,000

t?, )o 97a

9,6,707 8.47.408

AccountPartlculars As at March 31, 2020

,lr ?lAs at March 31,2019

lalance at beginning of the year

\dd: Excess of Income over Expenditure

40,5118AN AA)

29,38911.159

81,010 40.548

As at March 31, 2020 As at March 31, 2019

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REVIVING GREEN REVOTUTION CEtt

Notes forming part of the financial statements

Note:*The balance in savings accounts as on March 3L,2020 includes an earmarked amount of t NIL

(as on March 31,2Ot9,<L,24,87O1-l for gratuity liability.

and advancesParticulars As at March 3L,2O2O

(!n t)As at March 3t,20l9

' (ln <l

y'endor Advance

!ecurity Deposit

Advance Income Tax (TDS Recoverable)

29,000

21,000

73,915 2,26,285

1.23,915 2,26,285

Note 9 Cash and Bank Balances

Particulars As at March 31-,2O2O

lln tlAs at March 3t,20t9

lln tl

Cash and Bank Balance

Balances with banks(i) In Saving accounts*(ii) Term deposit Accounts

28,37,96227.92.014

t7,92,6561 ?1 L7 1L)

55,29,980 1.43.39.E 8

F,1>"1A

REVIVING GREEN REVOLUTION CEtt

Notes forming part of the financial statements-

Note 10 OtherParticulars For the year ended

March 31,2020lln tl

For the year endedMarch 31,2019

lln {lInterest from bank on owned fundsInterest refund ofTDSAmounts transferred from Closed grants

63528,59611.131

L,I49

10 01n

40.462 11,159

For the year endedMarch 31,2020

For the year endedMarch 31,2019

EPF Contribution and administration expenses

Professional Fees

Honorarium to Village Level Workers

Training and other related expenses

Staff Welfare ExDenses

Maintenance of Village Information Centres

52,06,5572,t7,t3t

94,50864,25,747

t,39,48,46037,48,454t0,6s,7434,34,208

6,22,OL7

64,t2,50024,662

44,56,225t,82,450

78,2327t,63,@3

r,t9,60,29534,35,4t4

6,35,5524,44,3t55,67,6744,73,702

22,L48

Note 12

ParticularsFor the year endedMarch 31,2020

For the year endedMarch 31,2019

llr ll

ialaries and allowances:ontribution to Provident fund and ESIC

Sratuityitaff Welfare Exoenses

8,40,91054,86024,O57A )49

9,34075

For the year endedMarch 31,2020

For the year endedMarch 31,2019

Auditors Remuneration- Audit fees- Out of pocket expensesLegal and Professional Fees

Travel, Lodging and Boarding Expenses

of Computer, Printer and Websitelectricity and Telephone Expenses

4,72,OO0

19,15111,15,016r,7t,699

51,356

1,01,1002,14,524

4,72,O@

27,36,9772,26,872

L,M,373

REVIVING GREEN REVOLUTION CEILNOTES FORMING PART OF THE FINANCIAL STATEMENTS

14. The society is registered under section 12AA of the lncome Tax Act, 1961, vide letter No. CIT-

llt/JBtt2N242tLO-IU6g4 dated May 2l,zoho which entitles it to claim an exemption from

Income tax provided certain conditions laid down in the lncome tax Act 1951 are complied

with. provision for tax will be made only in the year in which the Society is unable to

establish reasonable certainty of its ability to fulfill these conditions. The society has also

obtained a certificate under section 10t23Otivl of the Income Tax Act' 1951'

15. In the current year, the Society has transferred the amount pertaining to gratuity of its

employees to Life Insurance Corporation of India'

16. A nationwide lockdown was imposed during March, 2020 due to COVID 19 pandemic, RGR,

being an associate organisation of Tata Trust is following all protocols set out by the Board of

RGR during the lockdown. RGR along with the communities has done various interventions

virtually during the lockdown. The specifics are: (i) COVID precautions videos developed by

team members disseminated across geographies along with messages; (ii) distribution of PPE

kits to the Govt. of Punjab (iii) virtual capacity building on agriculture operations and also the

updating the migrant labourers upon the various schemes introduced by the Government.

However, the financial impact for 2019 -20 from these activities are not material.

The bifurcation of costs within various cost centers has been done based on Management's

judgement.

previous yeals figures have been regroupedt reclassified wherever necessary to correspond

with the current years classificatioudisclosure.

For Reviving Green Revolution Cell

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