In pursuance of Sub Section 5B of Section 18 of the Cost Accountants Act, 1959, the Annual Report of the Council of the Institute and the Audited Accounts of the said Institute

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-24092025-266331 EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY NEW DELHI, FRIDAY, SEPTEMBER 19, 2025/BHADRA 28, 1947 No. 641] THE INSTITUTE OF COST ACCOUNTANTS OF INDIA (Statutory Body under an Act of Parliament) (UNDER THE JURISDICTION OF MINISTRY OF CORPORATE AFFAIRS) NOTIFICATION New Delhi, the 19th September, 2025 F. No. G/20-CMA/9/2025.—In pursuance of Sub-Section 5B of Section 18 of the Cost Accountants Act, 1959, the Annual Report of the Council of the Institute and the Audited Accounts of the said Institute for the year ended 31st March, 2025 are hereby published for general information. D. P. NANDY Secy. (Officiating) [ADVT.-III/4/Exty./375/2025-26] 66th, ANNUAL REPORT, 2024-25 The Council of the Institute of Cost Accountants of India takes pleasure in presenting this 66th Annual Report giving the achievements and activities of Departments, Committees, Regions and Chapters of the Institute. Abridged Annual Report 2024-25 Directorate and its Activities Activities of the Committees/Boards/Cells/ Directorates ✓ President's Office President's Office facilitates coordination of various activities on behalf of the President of the Institute with departments of the Institute and external agencies. It may not be involved with the activities directly but indirectly there are many actions taken by the President's Office for the ease of coordination. The department also carried out various tasks, and jobs assigned by Council Members, Former Presidents and Higher Officials of the Institute. ✓ Directorate of Examination The Foundation, Intermediate and Final examinations were held in offline centre-based mode in June and December 2024 term. Examinations in each of the terms were conducted in 187 examination centres including 3 overseas centres. The number of examinees for the Foundation examination in both the term were 34,114. The number of examinees for the Intermediate and Final in both the term were 1,71,664. ✓ Directorate of Studies It primarily focuses on student-related activities and is committed to continually enhancing its services. It undertakes various initiatives through both offline and online modes to ensure maximum outreach and support for students. Presently it operates through its three distinct wings: (A) Academics (B) Administration (C) Training The Directorate mainly emphasizes on: 1. Students' Statistics 2. Initiatives taken for capacity building through qualitative improvements 3. Support services to the students 4. Social Responsibilities 5. Training 6. Online Mock Test ✓ Membership Department Under the guidance of the Members' Facilities Committee and the dynamic leadership of CMA Bibhuti Bhusan Nayak, President of the Institute, and CMA Avijit Goswami, Chairman of the Members' Facilities Committee, the Membership Department has consistently enhanced and streamlined its services—predominantly through online platforms—throughout the year. During the financial year 2024-2025, a total of 1630 individuals were admitted as Associate Members, while 478 members were elevated to Fellowship. Building upon the previously introduced enhancements, the following member-centric features have been sustained and further optimized: ➢ Restoration of Certificate of Practice ➢ Waiver of Online Transaction Charges ➢ GST Integration ➢ Simplified Fee Payment ➢ Expedited CoP Allocation ➢ Transparency Through Publications ➢ Enhanced Security Features ➢ Personalized Certification ➢ Ongoing Digital Advancements ➢ Credit Card Facilities • New Addition: Beginning in the 2024-2025 Financial year, all newly registered CMA members will receive a physical copy of their Identity card, in addition to the existing online access. Existing members may also obtain a physical Identity Card upon application. This enhancement marks a new addition to the current digital provision. • The Institute has signed a Memorandum of Understanding (MoU) with New India Assurance Co. Ltd. on February 7, 2025. Under this agreement, members, students, and employees of the Institute will be eligible for discounted premium rates on a range of insurance products. These include health insurance, professional indemnity insurance, motor vehicle insurance, personal accident policies, and office protection shield policies. This collaboration aims to provide comprehensive and cost-effective insurance solutions to support the well-being and professional needs of our community. ✓ Directorate of Journal & Publications ➢ The Directorate publishes monthly journal "The Management Accountant" and quarterly journal "Research Bulletin" on regular basis. ➢ The Management Accountant journal is now available in 94 countries across the world and continuously trying to increase the same to other parts of the world. ➢ The Management Accountant journal is available on apps for reading through third parties viz. Magzter and Readwhere and the Directorate is also trying to enlist the same to other platforms mainly at the International Level. ➢ Formation of Editorial Advisory Team for The Management Accountant ➢ Valuation Corner by CMA Rammohan Bhave ➢ Business Cases by CMA (Dr.) Girish Jakhotiya ➢ Successfully organized Webinars & Workshops and uploaded the same in the Youtube Channel of the Institute. ➢ Interview of Renowned Personalities ➢ "The Management Accountant" has been converted from .pdf to Kindle / FlipBook. The Flipbook is easy to use, responsive across all devices, improves the visual appearance of PDF files and has other interactive features that make the reading experience more engaging and enjoyable. ➢ The corporate database for posting complimentary copies to chiefs of Banks, RBI, IRDA, SEBI, Insurance companies and various other Industry leaders is being updated periodically. ✓ Information Technology Department Over the time, the Institute has begun leveraging emerging technologies viz. Artificial Intelligence (AI), Machine Learning (ML), and Cybersecurity, ensuring that its system remain agile and responsive to market changes: ➢ ERP Implementation at the Institute ➢ Artificial Intelligence (AI) ➢ Members Online System ➢ Online Student Registration System ➢ Creation of WhatsApp Channel of the Institute ➢ Designing, Development and Maintenance of Website of 61st National Cost & Management Accountants' Convention 2024 ➢ Migration of ICMAI website on the Amazon AWS ➢ Multipurpose Empanelment Scheme (MES) Scheme ➢ New look of ICMAI Chapter's Website ➢ CMA National Youth Commerce Olympiad (NYCO) 2024 ➢ Admit Cards & Result Hosting ➢ Online Events ✓ Professional Development & CPE Directorate ❖ACTIVITIES ➢ RECOGNITION OF CMAS ON THE INSTITUTE'S REPRESENTATION ➢ REPRESENTATIONS TO GOVERNMENT, PSUS, BANKS AND OTHER ORGANIZATIONS ➢ AWARDS OF THE INSTITUTE ➢ MANDATORY CAPACITY BUILDING TRAINING (MCBT) FOR COP HOLDERS ➢ NATIONAL CMA PRACTITIONERS' CONVENTION (NCPC-2025) ➢ WEBINAR SERIES ➢ SEMINARS & WORKSHOPS ➢ ONLINE PREPARATORY CLASSES FOR SEBI EXAMINATION ➢ ONLINE PREPARATORY CLASSES, UPSC RECRUITMENT TEST FOR THE RECRUITMENT OF ASSISTANT DIRECTOR (COST) ➢ MULTIPURPOSE EMPANELMENT SCHEME (MES) ➢ GUIDANCE NOTE ➢ GUIDELINES FOR MEMBERS UNDER CONTINUOUS PROFESSIONAL EDUCATION (CPE) 2024 ➢ CONTINUOUS PROFESSIONAL EDUCATION (CPE) PROGRAMMES ✓ International Affairs Department ❖ International Meetings & Events ➢ South Asian Federation of Accountants (SAFA) ➢ Confederation of Asian and Pacific Accountants (CAPA) and AFA ➢ International Federation of Accountants (IFAC) ➢ International Conference on Cost & Management Accounting ➢ IOD Conventions ➢ Webinar ✓ Board of Advanced Studies & Research ➢ Advanced Studies Courses ➢ Workshop ➢ Online Examinations ✓ Technical Department ➢ Cost Accounting Standards Board (CASB) ➢ Cost Auditing and Assurance Standards Board (CAASB) ➢ Technical Cell ✓ Banking, Financial Services & Insurance Board ➢ Representation letters for inclusion of CMAS ➢ Certificate Courses of BFSI ➢ Webinars ➢ Physical Events ➢ Publications ➢ MoU with The International Financial Services Centres Authority (IFSCA) ➢ BFSI Insight Summit organized by the Business Standard ➢ Seminar on 17th ICC Mutual Fund Summit 2025 organized by ICC in association with BFSIB, ICMAI on 21st June 2025 ✓ Sustainability Standards Board The Council of the Institute of Cost Accountants of India has constituted the Sustainability Standards Board (SSB) in the year 2022 with the objective to enable the members of the Institute play an active role in the Business Responsibility and Sustainability Report (BRSR) & Environmental, Social and Governance (ESG) compliance and disclosures. The SSB has done the following activities for the year 2024-25 under the Vasudhaiva Kutumbakam Webinar series: 1. Webinars 2. Monthly Newsletter titled Sukhinobhavantu 3. Certificate Course on ESG 4. Sustainability Month Observance in January 2025 5. ICMAI Sustainability Standards 6. E library in SSB Portal 7. Sustainability Calendar 8. Brand Image of Vasudhaiva Kutumbakam webinar series ✓ Management Accounting Committee The Management Accounting Committee of the Institute, is continuously making the endeavour to develop best practices and guidance on the relevant topics of Management Accounting that is of high importance to the members in practice, business and industry. The Committee proposes to facilitate communication and sharing of knowledge between the Institute and its members as well as other organizations dealing with Management Accountancy and to take up the task of issuing Management Accounting Guidelines and / or Good Management Accounting Practices on the significant areas of Management Accounting, worldwide. Three basic features: ➢ International Management Accounting Day ➢ Diploma in Advanced Management Accounting course ➢ Management Accounting Awards ✓ Members in Industry Committee ➢ Industry Insights – Bulletin Publications for FY 2024-25 ➢ 11th PHDCCI Global Rail Convention on "Indian Railways - Journey Towards Viksit Bharat through Innovation, Infrastructure, Investment & Industry Partnership" ✓ Cooperative Development Board The Board undertook the following activities during the Year 2024-25: ➢ Representation Letters ➢ Strategic Alliance ➢ Physical Programmes ➢ Training Programmes ➢ Webinars and Programmes ➢ Publications ➢ Meeting with the Ministers and Registrars of Cooperative Societies and Bank Executives in respective States. ➢ Research Initiatives ➢ Other Meetings and Events ✓ Internal Control Committee Internal Audit The Department had coordinated for the appointment of Internal Auditors for the financial year 2024-2025 at the Headquarters including Kolkata Office, Regional Councils and Chapters with Turnover exceeding Rs. 1 crore and above and also providing the scope of work and necessary coordination for such audit. Purchase Proposals The department has been vetting various purchase proposals originating from different departments at HQ, Delhi Office along with procurement proposals of Regional Councils and Chapters. ✓ Regional Council & Chapters Coordination Committee The Committee headed by CMA (Dr.) K Ch A V S N Murthy as Chairman is comprised of twelve Members (including the Chairman and three co-opted members). The Committee is tasked with: ➢ Bridging the gap among Headquarters, Regional Councils & Chapters ➢ Improving operational efficiencies ➢ Encouraging Regional Council & Chapters to cooperate with compliance, rules & regulations of the Institute ➢ Proactively identifying issues and facilitating joint action on cross-cutting issues or issues of shared Concern Activities of the Committee: ➢ Region wise Chapters Meets in 2024 - 25 ➢ National Chapters Meet in May 2025 ✓ Career Counselling & Placement Committee ➢ Pre-Placement Orientation Programme (PPOP) ➢ CMA Campus Placement Programme ➢ Career Counselling Initiatives ➢ National Youth Commerce Olympiad (NYCO) 2024 ➢ CMA Skill Enhancement Training (C-SET) Program ✓ Tax Research Department ➢ Workshop ➢ Physical Visits to the Ministry & Departments ➢ CMA Tax Volunteer Scheme ➢ Budget Seminar, 2025 ➢ Physical Seminar ➢ Celebrating the 7th Anniversary of GST Day, 2024 ➢ Observance of Income Tax Day, 2024 ➢ CMA Tax Conclaves ➢ Quiz ➢ Tax Bulletins ➢ Webinars ➢ Representation to the Government ➢ Inputs on Income Tax Bill ➢ Taxation Help Desk ➢ Taxation Courses Indirect Taxation • Certificate Course on GST • Advanced Certificate Course on GST • GST Course for College and Universities • Advance Course on GST Audit and Assessment • Certificate Course on International Trade Direct Taxation • Certificate Course on TDS • Certificate Course on Income Tax Return Filling • Advance Course on Income Tax Appeals and Assessment • Income Tax Course for College and Universities Top Stories The "Top Stories" section in the Taxation Portal is being updated on a regular basis to enhance the knowledge of the stakeholders. Updates on Notifications, Circulars, Judgements etc. are being uploaded under this section with a narrative gist on a real-time basis to enable the stakeholders to get updates on taxation matters. ✓ Peer Review Board During the year the PRB of ICMAI met once. The Board initiated assigning peer review assignments from 1st August 2024 by taking consent from the PUs and Reviewers through bulk emails. The Board of the Institute issued 18 Peer Review Certificates to the firms of Cost Accountants that were successfully reviewed by empanelled reviewers. ✓ CAT Directorate Activities: ➢ CAT Course for retiring/retired Defence Personnel ➢ 2nd National CAT Students' Convention 2025 of the Institute of Cost Accountants of India - "Future Ready Accountants: Empowering Skills for Tomorrow" ➢ Chapters and CAT ROCCs Meet ➢ Career Counselling ➢ New ROCC ➢ Examination ➢ Online Classes ✓ PR ➢ Institute's request to Govt. Ministries and Departments and its follow up ➢ Media Management ➢ Inviting VVIP's for Institute's Programmes as Chief Guests on behalf of the institute ➢ National Students' Convocation – 2025 of ICMAI graced by the Hon'ble President of India, Smt. Droupadi Murmu, on 23rd June, 2025 at Vigyan Bhawan, New Delhi ➢ General ✓ AGRICULTURE COST AND MANAGEMENT BOARD The Agriculture Cost Management Board (ACMB) of the ICMAI with a primary focus on contributing to the growth and development of the Agricultural Sector in India. ACMB is committed to promoting best practices in cost management and providing guidance to stakeholders in the agricultural sector. key focus areas include Revenue Management & Cost Control, Cost Benefit Analysis, Agricultural Supply Chain Development, Inventory Management, Capacity Building, FPO Management, Networking with public and private institutions engaged in research, academics, commerce, and business Enhancing awareness on cost and returns optimization and risk minimization throughout agricultural value chains. ➢ Diploma in Agricultural Cost Management (DACM) course, a joint initiative of ICMAI & IGNOU ➢ Publication of Research Monograph and Bulletin ➢ Webinar Organized by Agriculture Cost Management Board ➢ Celebration of Farmers' Day in December 2024 ➢ Participation in State Level Bankers' Committee Meeting ➢ Initiatives for building bonds with Agriculture Universities ➢ MSME & Start-up Promotion Board ➢ Publication of MSME TITBITS – A bi-monthly journal ➢ Exchanging Memorandum of Understanding (M.O.U.): ➢ MSPB as a Logo sponsorer and Knowledge partner ➢ Webinars ➢ Programmes held by the MSME and Start up Promotion Board with Different Bodies ➢ Celebration of MSME Month June 2025 ➢ Seminar organized by the Chapters and other Bodies in association with MSPB for the Celebration of MSME Month in June 2025 ✓ AI ➢ ICMAI has established a separate committee on Al to build Strategy & Capacity in use of Al in domain of Cost & Management Accounting. ➢ ICMAI has launched a 5-days course on Al to build capacity amongst its members, students and industry representatives. ➢ Launched AI based CMA-GPT to support the industry and professionals. ➢ ICMAI is also in the process of developing Al based tools to help students prepare for the exams and to test their knowledge. ➢ ICMAI is engaging with the businesses to understand their expectations in terms of creating Al Infrastructure in the domain of Finance, Costing, Management Accounting, Taxation, etc. ✓ INTERNAL AUDITING AND ASSURANCE STANDARDS BOARD ➢ Development of Sector-Specific Guidance Notes ➢ Webinar on Internal Audit ➢ Engagement with the Bureau of Indian Standards (BIS) ➢ Seminar on "Professional Avenues for CMAs and Internal Audit in AI" ➢ Representation in SEBI's Knowledge/Content Committee for NISM Certification ➢ Pursuit of Global Recognition ✓ TASK FORCE ON STRATEGY AND PLANNING FOR VISION 2047 In June 2024, IIM Ahmedabad undertook a project to study the various aspects of running of the Institute of Cost Accountants of India (ICMAI) and the CMA profession, to position ICMAI as a globally benchmarked, future-ready professional body cultivating value architects and finance professionals who integrate cost leadership, strategy, analytics, technology, and ethics to strengthen sustainable competitiveness. Over the last 15 months, the IIM Ahmedabad team has carried out an extensive data collection and stakeholder consultation process, based on which they are preparing the final report outlining the strategy and vision for ICMAI @ 2047. The major objectives of the project include: ➢ Curricular Recalibration ➢ Stakeholder-Centric Governance ➢ Technological Fluency ➢ Industry Integration ➢ Brand Stewardship The following data collection steps were undertaken by the IIM Ahmedabad team: ➢ Secondary Research & Benchmarking ➢ Survey Deployment ➢ Stakeholder Workshops ➢ Diagnostic Workshops ➢ Framework Development Next Steps: ➢ Blueprint Integration ➢ Interim Findings ➢ Implementation Roadmap INDEPENDENT AUDITOR'S REPORT The Council of THE INSTITUTE OF COST ACCOUNTANTS OF INDIA Report on the Audit of the Financial Statements Qualified Opinion We have audited the accompanying financial statements of THE INSTITUTE OF COST ACCOUNTANTS OF INDIA (‘the Institute') which comprises the Balance Sheet as at 31st March, 2025, the Statement of Income and Expenditure and the Cash Flow Statement for the year then ended and notes to the financial statements, including 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, except for the effects of the matters described in the Basis for Qualified Opinion section of our report, the accompanying financial statements prepared in all material respects in accordance with the Cost Accountants Act, 1959, give a true and fair view of the financial position of the Institute as at 31st March, 2025, its financial performance and its cash flows for the year then ended in accordance with the applicable Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI). Basis for Qualified Opinion 1. The consolidated financial statements of the Institute are prepared considering Headquarters - Delhi, Kolkata Office, four Regional Councils and one hundred nine Chapters. Financial statements of seven Chapters are not available for consolidation in the consolidated financial statements of the Institute. 2. There is an un-reconciled net credit balance of Rs. 2,67,53,700/- Cr (P.Y – Rs. 2,29,43,332/- Cr) classified under 'Current Accounts with Regional Councils and Chapters'. Refer Note No. 5 of Notes to Financial Statements. Financial impact of the above qualifications cannot be ascertained. We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India. 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 Institute in accordance with the ethical requirements that are relevant to our audit of the financial statements and we have fulfilled our responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. Emphasis of Matter We draw attention to the following notes: 1. In respect to Headquarters: a) Note No. 2(j) of Notes to Accounts which describes that, an amount of Rs. 4,99,78,350/- is lying in the books of Headquarters representing CWIP in respect Navi Mumbai Centre Excellence building at Belapur for which no further work has been carried out/undertaken during the last 6 years. 2. In respect to Western India Region Council (WIRC): a) Note No. 4(a) of Notes to Accounts, which describes that Claims receivable of Rs. 67,30,000/- and Deferred Expenses of Rs. 15,69,507/- appearing which are subject to litigation. The Claims Suspense – FDAPL of Rs. 67,30,000/- and Provision for Expenses (comprising Deferred Expenses) represent the same amounts pending the final settlement of the dispute. 3. The year-end balance confirmation of trade receivables, trade payables, loans and advances etc have not been received from the parties. Our opinion is not modified in respect of these matters. Responsibilities of Management for the Financial Statements Institute's Management is responsible for the preparation and fair presentation of these financial statements in accordance with the Cost Accountants Act, 1959 and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Management is responsible for assessing the Institute'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 Institute or to cease operations, or has no realistic alternative but to do so. The Management is responsible for overseeing the Institute's financial reporting process. 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 scepticism throughout the audit. We also: 1. 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. 2. Obtain an understanding of internal 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 Institute's internal control. 3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. 4. 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 Institute'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 Institute to cease to continue as a going concern. 5. 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. Other Matters 1. (a) We did not audit the financial statements of four Regional Councils and one hundred and nine Chapters whose financial statements reflect total assets of Rs. 2,61,04,65,777/- as at 31st March 2025 and total revenue of Rs. 59,10,74,242/- for the year ended on that date, as considered in the financial statements. The financial statements of these Regional Councils have been audited by Other Auditors, appointed by the respective Regional Councils and the financial statements of the Chapters have been audited by Cost Accountants appointed by Governing Bodies of the Chapter in terms of Regulation 133 of the Cost Accountants Act, 1959, and Clause 26 of the Chapter Bye-laws of the Institute, whose reports have been furnished to us by the Management and our opinion on the financial statements, in so far as it relates to the amounts and disclosures included in respect of these aforesaid Councils and Chapters is based solely on the reports of the Other Auditors and Cost Accountants respectively. (b) The financial statements for the year of the Institute do not include the financial statements of seven Chapters, as no financial statements have been received from these Chapters. Our opinion on the financial statements and our report on Other Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the Other Auditors and Cost Accountants, as the case may be and the financial statements certified by the Management. 2. The amount of Rs. 36,35,000/- released during FY 2020-21 is still lying as "Advance for Pune Building" under the head “Loans & Advances" and being treated as “Capital Grant". 3. During the FY 2024-25 an amount of Rs. 2,15,19,024/- GST input lying unutilized have been charged to Income & Expenditure Account. 4. An amount of Rs. 50,50,000 /- has been written back during the year in respect of excess provision made towards liabilities, which are no longer considered payable. The write-back has been recognized as “Other Income” in the Statement of Income and Expenditure for the year 5. An amount of 43,24,383/- has been written back during the year in respect of sundry creditor balances that had been outstanding in the books for a considerable period and are now considered no longer payable by the Management. 6. An amount of Rs. 78,66,556/- has been provided in the books on account of deficit and diminution in the value of investments pertaining to the Institute of Cost Accountants of India Employees' Provident Fund (Trust), based on the audited accounts of the Trust for the financial year 2024- 25. Report on Other Regulatory Requirements We further report that: a) Except for the effects of the matters described in the basis for qualified opinion paragraph above, we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit; b) Except for the effects of the matters described in the basis for qualified opinion paragraph above, in our opinion proper books of account as required by the Cost Accountants Act, 1959, have been kept by the Institute so far as appears from our examination of those books and proper returns adequate for the purpose of our audit have been received from the Regions and Chapters read with paragraph 1 of 'Other Matters'; c) The reports on the financial statements of the Regional Councils and Chapters of the Institute audited by the Other Auditors and Cost Accountants of the respective Regions and Chapters as have been received by us, were properly dealt with in preparing this report. d) The Institute's Balance Sheet, Statement of Income and Expenditure and Cash Flow Statement dealt with by this report are in agreement with the books of account. For KGRS & Co Chartered Accountants Firm Registration No. 310014 E Anshu Agarwal Partner Membership No. 308581 UDIN: 25308581BMNVTO1495 Place: Kolkata Date: 21st July, 2025 THE INSTITUTE OF COST ACCOUNTANTS OF INDIA BALANCE SHEET AS AT 31ST MARCH, 2025 | As At | PARTICULARS | Note | As At | | :---------------- | :---------------------------------------------- | :--- | :---------------- | | **31st March 2024** | | | **31st March 2025** | | | **SOURCES OF FUNDS** | | | | | **INSTITUTE FUND** | | | | 4,900,868,551 | General Fund | (1) | 5,475,356,119 | | 2,242,028 | Employees' Gratuity Fund | (2) | 2,608,441 | | 13,325,226 | Miscellaneous Prize Fund | (3) | 13,691,273 | | 19,342,262 | Other Funds | (4) | 14,376,255 | | 444,928,588 | Current Liabilities | (5) | 411,447,379 | | 15,590,847 | Provisions | (6) | 16,290,930 | | **5,396,297,502** | **TOTAL** | | **5,933,770,397** | | | **APPLICATION OF FUNDS** | | | | | **Non Current Assets** | | | | 699,110,042 | a) Property, Plant and Equipment | (7) | 811,960,380 | | 446,370 | b) Intangible Assets | (7) | 1,507,338 | | 88,089,199 | Capital Work In Progress | | 101,935,921 | | | | | | | 111,151,147 | Investments | (8) | 111,151,147 | | | | | | | | **Current Assets** | | | | 9,252,542 | Inventories | (9) | 6,483,285 | | 233,444,286 | Trade Receivables | (10) | 235,957,801 | | 4,189,698,434 | Cash and Cash Equivalents | (11) | 4,586,765,809 | | 65,105,481 | Loans and Advances | (12) | 78,008,717 | | | | | 4,907,215,611 | | **4,497,500,743** | | | | | **5,396,297,502** | **TOTAL** | | **5,933,770,397** | | | Significant Accounting Policies and Notes to Accounts | (20) | | | | Accompanying Notes 1-20 form an integral part of the financial statements | | | This is the Balance Sheet referred to in our report of even date. For KGRS & CO Chartered Accountants Firm Regn. No. : 310014E Anshu Agarwal Partner Membership No. : 308581 CMA Soma Banerjee Additional Director -Finance CMA TCA Srinivasa Prasad Vice President CMA Dr. Debaprosanna Nandy Secretary (Officiating) CMA Bibhuti Bhusan Nayak President Place: Dated: THE INSTITUTE OF COST ACCOUNTANTS OF INDIA STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31ST MARCH, 2025 | For the Year ended | PARTICULARS | Note | For the Year ended | | :----------------- | :---------------------------------------------- | :--- | :----------------- | | **31st March 2024** | | | **31st March 2025** | | | **INCOME:** | | | | 55,345,089 | Membership and Other Fees | (13) | 55,273,247 | | 1,304,622,758 | Tuition and Other Fees | (14) | 1,305,031,668 | | 341,082,187 | Examination and Other Fees | (15) | 356,856,736 | | 25,652,453 | C. P.D and Other Programme Fees | | 65,417,523 | | 467,702 | Journal Subscription incl. Advertisement | | 392,900 | | 820,546 | Sale of Publication | | 736,225 | | 259,317,463 | Interest | | 310,758,776 | | 10,315,948 | Other Income | | 21,180,174 | | | Donation Received u/s 80G | | 627,112 | | **1,997,624,146** | **TOTAL** | | **2,116,274,361** | | | **EXPENDITURE :** | | | | 383,233,281 | Establishment Expenses | (16) | 388,786,116 | | 198,581,521 | Office Expenses | (17) | 216,930,807 | | 2,391,310 | Statutory Audit Fees | | 2,535,978 | | 14,419,768 | Travelling & Conveyance | | 18,730,780 | | 239,833,167 | Examination Expenses | (18) | 292,217,296 | | 36,960,095 | Council and Committee Meeting Expenses | | 61,719,772 | | 20,192,488 | Election Expenses incl. Tribunal | | 12,060 | | 19,992,191 | Journal Expenses | | 14,856,580 | | 11,874,750 | Membership Subscription to Foreign Bodies | | 13,558,177 | | 4,212,601 | Conference & Meeting International | | 5,486,277 | | 44,254,997 | C. P.D, Technical Skill Development and Other Programme | (19) | 79,423,747 | | | Expenses | | | | 12,040,446 | Professional Development Expenses | | 23,662,916 | | 340,995,397 | Coaching Expenses | | 286,569,506 | | 73,218,780 | Study Materials and Prospectus Consumed | | 55,313,475 | | 2,907,718 | Publication Stock Consumed | | 1,448,926 | | 4,474,977 | Inventories and bad debts written off | | 1,371,854 | | 13,327,552 | Contribution to MBF & Critical illness | | 22,332,410 | | 50,341,405 | Depreciation and amortisation | (7) | 55,669,392 | | **1,473,252,444** | **TOTAL** | | **1,540,626,069** | | 524,371,702 | Balance being excess of Income over Expenditure | | 575,648,292 | | (135,754,171) | Prior Period Adjustments (Net) | | 4,236,128 | | 660,125,873 | Balance being Surplus transferred to General Fund | | 571,412,164 | | | Significant Accounting Policies and Notes to Accounts | (20) | | | | Accompanying Notes 1-20 form an integral part of the financial statements | | | This is the Statement of Income and Expenditure referred to in our report of even date. For KGRS & CO Chartered Accountants Firm Regn. No.: 310014E Anshu Agarwal Partner Membership No.: 308581 CMA Soma Banerjee Additional Director -Finance CMA TCA Srinivasa Prasad Vice President CMA Dr. Debaprosanna Nandy Secretary (Officiating) CMA Bibhuti Bhusan Nayak President Place: Dated: THE INSTITUTE OF COST ACCOUNTANTS OF INDIA CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2025 | For the year ended | PARTICULARS | For the year ended | For the year ended | | :------------------ | :---------------------------------------------- | :------------------ | :------------------ | | **31st March 2024** | | **31st March 2025** | **31st March 2025** | | | **A. CASH FLOW FROM OPERATING ACTIVITIES** | | | | 660,125,873 | SURPLUS BEFORE TAXATION AND EXTRAORDINARY ITEM | 571,412,164 | | | | ADJUSTMENTS FOR:- | | | | 50,341,405 | DEPRECIATION AND AMORTISATION | 55,669,392 | | | 710,467,278 | OPERATING SURPLUS BEFORE WORKING CAPITAL CHANGES | 627,081,556 | | | | ADJUSTMENTS FOR WORKING CAPITAL CHANGES | | | | (335,168,869) | INCREASE/(DECREASE) IN CURRENT LIABILITIES | (32,781,127) | | | (72,440,716) | (INCREASE)/DECREASE IN CURRENT ASSETS | (12,647,493) | | | (407,609,585) | | (45,428,620) | | | **302,857,693** | **NET CASH FROM OPERATING ACTIVITIES (A)** | | **581,652,935** | | | **B. CASH FLOW FROM INVESTMENT ACTIVITIES** | | | | (16,316,620) | MOVEMENTS IN PROPERTY, PLANT AND EQUIPMENTS INCLUDING CWIP | (127,758,027) | | | | DECREASE IN INVESTMENT | | | | **(16,316,620)** | **NET CASH FROM INVESTING ACTIVITIES (B)** | | **(127,758,027)** | | | **C. CASH FLOW FROM FINANCING ACTIVITIES** | | | | (74,260,088) | MOVEMENT IN FUND BALANCE | (56,827,534) | | | **(74,260,088)** | **NET CASH FROM FINANCING ACTIVITIES (C)** | | **(56,827,534)** | | **212,280,985** | **NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C)** | | **397,067,374** | | 3,977,417,448 | ADD-CASH & CASH EQUIVALENT AT THE BEGINNING OF THE PERIOD | 4,189,698,434 | | | **4,189,698,434** | **CASH & CASH EQUIVALENT AT THE END OF THE PERIOD** | | **4,586,765,809** | | | NOTES:- | | | | | i. The above Cash Flow Statement has been prepared under 'Indirect Method' as set out in Accounting standard, AS-3 on " Cash Flow Statement". | | | | | ii. Cash and Cash Equivalents represent : | | | | 941,070 | Cash in hand | 1,032,735 | | | 245,795,614 | Bank Balance – Current Account | 132,102,457 | | | 88,808,664 | Bank Balance - Savings Account | 150,599,421 | | | 3,854,153,087 | Fixed Deposits | 4,303,031,195 | | | **4,189,698,434** | | | **4,586,765,809** | This is the Cash Flow Statement refered to in our report of even date. For KGRS & CO Chartered Accountants Firm Regn. No.: 310014E Anshu Agarwal Partner Membership No.: 308581 CMA Soma Banerjee Additional Director -Finance CMA TCA Srinivasa Prasad Vice President CMA Dr. Debaprosanna Nandy Secretary (Officiating) CMA Bibhuti Bhusan Nayak President Place: Dated: THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS (CONTD.) NOTE NO.1 : GENERAL FUND | As At | PARTICULARS | As At | | :---------------- | :---------------------------------------------- | :---------------- | | **31st March 2024** | | **31st March 2025** | | 4,233,909,019 | Balance as per last Accounts | 4,900,868,551 | | | Add: | | | 73,320,604 | ⅰ) Capitalization of Chapter's Building | | | | ii) Capitalization of Chapter's land - Baroda | 25,489,388 | | | iii) Capitalization of Chapter's land - Coimbatore | 40,210,004 | | 4,243,819 | iv) Transfer of Capital- Vindhyanagar Chapter | | | **4,311,473,442** | | **4,966,567,943** | | **4,311,473,442** | | **4,966,567,943** | | 73,320,604 | Less- Adjustment for Chapters Building/Land | 65,699,392 | | 2,589,840 | Add: Entrance Fees (Member) | 3,075,404 | | **4,240,742,678** | | **4,903,943,955** | | 660,125,873 | Add: Surplus for the year as per annexed Statement of | 571,412,164 | | | Income and Expenditure | | | **4,900,868,551** | | **5,475,356,119** | NOTE NO. 2: EMPLOYEES' GRATUITY FUND | As At | PARTICULARS | As At | | :---------------- | :---------------------------------------------- | :---------------- | | **31st March 2024** | | **31st March 2025** | | 2,239,482 | Balance as per last Account | 2,242,028 | | (38,942) | Add: Contribution for the year | 91,968 | | **2,200,540** | | **2,333,996** | | 41,488 | Add: Interest earned on Fixed Deposit during the year | 57,675 | | | Less: Transferred to gratuity fund | (216,770) | | | during the year | | | **2,242,028** | | **2,608,441** | THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS (CONTD.) NOTE NO.3: MISCELLANEOUS PRIZE FUND | As At | PARTICULARS | As At | | :---------------- | :-------------------------------------- | :---------------- | | **31st March 2024** | | **31st March 2025** | | 12,880,698 | Balance as per Previous Balance Sheet | 13,325,226 | | 228,121 | Add: Addition during the year | | | 405,438 | Add: Income credited during the year | 587,580 | | (189,031) | Less: Cost of the prize | (221,533) | | **13,325,226** | | **13,691,273** | NOTE NO.4: OTHER FUND | As At | PARTICULARS | As At | | :---------------- | :-------------------------------------- | :---------------- | | **31st March 2024** | | **31st March 2025** | | 2,213,979 | Building Fund | 2,831,522 | | 4,577,251 | Library Fund | 4,597,251 | | 12,551,032 | Miscellaneous Fund | 6,947,482 | | **19,342,262** | | **14,376,255** | THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS (CONTD.) NOTE NO.5 : CURRENT LIABILITIES | As At | PARTICULARS | As At | | :---------------- | :---------------------------------------------- | :---------------- | | **31st March 2024** | | **31st March 2025** | | 1,172,900 | Library Deposit | 1,178,600 | | 173,194,354 | Trade Payables | 120,905,318 | | 22,943,332 | Current Account with Regional Councils and Chapters | 26,753,700 | | 221,457,656 | Other Liabilities | 242,171,251 | | 12,720,169 | Payable to Members Benevolent Fund | 1,341,327 | | 13,440,177 | TDS Payable | 19,097,183 | | **444,928,588** | | **411,447,379** | NOTE NO.6 : PROVISIONS | As At | PARTICULARS | As At | | :---------------- | :---------- | :---------------- | | **31st March 2024** | | **31st March 2025** | | 15,590,847 | Provisions | 16,290,930 | | **15,590,847** | | **16,290,930** | THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS NOTE NO. 7: PROPERTY, PLANT AND EQUIPMENT & INTENGIBLE ASSETS | Description of Assets | Opening Cost 01.04.2024 | Addition during the period | Less: Sale/ Adjustment during the period | Total as on 31.03.2025 | Upto 01.04.2024 | For the year | Add/(Less): Depreciation Adjustment during the year | Upto 31.03.2025 | As at 31.03.2025 | As at 31.03.2024 | | :------------------------- | :---------------------- | :------------------------- | :--------------------------------------- | :--------------------- | :-------------- | :----------- | :------------------------------------------------ | :-------------- | :--------------- | :--------------- | | **A. Property, Plant and Equipment :** | | | | | | | | | | | | FREEHOLD LAND | 209,455,429 | 139,150,287 | | 348,605,716 | | | | | 348,605,716 | 209,455,429 | | LEASEHOLD LAND | 64,431,251 | 461,648 | | 64,892,899 | 12,182,127 | 832,057 | | 13,014,184 | 51,878,715 | 52,249,124 | | FREEHOLD BUILDING | 810,789,364 | 419,190 | | 811,208,554 | 482,664,729 | 32,844,903 | 94,804 | 515,604,436 | 295,604,118 | 328,124,635 | | FURNITURE & FITTINGS | 104,875,073 | 195,493 | (1,308,894) | 103,761,672 | 56,447,871 | 4,858,934 | (1,730,607) | 59,576,198 | 44,185,474 | 48,427,202 | | LIBRARY BOOKS | 13,065,349 | 522,265 | | 13,587,614 | 12,413,443 | 408,199 | 87,927 | 12,909,569 | 678,045 | 651,906 | | OFFICE EQUIPMENTS | 114,494,564 | 8,236,692 | (132,344) | 122,598,912 | 77,345,143 | 6,490,295 | 134,072 | 83,969,510 | 38,629,402 | 37,149,421 | | GENERATORS | 16,833,084 | 599,844 | (239,831) | 17,193,097 | 12,762,789 | 688,278 | 88,754 | 13,539,821 | 3,653,276 | 4,070,295 | | LIFT | 17,251,331 | 3,599,000 | | 20,850,331 | 11,524,063 | 1,262,430 | | 12,786,493 | 8,063,838 | 5,727,268 | | MOTOR CAR | 4,137,092 | | (34,131) | 4,102,961 | 1,229,476 | 436,142 | | 1,665,618 | 2,437,343 | 2,907,616 | | COMPUTER | 75,117,882 | 15,321,447 | (31,089) | 90,408,240 | 64,770,736 | 7,334,142 | 78,909 | 72,183,787 | 18,224,453 | 10,347,146 | | CYCLE | 8,368 | | | 8,368 | 8,368 | | | 8,368 | | | | **TOTAL A** | **1,430,458,787** | **168,505,866** | **(1,746,289)** | **1,597,218,364** | **731,348,745** | **55,155,381** | **(1,246,141)** | **785,257,984** | **811,960,380** | **699,110,042** | | **B. Intangible Assets :** | | | | | | | | | | | | SOFTWARE | 42,407,076 | 1,539,991 | (21,757) | 43,925,310 | 41,960,706 | 514,011 | (56,745) | 42,417,972 | 1,507,338 | 446,370 | | **TOTAL B** | **42,407,076** | **1,539,991** | **(21,757)** | **43,925,310** | **41,960,706** | **514,011** | **(56,745)** | **42,417,972** | **1,507,338** | **446,370** | | **Grand Total** | **1,472,865,863** | **170,045,857** | **(1,768,046)** | **1,641,143,674** | **773,309,451** | **55,669,392** | **(1,302,886)** | **827,675,956** | **813,467,718** | **699,556,412** | | Previous Year | 1,351,914,541 | 121,600,858 | (649,536) | 1,472,865,863 | 732,435,269 | 50,341,405 | (9,467,223) | 773,309,451 | 699,556,412 | | | Capital-Work in Progress | 88,089,199 | 13,846,722 | | 101,935,921 | | | | | 101,935,921 | 88,089,199 | THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS (CONTD.) NOTE NO. 8: INVESTMENTS (AT COST) UNQUOTED | As At | PARTICULARS | As At | | :---------------- | :--------------------------------------------------------------- | :---------------- | | **31st March 2024** | | **31st March 2025** | | | **SHARES OF CO-OPERATIVE TRUST :** | | | 500 | 50 (Previous year 50) Shares of Rs. 10/- each in | 500 | | | Rohit Chambers Premises Co-operative Society Limited, Mumbai | | | | (earlier described as Jai Brindaban Premises Trust Fund, Bombay) | | | 110,000,000 | Investment in Insolvancy Professional Agency of ICAI | 110,000,000 | | | 1,10,00,000 (Previous year 1,10,00,000 Nos.) of paid up shares of Rs.10 | | | 1,100,000 | 1,10,000 (Previous year 1,10,000) Investment in ICMA- | 1,100,000 | | | Registered Valuers Organisation | | | 50,647 | Others | 50,647 | | **111,151,147** | | **111,151,147** | NOTE NO. 9: INVENTORIES | As At | PARTICULARS | As At | | :---------------- | :---------------------------------------------- | :---------------- | | **31st March 2024** | | **31st March 2025** | | 2,443,686 | Publication Stock | 1,556,354 | | 5,150,411 | - Study Material incl. Prospectus Stock | 3,184,089 | | 1,658,445 | - Stock of Other Material | 1,742,842 | | **9,252,542** | | **6,483,285** | THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS (CONTD.) NOTE NO. 10: TRADE AND OTHER RECEIVABLES (UNSECURED, CONSIDERED GOOD) | As At | PARTICULARS | As At | | :---------------- | :---------------- | :---------------- | | **31st March 2024** | | **31st March 2025** | | 30,447,801 | Trade Receivable | 39,766,530 | | 202,996,485 | Other Receivables | 196,191,271 | | **233,444,286** | | **235,957,801** | NOTE NO. 11: CASH AND CASH EQUIVALENTS | As At | PARTICULARS | As At | | :---------------- | :---------------------------------------------- | :---------------- | | **31st March 2024** | | **31st March 2025** | | | **Cash and Cash Equivalents :** | | | 941,070 | Cash in hand | 1,032,735 | | | **Balances with Scheduled Banks :** | | | 245,795,614 | On Current Account | 132,102,457 | | 88,808,664 | On Savings Account | 150,599,421 | | 3,854,153,087 | Fixed Deposits with Banks | 4,303,031,195 | | **4,189,698,434** | | **4,586,765,809** | THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS (CONTD.) NOTE NO.12: LOANS AND ADVANCES (UNSECURED, CONSIDERED GOOD) | As At | PARTICULARS | As At | | :---------------- | :------------------------------ | :---------------- | | **31st March 2024** | | **31st March 2025** | | 25,209,147 | Other Advances | 20,394,852 | | 560,261 | Festival Advance to Employees | 775,238 | | 22,824,667 | TDS Receivable | 35,389,396 | | 11,272,900 | Prepaid Expenses | 11,977,346 | | 5,238,506 | Deposit | 9,471,885 | | **65,105,481** | | **78,008,717** | THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS (CONTD.) NOTE NO.13: MEMBERSHIP AND OTHER FEES : | For the year ended | PARTICULARS | For the year ended | | :----------------- | :---------------------------------------------- | :----------------- | | **31st March 2024** | | **31st March 2025** | | 39,849,596 | Annual Membership Fees | 44,926,346 | | 9,053,240 | Members Certificate of Practice Fees | 9,230,956 | | 4,212,400 | Certified Facilitation Centre Fees | | | 917,130 | Members Complaint / Restoration Fees/Nomination Fees | 144,996 | | 519,050 | Nomination Fee | 164,445 | | 635,273 | Membership & Certification Fees - IMA(USA) | 698,074 | | 158,400 | Certificate of Good Standing | 108,430 | | **55,345,089** | | **55,273,247** | NOTE NO.14 : TUITION AND OTHER FEES : | For the year ended | PARTICULARS | For the year ended | | :----------------- | :---------------------------------------------- | :----------------- | | **31st March 2024** | | **31st March 2025** | | 23,330,224 | Student Registration Fees | 25,221,666 | | 12,660,000 | Practical Training Registration Fees | 18,180,000 | | 9,015,500 | Practical Training/Subject Exemption Fees | 18,959,500 | | 1,172,483,882 | Tuition Fees | 1,152,049,644 | | 63,638,312 | CAT Course Income | 68,924,962 | | 3,403,149 | Revalidation of Coaching Completion Certificates Fees | 2,616,376 | | 2,384,043 | Sale of Prospectus | 1,177,075 | | 17,707,648 | Sale of Study Notes | 17,902,445 | | **1,304,622,758** | | **1,305,031,668** | NOTE NO.15 : EXAMINATION AND OTHER FEES : | For the year ended | PARTICULARS | For the year ended | | :----------------- | :---------------------------------- | :----------------- | | **31st March 2024** | | **31st March 2025** | | 333,644,279 | Examination Fees | 350,221,255 | | 7,437,908 | Verification of Answers Paper Fees | 6,635,481 | | **341,082,187** | | **356,856,736** | THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS (CONTD.) NOTE NO.16 : ESTABLISHMENT EXPENSES | For the year ended | PARTICULARS | For the year ended | | :----------------- | :---------------------------------------------- | :----------------- | | **31st March 2024** | | **31st March 2025** | | 317,093,684 | Salaries and Allowances | 327,310,610 | | 9,861,775 | Employer's Cont. to Employees' Gratuity Fund | 8,347,985 | | 28,156,708 | Employer's Cont. to Employees' Provident Fund | 28,170,719 | | 11,674 | Employer's Cont. to Employees' Benevolent Fund | 13,392 | | 11,138,425 | Employer's Cont. to Employees' Leave Encashment | 6,508,053 | | 2,615,582 | Employees' Leave Encashment - Existing | 3,468,563 | | 8,907,614 | Medical Expenses | 10,523,136 | | 3,021,144 | Leave Travel Allowance to Employees | 1,667,263 | | 1,579,879 | RPFC Administration and E.D.L.I. Inspection Charges | 1,424,191 | | 846,796 | Training and Development (H.R.D.) | 1,352,204 | | **383,233,281** | | **388,786,116** | THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS (CONTD.) NOTE NO.17 : OFFICE EXPENSES | For the year ended | PARTICULARS | For the year ended | | :----------------- | :---------------------------------------- | :----------------- | | **31st March 2024** | | **31st March 2025** | | 7,317,924 | Printing & Stationery | 9,280,142 | | 9,837,384 | Postage,Telegra ms,Telephones and Fax | 8,747,518 | | 1,895,300 | Internal Audit Fees | 2,645,250 | | 13,201,224 | Electricity Charges | 14,087,453 | | 307,518 | Generator Expenses | 513,090 | | 3,260,076 | Rates and Taxes | 2,924,836 | | 352,016 | Insurance | 389,320 | | 10,747,121 | Repair and Maintenance | 13,806,454 | | 1,454,718 | Car Expenses | 1,822,078 | | 7,820 | Interest on Caution Money Deposit | 7,820 | | 5,864,645 | Legal Charges | 4,642,621 | | 861,575 | Bank Charges | 362,694 | | 6,868,394 | Computer Maintenance Expenses | 7,165,050 | | 4,477,108 | Public Relation Expenses | 4,629,484 | | 3,994,408 | Watch and Ward Expenses | 5,971,882 | | 520,003 | Books and Periodicals | 395,421 | | 236,550 | Delegate Fee | 798,554 | | 289,630 | Gazette Notification | 178,000 | | 3,602,231 | Staff Welfare | 4,230,750 | | 9,168,657 | Rent | 9,680,741 | | 104,452,397 | Administrative Charges | 112,882,425 | | 9,864,821 | Sundry Expenses | 11,769,225 | | **198,581,521** | | **216,930,807** | THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF FINANCIAL STATEMENTS (CONTD.) NOTE NO.18: EXAMINATION EXPENSES | For the year ended | PARTICULARS | For the year ended | | :----------------- | :---------------------------------------------- | :----------------- | | **31st March 2024** | | **31st March 2025** | | 91,892,216 | Examination Expenses | 85,548,473 | | 85,899,927 | Examiners' Remunaration | 119,662,586 | | 60,537,005 | Examination Center Expenses | 84,756,171 | | 14,250 | Examination Expenses for oral coaching Students | 1,804 | | 1,489,769 | Prize & Prize Distribution Expenses | 2,248,262 | | **239,833,167** | | **292,217,296** | NOTE NO.19: CPD PROGRAMME EXPENSES AND TECHNICAL SKILL | For the year ended | PARTICULARS | For the year ended | | :----------------- | :---------------------------------------------- | :----------------- | | **31st March 2024** | | **31st March 2025** | | 10,861,046 | CPD Expenses | 19,497,162 | | 99,308 | National Award including Best Chapter Award | 104,232 | | 5,790,327 | Regional Cost / National Convention Expenses | 16,083,827 | | 24,184,386 | CPD Expenses - RC's/Chapters | 38,107,113 | | 3,319,930 | Technical Skill Development | 5,631,413 | | **44,254,997** | | **79,423,747** | THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTD.) Note - 20 A. SIGNIFICANT ACCOUNTING POLICIES Basis for preparation of Financial Statements The Financial Statements are prepared as going concern under the historical cost convention, in accordance with the applicable Accounting Standards, the relevant provisions of the Cost and Accountants Act, 1959, as amended and on accrual basis unless otherwise stated. Basis of Consolidation The financial statements of Headquarter Delhi, Kolkata Office, its Regional Councils and Chapters are consolidated line by line by adding together the like items of assets and liabilities, income and expenses after eliminating all material intra group balances, intra group transactions and resultant unrealized surplus/(deficit). Necessary adjustments are made wherever required. Use of Estimates The preparation of the financial statements requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities and the reported income and expenses of the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Actual results could differ from the estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known/ materialized. Revenue Recognition (a) Entrance Fees from Members Entrance Fees received from members is credited to General Fund. (b) Student Registration Fees Registration Fees received from students is recognized as revenue income as and when the student is enrolled and payment is received. (c) Annual Members Fees Annual Members Fees is recognized in the year to which it pertains and when the payment is received except advances. (d) Tuition Fees Revenue in respect of Postal and Oral Tuition Fees are recognized as and when the student is enrolled and payment is received. THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTD.) Note - 20 (e) Sale of Publications Revenue in respect of sale of publications is recognized when such publications are transferred to a user for a price. (f) Examination Fees Examination Fees is recognized for the concerned term (s) to which it pertains. (g) Programme Fees Revenue from Programme Fees is recognized as and when such activity is undertaken. (h) Interest Interest income in respect of fixed deposits with Banks is recognized on accrual basis taking into account the amount accrued and at applicable rate. (i) Investment Income Income from Investments is recognized as and when the right to receive the same is established. Expenditure The expenditure is recognized on accrual basis including expenses related to postal and oral coaching except in the following cases: (a) The Annual Grants to Chapters are recognized on accrual basis based on claims. (b) Election expenses are recognized in the financial year in which it is incurred. Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and net of impairment, if any. Cost comprises the purchase price and any other cost, attributable to bringing the asset to its working condition for its intended use. Intangible Assets Intangible Assets being computer software are carried at cost less accumulated amortization and net of impairment, if any. Capital Work in Progress Expenditure incurred on construction of assets which is not ready for their intended use is carried at cost less impairment, if any, under Capital Work in Progress. THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTD.) Note - 20 Depreciation/Amortization (a) Depreciation/amortization on Property, plant and equipment and Intangible Assets is provided on written down value method as per Income Tax Act, 1961. (b) Leasehold land is amortized over the Lease period. The premium paid for acquisition of Lease Hold Land is amortized over the period of lease. The ground rent, if any, are recognized as expense in the year for which such charges are due or payable. (c) Library books are depreciated at 40% in the year of purchase. Investments Long term investments are stated at cost. However, when there is a permanent decline in the value of long term investments, carrying amount is reduced to recognize the decline. Inventories Publication stock, Study Materials and Paper Stock including Prospectus stock etc, are valued at lower of Cost or Net Realizable Value. Cost of Publications and that of Study Materials is determined on Weighted Average basis and cost of paper is determined on First-In-First-Out (FIFO) basis. Provisions, Contingent Liabilities and Contingent Assets (a) A provision is recognized: i. when there is present obligation as a result of past event; ii. it is probable that an outflow of resources embodying economic benefit will be required to settle the obligation; and iii. a reliable estimate can be made of the amount of obligation. (b) No provision is recognized for: i. any possible obligation that arises from past events and the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Institute; ii. any present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or a reliable estimate of the amount of obligation cannot be made. Such obligations are disclosed as Contingent Liabilities. These are assessed at regular intervals and only that part of the obligation for which an outflow of resources embodying economic benefits is probable, is provided for except in extremely rare circumstances where no reliable estimate can be made. THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTD.) Note - 20 Contingent Assets are not recognized nor disclosed in the financial statements. Foreign Currency Transactions Transactions in foreign currency are denominated at the exchange rate prevailing on the transaction date. Monetary items are reported by using the closing rate, prevailing at the Balance Sheet date. Differences in the exchange rate arising on the settlement of monetary items initially recorded/reported are recognized as income /expense, as the case may be, in the Statement of Income and Expenditure, in the period in which it arises. Employee Benefits (a) Short term benefit The short term employee benefit is recognized as expense when claimed during the period. Unclaimed amount is provided for. (b) Post-employment benefit Post-employment benefits such as Provident Fund, Gratuity, Leave Encashment etc. have been provided for, as applicable to Headquarter and Delhi Office and COEs. Impairment of Assets The carrying value of assets at each Balance Sheet date is reviewed for impairment. Impairment is recognized, if the carrying amount of these assets exceeds their recoverable amount. Taxes on Income The Institute has been granted exemption from Income Tax under section 12A read with section 11 of the Income Tax Act, 1961, as such no provision for income tax is made and no provision for deferred tax asset or liability is considered necessary. Prior Period income/expenditure Prior period items which arise in the current period as a result of errors or omissions in the preparation of financial statements in one or more prior periods are separately disclosed in the Statement of Income and Expenditure. GST Unutilized Balance Written Off Balance of GST Input Credit as on 31st March, 2025 lying unutilized is charged to Income & Expenditure Account. THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTD.) Note - 20 B. NOTES TO ACCOUNTS 1. Basis of Consolidation The consolidated financial statements of the Institute are prepared considering HQ Delhi, Kolkata Office, four Regional Councils and one hundred nine Chapters. Financial statements of seven Chapters namely, Jabalpur, Kutch-Gandhidham, Singrauli, Chandrapura, Jajpur-Keonjhar, Rajpur and Warangal are not included in consolidated financial statements during current year, having not been received. However, the consolidated financial statements include the previous year's figures wherever available of these chapters. 2. With respect to Head Quarter: a) Contingent Liability (to the extent not provided for) i) The Service Tax demand of Rs. 5,01,68,756/- (Previous Year Rs.5,01,68,756/-) along with applicable interest penalty of Rs. 5,01,68,756/- (Previous Year Rs. 5,01,68,756/-) as per Finance Act, 1994 RW CGST Act, 2017 against which a sum of Rs. 37,62,657/- (Previous Year Rs. 37,62,657/-) being 7.5% of the demand has been paid and shown under the head “Loans and Advances”. The Institute has filed an appeal against the demand which is yet to be adjudicated. ii) As per policy, medical expenses are reimbursed to the employees on submission of bills, subject to limits specified in the policy. As per the terms of the policy the unutilized balance can be accumulated for a period of 4 years. As on 31st March, 2025, the unutilized balance lying to the credit of the employees amounting to Rs 2,748,333/- (Previous Year Rs. 28,61,868/-). b) Exemption in respect of Income Tax has been granted under section 12A read with Section 11 of the Income Tax Act, 1961, Accordingly, no provision for income tax has been made. No provision for Deferred Tax Assets or Liability is considered necessary. c) All Prize Funds maintained by the Institute have been sponsored by different donors and are incorporated in the accounts with corresponding investment in Fixed Deposit with Banks, in terms of the decision of the Council. d) Fixed Deposits of Rs. 2,25,09,30,649 /- (Previous Year Rs. 1,90,48,46,113/-) (HQ Kolkata and Delhi office) e) Other Advances include Rs.1,36,097/- (Previous Year Rs.1,36,097/-) due from a former Council Member owing to disallowance by the MCA, Govt. of India and presently the matter is subjudice. f) Statutory Audit Fees (inclusive of GST) Rs. 5,12,710/- (Previous year Rs. 5,45,210/) Excluding Statutory Audit Fees in respect of Regional Councils and Chapters. THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTD.) Note - 20 g) Provident Fund contributions are made to “The Institute of Cost Accountants of India Employees' Provident Fund Trust." ICMAI PF Trust Board has taken a resolution in its meeting held on 16th December, 2024 backed by the decision of the Council of the Institute to surrender the PF registration under exempted category and to shift the PF Account to EPFO, Park Street, Kolkata, maintaining the same PF code number of the establishment. Accordingly, the PF Trust has submitted an application vide Form No. SE-1 to EPFO, Park Street, Kolkata for compliance of the same w.e.f. 1st April, 2025. EPFO granted the permission by issuance of Form No. SE-5 to the Institute to comply the PF formalities under un-exempted category and same is being complied accordingly. h) The liability in respect of Gratuity, as per Payment of Gratuity Act, 1972 (as amended) is recognized on the basis of contribution made to the LICI against the Group Gratuity Policy. i) The liability in respect of leave encashment is recognized on the basis of contribution made to an Approved Leave Encashment Fund maintained with the LICI. j) Construction of Navi Mumbai Centre Excellence building at Belapur, Navi Mumbai on the leasehold plot taken from CIDCO was started in the year 2012-13. The tender for the said construction was given to Gulraj Construction Pvt Ltd in the year 2013.As per the decision of the Council construction work of the building was stopped in the year 2015, the super structure of the building consisting of ground plus 3 above floors was completed. Due to this stoppage of the construction works Gulraj Construction, Civil Contractor of the project filed a case no. Commercial Arbitration Petition No. 613 OF 2021 in the year before the Hon'ble Arbitrator, Bombay claiming an amount of Rs. 4,70,40,974/- from the Institute for their loss of profit, overhead, escalation of cost due to time overrun of the project in the year 2017-18. The Bombay High Court vide order dated 6th May, 2025, disposed of the dispute between M/s Gulraj Constructions and the Institute of Cost Accountants of India, thereby directing the Institute to pay M/s Gulraj Constructions the amount as agreed by and between the parties vide the signed consent terms dt. 24th April, 2025. As agreed in the said consent terms dt. 24th April, 2025, the following is in the scheme of payment: - i) Down payment of Rs. 17,12,573/- (comprising of Interest to be paid Rs. 9,12,573/- and EMD Rs. 8,00,000/-) through transfer at the Respondent's bank account. ii) The balance amount of Rs. 18,83,275/- shall be paid soon after the said amount deposited by the Petitioner with Punjab National Bank for procuring the said Bank Guarantee is released by the said bank upon return of the Original Bank Guarantee from the Hon'ble Court. THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTD.) Note - 20 The amount has been fully provided for in the books of accounts as per the consent terms dated 24th April, 2025 (net of EMD of Rs. 8,00,000/-). k) Investments (Not held in the name of the Institute) i) Investments in Insolvency Professional Agency of ICAI include 6 shares of Rs. 10/- each not held in the name of the Institute but in the names of nominees of the Institute of Cost Accountants of India. ii) Investments in ICMAI Registered Valuers Organization include 1 share of Rs. 10/- each not held in the name of the Institute but in the names of nominees of The Institute of Cost Accountants of India. l) Amount of Rs. 36,35,000/- released during the FY 2020-21 is still lying as "Advance for Pune Building" under the head “Loans & Advances" due to pending land transfer in the name of Head Quarter. m) An amount of Rs. 50,50,000 /- has been written back during the year in respect of excess provision made towards liabilities, which are no longer considered payable. The write-back has been recognized as “Other Income" in the Statement of Income and Expenditure for the year. n) Physical verification of movable fixed assets was carried out for the financial year 2023-24. Based on the verification report, damaged/obsolete assets amounting to Rs 7,20,762/- were identified. Accordingly, the said assets have been written off in the books of account during the year. o) An amount of 43,24,383/- has been written back during the year in respect of sundry creditor balances that had been outstanding in the books for a considerable period and are now considered no longer payable by the management. p) An amount of Rs. 78,66,556/- has been provided in the books on account of deficit and diminution in the value of investments pertaining to the Institute of Cost Accountants of India Employees' Provident Fund (Trust), based on the audited accounts of the Trust for the financial year 2024-25. q) Based on the available information with the Institute as at 31st March, 2025, there is no amount including Interest thereon payable to Micro Enterprises and small Enterprises as defined under "The Micro, Small and Medium Enterprises Development Act, 2006", as amended. THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTD.) Note - 20 3. In respect of EIRC a) As per Actuarial valuation of group gratuity scheme by LICI vide receipt no. 3622 dated 1st July, 2024, EIRC has paid Rs. 2,27,797/- to the Group Gratuity Scheme maintained by LICI during the year. Gratuity Investment of EIRC is maintained with Life Insurance Corporation of India (LICI) and the balance as on 31st March, 2025 is Rs. 23,64,062/- as reflected to the certificate issued by LICI. b) Balance of sundry debtors worth Rs. 32,72,100/- is unconfirmed as no balance confirmation certificates were taken at the year end. c) In TDS Receivable amount balance of Rs. 7,17,990/- (previous year Rs. 4,14,918/-) is appearing as on 31st March, 2025. This would be thoroughly reconciled with reference to the physical TDS certificates as well as deposits to the department in the name of the Institute from Income Tax Portal. d) Sundry creditors amounting to Rs. 2,80,687/- is being unclaimed for more than 3 years. 4. In respect of WIRC a) Claims receivable from FDAPL of Rs 67,30,000/- as appearing in Current Assets and Deferred Expenses of Rs. 15,69,507/- as appearing in Loans, Advances & Deposits are subject to litigation. b) An amount of provisions for recoverable of Rs 4,20,707/- – Current Liabilities to be written back on being approved by the AGM since not payable. Similarly, the same amount is incorporated in the HQ Account as receivable which also needs to be written off subject to approval by the AGM. 5. In respect of NIRC a) An amount of Rs. 4.55 lakhs is lying as on 31st March, 2025 in the books of the region being current account balances with the Chapters which is yet to be reconciled. NIRC is in the process of the reconciliation of the same and the differences being very old shall be adjusted/accounted for in the Current year if not able to reconcile. b) Other loans to Chapters of NIRC- An amount of Rs. 34.87 lakhs loan has been given to various Chapters under NIRC. An amount of Rs. 9.87 lakhs is lying as on 31st March, 2025 in the books of the region being other loan to Chapters which is yet to be reconciled. The said differences identified are under reconciliation by NIRC and will be adjusted in the current year. c) The NIRC has the outstanding TDS demand of Rs. 60,580/-. These demands are more than 15 years old and not traceable, are being manually dealt with and will be discussed in the next RCM for its conclusion. THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTD.) Note - 20 d) Statutory Dues i. EPFO payable outstanding for FY 2023-24 includes Rs. 1,62,244 payable to EPFO as arrears and penalty u/s 7A vide letter DLCPM/17428/comp-II/3 dated 17th April, 2023, is in the process of reconciliation in the current year. ii. In the 'Employer Contribution to EDLI Payable' account, the opening balance as per the books of NIRC is Rs. 6,910/-. However, as on 9th April, 2024, the balance reflected is Rs. 1,846/-, resulting in a difference of Rs. 5,064/-. iii. In the 'EDLI Inspection Charges payable' account, the opening balance as per the books of NIRC is Rs. 4,107/-. However, as on 9th April, 2024, the balance reflected is Rs. 725, resulting in a difference of Rs. 3,382/-. e) The management is in the process of preparing the Fixed Assets Register. Physical Verification of Fixed Assets has been conducted during the FY 2023-24 and shall be again conducted in the next accounting year. f) The basis for the amount shown under ‘Accrued Income' of Rs. 30,39,200/- under Current Assets as on 31st March, 2025. 6. In respect of Cochin Chapter Contingent Liability a) During the Financial Year 2018-2019 there was a Sub Court order against the Institute. These cases were filed by the neighbors of CFE claiming damage to their building due to the construction carried out by the CFE. The decreed amount is Rs.19,38,785/- comprising of Rs. 13,00,000/- for compensation and Rs. 6,38,755/- towards interest. Chapter filed an appeal against this order with District court of Ernakulum along with the appeal, a stay petition was also moved and the District Court, Ernakulum was pleased to stay the operation of the decree on a condition that the chapter will furnish a bank guarantee to cover compensation and interest. Accordingly, two BGs for a sum of Rs. 15,00,000/- towards compensation and Rs.5,43,885/- towards updated interest were issued and submitted to Court. The District Court has upheld the verdict of the lower court and hence the Institute has decided to go for appeal in the Honorable High court of Kerala. The case has now been handed over to the HQ as per directives from HQ and case is handled by advocates empaneled by the HQ. The HQ has begun appeal proceedings. As the appeal is only in the primary stage, the final outcome cannot be predicted with any significant probability. The bank guarantee stands as per the directive of the lower courts. Hence, no provision for contingent liabilities is being made at this stage. b) In case of works contracts awarded by the Chapter for the Constructions of Building at Chalikkavattom, Gramina Vayanasala Road, Vytilla, Ernakulam, awarder is responsible for deduction of tax for those works contract involves both supply of materials and the labour. Cochin chapter is liable to deduct and pay the works contract tax from the contractors THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTD.) Note - 20 before the payment is made to them unless a certificate in form No. 1EE is collected from respective contractors. In the case of work contracts amounting to Rs. 75,80,762/- the Form 1EE is not obtained. The works contract tax liability on the above will be Rs. 6,06,461/- plus the interest. The Chapter has not taken WCT registration, as all contractors are registered with the tax department, and have agreed to submit Form 1EE. The Chapter has retained an amount of Rs. 4,67,057/- which will be released to contractors only after the liabilities in relation for 1EE have been fulfilled. 7. In respect of Bhubaneswar Chapter a) Provision for leave encashment had been made amounting to Rs. 3,52,760/- up to 31st March, 2024 by the Chapter in the FY 2023-24. However, the Head Office had taken Rs. 7,82,356/- for the period. The differential amount of Rs. 4,29,596/- is being treated as prior period expenses during the FY 2024-25. 8. Necessary adjustment entries pertaining to Regional Councils and Chapters have been made at the time of consolidation of financial statements. 9. Previous year's figures have been regrouped and rearranged wherever necessary to conform to the current year's classification/disclosure. Signatures to Notes 1 to 20 CMA Soma Banerjee Additional Director -Finance CMA TCA Srinivasa Prasad Vice President CMA Dr. Debaprosanna Nandy Secretary (Officiating) CMA Bibhuti BhusanNayak President Place: Date: Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054. SARVESH KUMAR