A FIOCIa ASSOCIates Chartered Accountants

INDEPENDENT AUDITOR'S REPORT

To the Members of Lucknow Golf Club

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of Lucknow Golf Club, which comprise

the balance sheet as at 31st March 2019, and the statement of Income & Expenditure for the

year then ended, and a summary of significant accounting policies and other explanatory.

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

the aforesaid financial statements give the information required by the Act in the manner so

required and give a true and fair view in conformity with the accounting principles generally

accepted in India, of the state of affairs of the society as at March 31, 2019, and

income/expenditure for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) as specified. 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 club in

accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India and

the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with

these requirements and the Code of Ethics. We believe that the audit evidence we have

obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of Management for the Financial Statements

The Managing Committee is responsible with respect to the preparation of these financial

ASSO OCHAN statements that give a true and fair view of the financial position, financial performance, of the

Near Geeta Bhawan, 80 G.B Marg, Lucknow| camanishmanocha@gmail.com

Ph:0522-4026042 OUNTA RTRE

club in accordance with the accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 statements that give a true and fair view and are free from material misstatement, whether due to fraud or erro.

In preparing the financial statements, management is responsible for assessing the societies 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 society or to cease operations, or has no realistic aternative but to do so.

Auditor's Responsibilities 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:

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 control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by 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 Company'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.

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.

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.

Report on Other Legal and Regulatory Requirements

1 We report that:

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

b. In our opinion proper books of accounts as have been kept by the Society so far as appears from our examinations of those books.

M

C. The Balance Sheet and the Income & Expenditure account are in agreement with the books of account maintained at the head office at 1, Kaildas Marg, Lucknow and branches at Nil.

For M Manocha & Associates Chartered Accountants CRA

Dated: 24.09.2019

SSOC Place: Lucknow

(CA. Manish Manocha)

M.No:404516 FRN:016170C

UDIN:19404516AAAABN3480

Lucknow Golf Club 1 Kalidas Marg, Lucknow

Balance Sheet as on 31.03.2019

Llabilities Schedule Amount Assets Schedule Amount Flxed Assets 4 48,345,530.45 Capital Reserve 7,781,329.00

Curret Assets: 177,880,544.55 Cash & Bank Balance Reserve & Surplus

26,921,211.05 8,382,645.07

40,009.00 238,870.00 786,201.19

3,210,556.76 15,661,688.27 131,107,130.27

30,625.000

Dues from Members Current Liabilities: Dutles&Taxes Sundry Creditors Other Current Llablity Temporary Membership Fee Members Security Registration Fees Provlslon for Income Tax Golf Club Employees & Caddies

Welfare Fund

Staff Imprest 2,995,903.60 Staff Advance 1,216,654.50 Stock 4,259,576.14 Debtors 19,976,259.63 Other Current Assets 4,195,000.00 Investments

10,450,357.64 |Advance to Partles 2,631,277.00

3,996,690.00 Misc. Expenditure:

Lease Registration Expenses 659,125.0o

235,383,592.06 235,383,592.06

AUDIT REPORT AS PER OUR SEPARATE REPORT OF EVEN DATE ANNEXED

Dated: 24.09.2019 For M Manocha & Assoclates Chartered Accoutants AS For Lucknow Golf Club Place: Lucknow

(CA. Manish Manacha)rrot ACC

OUNTAN (Presldent) (Secretary) Joint Secretary cum

Treasurer) M NO:404516

FRN:016170C

Lucknow Gof Club 1 Kalidas Marg, Lucknow

Income & Expenditure Account for the Year Ending on 31.03.2019 Expenditure Salary to Staff Billiard Exp

Amount 10,693,963.54 |Income from Kitchen Sale

58,497.00 income from Bar sale

93,835.00 IGU Affiliation Fee 399,619.00 Income from Cub Party Events

2,200,806.00 Club Booking Charges246,425.00 Penalty

2,142,186.75 Green fees 797,410.00 Guest Fees

3,651,683.00 Tenure Membership 443,300.00 Golf Cart Rent

4,430.00Membership Card Fees 470,399.80 Election nomination form 20,000.00Monthly Subcription

133,313.68 Outstation Subscription Fees 507,050.85 Dependant Charges235,071.18 Billiards Fees

2,722,964.71 Swimming Pool Subscription 1,009,21152 6ym Charges

96,423.00 |interest on FDR & SB A/C 82,797.00 |Card Room fees 7,607.00 |Car Pass

217,048.76 Rent 1,034,925.42 Misc Receipts

97,458.24 Membership data 219,659.68 Sale of Membership Form

1,060,109.98 income from lce-Cream Sale 197,804.00 Scrap 439,276.00 Tambola 359,832.60 Rounding of

3,600,000.00 Excess of Exp over income 10,660.00

106,463.00| 2,720.00

148,233.00 3,237.00

657,165.00 29 315.00 30,552.00 81,918.00

197,715.00O 4,349,515.76| 4512,000.00

309,600.00D 34,400.00

2,631,277.00

Income Amount

Interest on Income Tax EPF A/c EPF FY 2002-2003 to 2017-18 Interest on EPF Course Maintenenace Bonus to Staff Electricity ExpensesS Bar License Fees Newspaper& Periodicals Legal&Professional Exp Internal Audit Fees Bank Charges Bar Expenses Uniform Exp Cub House Maintenance EXpenses on Tournaments Conveyance Exp Gym Expenses House Tax

3,540,386.02 5,481,265.99

34,120.00 5,465,927.39|

440,050.0 1,708,861-60 1,271,533.18 863,554.60

212,440.68 75,353.05 33.950.00 9,550.00

10,970,625.00 1,023,000.00

13,406.78 41,358.54

391,447.70o 154,903.4S

8,443,578.16 38,235.73

520.00 2,843,300.00

50.00 6,000.00

417,000.00 27,914.16 19,596.46 1,633.52 8,204.23

2,880,113.23

Kitchen Expense House Keeping Postage & Courier Exp Printing & Stationery Security EXp Staff Welfare Insurance Swimming Pool Exp Rent Freight& Forwarding Telephone Exp Mic Exp Club AGM & Election Exp ncome ax FY 2010-11 Staff incentive At Home exp Travel Exp Water Tax Staff Advance W/o Deprectation Rent FY 2008-09 to 2014-15 Lease Registration Exp 2008-09 to 2017-18 Lease Registration Exp 2018-199 Provision of Tax

46,417,879.47 46,417,879.47AUDIT REPORT

AS PER OUR SEPARATE REPORT OF EVEN DATE ANNEXED

So For M Manocha & Assaciates s

Chartered AccguntantsFor Lucknow Golf Club

Dated: 24.09.2019 Place: Lucknow

(CA. Manish Manocha), (President) Secretary)CouNTAN

Lucknow Golf Club 1 Kalidas Marg, Lucknow

Schedule:1

Reserve 8& Surplus

SI. No Particulars Balance as on 01.04.2018 Add: Permanent Membership Fees

Add:Transfer of Temporary Membership Fees Add: Corporate Membership Fee |Less: Excess of Exp over Income Less: Taxes for previous years |Less: transfer to Golf Club Emplyees & Caddies Welfare fund Bal. as on 31.03.2019

Amount 147,629,491.95 19,277,808.47 18,202,787.27 1,500,000.00 2,880,11323 1,852,739.91 3,996,690.00

177,880,544.55

8

Schedule: 2 Sundry Creditors

SI. No Particulars Amount Agarwal Accurate Printech P Ltd

Akeel Ahmad (Paneer Supply)khalid Belvedere Kitchen Sale Brindavan Bottlers Private Limited Cable House Ishwar Packaging Products Pvt. Ltd JAI DEVI SERVICE STATION

JEETU SONKAR Vegetable Supplier Kwality Foods M.F.Charcoal Suppliers Madhani's Traders & SupplierS Mathura Prasad Ram Kishan Perfectten Brand Communication Pvt Ltd Pragati Traders Raja Nonveg Supplier Seema Steel Sugamour Sunil Fish Supplierss UNISON ENGG. INDUSTRIES Usha Gas Agency

3,010.000 35,392.00

419,323.50 61,889.00

27,456.00 164,028.00 16,447.00 48,928.00 16,746.00 12,000.00 17,531.00

202,487.00 47,200.00 2,000.00 70,556.00 7,300.00 7,172.00D

16,956.00 978.00

39,255.00 1,216,654.50

8

9

10

13

14

15

18

19

20

OCHA

Lucknow Golf Chub e

1 Kalldas Marg, Lucknow Schedule-4

Schedule of Fixed Assets as on 31.03.2019

Bal as on Additions before Additions after Bal as on Total Rate Depreciation Particulars

Bullding Computers Course Equipments Crockery 8 Cutlery Electrical Equlpments Furnlture & Fixtures Kitchen Egquipments Office Equlpments Sports Equipments Swimming pool Plant & Machinery Gym Equipments Golf Cart

01.04.2018 27,176,297.17|

142,417.69 4,639,629.89

968,353.30| 2,353,293.11| 1,334,727.31| 3,048,493.62

970,611.98| 27,620.94

7,014,653.92 2,330,148.20

365,803.65 662,553.77|

30.09.2018 30.09.2018 31.03.2019 27,176,297.17|

142,417.69 5%1,358,814.86 25,817,482.31

56,967.08 716,806.25

100,060.94| 439,593.56 138,552.73 457,729.89 145,591.800

4,143.14 I 350,732.700 415,009.87| 66,129.89 99,383.07

85,450.62 4,061,902.10

904,889.90 2,723,378.49 1,246,974.58 2,596,841.69 825,020.19

23,477.80 6,663,921.23 2,384,222.58| 448,798.27 563,170.71

40%| 139,078.46 27,914.66 344,982.33 50,800.00

15% 4,778,708.35 1,004,950.84 10% 3,162,972.05 1,385,527.31 3,054,571.58 970,611.98 27,620.94

7,014,653.92 65,000.00 2,799,232.44

8,682.88 464,696.61 15%

10% 15% 15% 15%

6,077.96

5% 404,084.24 15%

514,928.15 15% 662,553.77 15%

148,124.50

51,035,604.57| 966,859.69 692,581.9552,695,046.21| 4,349,515.76 48,345,530.4S

ASs OCHA

CL iCcoUN

Lucknow Golf Club 1 Kalidas Marg, Lucknow

Schedule: 3

Other Current Liability

Particulars Staff Gratuity

Security Statutory Audit Fee

Amount 3,739,794.14

504,782.00

SI. No

15,000.000 4,259,576.14

Schedule:5 Cash & Bank Balance

Particulars Andhra Bank Canara Bank

|HDFC Bank Ltd (Club A/c) |IMC Bank IMC Bank Current A/VC IMC Bank Swimming Pool A/C State Bank Of India Union Bank (Saving A/c)

Union Bank of India (Current A/c) 10 Induslnd Bank-Current A/c 11 Indusind Bank-Saving A/c

12 Central BanK of India Yes Bank Cash In Hand

SI. No Amount

9,887.64 S5.00

1,288,277.83 46,609.42 1,000.00

43,842.00 587,385.00

6

38,419.50 25,475.27

2,944,437.14 18,648,929.96

2,000,000.00 146,516.00

13

1,140,376.29 26,921,211.05

S00

Lucknow Golf Club

1 Kalidas Marg, Lucknow

Schedule:6

Sundry Debtors

Particulars Big Apple Entertainment Devlok Hatcheries Amateur Golf Tournamen

Ekana Sports City Pvt Ltd Fratelli Mepta TZ Cash Card Ltd Kwality Foods Lucknow Mahotsav Samiti Tournament

Origins Advertising Pvt Ltd MRKS Enterprises Rotary Club United Spirits Youth Creation Bhartiya Associates In Imperial Sports Co..

SI. No Amount

41,200.00 256,634.00

9,360.00 21,000.00O 50,000.00

21,000.00 38,906.000 103,951.00 744,018.00

8,850.00 3,425.44

1,483,712.32 15,000.000

373,500.00 40,000.00

8

9

10 L1

L3

14

15

3,210,556.76

C -

Lucknow Golf Club 1 Kalidas Marg, Lucknow

Schedule:7 Other Current Assets

Particulars Devlok Distributors Electricity Security Ciub Housee Prepaid Bar License Fee Security Deposit TDS Received & TCS Devesh Rastogi- Security with National Consumer Dispute Redressal Commission income Tax AY 2013-14 Advance Income Tax Advance Rent 2019-20 Total

SI. No Amount

7,713,052.00215,938.00390,000.0058,873.00

3

1,271,825.276

500,000.0o

512,000.001,400,000.00

3,600,000.0015,661,688.27

7

Schedule:8

InvestmentsSl. No Particulars

F.D.R with HDFC Bank FDR Andhra Bank FDR State Bank Of India FDR With DCB Bank Ltd FDR With INDUSIND Bank FDR with Yes Bank

Amount 10,787,619.40

6,058,833.00 39,755,087.00 16,182,966.00 38,126,124.87 20,196,500.00

131,107,130.27

ASso

Lucknow Golf Club 1 Kalidas Marg, Lucknow

Schedule-9 Dues from Members

SI. .No Particulars Corporate Member Expire Members Honorary Life Members Senior Life Members Old Membership Outstation Member Permanent Member Temporaray Member Tenure Members Terminated Members Prepaid Card Balance Suspense

Amountt

133,618.05 79,313.08 38,636.18 14,286.37 232,415.71| 520,697.84

4,872,779.86 552,284.04 9,696.00

2,105,065.63 (90,102.00) (86,045.69

8,382,645.07

6

9

10

11

ASSOC

rc

M/S LUCKNOW GOLF CLUB

SIGNIFICANT ACCOUNTING POUCIES AND NOTES TO ACCOuNTS ANNEXED TO AND FORMING PART OF BALANCE SHEET AS AT 31 MARCH 2019 AND INCOME AND EXPENDITURE AccoUNT FOR THE YEAR ENDED ON THAT DATE:

Significant Accounting Policles & Notes to Accounts:

a. Accounting Concept:

The accounts have been prepared on Historical Cost Convention and on Accrual basis of

accounting. However the following are accounted on cash basis:

-Electricity & Telephone Expenses -Salary to Staff -femporary, Permanent Membership & Tenure Membership Fees

b. Accounting of Fixed Assets:

i Fixed Assets are valued at cost less depreciation

ii. Depreciation has been calculated on written down basis at the rates prescribed

under the Income Tax Act 1961.

Valuation Of Inventories:

Closing stock is valued at cost price or market price whichever is less on first in first out

basis is.

2. Figures have been grouped/re-grouped wherever found necessary.

3. Debtors, Creditors and outstanding from members are subject to confirmation.

4. Capital reserve comprises of capital grants received prior to 01/04/2006.

5. Member's subscription and other fees are taken in Income & Expenditure accounts while permanent membership fee is booked directly to reserves.

6. The balances in the old and in-operative bank acounts are subject to reconiliation.

7. The total outstanding & recoverable as on the date of the balance sheet from Sri Devesh Rastogi & his firms M/s Devlok Distributors & M/s Digizone is Rs. 82.13 lacs.

However the said amount is disputed by them.

8. As per the decision of the Managing Committee, the old advances relating to staff

amounting to Rs. 197715/- has been written off during the year.

9. Few members have made online payment amounting to Rs. 86045.69/- without specifying their details. This amaunt is booked under Suspense account and is pending for recondiliation. Similarly prepaid card balance of Rs. 90102/- is pending for recondliation due to non-availability of details.

ccou

2 Sodhi Singhal & Jain Chartered Accountants have been appointed as Internal

ditor beginning financal year 2018-19 for having better internal control on

Ounts ot the club.

1 cer the decision of Managing Committee dated 16.11.2018, a corpus is formed

ior welfare of Lucknow Gol Cub employees & caddies. This corpus is created at 10%

the membership fee aceruing between 16/11/2018 to 31/03/2019.

Contingent liability amounting to Rs. 28.98 lacs exists against Income tax appeal for

25sessment year 2013-14

Datec: 24/09/2019 For M Manocha & Associates For Lucknow Golf club

Pace Lwcknow Chartered Accountants

Onu uw%

Aanish Manocha) (President) (Secretary)

Joint Secretary' Cum Treasurer)