Explaining CSR (Corporate Social Responsibility) expenditure by a Glassco Laboratory Equipments Private limited. In March-2023 Glassco Laboratory Equipments Pvt Ltd form one Trust in name of “Glassco Foundation”, which generally works for CSR activities only since March-2023.
Introduction to CSR
Definition:
- CSR refers to the efforts companies make to contribute to societal goals beyond their core business operations. This includes activities that benefit the community, environment, and stakeholders.
Regulatory Context in India:
- Under the Companies Act, 2013, certain companies are required to spend a 2% of their average profits of last 3 years on CSR activities.
Criteria for CSR Obligation
Who Needs to Participate:
- Companies with:
- Companies with:
- Net worth of ₹500 crore or more
- Annual turnover of ₹1000 crore or more
- Net profit of ₹5 crore or more in a financial year
CSR Budget
Calculation:
- Companies must spend at least 2% of their average net profit (over the last three years) on CSR activities. But Glassco Foundation is not just stick with this regulatory budget, if any project that hit us & passed in our criteria then we didn’t hesitate to contribute to those projects.
Types of CSR Projects taken by Glassco
Education
Education:
- Project:
- Scholarships: Providing 20 Books Set every year to students from low-income families to pursue education. We did this contribution (INR 42000) by our Glassco Foundation only.
- Scholarships: We also contribute (INR 100000) towards sponsorship of Higer Education of one of Brilliant Student near of our Village (where company is located)
Health
Project Examples:
- Project:
Implementation and Reporting
CSR Committee:
- A committee of board members oversees CSR activities, ensuring they align with the company’s objectives and regulatory requirements.
Reporting:
- Company report their CSR expenditures and activities in their annual reports, detailing the projects undertaken, funds spent, and the impact of their initiatives.
Impact and Challenges
Impact Measurement:
- Evaluating the effectiveness of CSR projects and their impact on the community and environment is essential.
- Ensuring projects align with both societal needs and business goals. Navigating regulatory requirements and maintaining transparency in reporting.
Vision
Glassco Foundation is formed with the only purpose to give back something to our Society in form of Education, Healthcare, Infrastructure or other welfare. Beside what we have written above as done by Glassco as CSR, Glassco Foundation also involve right now in different projects under CSR in similar or different fields, some of which are as below:
A. Going to start Funding one of the schools, which runs by a lady (Ex Principle of renowned school of our area). Whose main moto is to give a better life to those who
want to take education to give better life to self & their families but can’t afford that education in today’s world.
B. We also did something in this year in field of Environmental and is that we Installed Borwell in Village Manglai, to provide better drinking water to the people who resident in that village.
C. One of our project is also going to install street lights with Solor power in Village Manglai, the purpose is to develop a good infra.
Details of Expenditure done in 2023.
| Participants | Amount in INR |
|---|---|
| Education Sponsorship | 100000 |
| Jain Society for School Books distribution [Paid through Glassco Foundation] | 42000 |
| Rotary Ambala Cancer Detection & Welfare Society | 1200000 |
| Sai – Aasra Paraplegic Rehab Centre | 1800000 |
