Atul Foundation 2021-22

Contents One of the first conditions of happiness is that the link between man and nature will not be broken. ~ Leo Tolstoy Legacy 01 Outreach 13 Identity 03 Operational highlights 14 Purpose and Values 03 Financial highlights 29 Chairperson’s foreword 04 Auditor’s Report 30 Organisation 05 Acknowledgements 36 Institutions 06 Make a difference 37 Footprint 12 Introduction to the programs 13 The logo of Atul Foundation Trust (Atul Foundation) is a representation of the tree of life. The tree symbolises the interconnection and metaphorical co-dependency of all aspects of life. It endeavours to convey that we do not exist for our own narrow objectives, but are part of the integrated ecosystem. We will make our own journey of life more meaningful if our way of living reflects a larger purpose. Management of natural resources is essential to achieve sustainable growth. The cover page shows a photograph of a team developing a gully plug as part of the natural resource management project. 412 structures to conserve soil and water are being built at Atul village to create a conducive ecosystem that will prevent soil erosion, increase water conservation and enhance green cover. The project is being implemented in collaboration with BAIF Institute for Sustainable Livelihoods and Development.

1 Legacy Much before the concept of Corporate Social Responsibility had evolved into its present form, Atul Ltd (Atul) has been engaged in serving the society with diverse initiatives related to education, empowerment, health, relief, infrastructure and conservation. Kasturbhai Lalbhai, the Founder of Atul and an Indian legend, ensured complete commitment to community development and welfare in every company he established. The primary reason for the establishment of Atul was to generate largescale employment and consequently improve the standard of living in rural India. His passion to give back to the society was reflected in his daily schedule; he spent half a day on growing businesses while the other half was dedicated solely to social service. He appointed Balwantrai Mazumdar, an economist and Siddharth Lalbhai, his elder son and a chemical engineer, to develop Atul, both of whom continued with the fine legacy. In 1978, Siddharth Lalbhai laid the foundation of Atul Rural Development Fund in an endeavour to further the rich legacy of his father and bring focus to rural development initiatives undertaken by Atul. He personally oversaw these initiatives which were being implemented and took keen interest in consistently improving their quality, variety and impact. Over the years, with an increase in the number and scope of various initiatives related to serving the society, Atul Foundation was established in 2010 as an umbrella trust of Atul.

2 Annual Report 2021-22 I Atul Foundation Kasturbhai Lalbhai (1894 - 1980) The legacy of Kasturbhai Lalbhai has been synonymous with three terms: excellence, perseverance and trusteeship. Social responsibility must include sympathy, helpfulness and willingness to forego self interest in order to promote the welfare, happiness and contentment of others and of the country as a whole. ~ Kasturbhai Lalbhai Balwantrai Mazumdar (1902 -1981) An economist, Balwantrai Mazumdar was a voracious reader, sound thinker, patient listener and a farsighted professional. He created an atmosphere of camaraderie that brought out the collective best in the people of Atul. He was the moving force behind making the first site of Atul one of the largest eco-friendly manufacturing facilities of its kind in the world. He remained with the Group till the end of his life as did most of the people who worked with Kasturbhai Lalbhai. Siddharth Lalbhai (1923 - 1998) A chemical engineer and the founder of Atul Rural Development Fund, Siddharth Lalbhai dedicated his life to the development of Atul. He accorded equal value to creation of wealth and service to society. The principles of trusteeship that he upheld, the personal qualities of integrity, perseverance, and simplicity that he lived by and the singleminded devotion that he gave to tasks on hand will always remain our guiding force.

3 Identity Atul Foundation was established by Atul on November 25, 2010. The Foundation is registered as a public charitable trust under Gujarat Public Trusts Act, 1950. Atul Foundation is an embodiment of the Purpose and Values of Atul towards serving the society. Purpose Atul Foundation is committed to fostering sustainable socio-economic upliftment, particularly in the lives of the underprivileged through relevant programs | projects. Values Empathy Perceive, relate and respond to the dif culties, emotions and needs of others Benevolence Help the needy without any discrimination, sel essly and humbly Collaboration Work as a team and develop meaningful partnerships to serve others Quality Conceive and execute projects to provide exemplary deliverables Honesty Re ect uprightness and transparency in every action Corporate Social Responsibility Policy of Atul Atul will volunteer its resources to the extent it can reasonably afford to contribute towards enhancing the quality of life, thereby the standard of living of people, particularly the marginalised sections of the society. Essentially, the indicative beneficiaries are the needy who are living below the poverty line in rural or urban areas, particularly where Atul is operating. The endeavour is to uplift them through the chosen programs so that they can live with dignity and self-respect. CSR Committee of Atul Ms Shubhalakshmi Panse (Chairperson) Mr Sunil Lalbhai Mr Bharathy Mohanan

4 Annual Report 2021-22 I Atul Foundation Chairperson’s foreword Dear All, 2021-22 was yet another disquieting year that tested our mettle and enabled us to narrow our focus on things that truly matter. Such unforeseen circumstances test the resilience of humanity. I am glad that Atul Foundation rose to the occasion amidst the second and third waves of the COVID-19 pandemic to live out its Values and mission with deeper convictions. The Foundation continued to address the needs of the communities through 34 meaningful projects under education, empowerment, health, relief, conservation and infrastructure programs. Atul Foundation collaborated with various experienced organisations, government departments, local governing bodies and communities to amplify its outreach. The collective impact of all the collaborative initiatives has touched the lives of many belonging to the rural communities inwhichwe operate. This year was also a remarkable one for the Foundation as 31 members joined the team. Tablet laboratory project at Kalyani Shala and Atal Tinkering laboratory at Atul Vidyalaya were established to promote self-paced learning among students. For the first time, 28 special children and 136 children living in difficult conditions in and around Atul village were provided need based intensive support. The Foundation renovated school buildings, toilets and anganwadis to provide safe and welcoming spaces for children. It also imparted vocational training to 983 young people and successfully created 29 selfhelp groups. It is our hope that these 348 women beneficiaries of the self-help groups will play a meaningful role in strengthening the economy of their respective villages. The Foundation managed to collect the highest number of blood units (3,258) thus far through 35 blood donation camps. The highest number of eye patients (5,876) were treated through 15 eye camps this year. The Foundation envisaged a comprehensive health project to improve anaemia and nutrition among adolescents and women from 10 surrounding villages. The rural parts of India were the most affected during second wave of the COVID-19 pandemic. The Foundation stepped in to play an active role in the smooth functioning of hospitals and health care centres. Atul Institute of Vocational Excellence at Dharampur was temporarily converted as a COVID-19 care centre, which treated 672 patients with the able support of Shrimad Rajchandra Mission. Ujjwal Atul, the solid waste management project became fully functional in 2021-22. As a part of this project, 259 tonnes of waste from 1,500 households of Atul village and plastic waste from five surrounding villages were collected. Out of the total waste collected, 196 tonnes have been recycled and added to the circular economy. This is a unique project that has generated a lot of interest among conversationalists, educational institutes, gram panchayats and various government bodies. We look forward to the upcoming year with the hope of incorporating our learnings and scaling up our projects, thus expanding the outreach. We hope to continue brightening the lives of the less privileged and leave a lasting impact to perpetuate the vision of our Founder. On behalf of Atul Foundation, I thank all supporters and well-wishers for their continued support and encouragement. Sincerely, (Vimla Lalbhai) Chairperson

5 No one can whistle a symphony. It takes a whole orchestra to play it. ~ Halford Luccock The Management Committee of Atul Foundation works under the overall direction and guidance of Board of Trustees. The Foundation is supported by teams required for operations and projects. The impact made by Atul Foundation is generally reviewed by the Management of Atul Ltd, its Corporate Social Responsibility Committee and its Board. The Foundation team consists of 324 members who work ceaselessly to serve the community and make conscious efforts towards sustainable development. The management expenses remained at 5% of the total amount spent on projects. Organisation

6 Annual Report 2021-22 I Atul Foundation Institutions Atul Foundation serves the society through following institutions: Kalyani Shala Established: 1953 Current strength: 1,736 Students graduated: 6,942 Highlights • Promoted self-paced learning with the help of tablets through the tablet laboratory project, benefitting 300 secondary grade students • Provided uniforms, shoes and ration kits to 287 needy students • Conducted two capacity building workshops for teachers on child rights and life skills • Renovated primary cluster covering 34 rooms • Promoted computer literacy by setting up a computer laboratory for primary grade students

7 Atul Vidyalaya Established: 1991 Current strength: 1,303 Students graduated: 661 Highlights • Established Atal Tinkering Laboratory under Atal Innovation Mission, an initiative of NITI Aayog, Government of India • Introduced student-led conference to encourage self-learning, growth mindset and development of short-term and long-term goals • Implemented Connect to Nature project, which included various activities, such as go green, meet the tree, micro-irrigation, bird feeder and creating compost pit • Organised career guidance sessions with professionals from diverse fields • Conducted alumni meet to connect past students with their alma mater

8 Annual Report 2021-22 I Atul Foundation Atul Vidyamandir Adopted: 2009 Current strength: 354 Students graduated: 644 Highlights • Recognised as Sustainable Development Goal champion school in rural category at Global Sustainability Awards in 2021 • Introduced measures aimed at understanding and adopting UNSD targets such as quality education for all, no hunger, and access to clean drinking water and sanitation • Introduced the concept of democratic school in a non-formal setting to prepare students to become responsible citizens • Initiated theme-based programs for value education and life skills training • Introduced Hriday Setu program for soft skill development of non-teaching staff

9 Atul Institute of Vocational Excellence Established: 2011 Students graduated: 8,616 Highlights • Trained 595 students in nine trades • Trained 178 students in five trades in collaboration with National Bank for Agriculture and Rural Development • Conducted short-term skill development training for Chemical Process Attendants • Conducted special program for students to develop life skills • Assisted in setting up COVID-19 care center

10 Annual Report 2021-22 I Atul Foundation Urmi Empowering women since 1953 Sun dried and iron pounded spices of the finest quality Team Urmi urmi dukān, Atul

11 Industrial Training Institutes Adopted: 2011 and 2017 The Industrial Training Institutes (ITIs) in Khergam, Sagbara, Ankleshwar and Bilimora operate under the public-private partnership model with the Government of Gujarat. The ITIs offer courses for a duration of one to two years in a range of vocations. Atul Club Established: 1995 Atul Club provides quality sport and recreational facilities to residents of Atul and surrounding towns | villages. It offers facilities for badminton, billiards, swimming, table-tennis and also has a well-equipped gymnasium. Utkarsh Established: 1965 Utkarsh provides a platform to promote social and cultural programs for residents of Atul and surrounding villages. It organises music and dance competitions, annual funfairs and cultural events. Ulhas Established: 1961 Ulhas promotes the health and well-being of residents of Atul and surrounding villages. It organises cricket tournaments, inter-village volleyball competitions and marathons.

12 Annual Report 2021-22 I Atul Foundation Footprint The great use of life is to spend it for something that will outlast it. ~ William James Atul Foundation predominantly works in and around the locations where Atul has its operations and offices, though it is gradually widening its coverage to other parts of India. During 2021-22, the Foundation has undertaken | supported projects in Gujarat, Karnataka, Maharashtra, Rajasthan and West Bengal. The map below indicates the districts | number of villages in Gujarat and states in India where Atul Foundation has undertaken | supported projects to serve the society during its journey of 12 years. Education Relief Empowerment Infrastructure Health Conservation 1,300 villages 16 districts 5 states 24 districts 1,400 villages

13 Introduction to the programs Do your little bit of good where you are; its those little bits of good put together that overwhelm the world. ~ Desmond Tutu Education Provide easy and affordable education to children belonging to all sections of the society Empowerment Impart vocational skills particularly to the underprivileged population so that they can be self-employed or obtain employment of their choice Health Support to improve well-being of communities through health education and linkages with affordable and quality health services Relief Offer quick support to victims of calamities, natural or man-made Infrastructure Provide adequate infrastructural facilities to residents of surrounding villages Conservation Promote the judicious use of natural resources and preserve ecology Outreach Nurtured 13,480 children through quality education Empowered 2,315 tribal youth and women through vocational training and through other initiatives Helped 21,502 children, youth, men and women through various health programs Equipped five hospitals with essential equipment and supported 1,586 poor people during COVID-19 pandemic Improved living conditions of 4,473 individuals and 12 villages through various infrastructure projects Collected 259 tonnes of waste from which 196 tonnes has been recycled and added to the circular economy

14 Annual Report 2021-22 I Atul Foundation Operational highlights During 2021-22, Atul Foundation undertook the following projects: Education By education, I mean an all-round drawing out of the best in the child and man-body, mind and spirit. ~ Mahatma Gandhi Anand Shiksha Niketan Aim: to provide quality education to first generation learners from the remote villages of Murshidabad, West Bengal Established: 2002 | Strength: 300 students • Collaborated with Anand Shiksha Niketan, a school founded by Babar Ali, who is recognised as the youngest headmaster of the world by BBC and has won many prestigious awards • Constructed second floor of the school building • Applied to state school authorities for starting grades 9 and 10 since new classrooms are being built

15 Education: other projects No. Project Location Implementing agency Impact 01. Improvement of teaching methodology for primary school children – Atul Adhyapika project 70 villages (Gujarat ) Atul Foundation (AF) Provided quality education to 4,446 primary children through 79 trained Atul Adhyapikas 02. Provision of educational kits to children 87 villages (Gujarat ) AF | Atul Rural Development Fund (ARDF) • Distributed writing material to 4,148 students of 34 schools in 17 villages • Distributed 336 kits with essential items to needy children 03. Provision of a computer lab in 3 rural schools 3 villages (Gujarat ) AF Provided 11 computers benefitting 583 students 04. Development of a school in tribal area Chondha (Gujarat ) AF Provided guidance and technical support to develop a tribal school, benefitting 192 students 05. Enhancement of rural education 2 villages (Gujarat ) AF | ARDF Appointed a computer teacher benefitting 183 students in a primary school 06. Support to needy | special children Valsad (Gujarat ) AF • Provided need-based support to 136 needy children and 28 special children • Supported 13 special children to register under Niramaya policy that will help in reimbursement of their therapy and treatment expenses

16 Annual Report 2021-22 I Atul Foundation No. Project Location Implementing agency Impact 07. Promotion of learning and life skills among children Bengaluru (Karnataka) Art Sparks Foundation Provided life skills to 50 students through art and craft 08. Support to children with special needs Bharuch (Gujarat ) AF | OSMOSIS Play Centre and Educational Games Library Provided therapy sessions to 31 special children 09. Support to needy and meritorious students through scholarships (Gujarat ) (Maharasthra) AF Issued scholarships to 21 needy students 10. Conservation of manuscripts Ahmedabad (Gujarat ) AF | L D Bharatiya Sanskruti Vidyamandir Provided support to digitise and create web portal to conserve about 80,000 ancient manuscripts 11. Publication of books on Indian culture Jaipur (Rajasthan) AF | Prakrit Bharati Academy Published 4 books promoting traditional knowledge and culture

17 Empowerment Nobody ever mastered any skill except through intensive persistent and intelligent practice. ~ Norman Peale Godaan Aim: to provide sustainable self-employment to tribal families through animal husbandry and livestock development 125 cows with calves | 125 tribal families 7 villages • Provided cows with calves to 125 tribal families with 50% contribution from the beneficiaries • Organised two animal infertility and general health camps and treated 157 cows • Developed 20 ethno-veterinary gardens to grow medicinal plants to prevent livestock diseases • Provided forward linkages to beneficiaries for selling milk

18 Annual Report 2021-22 I Atul Foundation Empowerment: other projects No. Project Location Implementing agency Impact | Outcome 01. Empowerment of women | youth through various vocational training courses Atul (Gujarat ) AF | ARDF • Trained 67 women in beauty and styling and garment making • Trained 52 students in basic computer skills • Trained 34 students in basic English • Trained 31 students in Chemical Process Attendant course • Trained 11 youth in domestic and industrial electrician course 02. Empowerment of women through self-help groups 12 villages (Gujarat ) AF • Conducted participatory rural appraisal • Formed 29 women self-help groups • Provided benefits of goverment scheme to 138 women 03. Provision of training for skill development to youth as apprentices Atul (Gujarat ) Atul Ltd Trained and employed 125 youth in Atul, over and above the statutory requirement under the Apprentice Act, 1961 04. Development of micro-entrepreneurs to provide sustainable livelihood Atul (Gujarat ) AF | ARDF Supported 111 micro-entrepreneurs in 7 trades by providing training and toolkits

19 Health Healthy citizens are the greatest asset any country can have. ~ Winston Churchill Blood donation camps and eye camps Aim: • to promote health and well-being among rural communities • to provide quality health services at the doorstep Blood donation camps: 35 camps | 3,258 blood units collected | 21 villages Eye camps: 15 camps | 5,876 patients treated 4,727 spectacles provided | 152 cataract operations | 15 villages Mega medical camp: 301 patients treated • Organised medical camps, blood donation camps and eye camps in the remote villages of Valsad district in association with local groups • Collected highest number of blood units and treated highest number of eye patients until now

20 Annual Report 2021-22 I Atul Foundation Health: other projects No. Project Location Implementing agency Impact 01. Promotion of nutrition gardens 9 villages (Gujarat ) AF | BAIF Institute for Sustainable Livelihoods and Development (BISLD) • Supported 2,120 families to develop nutrition gardens • Organised 8 training sessions on organic farming, farm mechanisation and improved agriculture • Registered 137 individuals in e-shram yojana and Pradhan Mantri Gramin Digital Saksharata Abhiyan • Registered 17 individuals in Ayushyaman Bharat Yojana 70 villages (Gujarat ) AF | ARDF Supported children to develop 432 nutrition gardens 02. Promotion of health and well-being of adolescents and women 10 villages (Gujarat ) AF • Conducted baseline survey to get an overview on anaemia | health status of women and adolescents • Provided 137 nutrition kits to adolescent girls and women • Conducted 10 special camps benefitting 1,247 women and adolescent girls • Conducted 11 awareness sessions with 394 adolescent girls from 3 schools • Conducted 109 one-on-one sessions with adolescent girls and women 03. Retrofitting of individual household toilets 6 villages (Gujarat ) AF | ARDF Renovated 165 units of household toilets benefitting 660 individuals 04. Provision of blood units to needy patients Bharuch (Gujarat ) AF | Seva Yagna Samiti Arranged 140 units of blood for needy patients

21 Relief Great opportunities to help others seldom come, but small ones surround us every day. ~ Sally Koch COVID-19 relief Aim: • to strengthen medical facilities to treat COVID-19 patients • to provide support to needy families and patients Supported: 5 hospitals | 1 COVID care center 50 families | 20 needy patients • Supported five hospitals to buy equipment, such as ICU beds, ventilator, HFNO, oxygen concentrators and BiPAP machines • Assisted in setting up COVID-19 care center, benefitting 959 patients • Distributed grocery kits and other essentials items to 50 poor families • Provided financial assistance to 20 COVID-19 patients • Provided wood to two crematoriums

22 Annual Report 2021-22 I Atul Foundation Relief: other projects No. Project Location Implementing agency Impact 01. Provision of fertiliser kits to farmers Haria (Gujarat ) AF | ARDF Supported 68 farmers 02. Support to needy patients Valsad (Gujarat ) AF Provided financial help to 34 needy and critically ill patients 03. Provision of tarpaulin during monsoon Atul (Gujarat ) AF Provided tarpaulin to 28 families living in kutcha houses to protect from leakages Provided educational kits to needy students Provided grocery kits to needy students Created awareness regarding COVID-19 vaccination Distributed tarpaulin to needy families

23 Infrastructure If you make the world better for the kids, you will make it better for everyone. ~ Kid President Child friendly infrastructure Aim: to build good quality child friendly infrastructure in rural areas Developed: 5 schools | 2 school toilet blocks 4 model anganwadis | 1 children park • Renovated five schools with 2,407 students • Built two school toilet block facilities, benefitting 406 students • Renovated four anganwadis to provide safe learning space to 160 students • Developed a children park in a village

24 Annual Report 2021-22 I Atul Foundation Infrastructure: other projects No. Project Location Implementing agency Impact 01. Development of infrastructure in villages 7 villages (Gujarat ) AF | ARDF • Renovated Panchayat bhavan in a village • Renovated a community hall in a village • Constructed a fishermen shed in a village • Constructed house for a needy family in a village • Constructed a community toilet block in a village • Installed paver blocks in 3 villages • Provided 90 LED lights in a village • Provided an inverter and battery to Valsad rural police station Community hall, Segavi Community hall, Chichwada

25 Conservation Energy conservation is the foundation of energy independence. ~ Tom Allen Solar project Aim: to promote renewable energy through solar project installed solar system with 45.07 kW capacity generates 67,605 kWh energy annually reduces carbon dioxide emission by 1,386 tons • Installed five solar pumps consuming 29,700 kWh energy annually for 37 agariya family members at Little Runn of Kutch • Installed two solar pumps consuming 14,820 kWh energy annually for 38 farmers at Valsad • Installed 15 kWh solar power plant in a tribal school with 192 students at Navsari, generating 22,500 kWh energy annually • Provided small solar system to 15 street vendors and three needy families at Valsad, generating 585 kWh energy annually

26 Annual Report 2021-22 I Atul Foundation Conservation: other projects No. Project Location Implementing agency Impact 01. Implementation of afforestation initiatives Atul (Gujarat ) Atul Ltd Planted 48,000 trees to preserve biodiversity 02. Establishment of solid waste management system in Atul village Atul (Gujarat ) AF | Saahas • Collected 259 tonnes of waste from which 196 tonnes have been recycled • Conducted awareness program with 11,000 people on responsible waste management practices 03. Implementation of natural resource management project Atul (Gujarat ) AF | BAIF Institute for Sustainable Livelihoods and Development (BISLD) Created 412 structures for conservation of soil and water at the Parnera hillock 04. Protection of animals Gujarat, New Delhi AF | Dhyan Foundation • Prepared and donated 50 beds from textile waste for stray animals • Provided rabies vaccine and reflective collars to 30 stray dogs • Provided food to 141 dogs • Provided fodder to cattle and rehabilitated rescued animals

27 Highlights of 2021-2022 Quality education - Atul Adhyapika project Women empowerment - self-help group project Improve nutrition - Atul Nutrition Garden Improve health and well-being - Sampoorna project Retrofitting of individual household toilet Waste management - Ujjwal Atul

28 Annual Report 2021-22 I Atul Foundation Dr Mukul Chandra Memorial Initiative for Preventive Health A life that touches others goes on forever. ~ Gautama Buddha Dr Mukul Chandra, a competent cardiologist and a valuable Atul ite was passionate about preventive cardiology. Dr Chandra positively challenged everyone to followa healthy lifestyle to prevent possible diseases. He has extensively worked to promote the use of CT calcium scoring as a reliable predictor of cardiac diseases. After his sad demise due to COVID-19 in 2020, his family started the Dr Mukul Chandra Memorial Initiative for Preventive Health in his loving memory in collaboration with Atul Foundation. The initiative is supporting 84 individualswith immediate risk of heart disease. CSR Excellence Award Atul Foundation received the CSR Excellence Award at the 24th HR CONVENTION 2022, organised by the Faculty of Social Work, The Maharaja Sayajirao University of Baroda. Contributors from the fields of HR and CSR were acknowledged through this award for fueling inclusive growth and implementing innovative practices in service to society.

29 Financial highlights Where the monies came from Particulars Amount received ` lakhs % Companies 1,128.47 67.74% Government grants 449.32 26.97% Donation (others) 12.87 0.77% Interest income 51.73 3.11% Miscellaneous income 23.47 1.41% 1,665.86 100% On which programs the monies were spent Particulars Amount spent ` lakhs % Education 775.04 32.73% Empowerment 325.94 13.76% Health 764.53 32.28% Relief 126.23 5.33% Infrastructure 194.38 8.21% Conservation 182.02 7.69% 2,368.14 100% Particulars Amount used ` lakhs % Programs 1,524.36 61.42% Asset creation 843.78 34.00% 2,368.14 Administration 113.70 4.58% 2,481.84 100% Spent from reserve balance (815.98) 1,665.86 How the monies were used 61% 34% 5% Programs Asset creation Administration 5% Education Empowerment Health Relief Conservation Infrastructure 33% 32% 14% 8% 8% Companies Government grants Donation (others) Interest income Miscellaneous income 68% 27% 1% 3% 1%

30 Annual Report 2021-22 I Atul Foundation Auditor’s Report Under Sub-section (2) of Section 33 of the Gujarat Public Trusts Act, 1950 and Rule 19 of the Gujarat Public Trust Rules, 1951 Name of the public trust: Atul Foundation Trust Registration number: E | 2571 | Valsad district We have audited the accounts of the above named Trust for the period ended March 31, 2022 and to the best of our knowledge and belief and according to the information and explanation provided to us beg to report that : a) Whether accounts are maintained regularly and in accordance with the provisions of the Act and the Rules? Yes b) Whether receipts and disbursements are properly and correctly shown in the accounts? Yes c) Whether the cash balance and vouchers in the custody of theManager or a Trustee on the date of the audit were in agreement with the accounts? Yes d) Whether all books, deeds, accounts, vouchers or other documents or records required by the Auditor were produced before him? Yes e) Whether a register of movable and immovable properties is properly maintained, the changes therein are communicated from time to time to the regional office and the defects and inaccuracies mentioned in the previous audit reports have been duly complied with? Yes f) Whether the Manager or a Trustee or any other person required by the Audit to appear before himdid so and furnished the necessary information required by him? Yes g) Whether any property or funds of the Trust were applied for any object or purpose other than the object or purpose of the Trust? No h) The amount of the outstanding for more than one year and the amount written off, if any Nil i) Whether tenders were invited for repairs or construction involving expenditure exceeding ` 5,000? NA J) Whether anymoney of the public trust has been invested contrary to the provisions of Section 35? NA k) Alienations, if any, of the immovable property contrary to the provisions of Section 36 have come to the notice of the Auditor? NA l) Any special matter the Auditor may think fit or necessary to bring to the notice of the Deputy or Assistant Charity Commissioner? No For B R Shah & Associates Chartered Accountants Firm registration number: 129053W Deval Desai Ahmedabad Partner June 20, 2022 Membership number: 132426

31 Form number 10B [See Rule 17B] Audit Report under Section 12A(b) of the Income Tax Act, 1961, in the case of charitable or religious trusts or institutions. We have examined the Balance Sheet of Atul Foundation Trust, AADTA1885G as at March 31, 2022 and the Profit and Loss account for the year ended on that date, which are in agreement with the books of account maintained by the said Trust or Institution. We have obtained all the information and explanations, which to the best of our knowledge and beliefs were necessary for the purpose of the audit. In our opinion, proper books of accounts have been kept by the head office and the branches of the above named Trust visited by us so far as appears from our examination of the books and proper returns adequate for the purpose of audit have been received from branches not visited by us subject to the comments given below: Nil In our opinion and to the best of our information and according to the information given to us, the said accounts give a true and fair view: i. In case of the Balance Sheet of the state of affairs of the above named Trust as at March 31, 2022 ii. In case of the Profit and Loss account of the profit or loss of its accounting year ending on March 31, 2022 The prescribed particulars are annexed hereto. For B R Shah & Associates Chartered Accountants Firm registration number: 129053W Deval Desai Ahmedabad Partner June 20, 2022 Membership number: 132426

32 Annual Report 2021-22 I Atul Foundation Annexure Statement of particulars I. Application of income for charitable or religious purposes 1. Amount of income of previous year applied to charitable or religious purpose in India during that year ` 7,13,92,625 2. Whether the Trust has exercised the option under Clause (2) of the explanation to Section 11(1)? If so, the details of the amount of income deemed to have been applied to charitable or religious purpose in India during the previous year No 3. Amount of income finally set apart for application to charitable or religious purposes, to the extent it does not exceed 15% of the income derived from property held under the Trust wholly for such purposes Nil 4. Amount of income eligible for exemption under Section 11(1)(c) (give details) Nil 5. Amount of income, in addition to the amount referred to in item 3 above, accumulated or set apart for specified purpose under Section 11(2) Nil 6. Whether the amount of income mentioned in item 5 above has been invested or deposited in the manner laid down in Section 11(2)(b)? If so, the details thereof NA 7. Whether any part of the income in respect of which an option was exercised under Clause (2) of the explanation to Section 11(1) in any earlier year is deemed to be income of the previous year under Section 11(1B)? If so, the details thereof NA 8. Whether during the previous year, any part of income accumulated or set apart for specified purposes under Section 11(2) in any earlier year: i) has been applied for purposes other than charitable or religious purposes or has ceased to be accumulated or set apart for application thereto, or NA ii) has ceased to remain invested in any security referred to in Section 11(2)(b)(i) or deposited in any account referred to in Section 11(2)(b)(ii) or Section 11(2)(b)(iii), or NA iii) has not been utilised for purposes for which it was accumulated or set apart during the period for which it was to be accumulated or set apart, or in the year immediately following the expiry thereof? If so, the details thereof NA II. Application or use of income or property for the benefit of persons referred to in Section 13(3) 1. Whether any part of the income or property of the Trust was lent, or continues to be lent, in the previous year to any person referred to in Section 13(3) (hereinafter referred to in this Annexure as such person)? If so, give details of the amount, rate of interest charged and the nature of security, if any No

33 2. Whether any land, building or other property of the Trust was made or continued to be made available for the use of any such person during the previous year? If so, give details of the property and the amount of rent or compensation charged, if any No 3. Whether any payment was made to any such person during the previous year by way of salary, allowance or otherwise? If so, give details No 4. Whether the services of the Trust were made available to any such person during the previous year? If so, give details thereof together with remuneration or compensation received, if any No 5. Whether any share, security or other property was purchased by or on behalf of the Trust during the previous year from any such person? If so, give details thereof together with the consideration paid No 6. Whether any share, security or other property was sold by or on behalf of the Trust during the previous year to any such person? If so, give details thereof together with the consideration received No 7. Whether any income or property of the Trust was diverted during the previous year in favour of any such person? If so, give details thereof together with the amount of income or value of property so diverted No 8. Whether the income or property of the Trust was used or applied during the previous year for the benefit of any such person in any other manner? If so, give details No III. Investment held at any time during the previous year(s) in concerns in which persons referred to in Section 13(3) have a substantial interest No. Name and address of the concern Whether the concern is a company, number and class of shares held Nominal value of the investment Income from the investment Whether the amount in column 4 exceeded 5% of the capital of the concern during the previous year say, yes | no 1. 2 3 4 5 6 Not applicable For B R Shah & Associates Chartered Accountants Firm registration number: 129053W Deval Desai Ahmedabad Partner June 20, 2022 Membership number: 132426

34 Annual Report 2021-22 I Atul Foundation Balance Sheet for the year ended March 31, 2022 (` lakhs) Funds and liabilities 2021-22 2020-21 Trust fund 1.00 1.00 Reserves and surplus 21.72 47.34 Current liabilities and provisions 1.71 0.42 24.43 48.76 (` lakhs) Property and assets 2021-22 2020-21 Fixed assets 3.43 2.02 Investments - 20.00 Current assets, loans and advances 21.00 26.74 24.43 48.76 As per our attached report of even date For and on behalf of the Board of Trustees B R Shah & Associates For Atul Foundation Trust Chartered Accountants Firm registration number: 129053W Ms Swati Lalbhai Mr Bharat Trivedi Trustee Trustee Deval Desai Partner Membership number: 132426 June 20, 2022 Ahmedabad

35 Income and Expenditure Statement for the year ended March 31, 2022 (` lakhs) Expenditure 2021-22 2020-21 Administrative expenses 26.58 17.91 Depreciation 1.43 0.83 Expenditure on objects of the Trust a) Education and Empowerment 335.26 117.23 b) Health 77.55 105.07 c) Relief 126.04 0.34 d) Infrastructure 52.39 61.04 e) Conservation 120.29 2.91 Surplus | (Deficit) carried over to the Balance Sheet (25.61) 13.30 713.93 318.63 (` lakhs) Income 2021-22 2020-21 Donations 707.24 305.89 Interest 6.69 12.74 Other income - - 713.93 318.63 As per our attached report of even date For and on behalf of the Board of Trustees B R Shah & Associates For Atul Foundation Trust Chartered Accountants Firm registration number: 129053W Ms Swati Lalbhai Mr Bharat Trivedi Trustee Trustee Deval Desai Partner Membership number: 132426 June 20, 2022 Ahmedabad

36 Annual Report 2021-22 I Atul Foundation Acknowledgements None of us, ever do great things. But we can all do small things, with great love, and together we can do something wonderful. ~ Mother Teresa Government organisations Development Support Agency of Gujarat Gujarat State Tribal Education Society National Bank for Agriculture and Rural Development NITI Aayog, Government of India Foundations, trusts and other entities Arvind Foundation RNC Free Eye Hospital Valsad Raktdan Kendra Valsad Badminton Association Companies and firms ABC Cable Krishna Enterprise Project partners Aatapi Seva Foundation Ambarnath Municipal Corporation Anand Shiksha Niketan Development Fund ArtSpraks Foundation Ashray Charitable Trust BAIF Institute for Sustainable livelihoods and Development Deepak Foundation Dhyan Foundation Jaina Anupam N Parmar Charitable Trust L D Bharatiya Sanskruti Vidyamandir Muni Seva Ashram Navchetan Manav Vikas Mandal OSMOSIS Play Centre and Educational Games Library Prakrit Bharati Academy Saahas Seva Yagna Samiti Sevashram Hospital Shreemati Jayaben Modi Hospital Tinku Memorial Trust Under The Mango Tree Society Vishwagram Trust Individuals Shakuntala Chandra Syamal De Meera Jasani Sunil Joshi Gopi Kanan Thirukonda Sharat Tripathi

37 There is no greater joy, nor greater reward than to make a fundamental difference in someone’s life. ~ Mary Rose McGeady Ever since its inception, Atul Ltd is conducting its business in an inclusive way. Atul Foundation is working to achieve sustainable development, particularly in rural areas to help uplift the lives of the underprivileged. The Foundation (FY 2021-2022) project spend: ` 2,368.14 lakhs, administration cost: ` 113.70 lakhs provides a complete account of the funds received for various projects and sends its annual report to every donor. If you wish to join our endeavour of enhancing the standard of living of the less fortunate and are looking for an organisation that will channelise and direct 100% of your contribution to projects at hand, Atul Foundation may be a good option. Given below are some of the projects the Foundation is currently implementing. If you wish to sponsor any project(s), please write to Contributions or donations to Atul Foundation qualify for tax exemption under Section 80G of the Income Tax Act, 1961. The donation amount may be remitted, along with the requisite information with respect to how you wish to participate (project, etc), by drawing a cheque in favour of Atul Foundation Trust and sending through RTGS as per the details given below: Bene ciary: Atul Foundation Trust Axis Bank Ltd, Atul Account number: 911010029486212 IFSC: UTIB0000459 Make a difference 2022-23: major projects Make a difference Education Empowerment Infrastructure Conservation Relief Health • Atul Adhyapika • Ojas project • Atul Uttra-self-help group for women • Godaan project • Sampoorna project • Health camp • Model Anganwadi • School toilet project • Support to critically ill patients • Natural Resource Management • Ujjwal Atul - a waste management initiative

38 Annual Report 2021-22 I Atul Foundation Notes

39 Notes

40 Annual Report 2021-22 I Atul Foundation Notes

Trust information Trustees Background Dr Vimla Lalbhai Chairperson FRCS - Royal College of Surgeons, London Social worker Dr Rana Vishnoi Managing Trustee PhD - Indian Institute of Technology, Mumbai Former Managing Director, Amal Ltd Mr Sharat Tripathi BTech - Indian Institute of Technology, Kanpur President - Human Resources, Atul Ltd Mr Bharat Trivedi BTech - Indian Institute of Technology, Mumbai Former President - IT, Atul Ltd Ms Swati Lalbhai ACA - Institute of Chartered Accountants of India Managing Director, Aagam Holdings Pvt Ltd Statutory Auditors Registered office Bankers B R Shah & Associates Atul Foundation Trust Axis Bank Ltd Atul 396 020, Gujarat India RBL Bank Ltd