Caritas India posts modest surplus amid shifting foreign contributions

Caritas India marked its milestone with renewed commitment to compassion, empowering communities nationwide through faith‑driven service, sustainable development, and the enduring joy of giving.

NEW DELHI (Indian Catholic News) — Caritas India, the Catholic Church’s social service arm, has reported a modest surplus in its audited foreign contribution accounts for the year ending 31 March 2024, despite a notable decline in overall funds compared with the previous year.

The audited financials, signed by J.C. Bhalla & Co. Chartered Accountants, reveal both resilience and challenges in sustaining programme commitments across health, education, environment and emergency relief.

The balance sheet shows total funds of ₹452.9 million, down from ₹526.8 million in 2023. The decline was largely driven by reduced designated funds, which fell to ₹933 million from ₹1.48 billion, reflecting lower inflows of foreign contributions. Investments also dropped sharply, from ₹394.7 million to ₹315.6 million, while cash and bank balances improved to ₹18.1 million from ₹10.2 million, signalling tighter liquidity management.

On the income side, Caritas India received ₹3.58 billion in foreign contributions, slightly higher than the previous year’s ₹3.47 billion. Interest income rose to ₹213.2 million, up from ₹199.2 million, while other income disappeared after a small disposal of assets in 2023. Total income stood at ₹3.79 billion, compared with ₹3.67 billion in the prior year.

Funding declines but core programmes hold steady

Programme expenditure accounted for the bulk of spending, totalling ₹3.22 billion. Relief of the poor and medical relief programmes absorbed ₹1.28 billion, while emergencies and rehabilitation programmes cost ₹843 million. Education and skill training programmes rose to ₹649.9 million, and environmental initiatives remained steady at ₹398.7 million. Capacity building and development programmes, however, fell sharply to ₹54.3 million from ₹135.3 million in 2023. Administrative expenditure was contained at ₹460.7 million, down from ₹489 million.

The receipts and payments account highlights the volatility in foreign inflows. Contributions during the year dropped to ₹2.71 billion from ₹3.93 billion in 2023. Fixed deposits and government bonds also contracted, with holdings in the State Bank of India, HDFC Bank and Federal Bank replacing earlier investments in South Indian Bank and government securities. Closing balances fell to ₹3.39 billion from ₹4.10 billion, underscoring the impact of reduced receipts.

Reserves shrink as investments contract

Schedules attached to the financials provide further detail. The endowment fund grew to ₹1.16 billion, buoyed by interest earnings of ₹70.8 million. The corpus fund remained unchanged at ₹1.20 billion. The general fund, however, shrank to ₹255.5 million from ₹502.5 million, after transfers to designated funds and capital expenditure. Fixed assets were broadly stable, with land holdings valued at ₹760 million and office premises at ₹338 million. Computers and office equipment saw additions, while depreciation and write-offs reduced net value.

The designated funds schedule illustrates the breadth of Caritas India’s project portfolio, ranging from child welfare initiatives such as Khushal Bachpan to disaster response and agricultural prosperity programmes. Receipts across these projects totalled ₹2.71 billion, but payments and transfers to the income and expenditure account reduced closing balances to ₹933 million.

The administration expenses schedule shows staff costs at ₹323.2 million, including salaries, provident fund contributions and welfare expenses. Other administrative costs brought the total to ₹460.7 million, slightly lower than the previous year. This reflects an effort to contain overheads while maintaining programme delivery.

Summary of financial position

Overall, Caritas India’s accounts for 2023–24 reveal a mixed picture. While foreign contributions fell sharply in receipts, allocations to programmes remained steady, ensuring continuity of relief, education and environmental initiatives. Interest income and endowment growth provided stability, and administrative costs were kept under control.

The organisation closed the year with a surplus of ₹109.2 million, up from ₹68.7 million in 2023, demonstrating prudent financial management. Yet the contraction in designated funds and investments signals a more constrained funding environment.

The figures suggest that Caritas India is balancing stability with caution, sustaining its mission despite reduced inflows, and highlighting the need to diversify funding sources to secure long-term programme commitments.

Read the audited financials.