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SJMS ASSOCIATES |
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Chartered
Accountants. |
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S.THOMAS COLLEGE GURUTALAWA |
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OLD BOYS ASSOCIATION |
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STATEMENT OF RECEIPTS AND PAYMENTS |
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FOR THE YEAR ENDED 31ST DECEMBER 2003 |
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2003 |
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2002 |
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Note |
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Rs. |
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Rs. |
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INCOME |
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Membership Fees |
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27,000.00 |
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44,500 |
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Interest from
Deposits |
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23,841.07 |
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45,712 |
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Sale of History
Books |
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500.00 |
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13,000 |
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Member ship
Directory |
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15,300.00 |
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18,832 |
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Sundry Income |
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3,575.00 |
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2,500 |
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Income - Dinner
Dance |
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413,775.00 |
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1,042,443 |
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483,991.07 |
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1,166,987 |
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EXPENDITURE |
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Bank Charges |
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3,846.71 |
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5,246 |
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Advertisements |
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0.00 |
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27,785 |
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Postage &
Stationery |
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28,276.50 |
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11,038 |
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Consultancy
Charges |
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0.00 |
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54,000 |
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Transferred to
Development Fund |
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413,775.00 |
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1,042,443 |
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Refurbishments to
British Teachers Quarters |
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26,070.00 |
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0 |
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471,968.21 |
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1,140,513 |
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Excess of
Expenditure Over Income Transferred to |
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Accumulated Fund |
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12,022.86 |
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26,474 |
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S.THOMAS COLLEGE GURUTALAWA |
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OLD BOYS ASSOCIATION |
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BALANCE SHEET AS AT 31ST DECEMBER 2003 |
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31.12.2003 |
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31.12.2002 |
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Note |
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Rs. |
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Rs. |
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CURRENT ASSETS |
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Dr. Hayman's
Sculpture |
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55,000.00 |
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0 |
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College Website |
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12,000.00 |
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0 |
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Other Debtors |
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2 |
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263,000.00 |
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241,500 |
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Investments |
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3 |
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352,592.94 |
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644,021 |
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Cash & Bank
Balances |
4 |
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587,259.30 |
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487,071 |
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Total Assets |
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1,269,852.24 |
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1,372,592 |
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Accumulated Fund |
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5 |
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39,921.36 |
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27,899 |
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Cannon A.J. Foster
Scholarship Fund |
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147,625.00 |
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137,625 |
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Dr. R.L. Hayman
Scholarship Fund |
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135,625.00 |
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125,625 |
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Development Fund |
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6 |
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565,708.15 |
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1,042,443 |
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A.K. Chapman
Scholarship Fund |
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329,100.00 |
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0 |
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Farm Development
Fund |
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4,372.73 |
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0 |
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Dr. Hayman Foster
Museum Fund |
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47,500.00 |
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0 |
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1,269,852.24 |
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1,333,592 |
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CURRENT
LIABILITIES |
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Sundry Creditors |
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0.00 |
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15,000 |
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Accrued Expenses |
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0.00 |
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24,000 |
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0.00 |
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39,000 |
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Total Funds |
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1,269,852.24 |
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1,372,592 |
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sgd/G.C.Mendis |
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sgd/B.Wanigasekera |
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President |
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Treasurer |
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22-Feb-04 |
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NOTES: 2 - 6 |
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31.12.2003 |
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31.12.2002 |
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Rs. |
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Rs. |
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2. |
OTHER DEBTORS |
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Dinner Dance |
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251,500.00 |
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241,500 |
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Sundry Debtors |
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11,500.00 |
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0 |
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263,000.00 |
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241,500 |
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3. |
INVESTMENTS |
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National Savins
Bank A/C No. 1-0001-01-36603 |
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0.00 |
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7,757 |
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Commercial Bank
Treasury Bills |
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0.00 |
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236,264 |
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Standard Chartered
Grindlays Bank |
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Call Deposits |
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102,592.94 |
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400,000 |
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Fixed Deposit
National Savings Bank |
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250,000.00 |
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0 |
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352,592.94 |
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644,021 |
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4. |
CASH AND BANK
BALANCES |
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Standard Chartered
Grindlay Bank |
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A/C No.
01-1005359-01 |
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587,259.30 |
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47,673 |
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Standard Chartered
Grindlays Bank |
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A/C No.
01-1005359-02 |
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0.00 |
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439,398 |
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587,259.30 |
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487,071 |
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5. |
ACCUMULATED
FUND |
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Balance at the
beginning of the year |
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27,898.50 |
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575,353 |
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Less: Transferred
during the year |
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STC
Gurutalawa |
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0.00 |
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(316,240) |
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New Hall
Project |
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0.00 |
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(257,689) |
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27,898.50 |
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1,424 |
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Add: Excess of
Income over Expenditure |
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12,022.86 |
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26,474 |
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Balance at the end
of the year |
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39,921.36 |
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27,899 |
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2003 |
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Rs. |
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6. |
DEVELOPMENT
FUND |
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Balance Brought
Forward |
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1,042,443.40 |
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Sale of Tickets |
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469,500.00 |
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Advertisements |
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502,500.00 |
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Banners |
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28,000.00 |
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Donation |
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36,500.00 |
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Sale of Souvenirs |
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12,900.00 |
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1,049,400.00 |
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Less:
Expenditure |
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Hotel Charges |
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429,975.00 |
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Liquor and Wine |
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74,400.00 |
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Table Decorations
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30,670.00 |
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Printing Souvenirs |
42,100.00 |
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Advertisements |
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6,480.00 |
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Administrative
Managers Salary |
30,000.00 |
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Band - Zodiac
Performance |
22,000.00 |
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635,625.00 |
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413,775.00 |
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1,456,218.40 |
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Donations during
the year |
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269,530.75 |
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1,725,749.15 |
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Less:
Expenses Incurred |
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1,160,041.00 |
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565,708.15 |
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END |
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END |
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AUDITORS’ REPORT TO THE
MEMBERS OF
S. THOMAS COLLEGE GURUTALAWA OLD BOYS ASSOCIATION
We have examined
the Balance Sheet and Receipts and Payments Account with the books and
records maintained by S. Thomas College - Gurutalawa Old Boys Association
and have obtained all explanations that we require.
(a)
Though the Association is liable for income tax under Section 96
(1) of the Inland Revenue Act No. 38 of 2000, they are not registered for
tax. Further, a computation for taxation had not been prepared by the
Association.
In our opinion, except for
the adjustment or disclosure that may be required in the Financial
Statement due to the matter referred to in paragraph (a) above, the
Balance Sheet as at 31st December 2003 and the statements of
Receipts and Payments for the year then ended, exhibit a true and fair
view of the state of affairs of the Association, according to the best of
our information and explanations given to us and shown by the books of the
Association.
Sgd/ Partner
SJMS ASSOCIATES
Chartered Accountants.
Colombo
2nd February
2004
S. THOMAS
COLLEGE GURUTALAWA
OLD BOYS
ASSOCIATION
NOTES TO
THE FINANCIAL STATEMENTS
FOR THE
YEAR ENDED 31ST DECEMBER 2003
1.
ACCOUNTING POLICIES
1.1 The Balance Sheet and related statements of Receipts and
Payments of S. Thomas College - Gurutalawa Old Boys’ Association have been
prepared in conformity with the Generally Accepted Accounting Principles
on a historical cost basis.
1.2 The accounting principles have
been applied consistently.
Revenue and
expenditure are recognised on a cash basis.
END
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