Home > OBA > Year 2003
 

SJMS ASSOCIATES

 

 

 

 

 

 

Chartered Accountants.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

S.THOMAS COLLEGE GURUTALAWA

OLD BOYS ASSOCIATION

STATEMENT OF RECEIPTS AND PAYMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2003

 

2002

 

 

 

Note

 

Rs.

 

Rs.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Membership Fees

 

 

 

27,000.00

 

44,500

Interest from Deposits

 

 

23,841.07

 

45,712

Sale of History Books

 

 

 

500.00

 

13,000

Member ship Directory

 

 

15,300.00

 

18,832

Sundry Income

 

 

 

3,575.00

 

2,500

Income - Dinner Dance

 

 

413,775.00

 

1,042,443

 

 

 

 

 

483,991.07

 

1,166,987

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXPENDITURE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank Charges

 

 

 

3,846.71

 

5,246

Advertisements

 

 

 

0.00

 

27,785

Postage & Stationery

 

 

 

28,276.50

 

11,038

Consultancy Charges

 

 

 

0.00

 

54,000

Transferred to Development Fund

 

 

413,775.00

 

1,042,443

Refurbishments to British Teachers Quarters

 

26,070.00

 

0

 

 

 

 

 

471,968.21

 

1,140,513

 

 

 

 

 

 

 

 

Excess of Expenditure Over Income Transferred to

 

 

 

 

 

Accumulated Fund

 

 

12,022.86

 

26,474

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

S.THOMAS COLLEGE GURUTALAWA

OLD BOYS ASSOCIATION

BALANCE SHEET AS AT 31ST DECEMBER 2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31.12.2003

 

31.12.2002

 

 

 

Note

 

Rs.

 

Rs.

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Dr. Hayman's Sculpture

 

 

55,000.00

 

0

College Website

 

 

 

12,000.00

 

0

Other Debtors

 

2

 

263,000.00

 

241,500

Investments

 

3

 

352,592.94

 

644,021

Cash & Bank Balances

4

 

587,259.30

 

487,071

 

 

 

 

 

 

 

 

Total Assets

 

 

 

1,269,852.24

 

1,372,592

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Fund

 

5

 

39,921.36

 

27,899

Cannon A.J. Foster Scholarship Fund

  

 

147,625.00

 

137,625

Dr. R.L. Hayman Scholarship Fund

 

 

135,625.00

 

125,625

Development Fund

 

6

 

565,708.15

 

1,042,443

A.K. Chapman Scholarship Fund

 

 

329,100.00

 

0

Farm Development Fund

 

 

4,372.73

 

0

Dr. Hayman Foster Museum Fund

 

 

47,500.00

 

0

 

 

 

 

 

1,269,852.24

 

1,333,592

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

Sundry Creditors

 

 

 

0.00

 

15,000

Accrued Expenses

 

 

 

0.00

 

24,000

 

 

 

 

 

0.00

 

39,000

Total Funds

 

 

 

1,269,852.24

 

1,372,592

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   sgd/G.C.Mendis

 

 

sgd/B.Wanigasekera

 

      President

 

 

 

   Treasurer

 

 

22-Feb-04

 

 

 

 

 

 

 

 

 

               NOTES: 2 - 6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31.12.2003

 

31.12.2002

 

 

 

 

 

Rs.

 

Rs.

2.

OTHER DEBTORS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dinner Dance

 

 

 

251,500.00

 

241,500

 

Sundry Debtors

 

 

 

11,500.00

 

0

 

 

 

 

 

263,000.00

 

241,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.

INVESTMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

National Savins Bank A/C No. 1-0001-01-36603

 

0.00

 

7,757

 

Commercial Bank Treasury Bills

 

 

0.00

 

236,264

 

Standard Chartered Grindlays Bank

 

 

 

 

 

Call Deposits

 

 

 

102,592.94

 

400,000

 

Fixed Deposit National Savings Bank

 

250,000.00

 

0

 

 

 

 

 

352,592.94

 

644,021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.

CASH AND BANK BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

Standard Chartered Grindlay Bank

 

 

 

 

 

  A/C No. 01-1005359-01

 

 

587,259.30

 

47,673

 

Standard Chartered Grindlays Bank

 

 

 

 

 

  A/C No. 01-1005359-02

 

 

0.00

 

439,398

 

 

 

 

 

587,259.30

 

487,071

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.

ACCUMULATED FUND

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at the beginning of the year

 

27,898.50

 

575,353

 

Less: Transferred during the year

 

 

 

 

 

         STC Gurutalawa

 

 

0.00

 

(316,240)

 

         New Hall Project

 

 

0.00

 

(257,689)

 

 

 

 

 

27,898.50

 

1,424

 

Add: Excess of Income over Expenditure

 

12,022.86

 

26,474

 

Balance at the end of the year

 

 

39,921.36

 

27,899

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2003

 

 

 

 

 

 

 

Rs.

 

 

 

 

 

 

 

 

6.

DEVELOPMENT FUND

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Brought Forward

 

 

 

 

1,042,443.40

 

Sale of Tickets

 

 

 

469,500.00

 

 

 

Advertisements

 

 

 

502,500.00

 

 

 

Banners

 

 

 

28,000.00

 

 

 

Donation

 

 

 

36,500.00

 

 

 

Sale of Souvenirs

 

 

12,900.00

 

 

 

 

 

 

 

1,049,400.00

 

 

 

Less: Expenditure

 

 

 

 

 

 

Hotel Charges

 

429,975.00

 

 

 

 

 

Liquor and Wine

 

74,400.00

 

 

 

 

 

Table Decorations 

30,670.00

 

 

 

 

 

Printing Souvenirs

42,100.00

 

 

 

 

 

Advertisements

 

6,480.00

 

 

 

 

 

Administrative Managers Salary

30,000.00

 

 

 

 

 

Band - Zodiac Performance

22,000.00

 

635,625.00

 

413,775.00

 

 

 

 

 

 

 

1,456,218.40

 

Donations during the year

 

 

 

 

269,530.75

 

 

 

 

 

 

 

1,725,749.15

 

Less:  Expenses Incurred

 

 

 

 

1,160,041.00

 

 

 

 

 

 

 

565,708.15

 

 

 

 

 

 

 

 

 

 

END

 

 

END

 

 

 

 

 

 

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