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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.

1. The Association is not registered for taxes although it is liable to pay income tax, under Section 101 (1) of the Inland Revenue Act No. 10 of 2006. Further, a computation for taxation had not been prepared by the Association.

2. We were not provided with adequate information to verify the following balances.

Current Assets   Dr. Hayman – Canon Foster Memorial Museum College Website Other Debtors

Amount Rs.   122,510.62 12,000.00 65,137.50

Income   Get-together Fellowship Dinner Sale of Membership Directory Reunion Celebration /AGM

Amount Rs. 73,500.00 867,400.00 21,390.00 86,000.00

In our opinion, except for the adjustment or disclosure that may be required in the financial statement due to the matters referred to in paragraphs (a) and (b) above, the balance sheet as at 31^st December 2007 and the income and expenditure account 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.

 

SJMS ASSOCIATES

Chartered Accountants

Colombo

12^h February 2008

S. THOMAS’ COLLEGE GURUTALAWA

OLD BOYS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31^ST DECEMBER 2007

1. ASSOCIATION INFORMATION

• DOMICILE AND LEGAL FORM

S. Thomas’ College Gurutalawa Old Boys Association was established on 21^st February 1959.

• PRINCIPAL ACTIVITIES AND NATURE OF OPERATIONS

The objectives of the Association are to enable the old Boys to keep in touch with the College to effect guidance and encouragement to the younger generation, uphold traditions, promote activities for the benefit of the College and assist the Headmaster in administration, management and maintaining of high standards.
 

2. ACCOUNTING POLICIES

• GENERAL

• The financial statements of S.Thomas’ College Gurutalawa – Old Boys Association are prepared in conformity with Sri Lanka Accounting Standards of the Institute of Chartered Accountants of Sri Lanka .
   

• • INCOME STATEMENT

• REVENUE RECOGNITION

Revenue of the Association is recognized in the income statement on accrual basis.

• EXPENDITURE RECOGNITION

Expenses are recorded in the financial Statements of the period to which they relate.