Page 103 - 2596-CA SR Lanka- Annual Report 2022

Note 11 - Designated funds
11.1 Summary
Balance as Contribution Donations (Payments ) (Transfers to Balance as Balance as
at 1.1.2022 from the Received reserves) at 31.12.2022 at 31.12.2021
Institute
Rs.'000 Rs.’000 Rs.’000 Rs.’000 Rs.’000 Rs.’000 Rs.’000
Designated scholarship funds 11.2 50,884 23,980 18 (10,648) - 64,234 50,884
Other designated funds 11.3 39,793 1,571 - (1,555) (36,343) 3,466 39,793
Total designated funds 90,677 25,551 18 (12,203) (36,343) 67,700 90,677

11.2 Designated scholarship funds
Balance as Contribution Donations / (Payments ) Balance as Balance as
at 1.1.2022 from the Receipts at 31.12.2022 at 31.12.2021
Institute
Rs.'000 Rs.’000 Rs.’000 Rs.’000 Rs.’000 Rs.’000

L A Weerasinghe memorial needy scholarship fund 3,853 2,497 18 (2,268) 4,100 3,853
Merit scholarship fund 1,483 6,641 - (4,694) 3,430 1,483
CA Sri Lanka scholarship funds * 31,067 7,899 - (3,686) 35,280 31,067
Non- commerce student scholarship fund ** 14,481 6,943 - - 21,424 14,481
Total designated scholarship funds 50,884 23,980 18 (10,648) 64,234 50,884

* CA Sri Lanka scholarship funds consist of scholarship funds for District First, A/L Top Ten, Children of Staff members, Inter School Commerce
Competition, National Conference, Talent and Top Achievers at A/L Tutorial.

** Non commerce student scholarship Fund was formed by designating an investment in Fixed Deposit amounting to Rs. 60 mn, of which the
interest income is transferrable to the fund every year. During the year 2022 interest amounting to Rs. 6,942,803/- has been transferred to Non
commerce student scholarship Fund.

11.3 Other designated funds
Balance as Contribution (Payments) (Transfers to Balance as Balance as
at 1.1.2022 from the reserves) at 31.12.2022 at 31.12.2021
Institute
Rs.'000 Rs.’000 Rs.’000 Rs.’000 Rs.’000 Rs.’000

Faculty of Taxation fund 934 124 - - 1,058 934
Faculty of Auditing fund 900 121 - - 1,021 900
Publication fund 584 78 - - 662 584
Urgent Issues Task Force fund 639 86 - - 725 639
Audit quality assurance fund * 13,593 - - (13,593) - 13,593
New technology developments fund * 22,865 - (1,012) (21,853) - 22,865
Needy members' medical expenses fund ** 278 1,162 (543) (897) - 278
Total other designated funds 39,793 1,571 (1,555) (36,343) 3,466 39,793

* Audit Quality Assurance Fund and New Technology Development Fund were formed by designating an investment in Fixed Deposit
amounting to Rs. 25 mn and Rs.100mn respectively have been reclassified under Accumulated fund and reserves with effect from 31st
December 2022.

** Needy Members Medical Expenses Fund was formed by designating an investment in Fixed Deposit amounting to Rs. 10 mn, of which
the interest income is transferrable to the fund every year. During the year 2022 interest amounting to Rs. 1,161,667/- has been transferred
to Needy Members Medical Expenses Fund. This has also been reclassified under Accumulated fund and reserves with effect from 31st
December 2022.

CA SRI LANKA | Integrated Annual Report 2022 101