Page 94 - 2596-CA SR Lanka- Annual Report 2022

NOTES TO THE FINANCIAL STATEMENTS

(a) Funds
Name of the designated fund Purpose
Needy Students’ Scholarship Fund
L.A. Weerasinghe Memorial Needy Scholarship Fund Help deserving and promising CA Sri Lanka students
Merit scholarship funds
• General Fund Help deserving and promising students who have shown exceptional performance
• CA Sri Lanka Scholarship Funds at CA Sri Lanka examinations and undergoing Business level training.
• District 1st Scholarship Fund
• A/L Top 10 Scholarship Fund
• Children of staff members’ Scholarship Fund
• Inter-school Commerce competition Scholarship
Fund
• National Conference Scholarship Fund
• CA Talent Scholarship Fund
• Top achievers at A/L tutorial Scholarship Fund
• Non-commerce Student Scholarship Funds
Other Funds
Faculty of Taxation Fund Development of the tax profession
Faculty of Auditing Fund Development of the auditing profession
Publication Fund Development of publications
Urgent Issues Task Force Fund Interpretation of accounting issues
Audit Quality Assurance Fund Conducting audit quality assurance related activities
New Technological Development Fund New developments and technological areas, researches and simulation of the
newly developed tools in order to obtain real life experience for CA students.
Needy Members Medical Expenses Fund Medical assistance of needy members

2.3.2 Restricted Funds
Name of the Restricted Fund Purpose
Where grants / donations are received
for use in an identified project or activity, Needy Students’ Scholarship Funds
such funds are held in a restricted fund • CA Sri Lanka UK Members’ Scholarship Fund Help deserving and promising students to
account and transferred to the statement • Dalton Wijeyeratne Memorial Scholarship realize their future ambition of becoming a
of comprehensive income to match with Fund Chartered Accountant
expenses incurred in respect of that • Prof. Y.A.D.S. Samaratunga Memorial Fund
identified project. Unutilized funds are
held in their respective fund accounts • Prof. Kodagoda Memorial Fund
and included under accumulated fund • Members’ Scholarship Fund
and reserves in the statement of financial • PricewaterhouseCoopers Scholarship Fund
position until such time as they are • Mr. Sanjaya Bandara Scholarship Fund
required.
• Mr. Chandradasa Liyanage Scholarship Fund
Where approved grant expenditure • Mr. A.L.B. Brito Mutunayagam
exceeds the income received and there is • Memorial Scholarship Fund
certainty that the balance will be received, • Pelwatta Sugar Industries Ltd Fund
such amounts are recognized through • CA Qatar Chapter Scholarship Fund
receivables in the statement of financial
position. • Ernst & Young scholarship Fund Institute is the administrator of the
scholarships granted to Audit trainees
The Institute has accounted the following • Ms. Inoka Gunaratne Memorial Fund Help deserving and promising students
funds and grants as restricted funds and Grants
the purpose of such funds and grants are
elaborated as follows. • Sri Lanka Accounting and Auditing Standards Promulgating accounting and auditing
Monitoring Board (SLAASMB) Grant standards

92 CA SRI LANKA | Integrated Annual Report 2022