Page 95 - 2596-CA SR Lanka- Annual Report 2022

Name of the Restricted Fund Purpose The Institute’s policies regarding the
endowment funds are;
Other Restricted Funds
Best Annual Report Competition Fund i. Investment Policy:
• Deshabandu Albert Page To encourage excellence in the Funds are invested only in Government
• Late Mr. Cyril Gardiner presentation of information in annual Securities and fixed deposits in state
reports. Awards are presented to the owned banks. Investments are made
• Hayleys PLC
winners annually. after considering the higher yield on
Categories under which the awards are investment, liquidity, and interest rate risk
presented are as follows; for reinvestment. All new investment and
• Overall and Sector Awards (Gold, Silver, reinvestment decisions require the approval
Bronze) of the investment committee.
• Corporate Governance Disclosure Award
(Gold, Silver, Bronze) ii. Withdrawal Policy:
Withdrawals are not made other than at
• Corporate Social Responsibility
Reporting Award (Gold, Silver, Bronze) maturity. Any early withdrawal requires the
approval of the investment committee.
• Management Commentary Award
• Integrated Reporting Award (Gold, Silver, iii. Fund Usage Policy:
Bronze)
Usage is restricted for the specific purpose
• Integrated Reporting - Special Award : for which the fund was established.
Best disclosure on business model and
capital management
2.3.4 Grants
2.3.4.1 Land Received as a Government
2.3.3 Endowment Funds Grant:
Where assets are received as an endowment, which are not exhausted, only the income Government grants for non-monetary
earned from such assets may be recognized and used as income. assets are recognised when there is
reasonable assurance that the grant will
Investment income and other gains realized from funds available under each of the be received and all attached conditions
above categories are allocated to the appropriate funds, unless the relevant agreement have been complied with.
or minute provides otherwise.
The method adopted for accounting for
Name of the Endowment Fund Purpose Government grant is income approach,
Prize Funds where the grant relating to non-
depreciable asset is recognised in the
• CA Sri Lanka President’s Fund Awarding subject prizes and merit statement of comprehensive income.
• B R De Silva Memorial Fund prizes for the best performance of each
• A D B Talwatte Fund examination. Fair value is treated as deemed cost of
• Satchithananda Memorial Fund the land at the date of the recognition of
• Kreston MNS Fund Government grant given in the financial
• Nivard Cabraal Fund statements.
• Reyaz Mihular Fund
• D R Settinayake Memorial Fund 2.3.4.2 Revenue Grants
• A D E De S Wijeyeratne Memorial Fund Other grants are recognised in the
• Mohan Abeynaike Fund financial statements at their fair value.
• KPMG Fund When the grant or subsidy relates to an
• Ernst & Young Fund expense it is recognised as an income
• SJMS Associates Fund over the period necessary to match it
• Sunil Piyawardena & Co. Fund with the costs, which is intended to
• Lal Nanayakkara & Co. Fund compensate for on a systematic basis.
• G C B Wijeyesinghe Memorial Fund Grants and subsidies related to assets
• Nihal Hettiarachchi Fund are generally deferred in the statement
• Jayaweera & Co. Fund of financial position and credited to the
• Brito Mutunayagam Memorial Fund statement of comprehensive income over
• PricewaterhouseCoopers Fund the useful life of the asset.
• K G H De Silva Prize Fund
• BDO Partners Prize Fund

CA SRI LANKA | Integrated Annual Report 2022 93