Page 113 - CA Sri Lanka Integrated Annual Report 2023

29 RELATED PARTY TRANSACTIONS
Payments are made in the ordinary course of business to any member of the Institute for certain specified activities. During the reporting period
the following members of the Council have been involved in such activities at the request of the Council on behalf of the Institute.
For the year ended 31 December 2023 2022
Name Transactions Rs.'000 Rs.'000
Mr. Manil Jayesinghe * Technical Activities 380 390

Mr. Ashane Jayasekara Educational and Technical Activities 472 507

Mr. Laknath Jayawickrama Educational Activities 101 42

Prof. Athula Manawaduge Educational Activities 432 -

Mr. Lakmin Udaya Kumara UNDP Project Payment 20 -

* An amount of Rs.380,000/- earned by Mr. Manil Jayesinghe for the services rendered to the Institute had been returned and credited
to the Ernst & Young scholarship fund at the request of Mr. Manil Jayesinghe.

30 TRANSACTIONS ENGAGED BETWEEN CA SRI LANKA AND AAT, WHERE CA SRI LANKA APPOINTS EIGHT COUNCIL
MEMBERS OUT OF THE SIXTEEN OF AAT.
For the year ended 31 December 2023 2022
Rs.'000 Rs.'000
Payments to AAT
Sponsorships 1,100 1,600
Receipts from AAT
Registration and tickets for Annual Report Awards Competition 295 302
Conference Participation 155 -
Webinar Participation 10 -

31 FINANCIAL RISK MANAGEMENT
The Institute has exposure to the following risks from its use of financial instruments. These are monitored by the Council and Finance and
Administration committee on a regular basis:

Credit Risk

Market Risk
Financial
Risk

Liquidity Risk

31.1. Credit risk
Credit risk is the risk of finance losses to the Institute if a recipient of a service or counterparty to a financial instrument fails to meet its
contractual obligations.

CA Sri Lanka Integrated Annual Report 2023 111