Page 96 - CA Sri Lanka Integrated Annual Report 2023

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
CA Sri Lanka Scholarship Funds exceptional performance at CA Sri Lanka examinations and
undergoing Business level training
h District 1st Scholarship Fund
h A/L Top 10 Scholarship Fund
h Children of staff members’ Scholarship Fund
h Inter-school Commerce competition Scholarship Fund
h National Conference Scholarship Fund
h CA Talent Scholarship Fund
h Top achievers at A/L tutorial Scholarship Fund
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

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

94 CA Sri Lanka Integrated Annual Report 2023