Page 97 - CA Sri Lanka Integrated Annual Report 2023

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

CA Sri Lanka Integrated Annual Report 2023 95