ANNUAL REPORT 2021/22
The Directors of the Overseas School of Colombo (Guarantee) Limited (OSC) have pleasure in presenting to the Members their Report together with the Audited Financial Statements for the Financial Year ended 31 July 2022.
Nature of Business of the Company
The Company carries on an internationally affiliated and accredited International School in Sri Lanka for provision of educational services to children aged 3 to 18.
Review of Business
There was no change in the nature or the principal activity of the Company during the year under review.
Change in Accounting Policy
There were no changes to the accounting policies during the year under review.
Interests Register
An interest register as required by Companies Act No. 07 of 2007 is maintained for the Company.
Directors’ Remuneration
The Company has not paid any remuneration to the Directors in their capacity as Directors during the year under review.
Donations
No donations have been made by the Company during the year under review.
The Directorate
The Directors of the Company as at date is set out under “Corporate Information” on the Inner Back Cover. The Directors of the Company who held office during the year are set out below together with the respective dates of changes which occurred during the year:
Ms Aishath Lu U Lua Hassan
Ms Aminath Zahir
Mr Peter Coolen
Ms Heidi Hattenbach
Mr Romesh De Silva
Dr Anna Perez Zaldivar – Appointed - 2 June 2022
Mr Dinesh Nagendra Sellamuttu – Appointed - 27 October 2022
Dr Ari Nathan – Designated Director
Mr. Stephen James Wilson – Resigned - 26 January 2022
Mr. Chokshananda Kumara Sangakkara – Resigned - 21 April 2022
Ms Tiia Juhkam – Designated Director - Resigned – 10 June 2022
Mr Peter Coolen has intimated his resignation as a Director with effect from 31 December 2022.
Ms Aishath Lu U Lua Hassan has intimated her resignation as a Director with effect from 26 January 2023.
Ms Aminath Zahir has intimated her resignation as a Director with effect from 26 January 2023.
Dr Ari Nathan has intimated his resignation as a Designated Director with effect from 26 January 2023.
In terms of Article 9.2 of the Articles of Association Dr Anna Perez Zaldivar will relinquish office on 26 January 2023.
In terms of Article 9.2 of the Articles of Association Mr Dinesh Nagendra Sellamuttu will relinquish office on 26 January 2023.
Auditors
Messrs Ernst & Young, Chartered Accountants have indicated that they will not stand for re-election at the Annual General Meeting.
It is recommended that Messrs PriceWaterhouseCoopers, Chartered Accountants be elected as the Auditors of the Company.
An audit fee of LKR 443,000/- (excluding taxes and incidental expenses) was paid to Ernst & Young for the year ended 31 July 2022. (2020/21 – LKR 385,900/-)
A tax consultancy fee of LKR 300,000/- (excluding taxes and incidental expenses) was paid to Ernst & Young for the year ended 31 July 2022.
Auditors’ Relationship with the Company
The Company did not have any other relationship with the Auditors other than that of the Auditor, during the Financial Year ended 31 July 2022.
By order of the Board
(Sgd.)
Mrs S N D Fernando
COMPANY SECRETARY
Colombo
13 December 2022