Financial Statements

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 2023.

Nature of Business of the Company

The Company carries on an internationally affiliated and accredited International School in Colombo, Sri Lanka for provision of educational services to students from various countries, backgrounds and abilities, in English medium designed for the needs of the internationally mobile student.

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 significant 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 – in terms of Article 9.2 relinquished duties w.e.f. 26 January 2023 and re-elected on 26 January 2023
• Ms Heidi Hattenbach – Will relinquish her duties in terms of Article 9.2 w.e.f. 24 January 2024
• Mr Romesh De Silva – Will relinquish his duties in terms of Article 9.2 w.e.f. 24 January 2024
• Mr Dinesh Nagendra Sellamuttu – Appointed – 27 October 2022 and in terms of Article 9.2 of the Articles of Association relinquished office w.e.f. 26 January 2023.
• Dr Ari Nathan – Designated Director – Resigned and Ceased to be Director w.e.f. 26 January 2023
• Ms Aminath Zahir – resigned w.e.f. 26 January 2023.
• Dr Ana Perez Zaldivar – in terms of Article 9.2 of the Articles of Association relinquished office w.e.f. 26 January 2023.
• Mr Andrew Gary Traveller – Elected and appointed w.e.f. 26 January 2023 and has indicated that he will be relinquishing office w.e.f. 24 January 2024
• Mr Kevin Charles Price – Elected and appointed w.e.f. 26 January 2023
• Mr Micah Ayo Olad – Elected and appointed w.e.f. 26 January 2023
• Ms Ahalya Chellaram – Elected and appointed w.e.f. 26 January 2023

Auditors

It is recommended to re - elect Deloitte Partners, Chartered Accountants (previously known as Messrs PriceWaterhouseCoopers) as Auditors of the Company and to authorise the Directors to determine their remuneration.

An audit fee of LKR 560,000/00 (excluding taxes and incidental expenses) was paid toMessrs PriceWaterhouseCoopers for the year ended 31 July 2023.

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 2023.

By order of the Board

(Sgd.)
Mrs P M Dunuwille
Company Secretary
Colombo

15 December 2023