COLOMBO COLTS CRICKET CLUB 141 ANNUAL GENERAL …€¦ · COLOMBO COLTS CRICKET CLUB STATEMENT OF...

COLOMBO COLTS CRICKET CLUB

141ST

ANNUAL GENERAL MEETING

2013

COLOMBO COLTS CRICKET CLUBNO : 17 PARK ROAD, COLOMBO-5

STATEMENT OF COMPREHENSIVE INCOMEFOR THE YEAR ENDED 31ST DECEMBER 2013 2012

Notes LKR LKRIncomeSubscriptions 1,192,795.00 988,112.83 Income from Hire 03 7,926,334.00 6,611,450.81 Net Profit on Bar Working 04 1,081,787.55 315,515.29 Kitchen Commission 581,682.18 329,651.30 Net Income on Billiard Board Working 05 (129,248.10) (139,136.47) Grants from Sri - Lanka Cricket Board 3,500,000.00 - Reimbursement from Sri Lanka Cricket Board 3,982,050.00 3,839,700.00 Sponsorship 06 - 750,000.00 Net Income from Annual Functions 07 - (6,588.00) Other Income 08 380,068.32 426,859.73 Donations 09 826,490.00 1,748,967.84

19,341,958.95 14,864,533.33

ExpenditureGround Rent- Municipal Council 1,092,600.00 1,003,533.56 Ground Rent- Arrears Payment 1,350,600.00 - Rates and Taxes 58,052.00 30,800.00 Staff Expenses 10 3,909,709.46 3,276,126.42 Defined Benefit Plan Cost 123,473.30 134,156.75 Electricity 926,958.20 885,308.29 Telephone 109,179.48 112,832.70 Water 594,108.00 284,328.20 Security Charges 316,100.00 347,300.00 Membership Cards 12,770.15 3,074.00 Depreciation 942,585.88 1,018,411.20 Other Overheads 11 361,821.58 313,759.86 Audit Fees 45,000.00 55,000.00 Annual General Meeting Expenses 123,425.00 24,335.75 Fines, Penalties & Surcharges 43,069.00 7,111.00 Legal Fee 32,090.00 11,480.00 Accounting Fees 272,418.40 176,130.00 Repairs and Maintenance 12 1,608,100.29 1,486,816.86 Tournaments and Other Events 13 6,304,561.50 5,229,090.97 Miscellaneous Expenses 14 374,186.89 211,048.03 Doubtful Receivables Written Off 15 90,053.86 65,575.00 Stock Shortage - 64,859.84 Hire Purchase Interest 6,310.00 27,260.00 Donation to Lumbini College 40,000.00 - Unclaimed VAT - 15,595.68

18,737,172.99 14,783,934.11

Surplus / (Deficit) of Income over Expenditure 604,785.96 80,599.22

COLOMBO COLTS CRICKET CLUBSTATEMENT OF CASHFLOWFOR THE YEAR ENDED 2013 2012

LKR LKR

CASHFLOW FROM OPERATING ACTIVITIES

Surplus / (Deficit) of Income over Expenditure 604,785.96 80,599.00

AdjustmentsHire Purchase Interest 5,640.00 27,260.00 Defined Benefit Plan Cost 123,473.30 134,157.00 Doubtful Balance Written Off 90,053.86 65,575.00 Welfare Contribution Provision 40,641.00 34,989.00 Previous year adjustment - 72,670.00 Depreciation 942,585.88 1,018,411.00 Operating Profit Before Changes in Working Capital 1,807,180.00 1,433,661.00

Changes in Working Capital(Increase)/ Decrease in Inventories (335,914.95) 28,856.00 (Increase)/ Decrease in Receivables (18,992.25) (97,082.00) (Increase)/ Decrease in Receivables from Members (1,635,828.41) 5,344.00 Increase/ (Decrease) in Trade & Other Payables 67,298.29 2,610,229.00 Operating Profit After Changes in Working Capital (116,257.32) 3,981,008.00 Defined Benefits Paid (776,793.00) (215,871.00) Net Cash Inflow From Operating Activities (893,050.32) 3,765,137.00

CASHFLOW FROM INVESTING ACTIVITIESAcquisitions of Property, Plant & Equipments (2,165,209.59) (190,391.00)

CASHFLOW FROM FINANCING ACTIVITIESHire purchase Installments Paid (42,000.00) (63,000.00)

Net Increase / (Decrease) in Cash and Cash Equivalents (3,100,259.91) 3,511,745.00

Cash and Cash Equivalents at the beginning of the Year 2,433,454.74 (1,078,290.00)

Cash and Cash Equivalents at the end of the Year Note A (666,805.17) 2,433,455.00

Note AFixed Deposit - Seylan Bank 1,000,000.00 - Cash at Bank 19.1 11,268.26 2,366,232.13 Cash in Hand 19.2 20,617.00 44,134.12 Petty Cash 19.3 49,000.75 23,088.75

1,080,886.01 2,433,455.00 Bank Over Drafts 25 (1,747,691.18) -

(666,805.17) 2,433,455.00


NOTES TO THE FINANCIAL STATEMENTS (CONTD…) 2013 2012LKR LKR

NotesNote :- 22Hire PurchaseSinger (Sri Lanka ) PLCInstallments PayableInstallments payable as at the beginning of the year 42,000.00 105,000.00 Hire Purchase obtained during the year - - Installments paid during the year (21,000.00) (63,000.00) Installments payable as at the end of the year 21,000.00 42,000.00

Interest in SuspenseBalance as at the beginning of the year 5,640.00 32,900.00 Relevant to hire purchase obtained during the year - - Charged for the year (5,640.00) (27,260.00) Balance as at the end of the year - 5,640.00

Net Payable 21,000.00 36,360.00 Net Payable as at the end of the year 21,000.00 36,360.00

Note :- 23Trade PayablesArunadisi Ltd 86,943.00 - Cargills (Ceylon) Limited 21,181.50 10,295.10 Chatura Enterprises 46,838.48 17,175.20 David Gram Stores 800.00 800.00 Distilleries Company Limited - 59,622.58 Free Lanka Trading Co. Limited - 15,158.30 I.D.Lanka 57,375.48 18,414.87 Kumari Products 8,575.00 14,850.00 Modern Distributors (Beer) 43,426.95 86,036.24 NDN Distributors 11,750.00 - New Lion Wine Stores 3,960.00 - Princes Stores Ltd 3,600.00 - Rockland Distributor Limited 289,226.97 324,167.73 Raja Restaurant 19,860.00 - SBL Distributors 10,711.00 - Speed Water Systems - 10,711.00 Vedroma Beverages International 21,120.00 - Others (839.07) -

624,529.31 557,231.02



NotesNote :- 03Income from HireGround Income - From T 20 World Cup - 1,425,000.00 Pavilion / Board & AC Room Hire 286,585.00 138,845.85 Kitchen Outsource Income 145,000.00 - Roy Dias School/Cricket Academy 285,002.00 143,911.62 Income from Advertisement Board 112,000.00 - Ground Income 4,262,427.00 3,734,213.34 Side Net Practice Income 239,500.00 - Rent Income - Airtel 958,320.00 904,480.00 Rent Income - Mobitel 1,250,000.00 - Helicopter Landing 387,500.00 265,000.00

7,926,334.00 6,611,450.81

Note :- 04Bar WorkingSales 6,449,444.99 4,860,604.19

Lees :- Cost of SalesStocks as at 01st January 2013 436,868.05 465,724.00

Add :- Purchase 4,631,869.86 3,138,351.19 Sundry Purchase 159,209.89 93,103.68 Stock Shortage - (64,859.84)

Lees :- Stocks as at 31st December 2013 (772,783.00) (436,868.05) 4,455,164.80 3,195,450.98

Gross Profit 1,994,280.19 1,665,153.21

Sundry IncomeCorkage 127,500.00 87,723.34

2,121,780.19 1,752,876.55

ExpenditureSalaries, Wages & Allowances 671,364.00 831,919.39 Overtime 48,136.63 209,103.72 Employees' Provident Fund 81,961.08 86,774.81 Employees' Trust Fund 20,490.27 21,693.70 Calypso Band 70,000.00 63,475.00 Bar Maintenance 22,358.66 99,504.64 Bar License & Related Stamp Fees 125,682.00 124,890.00

1,039,992.64 1,437,361.26

Net Profit on Bar Working 1,081,787.55 315,515.29



NotesNote :- 05Billiard Board WorkingIncomeBilliard Receipts 147,000.00 106,908.93

Lees :- ExpenditureSalaries, Allowances & Overtime 232,794.00 207,636.00 Employees' Provident Fund 27,935.28 24,916.32 Employees' Trust Fund 6,983.82 6,229.08 Billiard Night Dance A/C 6,400.00 - Maintenance & Upkeep 2,135.00 7,264.00

276,248.10 246,045.40

Net Income on Billiard Board Working (129,248.10) (139,136.47)

Note :- 06SponsorshipFor Premier LeagueHayleys Consumer Products (Pvt) Limited - 750,000.00

- 750,000.00

Note :- 07Net Income from Annual Functions

Income - 238,940.00

Less :- Expenses - 245,528.00

Net Income - (6,588.00)

Note :- 08Other IncomeNon - Member Guest Receipts 74,100.00 77,692.71 Interest Income 7,032.32 - Net Income from Billiard Tournament - - Net Income from Billiard Dance - 83,925.00 Bingo Games 195.00 1,606.02 Hoarding - Unclaimed Balances Written Back - 13,636.00 Hockey Dance Income 94,188.00 - Prize Money - 250,000.00 Xmas Contribution 28,500.00 - Sundry Income 176,053.00 -

380,068.32 426,859.73



NotesNote :- 09DonationsMr.K.Mathivanan 616,490.00 1,641,220.00 Mr.R.Deepan 30,000.00 107,747.84 Women's Cricket 100,000.00 - Women's Murali Cup 80,000.00 -

826,490.00 1,748,967.84

Note :- 10Staff ExpensesSalaries - Office Staff 914,273.00 723,152.00 Salaries, Wages & Allowances - Ground Staff 881,710.00 1,015,084.59 Salaries - Temporary Staff 329,969.00 - Salaries - Pavilion Staff 252,300.00 - Overtime - Ground Staff 436,438.20 553,298.10 Overtime - Office Staff 62,702.89 - Overtime - Temporary Staff 33,598.83 - Overtime - Pavilion Staff 98,814.53 - Employees' Provident Fund 238,578.00 173,097.75 Employees' Trust Fund 59,644.64 43,274.19 Incentives on T20 World Cup Work - 125,000.00 Gym Staff - 41,999.67 Bonus 125,128.00 124,000.00 Staff Travelling - 24,000.00 Staff Welfare (Medical, News paper & etc) 126,882.37 50,828.12 Staff Uniforms 8,200.00 19,600.00 Manager Allowance 12,000.00 13,500.00 Manager Travelling Allowance 20,000.00 - Staff Meals 309,470.00 369,292.00

3,909,709.46 3,276,126.42

Note :- 11Other OverheadsPostage & Email 4,833.00 12,639.00 Printing & Stationery 117,638.04 89,123.23 Travelling 143,337.00 104,374.90 Credit Card - Commission 79,586.00 69,012.82 OD Interest A/C 3,240.86 - Bank Charges 13,186.68 38,609.91

361,821.58 313,759.86



NotesNote :- 12Repairs & MaintenanceGround Upkeep 698,100.00 522,117.00 Pavilion Upkeep 307,836.44 387,008.24 Office Maintenance 73,097.85 9,960.00 Janitorial Services - 29,284.80 Equipment & Computers Maintenance 21,164.00 61,974.00 Car Park Upkeep - 80,967.00 Repair of Chairs - 17,870.00 Cricket Bowling Machine & Rollers - 144,475.00 Board Room Maintenance 49,865.00 - Side Net Repair 300,000.00 - Bathroom Maintenance 22,887.00 - Gym Hall Maintenance - 196,374.00 Machinery Maintenance 135,150.00 36,786.82

1,608,100.29 1,486,816.86

Note :- 13Tournament & Other EventsLadies Cricket 570,684.00 158,100.00 Cricket - 143,705.00 Cricket Coach Fees, Fielding Coach & Physio salary 860,000.00 - Hockey 292,783.00 515,117.50 Under 23 998,361.00 1,110,112.00 Premier League 3,582,733.50 3,302,056.47

6,304,561.50 5,229,090.97

Note :- 14Miscellaneous ExpensesCable TV Rental 15,288.48 23,963.31 Flower Wreath 2,850.00 1,500.00 Pest Control - 21,714.30 Photographs 3,300.00 4,350.00 Petrol & Diesel 139,774.00 98,301.00 Club Night Account 47,455.00 - Advertisement 53,991.41 20,700.00 Kiddies Christmas Party - 25,795.00 Others 111,528.00 14,724.42

374,186.89 211,048.03



NotesNote :- 15Doubtful Receivable and Other Write-offSriLanka Cricket Board - 37,875.00 Roy Dias School 40,320.00 20,700.00 K.S.Perera - 7,000.00 Cash Shortage Recoverable from an employee 46,537.95 - Petty Cash - Premier League 3,200.00 - Others- Net of Debit/Credit Balances (4.09) -

90,053.86 65,575.00

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NotesNote : 17InventoriesBar 772,783.00 436,868.05

Note :- 18Deposits & Other ReceivablesStaff Loan 18.1 40,500.00 12,000.00 Deposits 18.2 2,960.00 2,960.00 Other Receivables 18.3 310,649.12 360,895.79 Cash Shortage Recoverable - 46,537.95

354,109.12 422,393.74 Note :- 18.1Staff LoanMr.S.Balasundaram - 12,000.00 Mr.K.A.Ariyadasa 18,000.00 - Mr.S.Varatharaja 10,000.00 - Mr.H.D.K.C. Mendis 12,500.00 -

40,500.00 12,000.00 Note :- 18.2DepositsDeposit on Containers 2,960.00 2,960.00

2,960.00 2,960.00 Note :- 18.3Other ReceivablesRoy Dias School - 94,080.00 Billiard Dance Ticket Receivable - 30,000.00 Singer PLC- Hire Purchase Down payment 10,000.00 10,000.00 Empty Bottle Deposit 6,840.00 6,840.00 VAT Refund due 18,782.00 18,782.00 Prepaid Bar License 170,000.00 170,000.00 Credit Card 89,927.12 31,193.79 Kitchen Commission 15,100.00 -

310,649.12 360,895.79 Note : -19Cash & Cash EquivalentsFixed Deposit - Seylan Bank 1,000,000.00 - Cash at Bank 19.1 11,268.26 2,366,232.13 Cash in Hand 19.2 20,617.00 44,133.86 Petty Cash 19.3 49,000.75 23,088.75

1,080,886.01 2,433,454.74



NotesNote : -19.1Cash at BankCurrent Accounts

Bank of Ceylon - Thimbirigasaya (A/C - 406049) 6,287.00 10,891.81 Bank of Ceylon - Thimbirigasaya (A/C - 405413) - 573,828.89 Commercial Bank (A/C - 1100039328) 4,981.26 1,616,560.56 Commercial Bank - Wellawatta (A/C - 1100017549) - 164,950.87

11,268.26 2,366,232.13

Note : -19.2Cash in HandMain Cashier 10,617.00 27,129.94 A/C Bar Cashier 10,000.00 17,003.92

20,617.00 44,133.86

Note : -19.3Petty CashOffice 10,000.50 1,655.50 Cricket - 8,280.00 Ground Cover 15,000.00 3,200.00 Cricket Special 20,000.25 953.25 A/C Bar 4,000.00 9,000.00

49,000.75 23,088.75

Note :- 20Accumulated FundBalance as at the beginning of the year 11,335,210.95 11,181,941.95 Previous Year Adjustment - 72,669.78 Effect on implication of retirement benefit obligation - - Surplus/ (Deficit) of Income over Expenditure 604,785.96 80,599.22 Balance as at the end of the year 11,939,996.91 11,335,210.95

Note :- 21Retirement Benefit ObligationsProvision for Retiring GratuityBalance as at the beginning of the year 1,197,176.50 1,278,890.85 Current Service Cost 88,808.39 76,653.56 Interest Cost 92,581.65 125,124.51 (Gain)/Loss on Obligation (57,916.74) (67,621.82) Benefits Paid (776,793.00) (215,870.60) Balance as at the end of the year 543,856.80 1,197,176.50



NotesNote :- 22Hire PurchaseSinger (Sri Lanka ) PLCInstallments PayableInstallments payable as at the beginning of the year 42,000.00 105,000.00 Hire Purchase obtained during the year - - Installments paid during the year (21,000.00) (63,000.00) Installments payable as at the end of the year 21,000.00 42,000.00

Interest in SuspenseBalance as at the beginning of the year 5,640.00 32,900.00 Relevant to hire purchase obtained during the year - - Charged for the year (5,640.00) (27,260.00) Balance as at the end of the year - 5,640.00

Net Payable 21,000.00 36,360.00 Net Payable as at the end of the year 21,000.00 36,360.00

Note :- 23Trade PayablesArunadisi Ltd 86,943.00 - Cargills (Ceylon) Limited 21,181.50 10,295.10 Chatura Enterprises 46,838.48 17,175.20 David Gram Stores 800.00 800.00 Distilleries Company Limited - 59,622.58 Free Lanka Trading Co. Limited - 15,158.30 I.D.Lanka 57,375.48 18,414.87 Kumari Products 8,575.00 14,850.00 Modern Distributors (Beer) 43,426.95 86,036.24 NDN Distributors 11,750.00 - New Lion Wine Stores 3,960.00 - Princes Stores Ltd 3,600.00 - Rockland Distributor Limited 289,226.97 324,167.73 Raja Restaurant 19,860.00 - SBL Distributors 10,711.00 - Speed Water Systems - 10,711.00 Vedroma Beverages International 21,120.00 - Others (839.07) -

624,529.31 557,231.02



NotesNote :- 24Advances & Other PayablesMembers 379,550.00 106,732.90 Ground Rent - Bharathy Airtel (Pvt) Limited 830,438.63 1,788,757.63 Ground Rent - Mobitel 250,000.00 - Kitchen Advance - L.H.International - 500,000.00 Mr.K.Mathivanan 624,973.00 85,053.00 Mr.Ragavan (Liquor License) - 47,500.00 Mr.G.Jayawardena - Gratuity - 49,000.00 Accrued Expenses 24.1 483,900.85 571,310.04 Premier League Players Fees - 100,000.00 Premier League Prize - 1,350,000.00 Service Charges 58,927.08 57,784.90 Service Charges Reserve Fund 139,008.00 69,308.00 Kitchen Sales 24,720.00 39,762.50 Refundable deposit 25,000.00 - Security Deposits- Kitchen 250,000.00 - Collection for Bar Shortage 42,200.00 -

3,108,717.56 4,765,208.97

Note :- 24.1Accrued ExpensesWater Board 54,208.00 27,916.00 Telephone 963.09 6,431.31 Rates & Taxes - 23,100.00 Fax 2,962.70 3,123.00 Ground Lease Rent-Municipal Council - 90,000.00 Electricity 83,322.99 - Audit Fees-2012 56,938.00 85,432.00 Audit Fees-2013 45,000.00 - Hire Purchase Installments - 21,000.00 Accounting Fees - 43,836.80 Staff Uniforms 4,800.00 9,800.00 Staff Meal - 43,850.00 Dialog Television - 1,592.45 Temporary Staff Salary 617.00 - Employees' Provident Fund 60,477.54 44,171.68 Employees' Trust Fund 8,841.53 6,394.80 Premier League Tier- Player Pay 100,000.00 - Value Added Tax 65,770.00 164,662.00

483,900.85 571,310.04

Note :- 25Bank OverdraftsBank of Ceylon 181,677.91 - Commercial Bank 1,566,013.27 -

1,747,691.18 -

COLOMBO COLTS CRICKET CLUB 141 ANNUAL GENERAL …€¦ · COLOMBO COLTS CRICKET CLUB STATEMENT OF...

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