Page 60 - CPM_2020_Annual_Report_A4

58 CPM Sri Lanka | Annual Report 2019/20

NOTES TO THE FINANCIAL STATEMENTS (Continued) 2020 2019 NOTES TO THE FINANCIAL STATEMENTS (Continued) 2020 2019
As at 31 March, Rs. Rs. As at 31 March, Rs. Rs.
Expenses for members’ journal 25,000 - Deduction from Assessable Income

Staff salary 133,540 - Qualifying payments - -
Artworks designing charges 69,190 - Taxable income 342,781 -
789,146 515,834

Tax on interest income at 14% 36,159 -

7 Interest income Tax on receipt of final withholding payments at 5% 4,225 -
Interest on fixed deposits 630,829 348,280 Total income tax payable 40,384 -
Interest on savings account 7,756 3,931
9.3 Deferred taxation
638,585 352,211
Deferred tax liabilities - -
Deferred tax assets - -
8 Other income
Net deferred tax asset - -
Advertisement income-Journal 25,000 280,000
Cricket challenge 136,000 -
10 Related party transactions
EFM presentation 638,020 797,000
10.1 Transactions with key management personnel
Annual convocation 3,133,838 324,500
The Institute considers its Governing Council as the “Key Management Personnel” of the Institute. Compensation paid to
IIMA executive education program - 150,000 key management personnel of the Institute during the year as follows:
3,932,858 1,551,500
2020 2019
Rs. Rs.
9 Income tax Defined contribution plan Nil Nil
9.1 Current tax expense (Note 9.2) 40,384 - 10.2 Transactions with related parties

Deferred tax (utilisation)/ origination during - 79,933 Mr. M.B. Ismail, Treasurer of the Institute, is also the Managing Partner, SJMS Associates, an affiliate Deloitte Touche
the year Tohmatsu India LLP and a Director of Accounting Systems Secretarial Service (Pvt) Ltd.
Total income tax expense 40,384 79,933

The aggregate value of transactions and outstanding balances relating to entities in which a member of the Governing
The Institute is a charitable Institution as per Section 195[1] where they are not carrying out any Business and liable Council of the Institute is also a Member of the Governing Council is as follows:
only on Investment Income and as per the Section 88 [ii] [b] ‘Interest paid to or treated as being derived by a charitable
organization shall be the final WHT payment up to 31 December 2019. Name of the Institute/ Nature of transaction Transactions Balance Transactions Balance
Society during outstanding during outstanding
the year as at 31 the year as at 31
9.2 Tax reconciliation statement (2019/20) March 2020 (2018/19) March 2019
Rs. Rs. Rs. Rs.
Business income - -
SJMS Associates an Professional fees - - 39,300 -
affiliate Deloitte Touche
Tohmatsu India LLP
Interest income 258,280

Receipt of final withholding payments 84,501 Accounting Systems Secre- Professional fees 29,336 - 30,351 -
Investment income 342,781 - tarial Service (Pvt) Ltd
Total assessable income 342,781 -