THE REPORT OF THE DIRECTORS

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 2020.

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 years.

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 Amena Arif

Mr U Sudath N P Perera

Mr Kanapathipillai Omprasadam

Mr Jonas Henrik Bridgwater

Ms Aruni Goonetilleke

Ms Nancy Taylor VanHorn

Mr Rahul Bhan

Mr Ari Nathan – Appointed on 12 June 2020

Mr Jelmer Jort Kuyvenhoven – Appointed on 15 September 2020

Ms Tiia Juhkam – Designated Director – Appointed on 15 September 2020

Mr Michael Patrick Cragun – Resigned on 12 June 2020

Mr Aaron Russell-Davison – Resigned on 12 June 2020

Mr Jerome Auvity – Appointed on 12 June 2020 – Resigned on 15 September 2020

In the spirit of proposed amendments to the Articles of Association Mr Jonas Henrik Bridgwater, Mr U Sudath N Perera, Mr Kanapathipillai Omprasadam and Ms Aruni Goonetilleke will retire at the forthcoming Annual General Meeting.

In terms of Article 9.2 of the Articles of Association Mr Ari Nathan and Mr Jelmer Jort Kuyvenhoven will retire and being eligible are recommended by the Board for re-election.

Ms Tiia Juhkam, designated Director, is recommended by the Board for election to the Board of Directors of the Company.

Auditors

Messrs Ernst & Young, Chartered Accountants are recommended by the Board for re-election as Auditors of the Company.

An audit fee of LKR 350,900/= (excluding taxes and incidental expenses) was paid to Ernst & Young for the year ended 31 July 2020. (2018/19 – LKR 319,000/=)

A tax consultancy fee of LKR 250,000/= (excluding taxes and incidental expenses) was paid to Ernst & Young for the year ended 31 July 2020.

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 2020.

By order of the Board

(Sgd.)
Mrs S N D Fernando
Company Secretary

Colombo
17 November 2020