Annual Report 2005 - Institute of Policy Studies of Sri Lanka

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Financials__Management Response to the Audit Report2.2.4 Identified Losses(a) Management Response:The HPP unit cannot be termed a “closed down unit”. The payments to the senior research consultants weremade on their departure from HPP, for work done even though all monies had not been received.(b) Management Response:Books and publications printed are not for sale only to government institutions. Numbers to be printed arenormally decided by the funding agency and is funded by these agencies.2.2.5 Transactions not Supported by Adequate Authority(a) & (b) Management Response:Same as (b) financial regulations above.(c) Management Response:Rent has been paid as per the rent agreement.3. Financial and Operating Review3.2 PerformanceManagement Response:The finalization of projects and the relevant numbers cannot be compared against previous years as stated inthe audit report. There is no relevance as some projects undertaken are finalized within the year and some areof longer duration. This is as per the requirements of the donor and the nature of the research project. Newprojects undertaken have increased in year 2005 as compared to year 2004 (38%). Therefore the finalizationof most of these new projects will be in year 2006 or after, especially considering that some of these newprojects undertaken may have commenced in the latter part of year 2005.4. Systems and ControlsManagement Response:(a) Fixed Asset RegisterThe Fixed Asset Register has been computerized from year 2002. All new assets are maintained and updatedin the month of purchase from year 2002.(b) Paid VouchersDetails required are input into the accounting system and printed on the voucher. All vouchers are authorizedin the computer system by the Director Finance and Administration. Without this authorization voucherscannot be posted in the system.All details wherever possible are attached onto the vouchers. For confidential purposes certain details cannotbe attached. Where details could not be attached the auditors were given the backing documentation (salaryand other confidential information).(c) Monthly Bank ReconciliationsThe staff strength in the finance department does not allow for the preparation of monthly bank reconciliations.The Assistant Accountant is the only person who is qualified to undertake this task. With the volume of workhandled by the Assistant Accountant, bank reconciliations are prepared once a quarter. The funding constraintfaced by the Institute does not allow for additional support services staff recruitments at this point of time.(d) Inventory RegistersAn inventory register is maintained for all stationery, IT consumables and cafeteria items such as tea, sugar,coffee etc. This is monitored periodically.54__________ Annual Report 2005
FinancialsBalance Sheet as at 31st December 2005Represented By :Notes 31.12.2005 31.12.2004Rs. Rs.Fixed Assets (2) 8,705,058 13,302,596Fixed Deposits (3) 164,956,006 91,505,702Current AssetsStaff Debtors 1,131,055 1,250,200Other Debtors (4) 10,283,663 2,728,878Deposits (5) 545,000 695,000Interest Receivable 1,757,786 2,927,034Pre-Payments (6) 3,915,986 3,698,541Cash/Bank (7) 18,149,385 67,284,54235,782,875 78,584,195Current LiabilitiesAccruals (8) 1,160,886 9,699,546Other Creditors (9) 801,232 2,607,308Deferred Income- IPS 16,763,118 7,323,141- IPS - HPP Unit 7,101,104 13,660,01525,826,341 33,290,010Net Current Assets 9,956,535 45,294,185Long term LiabilitiesRetirement Benefits 3,316,013 2,757,286Payable to Consortiums (10) - 12,783,500180,301,586 134,561,697Financed By :Assets Transferred 2,144,144 2,144,144Revenue Reserves 132,417,553 133,779,913Surplus / (Deficit) for the year 45,739,889 (1,362,360)180,301,586 134,561,697The notes to these accounts are annexed, signed for and on behalf of the Board.…………………………………) Executive Director25th April 200655__________ Annual Report 2005
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IPS Mission & Goals, Board of Gover
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Executive Director’s Overview2005
Page 8 and 9: IPS PeopleResearch StaffDushni Weer
Page 10 and 11: IPS PeopleAdministrative & Support
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Page 66 and 67: Two Decades at a Glance 1985 -20051
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