Annual Financial Statements
Corporate information
The Anuradhapura Kidney Protection Foundation was incorporated as a Civil Organizationon 31st March 2011 under the registration number of Anu/Dile/3/6/3/3 19/2011. It is situated at Teaching Hospital, Anuradhapura.
Principal Activities and Nature of Operations
During the year, the principal activity of the organization was conducting mobile clinic programmes, providing Scholarships & kidney Patient Welfare activities.
General Accounting policies
Basis of Preparation
These Financial Statements have been prepared on a historical cost basis. The Financial statements are presentedin SriLanka Rupees and all values are rounded to nearest Rupee.
Comparative Information
The Accounting Policies have been consistent with those used in the previous year unless otherwise stated.
Valuation of Assets
Property, Plant and Equipment
Cost
Property is recorded at cost less accumulated depreciation, which is provided for on the bases specified below:
The cost of Property is the cost of purchase or construction together with any directly attributable costs of brining the asset to working condition for its intended use.
Depreciation/Amortization
The provision the depreciation is calculated on the cost or valuation of Property in order to write off such amounts over estimated useful lives by equal installments as follows.
Equipment – Over 20 years
Cash and Cash Equivalents
Cash and Cash equivalents are defined as cash in hand, demand deposits and short- term highly liquid investment readily convertible to known amounts of cash and subject to insignificant risk of changes in value. For the purpose of cash flow statements, cash and cash equivalents consists of cash in hand deposits in banks net of outstanding bank overdrafts. The cash flow statement reported is based on direct method.
Income statement
Revenue Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Institution and the revenue and associated costs incurred or to be incurred can be reliably measured.
Expenditure Recognition
Expenses are recognized in the Income Statement on the basis of a direct association between the cost incurred and the earning of specific items of income. All expenditure in the running of the operation and in maintaining the Property in a state of efficiency has been charged to Income Statement in arriving at the surplus for the year