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 2024.

Nature of Business of the Company

The Company carries on an internationally affiliated and accredited International School in Colombo, Sri Lanka for the provision of educational services to students from various countries, backgrounds, and abilities in English, designed for the needs of the internationally mobile student.

Review of Business

There was no change in the Company’s nature or principal activity during the year under review.

Change in Accounting Policy

There were no significant 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 were 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 that occurred during the year:

• Ms Aishath Lu U Lua Hassan – who was re-elected to the Board w.e.f. 23 January 2023 and will be retiring from the Board at the end of the AGM 2025 in terms of articles 9.2 as she has served the maximum consecutive term for an elected Director
• Ms Heidi Hattenbach who was re-elected to the Board on 24 January 2024 will relinquish office at the end of AGM 2025.
• Mr Kevin Price who was elected to the Board on 26 January 2023 will be retiring at the end of AGM 2025
• Mr Micah Ayo Olad who was elected to the Board on. 26 January 2023 will be finishing his first term and is eligible to contest again at the AGM 2025 fora second term.
• Ms Ahalya Chellaram – who was elected to the Board on. 26 January 2023 will be retiring at the end of AGM 2025.
• Mr Justin Hawkins – who was elected on 7 March 2024, will be relinquishing his duties at the end of the AGM 2025
• Mr Snatosh Pandey – who was appointed as a Designated Director on 12 May 2024, relinquished his duties on 18 October 2024 as he was leaving the country.

Auditors

It is recommended that Deloitte Partners, Chartered Accountants, be re-elected as the Company’s Auditors for FY 2024-2025 and that the Directors be authorised to determine their remuneration.

An audit fee of LKR 563,500/- (excluding taxes and incidental expenses) was paid to Deloitte Partners for the audit for the financial year ended 31 July 2024.

Auditors’ Relationship with the Company

During the financial year ended 31 July 2024, the Company had no other relationship with the Auditors other than that of the Auditor.

By order of the Board

(Sgd.)
Mrs P M Dunuwille
Company Secretary
Colombo

30 November 2024