Page 100 - annual_report_2024

98 CA Sri Lanka Integrated Annual Report 2024

Financial Review

Income
CA Sri Lanka recorded a 42% increase in total income, reaching Rs. 1,447Mn in 2024, compared to Rs. 1,018Mn in 2023. This
growth can be attributed to income generated from Student Learning and Initial Professional Development Activities, Continuous
Professional Development and Events. Additionally, the fee increase made after few years also contributed to this rise.

Income Gross Income by Activity
Rs. Mn
Rs. Mn
1,600
1,200
1,400
1,200 1,447 1,000 1,086
1,000 800
800 913 1,018 747
853 600
600
603 400
400
200 200 278
215 49 79
0 0 7 4
2020 2021 2022 2023 2024 Learning and Continuous Financial Net
professional professional reporting and sponsorship
development development assurance income
and member standards
related activities related activities
2023 2024

Expenses Composition of Operating Expenses
Sri Lanka’s macroeconomic conditions did not have a significant impact on operating
expenses during the year compared to the previous year, 2023. Student-related 8%
expenses witnessed an increase of 16% while expenses related to members and 6% 31%
professional development were 5% increase than in 2023. Staff-related expenses 6% 7%
experienced an increase of 21% with expanded staff strengths and facilities which are 8% 7% 30%
required to cater for the high demand for services. Expenditure related to maintenance 2023 2024
was significantly low in 2024 due to lower maintenance activities required in 2024. 31% 14%
4%
Operational Surplus 33% 13%
A major highlight of 2024 was CA Sri Lanka’s transition from a net operational loss of 4%
Rs. 29.6Mn in 2023 to a net operational income of Rs. 257Mn in 2024. This remarkable
turnaround was driven by: Student Learning and Initial professional
E Revenue diversification across multiple divisions. development
Member/Profession development
E Enhanced cost management strategies. Technical Support Services
Employee costs
Despite ongoing cost pressures in certain areas, the overall financial performance has Maintenance of premises
strengthened significantly, positioning CA Sri Lanka for long-term stability and growth. Depreciation and amortisation
Other expenses
Finance Income
The finance income primarily stems from interest earned on various investments, Finance Income
particularly in Treasury Bonds, Repurchase Agreements and Fixed deposits. The Rs. Mn
interest income for 2024 has increased 11% compared to 2023 rising from Rs. 387Mn 440
in 2023 to Rs. 429Mn in 2024. This is due to long-term investment holdings and proper 430
cash flow management. Additionally, coupon receipts and maturity proceeds have 420 429
provided a steady income stream, reflecting prudent financial management.
410
400
390
380 387
370
360
2023 2024