click here - Stichting Weeshuis Sri Lanka

Notes to the Balance Sheet per 31 December 20071.1 StockThe stock consists of the value of bought calendars. These calendars are being sold through the web-shop as of 2007.The total stock will be written off in a period of five years, commencing 2007.2.1 Accounts receivable and accrued incomeThe item accounts receivable and accrued income concerns an interest claim (€ 24,664) and is composed out ofstatements given by various banks, as well as a calculation of the bank fixed deposits. Also a claim for the fund raisingconcert of the 30 th of December 2007 of € 41,057 has been included.2.2 CashThis item concerns capital placed in short term deposits, as well as the funds in current accounts and cash at the bank.The Sri Lanka Orphanage Foundation does not hold any shares and is not an investor.2.3 Capital2.3.1. Freely disposable capitalThe amount of freely disposable capital for projects per 31 December 2007 totals€ 2.5 million.Ad c. The development of freely disposable capital for projects 2007 2006€ €Balance per 1 January 2,386,186 2,117,951Appropriation of net result 111,590 268,235Balance 31 December 2,497,776 2,386,1862.4 Current liabilitiesThis concerns the auditors’ fee regarding the financial year 2007 and a reservation for Value Added Tax payment for thefund raising concert of the 30 th of December 2007. A request for an exemption from taxation has been send to the taxdepartment.2.5. Contingent assets and contingent liabilitiesThe Sri Lanka Orphanage Foundation is recognised by the Dutch Tax law as a charitable institution as mentioned inarticle 24, paragraph 4 of the Succession law 1956.The Sri Lanka Orphanage Foundation has filed a formal request to receive exemption from taxation for 2007 andsubsequently the foundation still waits for the official permissions. Therefore in the annual report a tax claim has not beenaccounted for. In March 2007 the foundation has been recognised as an ANBI- institution 24269.74