Annual Report - Beruwala Resorts PLC

Contents
Corporate Information 02
Notice of Meeting 03 - 04
Chairman’s Review 05
Board of Directors 06 - 07
Annual Report of the Board of Directors 08 - 10
Corporate Governance 11 - 13
Audit Committee Report 14
Remuneration Committee Report 15
Related Party Transactions Review Committee Report 16
Financial Reports
Independent Auditors’ Report 17 - 20
Consolidated Statement of Profit or Loss and Comprehensive Income 21
Consolidated Statement of Financial Position 22
Statement of Changes in Equity 23
Consolidated Statement of Cash Flows 24
Accounting Policies 25 - 32
Notes to the Financial Statements 33 - 55
Share Information 56 - 57
Five Year Summary 58 - 59
Graphical Review 60 - 61
Form of Proxy 63 - 64
Beruwala Resorts PLC l Annual Report 2020/ 2021
Corporate Information
NAME OF COMPANY Beruwala Resorts PLC
STATUS & LEGAL FORM A Public Quoted Company with Limited Liability Incorporated
in Sri Lanka on 23rd July 1974 Under the Companies Ordinance
(Cap.145) and re-registered under the Companies Act No. 7 of
2007 on 3rd August 2009.
COMPANY REGISTRATION NO. PB 1091 PQ
REGISTERED OFFICE 8-1/3, York Arcade Building

Leyden Bastian Road, Colombo 01.
STOCK EXCHANGE LISTING The Issued Ordinary Shares of Beruwala Resorts PLC are listed
on the Diri Savi Board of the Colombo Stock Exchange of Sri Lanka.
BOARD OF DIRECTORS S.D.R. Arudpragasam (Chairman)

C.P.R. Perera (Deputy Chairman)
T. Theyagamurti
S. Rajaratnam
E.P.A. Cooray
Amrit Rajaratnam
A.R. Rasiah
Anushman Rajaratnam

SECRETARIES Corporate Managers & Secretaries (Private) Ltd
8-5/2, Leyden Bastian Road,
York Arcade Building, Colombo 1.
AUDITORS Messrs B.R. De Silva & Company

Chartered Accountants
22/4, Vijaya Kumaranathunga Mawatha,
Colombo 05.
LAWYERS Julius & Creasy

371, R. A. de Mel Mawatha,
Colombo 03.
BANKERS Cargills Bank Limited

Commercial Bank of Ceylon PLC
Hatton National Bank PLC
Bank of Ceylon
Pan Asia Banking Corporation PLC
Standard Chartered Bank
HOTEL The Palms

Moragalla, Beruwala
Tel : 0342-277039, 0342-276043
Fax : 0342-276043
Email : frontoffice@forthotels.lk
Web : https://www.colomboforthotels.com
SALES & RESERVATION OFFICE 8-1/2, York Arcade Building, Leyden Bastian Road,
Colombo 01.
Tel : 0114-722682, 0112-381644
Fax : 0112-381645
Email : reservations@forthotels.lk
2
Notice of Meeting
NOTICE is hereby given that the FORTY SECOND ANNUAL GENERAL MEETING of BERUWALA RESORTS PLC will be held on Friday,
22nd October 2021 at 11.30 a.m. and conducted as a Virtual Meeting from 8-5/2, Leyden Bastian Road, York Arcade Building, Colombo1
or 98, Sri Sangaraja Mawatha, Colombo 10, for the following purposes :
1. To receive and consider the Annual Report of the Board of Directors and the Statement of Accounts for the year ended
31st March 2021, with the Report of the Auditors thereon.
2. To re-elect as a Director, Mr. Amrit Rajaratnam who retires in accordance with Articles 84 and 85 of the Articles of Association of
the Company.
3. To reappoint Mr. C.P.R. Perera who is over seventy years of age, as a Director. Special Notice has been received from a
shareholder of the intention to pass a resolution which is set out below in relation to his reappointment. (See Note No.6)
4. To reappoint Mr. A.R.Rasiah who is over seventy years of age,as a Director. Special Notice has been received from a shareholder
of the intention to pass a resolution which is set out below in relation to his reappointment. (See Note No.7)
5. To reappoint Mr. E.P.A. Cooray who is over seventy years of age, as a Director. Special Notice has been received from a
6. To reappoint Mr. T. Theyagamurti who is over seventy years of age, as a Director. Special Notice has been received from a
7. To reappoint Mr. S.D.R. Arudpragasam who has attained seventy years of age as a Director. Special Notice has been received
from a shareholder of the intention to pass a resolution which is set out below in relation to his reappointment. (See Note No.10)
8. To authorize the Directors to determine contributions to Charities.
9. To reappoint as Auditors, Messrs. B.R. De Silva & Co., Chartered Accountants, and authorise the Directors to determine their
remuneration.
By Order of the Board

CORPORATE MANAGERS & SECRETARIES (PRIVATE) LTD.
Secretaries
9th September 2021
Colombo
Note :
1. A member of the Company who is entitled to attend and vote may appoint a proxy to attend and vote instead of him or her. A
proxy need not be a member of the Company.
2. A Form of Proxy is enclosed with this Report.
3. The instrument appointing a proxy must be deposited at the Registered Office of the Company’s Secretaries at No. 8-5/2, Leyden
Bastian Road, York Arcade Building, Colombo 1, not less than forty-eight hours before the time fixed for the meeting.
4. Members are encouraged to vote by Proxy through the appointment of a member of the Board of Directors to represent them
and vote on their behalf. Members are advised to complete the Form of Proxy and their voting preferences on the specified
resolutions to be taken up at the meeting and submit the same to the Company in accordance with the instructions given on the
reverse of the Form of Proxy.
5. Please refer the “Circular to Shareholders” dated 9th September 2021 for further instructions relating to the Annual General
Meeting and for joining the Meeting virtually.
6. The Company has received Special Notice from a shareholder giving notice of the intention to move the following Resolution as
an Ordinary Resolution at the Annual General Meeting :
3
Notice of Meeting
Resolved -
“that Mr. C.P.R. Perera who is seventy-seven years of age, be and is hereby reappointed a Director of the Company and it is
further specially declared that the age limit of seventy years referred to in Section 210 of the Companies Act No. 7 of 2007 shall
not apply to the said Director Mr. C.P.R. Perera.”
Resolved -
“that Mr. A. R. Rasiah who is seventy-five years of age, be and is hereby reappointed a Director of the Company and it is further
specially declared that the age limit of seventy years referred to in Section 210 of the Companies Act No. 7 of 2007 shall not apply
to the said Director Mr. A.R. Rasiah.”
Resolved -
“that Mr. E.P.A. Cooray who is seventy-three years of age, be and is hereby reappointed a Director of the Company and it is
not apply to the said Director Mr. E.P.A. Cooray.”
Resolved -
“that Mr. T. Theyagamurti who is seventy-three years of age, be and is here by reappointed a Director of the Company and it is
not apply to the said Director Mr. T. Theyagamurti.”
Resolved -
“that Mr. S.D.R. Arudpragasam who has attained seventy years of age be and is hereby reappointed a Director of the Company
and it is further specially declared that the age limit of seventy years referred to in Section 210 of the Companies Act No. 7 of
2007 shall not apply to the said Director Mr. S.D.R. Arudpragasam.”
11. In the event the Company is required to take any further action in relation to the meeting due to COVID-19 Pandemic, and / or
any communications, guidelines, directives or orders issued by the Government of Sri Lanka, Notice of such action shall be given
by way of an announcement to the Colombo Stock Exchange
4
Chairman’s Review
On behalf of the Board of Directors it gives me great pleasure by negative externalities stated above. Accordingly, at Company
to welcome you to the 42nd Annual General Meeting of your and Group level, the net loss stood at Rs. 126 million and Rs. 141
Company and present you with the Annual Report and the Audited million, respectively.
Financial Statements for the year ended 31st March 2021.
On the positive side, the financial regulator and the government
The pandemic further eroded the economic recovery prospects implemented proactive and timely measures to revitalise the
during 2020 which was already confronted with 2019 Easter economy by extending several relief measures including loan
attacks. Consequently, the deepest recession since independence moratoriums and concessionary funding, moratoriums on Sri
was recorded as the GDP growth of the country plunged to a Lanka Tourism Development Authority (SLTDA) registered land
negative 3.6% in 2020 compared to the positive 2.3% recorded lease payments, and concessions on payment of levies to support
in the previous year with unemployment rate rising above 5% the recovery of the industry. These relief efforts enabled us to
following business closures reflecting subdued consumer and extend our cash runways supported by prudent levels of leverage
investor sentiments. The tourism industry witnessed yet another maintained throughout the year. An accommodative monetary
challenging year with severe and prolonged stress across the policy aimed at stimulating the economy through multiple
industry while precipitating an adverse impact on several other reductions in the policy rates and statutory reserves ratio led to
sectors and value chains. sustained reductions in market interest rates to support the revival
of economic activity and private sector credit growth.
Following the outbreak of the COVID-19 pandemic in March
2020, the tourism industry witnessed its sharpest decline with Although we have adapted to the new normal, I believe 2022
international arrivals dropping by almost 74% compared to 2019. will be a year of mixed fortunes for Sri Lanka given headwinds
Similarly, the total tourist arrivals during the period January to from weakening global growth and many negative externalities
December 2020 amounted to 507,704, a decline of 73% compared prevailing in the domestic economy. While it’s too early to ascertain
to total arrivals in 2019. This was mainly on account of the travel the full scale of this outbreak, we are of the view that it could take
restrictions imposed by the government with a full closure of the at least two-and-a-half years for international tourism to return
airport and termination of all passenger flights from mid-March to pre-pandemic levels. Nevertheless, with a strong vaccination
2020. This resulted in a complete closure of our property during programme across our nation, we envisage it will enable to restore
the first three months of the financial year 2020/21. Although consumer confidence, contribute to ease travel restrictions and
Sri Lanka reopened its borders to international tourists on 21st gradually normalise domestic travel during the year ahead.
January 2021, arrivals during the first quarter of 2021 remained
subdued reflecting the modest demand globally for international Accordingly, in this quest, your management is overseeing
travel. The resurgence of the third wave in the country resulted strategies in terms of prudent planning and oversight to enable the
in a sharp increase in COVID-19 positive cases from late April Company operations to adapt as the situation evolves. Managing
2021 and resultant border and mobility restrictions imposed by liquidity and financing, potential cost rationalisations and rigorous
the Government in May 2021 further decelerated the short-term training of our staff in preparation to scale up operations at the
recovery prospects for the industry. earliest opportunity will continue to be key areas of focus. Further,
as part of our business continuity initiatives we will continue to
Despite the COVID-19 pandemic generating a gamut of offer our property for the purpose of quarantine for repatriated sea
challenges for the tourism industry as a whole, the Company farers until normalcy resumes, which will enable us to drive our
demonstrated resilience in an uncertain operating environment, operations in this disruptive environment.
while concurrently prioritising the health and safety of all
stakeholders, particularly the employees and guests. As such, I wish to extend my sincere appreciation to my colleagues on
we offered our property for mandatory quarantining purposes for the Board for their wise counsel and guidance in determining the
repatriated sea farers until the reopening of the borders. Further strategic direction of the group. I am humbled by the loyalty of our
being a responsible employer, we continued our operations by treasured employees, customers, many business partners and
adopting a no-layoff policy during the year under review. our valued shareholders for their trust and confidence placed in
our business as we forge ahead in our endeavors.
In the backdrop of these negative challenges, we entered this year,
too, with a poor turnover, which did not bode well for a productive
year. The Company achieved a turnover of Rs. 116 million, a drop
of 66% compared to Rs. 341 million achieved during the previous
financial year. This is mainly due to the hotel being out of operations
during the first three months of the year. Consequent to the above, S.D.R. Arudpragasam
an occupancy rate of 32% was witnessed during the year under Chairman
review. The Group achieved a turnover of Rs. 116 million for the 16th August, 2021
year compared to the turnover of Rs. 347 million recorded for
the previous year. Although we implemented stringent expense
controls and cost optimisation strategies across our operations,
the profitability was adversely affected by a weak topline driven
5
Board of Directors
Mr. S.D.R. Arudpragasam Mr. E.P.A. Cooray

FCMA (UK) MBA (Uni SJ), CMA, Institute of Hospitality (UK)
Chairman Director
Mr. S.D.R. Arudpragasam joined the Board of Beruwala Resorts Mr. Prema Cooray was appointed to the Board in 2010. He is
PLC in the year 2000 and was appointed Chairman in 2013. He the immediate Past Chairman of Aitken Spence PLC and counts
serves as Chairman of several subsidiaries of The Colombo Fort well over 40 years in the Travel and Tourism Industry, most of he
Land and Building PLC (CFLB) including Chairman, Lankem spent at Aitken Spence developing the conglomerate’s hotels
Ceylon PLC and Chairman/Managing Director of E.B. Creasy & and resorts in Sri Lanka and Maldives. He is acknowledged for
Company PLC. He holds the position of Deputy Chairman on the the pivotal role played in the development of sustainable tourism
Board of The Colombo Fort Land and Building PLC, in addition and especially for his leadership in developing the renowned
to holding other Directorships within the CFLB Group. Kandalama Hotel which has won many global accolades for its
contribution to environmental management, food and beverage
Mr. C.P.R. Perera excellence and service standards of truly exceptional nature.
Deputy Chairman These attributes signalled the entry of Sri Lanka’s tourism on the
World Map of the Hospitality Industry.
Mr. C.P.R. Perera was appointed to the Board in July 2011 and
was appointed Deputy Chairman in 2013. He serves on the He also led the pioneering effort of large-scale expansion
Board of The Colombo Fort Land & Building PLC (CFLB) and to the Republic of Maldives in the early 90’s and this regional
also serves on the Boards of several subsidiaries of the CFLB development contributed exceptionally to the overall profile and
Group. He also holds Directorships in other private and public growth of Aitken Spence.
Companies. He is a past Chairman of the Sri Lanka Tea Board,
Sri Lanka Insurance Corporation, PERC and Bank of Ceylon. He Currently Mr. Cooray serves as Chairman of Citrus Hotels
retired as Chairman of Forbes & Walker Ltd and its subsidiary Group and also as Chairman of Rainforest Ecolodge (Pvt) Ltd,
companies in June 2005 after almost 44 years of service. He Deniyaya, an unique pioneering Ecotourism initiative supported
presently functions as the Chairman of Ceylon Tea Brokers PLC. by leading hotel companies in Sri Lanka. Mr. Cooray served as
Mr. Perera has served as a Committee Member of the Ceylon Chairman of Sri Lanka Convention Bureau from November 2015
Chamber of Commerce, The Planters Association of Ceylon, to December 2017.
and on the Committee of Management of the Ceylon Planters
Provident Society. Mr. Cooray also sits on the Board of Lighthouse Hotel PLC and
he served as the Secretary-General/CEO of the Ceylon Chamber
Mr. T. Theyagamurti of Commerce from 2003 to 2008. He is also the Past President of
AICB (Canada) MIEX (Grad) UK the Tourist Hotels Association of Sri Lanka (1998-2000)
Director
Mr. Cooray was accorded the national honour as a “Legend” by
Mr. T. Theyagamurti was appointed to the Board in 2004.He also Sri Lanka Tourism in 2011.
serves on the Boards of several listed and unlisted companies
in The Colombo Fort Land and Building Group. A banker by Mr. Cooray has an MBA from the University of Sri
profession has specialised in International Trade and Foreign Jayewardenepura, is a Certified Management Accountant and
Exchange Trading, counting over 25 years of service with a is also a Member of the Institute of Hospitality, UK.
leading local Bank and an European Bank in North America.
He has over 23 years’ service with The Colombo Fort Land

& Building Group’s Hospitality sector and has successfully
completed hospitality programmes conducted by the University
of Hawaii in Honolulu and IAPCO in Zurich as a Congress
Organiser
6
Board of Directors
Mr. S. Rajaratnam Anushman Rajaratnam

B.Sc., CA B.Sc (Hons.), CPA, MBA
Director Director
Mr. S. Rajaratnam was appointed to the Board in 2010. He Mr. Anushman Rajaratnam was appointed to the Board on 10th
holds a Bachelor of Science Degree in Business Administration April 2019. He joined Lankem Ceylon PLC in 2005 and served
from Boston College, U.S.A. and is a member of the Institute of as the Company’s Managing Director from 2009 until December
Chartered Accountants in Australia. He has been associated with 2016. He relinquished that position in December 2016 to take up
overseas Companies in the field of Finance and currently holds the role as the Group Managing Director of The Colombo Fort
the position of Joint Managing Director of E.B. Creasy &Company Land & Building PLC (CFLB) in January 2017. In addition, he
PLC amongst other Directorships including that of The Colombo serves on the board of several subsidiary companies of the CFLB
Fort Land & Building PLC. group. Prior to joining the CFLB group, he worked oversees for a
leading global Accountancy Firm.
Mr. Amrit Rajaratnam
LLB (Notts.), Barrister- at - Law
Director
Mr. Amrit Rajaratnam was appointed to the Board in 2012. He holds

a Bachelor’s Degree in Law from the University of Nottingham and
is a Barrister at Law (Lincoln’s Inn). He began his career at the
Law Firm of Julius & Creasy and later joined Lankem Ceylon PLC.
Mr. A. R. Rasiah
B.Sc.(Cey.) FCA
Director
Mr. A.R. Rasiah was appointed to the Board in 2013. He is a Fellow

Member of the Institute of Chartered Accountants of Sri Lanka and
finalist of Chartered Institute of Management Accountants (UK).
He holds a Bachelor of Science Degree from University of Ceylon.
Mr. A.R. Rasiah’s illustrious career both in finance and commerce

spans of over thirty-five years. He started his career with Ernst
and Young and later served at Mercantile Group of Companies
and Almulla Group of Companies, Kuwait. Finally, he joined Nestle
Lanka PLC as Director Finance in 1994 and was with the Group till
his retirement in 2005. He was formerly Chairman of Atlas Axillia
(Pvt), Chairman of the Sri Lanka Institute of Directors and Senior
Director of Nations Trust Bank PLC. Currently Mr. Rasiah functions
as the Chairman of the Hela Clothing (Pvt) Ltd., Alternate to the
Chairman of Gestetner of Ceylon PLC., and Non-Executive Director
of, E B Creasy Group of Companies, on some of the Boards of
the Hotels Sector in The Colombo Fort Land & Building Group,
Fintek Managed Solutions (Pvt) Ltd, Clindata Lanka (Pvt) Ltd and
Sunshine Tea Co (Pvt) Ltd. A keen sportsman who represented Sri
Lanka at Table-Tennis.
7
Annual Report of the Board of Directors
The Board of Directors of Beruwala Resorts PLC present their Directors’ Interest in Shares
Report on the affairs of the Company together with the Audited
The Directors of the Company who have an interest in the shares
Financial Statements for the year ended 31st March 2021.
of the Company have disclosed their shareholdings and any
The details set out herein provide the pertinent information acquisitions / disposals to the Board in-compliance with Section
required by the Companies Act No. 7 of 2007, and the Colombo 200 of the Companies Act No. 7 of 2007.
Stock Exchange Listing Rules and are guided by recommended
Details pertaining to Directors direct shareholdings are set out
best practices.
below :
General
No. of shares
The Company was re-registered on 3rd August 2009 as required Name of Director As at As at
under the Companies Act No. 7 of 2007. 31.03.2021 31.03.2020
Mr. T. Theyagamurti 3,000,150 3,000,150
Principal Activities / Business Review
Mr. Amrit Rajaratnam 300,000 300,000
The main activity of the Company which remains unchanged since Mr. E.P.A. Cooray 859,000 859,000
the previous year is to carry on the business of a Tourist Hotel. The
Corporate Donations
Chairman’s Review together with the Financial Statements reflect
the state of affairs of the Company. Details pertaining to corporate donations made by the Company
during the financial year 2020/21 are given in note 06 to the
The Directors to the best of their knowledge and belief confirm that
financial statements on page 33.
the Company has not engaged in any activities that contravene
laws and regulations. Directorate
Financial Statements The names of the Directors who held office during the financial
year are given below. Brief profiles of the Directors currently in
The Financial Statements of the Company are given on pages
office appear on pages 06 and 07.
21 to 55.
Independent Auditors’ Report Mr. S. D. R. Arudpragasam - Chairman
Mr. C. P. R. Perera - Deputy Chairman

The Independent Auditors’ Report on the Financial Statements is
given on Pages 17 to 20. Mr. T. Theyagamurti
Accounting Policies Mr. S. Rajaratnam
Mr. E. P. A. Cooray
The Accounting Policies adopted in the preparation of the
Financial Statements are given on pages 25 to 32. Mr. Amrit Rajaratnam
Mr. A. R. Rasiah
Interest Register
Mr. Anushman Rajaratnam
Directors’ Interest in transactions
In terms of Articles 84 and 85 of the Articles of Association
The Directors have made general disclosures as provided Mr. Amrit Rajaratnam retires by rotation and being eligible offers
for in Section 192 (2) of the Companies Act No. 7 of 2007. himself for re-election.
Arising from this, details of contracts in which they have an Mr. C.P.R. Perera, Director, being over seventy years of age, retires
interest are disclosed in Note 28 to the financial statements and offers himself for reappointment under and by virtue of the
on pages 49 to 55. Special Notice received from a shareholder of the Company which
is referred to in the Notice of Meeting.
Directors’ Remuneration
Mr. E.P.A. Cooray, Director, being over seventy years of age,
Key Management Personnel Compensation in respect of the retires and offers himself for reappointment under and by virtue
Company and the Group for the financial year 2020/2021 is of the Special Notice received from a shareholder of the Company
detailed in Note 28.3 to the Financial Statements on page 49. which is referred to in the Notice of Meeting.
8
Mr. T. Theyagamurti, being over seventy years of age, retires and Stated Capital
offers himself for reappointment under and by virtue of the Special
In compliance with the Companies Act No.7 of 2007, the Financial
Notice received from a shareholder of the Company which is
Statements reflect the Stated Capital of the Company. The stated
referred to in the Notice of Meeting.
capital is the total of all amounts received by the Company in
Mr. S. D. R. Arudpragasam, who has attained seventy years of age respect of the issue of shares.
retires and offers himself for reappointment under and by virtue of
The Stated Capital of the Company as at 31.03.2021 was
the Special Notice received from a shareholder of the Company
Rs.340,000,000/- represented by 600,000,000 Issued and Fully
which is referred to in the Notice of Meeting.
paid Ordinary Shares. There was no change to the Stated Capital
Auditors during the year.
The Financial Statements of the Company for the year have been Retained Earnings
audited by Messrs B.R. De Silva & Company, the retiring Auditors
The Retained Earnings of the Company as at 31st March 2021
who have expressed their willingness to continue as Auditors of the
amounted to Rs. -56.7 Mn (31.03.2020 – Rs. 68.9 Mn)
Company and are recommended for reappointment. A resolution
to reappoint them and to authorise the Directors to determine their
The movements are shown in the Statement of Changes in Equity
remuneration will be proposed at the Annual General Meeting.
in the Financial Statements on page 23.
The Auditors, Messrs. B. R. De Silva & Company, were paid

Taxation
Rs. 665,000/- (2019/2020-Rs. 665,000/-) as audit fees & fees for
audit related services by the Company. In addition, they were paid The provision for income tax is based on the elements of income
Rs. 40,000/- (2019/2020-Rs.45,000/-) by the Company for non – and expenditure as reported in the Financial Statements and
audit related work, which consisted mainly of tax related work. In computed in accordance with the provision of the Inland Revenue
addition, the Group is engaged with other audit firms and there Act No. 24 of 2017 and amendments thereto. Relevant details
was no payment made during the year under review. have been disclosed in Note 07 to these Financial Statements on
page 34.
As far as the Directors are aware the Auditors do not have any
relationship (other than that of an Auditor) with the Company. The RELATED PARTY TRANSACTIONS
Auditors do not have any interest in the Company.
During the financial year there were no recurrent or non-recurrent
Revenue related party transactions which exceeded the disclosure
thresholds mentioned in Section 9 of Colombo Stock Exchange
The revenue of the Company for the year was Rs. 115.9Mn.
Listing Rules and the Company has complied with the requirements
(2019/2020 - Rs. 341Mn)
of the Listing Rules on Related Party Transactions, other than for
the number of meetings held.
Results
The Related Party Transactions presented in the financial

The Company made a Net Loss before Tax of Rs. 129.3 Mn against
statements are disclosed in Note 28.4 to the financial statements
a Net Loss before Tax of Rs.99.8 Mn in the previous year. The
on pages 50 to 54.
detailed results are given in the Statement of Profit or Loss and
Other Comprehensive Income on page 21.
Share Information
The capital expenditure during the year amounted to Rs. 14.4Mn

Information relating to Earnings, Net Assets, Market Value per
(2019/2020 - Rs. 8.5Mn) Information relating to movements in
share and Share Trading is given on pages 56 to 57.
Property, Plant & Equipment are given in Note 09 to the Financial
Statement on pages 35 to 36. Events Occurring after the Reporting Date
No circumstances have arisen since the Balance Sheet date

that would require adjustments to or disclosures in the Financial
Statements other than those disclosed in Note 30 on page 54.
9
Capital Commitments and Contingent Liabilities Going Concern
Capital expenditure commitments, note 31 and contingent The Directors are confident of the ability of the Company to
liabilities Note as at the Balance Sheet date, are disclosed on continue as a going concern with continued assistance from
page 54. Financial Institutions. Accordingly, the going concern basis has
been adopted in the preparation of the Financial Statements.
Employment Policy
For and on behalf of the Board
The Company’s recruitment and employment policy is non –
discriminatory. The occupational health and safety standards
receive substantial attention. Appraisals of individual employees
are carried out in order to evaluate their performance and realise
their potential. This process benefits the Company and the
employees. The number of persons employed by the Company at
the year-end was 111 (2019/20 – 187).
Shareholders Anushman Rajaratnam Amrit Rajaratnam

Director Director
The Company has made all endeavours to ensure equitable
treatment to all shareholders.
Statutory Payments
The Directors, to the best of their knowledge and belief, are

satisfied that all Statutory payments of the Company due in
relation to the employees and the Government are paid or where
relevant, provided for.
By Order of the Board
Environmental Protection
Corporate Managers & Secretaries (Private) Limited.
The Company’s business activities can have direct and indirect

Secretaries
effects on the environment. It is the Company’s policy to minimise
any adverse effects its activities have on the environment and Colombo
promote co-operation and compliance with the relevant authorities 16th August 2021
and regulations. The Directors confirm that the Company has not
undertaken any activities which have caused or are likely to cause
detriment to the environment.
Internal Control
The Directors acknowledge their responsibility for the Company’s

internal control system. The system is designed to give assurance
regarding the safeguarding of assets, the maintenance of proper
accounting records and the reliability of financial information
generated. However, any system can ensure only reasonable,
and not absolute assurance that errors and irregularities are either
prevented or detected within a reasonable period of time.
The Board is satisfied with the effectiveness of the system of

internal control for the period up to the date of signing the Financial
Statements.
10
Corporate Governance
Corporate Governance is the mechanism by which Companies Name of Director Directorship Status Board Meetings
are managed and directed with the objective of balancing and Attended
attaining the corporate objectives, the alignment of corporate Mr. S.D.R. Arudpragasam Chairman- Non Executive 2/2
behaviour within the expectations of the law and society and Mr. C.P.R. Perera Deputy Chairman
the accountability to shareholders and the responsibility to other Independent Non Executive 2/2
recognised stakeholders.
Mr. T. Theyagamurti Independent Non Executive 2/2
THE BOARD OF DIRECTORS
Mr. S. Rajaratnam Non Executive 1/2
The Board of Beruwala Resorts PLC currently comprises of Mr. E.P.A. Cooray Independent Non Executive 1/2
eight Directors. The Directors including the Chairman are all
Mr. Amrit Rajaratnam Non Executive 2/2
Non-Executive Directors of whom four are Independent. The
Directors are professionals who have a wealth of experience Mr. A.R. Rasiah Independent Non Executive 2/2
and knowledge to offer in the fields of Hospitality Management,
Mr. Anushman Rajaratnam Non Executive 1/2
Marketing, Finance, and Legal.
The Non-Executive Directors have submitted declarations

Mr. S.D.R. Arudpragasam - Chairman
- Non Executive of their independence or non-independence to the Board of
Directors.
Mr. C.P.R. Perera - Deputy Chairman
- Independent Non Executive Independent Non-Executive Directors
Mr. T. Theyagamurti - Independent Non Executive

Mr. C.P.R. Perera is a Director of the Ultimate Parent Company,
Mr. S. Rajaratnam - Non Executive The Colombo Fort Land and Building PLC (CFLB) and holds
Directorships of certain subsidiaries of CFLB. He has also served
Mr. E.P.A. Cooray - Independent Non Executive
on the Board of the listed entity and on certain subsidiaries of
Mr.Amrit Rajaratnam - Non Executive CFLB for more than nine years. Mr. Perera is a Director on the
Boards of other companies in which a majority of the Directors
Mr. A.R. Rasiah - Independent Non Executive of the Company are Directors and serves on the Boards of some
companies which has a significant shareholding in another.
Mr.Anushman Rajaratnam - Non Executive
However, the Board having taken into consideration all other
circumstances listed in the Colombo Stock Exchange Listing
The Board met two times during the year under review. In
Rules pertaining to the Criteria for Defining Independence is of
addition to Board Meetings, matters are referred to the Board
the opinion that Mr. C. P. R. Perera is nevertheless independent.
and decided by Resolutions in Writing. Further York Hotel
Management Services Limited the Managing Agents of the
Mr. E. P. A. Cooray is on the Boards of other companies in which
Company meet regularly to review progress, discuss operational
a majority of the Directors of the Company are Directors and is
issues and also focus on the achievement of the medium- and
a Director of a company which has a significant shareholding
long-term objectives of the Company.
in another. Despite these factors, the Board having taken into
consideration all other circumstances listed in the Colombo
The number of Meetings of the Board and the individual
Stock Exchange Listing Rules pertaining to the Criteria for
attendance by members is shown below :
Defining Independence is of the opinion that Mr. E. P. A. Cooray
is nevertheless independent.
Total number of Meetings held : 2
11
Although Mr. T. Theyagamurti has served on the Board of the independent judgement and their views carry substantial
listed entity and on the Boards of certain subsidiaries of the weight in decision making. The Board includes five finance
Ultimate Parent Company for more than nine years, and despite Professionals who possess the necessary knowledge to offer
being on the Boards of other companies in which a majority of the guidance on matters of finance.
Directors of the Company are Directors and being on the Boards
of certain companies which has a significant shareholding in Company Secretaries and Independent Professional advice
another, the Directors having taken into consideration all other
circumstances listed in the Colombo Stock Exchange Listing The Directors may seek advice from Corporate Managers and
Rules pertaining to the Criteria for Defining Independence is of Secretaries (Pvt) Ltd., who are qualified to act as Secretaries as
the opinion that Mr. T. Theyagamurti is nevertheless independent. per the provisions of the Companies Act No.7of 2007.Adviceis
also sought from independent external professionals whenever
Mr. A.R. Rasiah serves on the Boards of certain subsidiaries of The the Board deems it necessary.
Colombo Fort Land & Building PLC (Ultimate Parent Company)
and has served on some of these subsidiaries for over a period Supply of Information
of nine years. Mr. Rasiah is a Director on the Boards of other
Companies in which a majority of the Directors of the Company The Directors are provided with an Agenda, Minutes and
are Directors and is a Director of certain companies which have relevant Board Papers prior to Board Meetings. Minutes of all
a significant shareholding in another. Despite these factors, the the Meetings are properly recorded and circulated amongst the
Board having taken into consideration all other circumstances Directors.
listed in the Colombo Stock Exchange Listing Rules pertaining
to the Criteria for Defining Independence is of the opinion that Nomination Committee and Appointments to the Board
Mr. A.R. Rasiah is nevertheless independent.
New Directors and Senior Management Personnel are proposed
Decision making of the Board for appointment by the Nomination Committee in consultation
with the Chairman of the Company and in keeping with the
The Board is responsible for : provisions of the Articles of Association of the Company and the
Rules on Corporate Governance.
*Determining the strategic direction of the Company and
also setting the corporate values.
The details of new appointments to the Board are made available
*Implementation and monitoring of business strategy of the to shareholders by making announcements to the Colombo
Company. Stock Exchange.
*Ensuring of an effective internal control system and
proactive risk management system. The Company’s Nomination Committee comprises of Mr.C.P.R.
Perera – Chairman, Mr. E.P.A. Cooray, Independent Non-
*Ensuring compliance with ethical, legal, health, environment
and safety standards. Executive Directors and Mr. S.D.R. Arudpragasam , Non-
Executive Director.
*Approval of Interim and Annual Financial Statements.
*Approval of budgets, corporate plans, major capital Re- election of Directors

investments, divestments and acquisitions.
*Approval of any issue of equity and debt securities of the In terms of the Articles of Association a Director appointed by
Company. the Board holds office until the next Annual General Meeting,
at which he seeks re-election by the Shareholders. The Articles
*Any other matter which is important to ensure that the
require that one – third of the Directors in office (excluding
Company conducts its business in the best interest of all
the Chairman, Chief Executive, Managing or Joint Managing
stakeholders.
Director) retire at each Annual General Meeting. The Directors
to retire are those who have been longest in office since their
Financial Acumen
last election. Retiring Directors are eligible for re-election by the
shareholders.
The Directors are from varied business and professional
backgrounds. Their expertise enables them to exercise
12
DIRECTORS REMUNERATION Internal Control
Remuneration Committee The Board of Directors is responsible for the Company’s system
of internal controls and for reviewing its effectiveness. The system
The Remuneration Committee Report is set out on page 15 of this is designed to safeguard assets against unauthorised use or
Report. disposal and to ensure proper accounting records are maintained.
RELATIONSHIP WITH SHAREHOLDERS
Constructive use of Annual General Meetings / General Meetings

the Board considers the Annual General Meeting / General
Meetings as an opportunity to communicate with Shareholders
and encourage their participation. Questions raised by the
Shareholders over the content of the Annual Report as well as
other matters pertaining to the Company, are answered and an
appropriate dialogue is maintained with them.
Major Transactions
There have been no transactions during the year under review

which falls within the definition of ‘Major Transactions’ as set out in
the Companies Act.
ACCOUNTABILITY AND AUDIT
Financial Reporting
The Board of Directors considers the timely publication of

its Annual and Quarterly Financial Statements as a high priority.
These publications include financial and non-financial information
in order to facilitate the requirements of the existing and
potential shareholders. The Financial Statements are prepared in
accordance with the Sri Lanka Accounting Standards.
Disclosures
The Annual Report of the Board of Directors is given on pages

08 to 10 in this Report. The Auditors’ Report on the Financial
Statements is given on pages 17 to 20 of the Report.
Audit Committee
The Audit Committee Report is set out on page 14 of this Report.
Related Party Transactions Review Committee
The Related Party Transactions Review Committee Report is set

out on page 16 of this Report.
13
Audit Committee Report
The Audit Committee Report focuses on the activities of the strategies that could be implemented to strengthen the existing
Company for the year under review, which the Committee has internal control system.
reviewed and monitored as to provide additional assurance on
the reliability of the Financial Statements through a process of Meetings and Attendance
independent and objective views.
The Audit Committee has met on two occasions during the
Composition financial year ended 31st March 2021 and the attendance was
as follows:
The Audit Committee of Beruwala Resorts PLC currently
comprises of three Independent Non - Executive Directors of Mr. A. M. de S. Jayaratne - Chairman 2/2
the Company. The names of the Members are set out below : (Ceased to be Chairman/ Member with effect from 15th July 2021)
Mr. A. R. Rasiah - Chairman N/A

Mr. A. M. De S. Jayaratne - Chairman
(Appointed with effect from 15.07.2021)
(Independent Non-Executive Director – CFLB)
Mr. C. P. R. Perera 2/2
(Ceased to be Chairman/ Member with effect from 15th July 2021)
Mr. E.P.A. Cooray 1/2
Mr. A. R. Rasiah - Chairman

In addition to Audit Committee Meetings, matters are referred to
(Independent Non-Executive Director - Beruwala Resorts PLC
the Committee and reviewed and recommended by Resolutions
Appointed with effect from 15 July 2021)
th
in Writing.
Mr. C. P. R. Perera - Member

Senior Management Personnel of the Company are invited to the
(Independent Non-Executive Director, Beruwala Resorts PLC)
Meetings as and when required. The Proceedings of the Audit
Committee meetings are reported to the Board of Directors.
Mr. E. P. A. Cooray - Member
(Independent Non-Executive Director, Beruwala Resorts PLC)
External Audit
The Committee consists of persons with a blend of experience

The Company has appointed Messrs. B.R. De Silva & Co. as
in the Commercial and Financial Sectors and they are of integrity
its external Auditor and the services provided by them are
and possess business acumen in order to carry out their role
segregated between audit and tax consultancy. The Audit
efficiently and effectively. The Committee comprises of two
finance professionals. Committee has determined that Messrs. B.R. De Silva & Co
are independent on the basis that they do not carry out any
management related functions of the Company.
The Company’s Secretaries, Corporate Managers & Secretaries
(Private) Limited function as the Secretaries to the Audit
The Audit Committee has recommended to the Board of
Committee.
Directors the reappointment of Messrs. B.R. De Silva & Co as
Auditors for the financial year ending 31st March 2022, subject to
Role of the Audit Committee
the approval of the shareholders at the Annual General Meeting.
The Audit Committee endeavours to assist the Directors

Conclusion
to discharge their duties and responsibilities in respect of
regulatory compliance and risk management.
The Audit Committee is of the view that adequate controls are in
place to safeguard the Company’s Assets and that the financial
During the year under review, the Committee has assisted the
position and the results disclosed in the Audited Accounts are
Board in ensuring compliance with the statutory provisions prior
free from any material misstatements.
to publication of Interim Financial Statements and the Annual
Report. The Committee has taken necessary measures to ensure
that the Interim Financial Statements and the Annual Report
are published timely and they are prepared and presented in
accordance with Sri Lanka Accounting Standards and also
A.R. Rasiah
in compliance with the Companies Act and other regulatory
Chairman
requirements. The Committee has assessed the adequacy of
Audit Committee
existing internal controls and risk management procedures and
recommends to the Board, additional controls and risk mitigating 16th August 2021
14
Remuneration Committee Report
The Remuneration Committee comprises of the following members :
Mr. C.P.R. Perera Chairman - Independent / Non-Executive Director
Mr. E.P.A. Cooray Member - Independent / Non-Executive Director
Mr. S.D.R. Arudpragasam - Member - Non-Executive Director
The Committee is responsible for recommending remuneration packages for the senior management personnel. In addition, they lay
down guidelines and parameters for the compensation structure of the management staff.
The key objective of the committee is to attract, motivate and retain qualified and experienced personnel and to ensure that the
remuneration of executives at each level of management is competitive and are rewarded in a fair manner based on their performance.
C.P.R. Perera
Chairman
Remuneration Committee
16th August 2021
15
Related Party Transactions Review Committee Report
The Related Party Transactions Review Committee is entrusted with the responsibility of ensuring that the interests of the Shareholders
are taken into consideration when entering into a Related Party Transaction.
Composition
The Company’s Related Party Transactions Review Committee, comprises of the following members:
Mr. A.R. Rasiah - Chairman - Independent / Non-Executive Director, Beruwala Resorts PLC.
Mr. C.P.R.Perera - Member - Independent / Non-Executive Director, Beruwala Resorts PLC.
Mr.T. Theyagamurti - Member - Independent / Non-Executive Director, Beruwala ResortsPLC.
The Company’s Secretaries, Corporate Managers & Secretaries (Private) Ltd., functions as the Secretaries to the Related Party
Transactions Review Committee.
Functions of the Committee:
• To identify the persons/entities considered to be Related Parties.

• Review all proposed Related Party Transactions. (Except for transactions which are exempted)
• Advise Management on Related Party Transactions and where necessary direct the transactions for Board approval /
Shareholder approval as deemed appropriate.
• Obtain updates on previously reviewed Related Party Transactions from Senior Management and approve any material
changes.
• Establish guidelines for Senior Management to follow in ongoing dealings with Related Parties.
• Review and assess on an annual basis the transactions for compliance against the Committee guide lines.
Meetings and Attendance
The Related Party Transactions Review Committee (RPTRC) has met on one occasion during the financial year ended 31st March 2021
due to the COVID pandemic and the individual attendance by Members is shown below:
Mr. A.R.Rasiah 1/1

Mr.C.P.R.Perera 1/1
Mr.T.Theyagamurti 1/1
The activities and views of the Committee are communicated to the Board of Directors by tabling the Minutes of the Committee Meetings
at Meetings of the Board.
Conclusion
The Related Party Transactions Review Committee has reviewed the Related Party Transactions entered into during the financial year
under review and has communicated its comments and observations to the Board of Directors.
Related Party Transactions are reviewed and disclosed in a manner consistent with the Listing Rules. The Committee is free to seek
external professional advice on matters within their purview when necessary.
The Board of Directors have also declared in the Annual Report that there were no recurrent or non-recurrent related party transactions
which exceeded the disclosure thresholds mentioned in Section 9 of the Colombo Stock Exchange Listing Rules The Company has
complied with the requirements of the Listing rules on related party transactions except for the number of meetings held during the year.
A.R. Rasiah
Chairman
Related Party Transactions Review Committee
16th August 2021
16
Independent Auditors’ Report
Independent Auditors’ Report to the shareholders of

Beruwala Resorts PLC
Report on the Audit of the Financial Statements
Opinion
We have audited the Financial Statements of Beruwala Resorts PLC (“the Company”) and the Consolidated Financial Statements of the
Company and its Subsidiary (‘the Group), which comprise the Statement of Financial Position as at 31st March 2021, and the Statement
of Profit and Loss and Other Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows for the year then
ended, and notes to the Financial Statements, including a summary of significant Accounting Policies and Other Explanatory Notes.
In our opinion, the accompanying Financial Statements of the Company and the Group give a True and Fair view of the Financial Position
of the Company and the Group as at 31st March 2021, and of their Financial Performance and Cash Flows for the year then ended in
accordance with Sri Lanka Accounting Standards.
Basis of Opinion
We conducted our audit in accordance with Sri Lanka Auditing Standards (SLAuS). Our responsibilities under those standards are
further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are Independent in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants of Sri Lanka, and we have fulfilled our other ethical
responsibilities in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of Sri Lanka. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Financial Statements
of the current year. These matters were addressed in the context of our audit of the Financial Statements, and in forming our opinion
thereon.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the Audit of Financial Statements section of our
report, including in relation to those matters. Accordingly, our audit included the performance of procedures designed to respond
to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the
procedures performed to address the matters below, provide the basis for our opinion on the accompanying financial statements.
Key Audit Matter How the matter was Addressed
1. Management assessment of the potential impacts of Corona virus Our Audit procedures included,
(COVID-19) on the company ability to continue as going concern. • Reviewing cash flow projections prepared by the
management and evaluating the appropriateness of the
The financial statements of the company and the group have been
key assumptions used by the management in
prepared on a going concern basis.
preparing the cash flow projections.
In determining whether the company is a going concern, the directors
have reviewed cash flow projections prepared by the management. • Inspected the facility agreements for the Company’s long – term
These cash flow projections were based on some assumptions and loans to identify any financial covenants or similar terms and
estimations made by the management. Further, impact of COVID 19 assessed the implication of these on the Company’s liquidity.
related estimate uncertainty has also been considered in cash flow
projections.
• Assessed the adequacy of disclosures made in the financial
Management assessment of the potential impacts of COVID 19 on statements in relation to the potential impact of COVID – 19 to
the company’s / group’s ability to continue as a going concern was the Company’s ability to continue as going concern.
considered as a key audit matter since the said assessment requires
the exercise of significant management judgement in assessing
future cash inflows and outflows.
17
Key Audit Matter How the matter was Addressed
2. Recognition of Revenue • Our audit procedures in relation to revenue recognition

included both tests of controls as well as substantive procedures.
Revenue of the Group for the year ended 31st March 2021 • obtained an understanding of company’s revenue recognition
basis.
was Rs. 115,956,236.
• We reviewed the company’s accounting policies in respect of
revenue recognition and found them to be in compliance with Sri
Company’s revenue is disclosed in note No. (03) and related
Lanka Accounting Standards.
accounting policies are disclosed in note No. (2.23.1) to the
• We performed analytical review procedures to assess
financial statements. whether the recognised revenue was in line with the expected
level.
We considered revenue as a key audit matter due to its high • Tested invoices raised to Customers on a sample basis, to
volume, and complexity. ensure revenue is recognised and measured in accordance
with the contractual terms of the contracts and the Company’s
accounting policies.
• Carried out substantive testing in respect of revenue cut
off around the year end date
• We assessed the adequacy of the disclosures made in the
Financial Statements.
3. Transactions with Related parties • Evaluated the process established by the management in
identifying and reporting related party transactions.
Related party balances and transactions of the Group are disclosed • Reviewed the reports of the related party transactions review
in notes (15), (26) & (28) to the Financial Statements. committee.
• We read contracts and agreements with related parties to

The company is engaged in related party transactions during understand the nature, terms and conditions of the transactions.
the ordinary course of business. A considerable part of interest
• Reviewed a sample of transactions and ensured that transactions
income, interest expenses, other recurring expenditure and capital
are taken place on arm’s length basis.
expenditure are channeled through related companies.
• Critically examined the accuracy of inter company reconciliations
carried out by the management on a quarterly basis.
Due to the inherent risk attached to related party transactions we
• Checked the adequacy of disclosures made in relation to
considered this as key audit matter.
related party transactions.
18
Other information
Management is responsible for the other information. The other information comprises the information included in the Annual Report, but
does not include the financial statements and our auditor’s report thereon.
Our opinion on the Financial Statements does not cover the other information and we do not express any form of assurance conclusion
thereon.
In connection with our audit of the Financial Statements, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the Financial Statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of Management and those Charged with Governance for the Financial Statements.
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance
with Sri Lanka Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of
Consolidated Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Consolidated
Financial Statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as
applicable, matters related to Going Concern and using the going concern basis of accounting unless management either intends to
liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Auditor’ s Responsibilities for the Audit of the Financial Statements
Our Objectives are to obtain reasonable assurance about whether the Consolidated Financial Statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Sri Lanka Auditing Standards will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated
financial statements.
We also :
• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by the management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Company to cease to continue as a going concern.
19
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures,
and whether the consolidated financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the
Company to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and
performance of the Company audit. We remain solely responsible for our audit opinion.
• We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those Charged with Governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the
audit of the Financial Statements of the current year and are therefore the Key Audit Matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that
a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
As required by section 163 (2) of the Companies Act No. 07 of 2007, we have obtained all the information and explanations that were
required for the audit and as far as appears from our examination, proper accounting records have been kept by the Company.
CA Sri Lanka membership number of the engagement partner responsible for signing the independent auditor’s report is FCA 2972.
B. R. DE SILVA & CO.
Chartered Accountants
Colombo 05.
16th August 2021
SB/IA/ag
22/4,
Vijaya Kumaranatunga MW.,
Colombo 05.
Sri Lanka.
Telephone:+94 112 513 420-22
+94 114 510 268
Partners - N.S.C. De Silva FCA, FCMA(UK),CGMA, L.C. Piyasena FCA, L.L.S. Wickremasinghe FCA,
F.S.N. Marikkar FCA, S.M.S.S Bandara MBA, FCA, D.S. De Silva LLLB, Attorney-at-law
Fax :+94 114 512 404
ACA, ACMA(UK),CGMA E-mail :brds@eureka.lk
Partner (Kandy) W.L.L. Perera FCA. Web :www.brdesilva.com
20
Consolidated Statement of Profit or Loss and

other Comprehensive Income
Group Company
FOR THE YEAR ENDED 31ST MARCH, 2021 Notes 2021 2020 2021 2020
Rs. Rs. Rs. Rs.
Revenue (3) 115,956,236 347,169,022 115,956,236 340,593,440

Cost of Sales (38,561,447) (105,016,669) (38,561,447) (102,022,264)
Gross Profit 77,394,789 242,152,353 77,394,789 238,571,176
Other Income (4) 4,845,988 5,524,380 3,281,441 6,097,042
Administration Expenses (165,991,578) (240,013,962) (148,681,873) (204,192,864)
Marketing & Promotional Expenses (12,091,111) (15,894,372) (12,091,111) (15,754,243)
Profit/(Loss) from Operating Activities (95,841,912) (8,231,601) (80,096,753) 24,721,110
Finance and other Expenses (5) (49,315,225) (59,057,381) (49,211,640) (124,605,399)
Profit/(Loss) Before Tax (6) (145,157,136) (67,288,983) (129,308,393) (99,884,289)
Income Tax Expense (7) 3,987,546 (26,618,701) 3,640,344 (12,558,488)
Profit/(Loss) for the year (141,169,590) (93,907,684) (125,668,049) (112,442,776)
Items that may not be Reclassified to subsequently Profit or Loss

Actuarial Gain /(Loss) on Defined Benefit Plans (981,587) 451,449 (1,909,993) (910,732)
Revaluation Gain of Property Plant & Equipment - - - -
Deferred Tax Liability on Asset Revaluation - - - -
Other Comprehensive Income for the year, net of tax (981,587) 451,449 (1,909,993) (910,732)
Total Comprehensive Income for the year (142,151,177) (93,456,235) (127,578,042) (113,353,508)
Profit /(Loss) Attributable to;

Equity Holders of the parent (136,314,508) (79,130,602) (125,668,049) (112,442,776)
Non-Controlling Interest (4,855,083) (14,777,082) - -
Profit / (Loss) for the Year (141,169,590) (93,907,684) (125,668,049) (112,442,776)
Total Comprehensive Income Attributable to;

Equity Holders of the parent (137,586,871) (79,105,788) (127,578,042) (113,353,508)
Non-Controlling Interest (4,564,306) (14,350,447) - -
Total Comprehensive Income for the year (142,151,177) (93,456,235) (127,578,042) (113,353,508)
Earnings per Share (Rs.) (8) (0.23) (0.13) (0.21) (0.19)
The notes to the Financial Statements from pages (25) to (55) form an integral part of these Financial Statements.
21
Consolidated Statement of Financial Position

Group Company
AS AT 31ST MARCH, 2021 Notes 2021 2020 2021 2020
Rs. Rs. Rs. Rs.
ASSETS
Non-Current Assets
Property, Plant & Equipment (9) 1,110,634,450 1,138,385,394 439,591,933 455,234,010
Right of Use Assets (10) 13,353,049 14,223,900 13,353,049 14,223,900
Intangible Assets (11) 2,584,689 3,179,941 2,584,689 3,179,941
Investment in Subsidiary (12) - - 391,476,000 391,476,000
1,126,572,188 1,155,789,235 847,005,670 864,113,851
Current Assets
Inventories (13) 6,721,658 9,081,002 6,721,658 9,081,002
Trade and Other Receivable (14) 21,646,041 114,893,289 21,646,041 114,893,289
Amounts due from Related Parties (15) 43,846,647 8,583,337 48,241,807 8,583,337
Income Tax (16) 1,329,243 1,329,243 1,329,244 1,329,243
Cash and Cash Equivalents (17) 15,898,420 23,443,007 15,687,233 23,042,908
89,442,008 157,329,879 93,625,983 156,929,779
Total Assets 1,216,014,196 1,313,119,114 940,631,653 1,021,043,629
EQUITY & LIABILITIES
Capital & Reserves
Stated Capital (18) 340,000,000 340,000,000 340,000,000 340,000,000
Revaluation Reserve 74,267,620 74,267,620 - -
Retained Earnings (19) (95,278,321) 41,036,187 (56,742,372) 68,925,678
Actuarial Gain/(Loss) on Defined Benefit Obligations (7,620,693) (6,348,329) (6,244,021) (4,334,028)
Equity Attributable to Shareholders of Parent 311,368,606 448,955,478 277,013,607 404,591,650
Non Controlling Interest 170,496,330 175,060,636 - -
Total Equity 481,864,936 624,016,114 277,013,607 404,591,650
Non-Current Liabilities
Interest Bearing Borrowings (20) 227,480,269 207,364,207 227,480,269 207,364,207
Lease liabilities (21) 16,044,518 14,729,047 16,044,518 14,729,047
Deferred Taxation (22) 115,781,609 119,769,155 47,283,251 50,923,595
Retirement Benefit Obligations (23) 14,523,560 13,744,082 13,992,057 12,001,103
373,829,955 355,606,491 304,800,096 285,017,952
Current Liabilities
Bank Overdrafts (24) 98,033,281 90,040,392 98,033,281 88,794,287
Interest Bearing Borrowings (20) 55,889,698 43,209,663 55,889,698 43,209,663
Lease liabilities (21) 2,684,190 1,095,245 2,684,190 1,095,245
Trade & Other Payables (25) 58,795,717 67,036,280 57,294,357 66,219,903
Amounts due to Related Parties (26) 144,916,418 132,114,929 144,916,418 132,114,929
360,319,305 333,496,510 358,817,948 331,434,027
Total Equity & Liabilities 1,216,014,196 1,313,119,114 940,631,653 1,021,043,629
These Financial Statements are prepared in compliance with the requirements of the Companies Act No.07 of 2007.
D. E. Vancuylenberg ancuylenberg
Chief Financial Officer
The Board of Directors are responsible for the preparation and presentation of these Financial Statements.
Signed for and on behalf of the Board by,
Anushman Rajaratnam Amrit Rajaratnam

Director Director
Figures in brackets indicate deductions.
16th August 2021
Colombo
22
Statement of Changes In Equity
FOR THE YEAR ENDED 31ST MARCH, 2021 Stated Revaluation Accumulated Actuarial Total Equity Non- Total
Capital Reserve Profit/ Gain /(Loss) Attributable controlling Equity
(Loss) On Defined to Equity Interest
Benefit Holders of
Obligations the Parent
GROUP
Rs. Rs. Rs. Rs. Rs. Rs. Rs.
Balance as at 31.03.2019 340,000,000 74,267,620 120,166,789 (6,373,142) 528,061,266 189,411,083 717,472,350
Profit/(Loss) for the Year - - -

(79,130,602) (79,130,602) (14,777,082) (93,907,684)
Actuarial Gain /(Loss) on
- - - 24,814 24,814 426,635 451,449
Defined Benefit Plans
Balance as at 31.03.2020 340,000,000 74,267,620 41,036,187 (6,348,329) 448,955,478 175,060,636 624,016,114
Profit/(Loss) for the Year - - (136,314,508) - (136,314,508) (4,855,083) (141,169,590)

Deferred Tax Effect on
- - - - - -
Revaluation Gain
Actuarial Gain /(Loss) on
- - - (1,272,364) (1,272,364) 290,777 (981,587)
Defined Benefit Plans
Balance as at 31.03.2021 340,000,000 74,267,620 (95,278,321) (7,620,693) 311,368,606 170,496,330 481,864,936
The notes to the Financial Statements from pages (25) to 55) form an integral part of these Financial Statements.
23
Consolidated Statement of Cash Flows
GROUP COMPANY
FOR THE YEAR ENDED 31ST MARCH, 2021 Notes 2021 2020 2021 2020
Rs. Rs. Rs. Rs.
Cash Flows from/(Used in) Operating Activities
Net Profit / (Loss) Before Tax (6) (145,157,136) (67,288,983) (129,308,393) (99,884,289)
Adjustments for
Depreciation (9) 41,976,843 42,899,410 29,867,978 29,812,366
Amortisation 1,560,743 1,745,139 1,560,743 1,733,405
Impairment of Fixed Assets - 293,465 - -
Provision for Gratuity (23) 3,053,786 4,008,603 2,740,858 2,725,735
Inter-company transfers - (135,001) - 269,935
Provision for Acquisition from Breakages 81,013 470,519 81,013 470,519
Interest Income (4) (1,600,899) (1,719,796) (1,600,899) (4,233,711)
Finance Cost (5) 36,272,932 43,221,810 36,169,347 43,094,373
Impairment of Subsidiaries - - - 13,174,388
Impairment on receivable from Subsidiary - - - 52,541,676
Lease Interest (5) 2,904,415 2,576,960 2,904,415 2,565,542
Profit on Disposal of Fixed Assets (4) (59,332) (95,833) (59,332) (95,833)
Exchange Loss on Bank Loans (20.1) 10,137,877 13,229,420 10,137,877 13,229,420
94,327,379 106,494,695 81,802,001 155,287,814
Operating Profit before Working Capital Changes (50,829,757) 39,205,712 (47,506,392) 55,403,525
Working Capital Changes
(Increase)/Decrease in Inventories 2,359,345 2,146,902 2,359,345 (279,837)
Decrease/(Increase) in Debtors & Receivables 93,247,248 (22,399,364) 93,247,248 (32,415,008)
(Decrease)/Increase in Related Party Balances (22,461,821) 12,547,403 (26,856,981) 8,772,258
Increase/(Decrease) in Creditors & Accrued Expenses (8,240,564) (13,871,101) (8,925,543) 190,229
64,904,208 (21,576,160) 59,824,069 (23,732,358)
Cash Generated from Operations 14,074,451 17,629,552 12,317,677 31,671,167
Finance Cost Paid (36,272,932) (43,221,810) (36,169,347) (43,094,373)
Tax Paid -
ESC Paid - - - -
Income Tax Paid - - - -
Gratuity Paid (23) (3,255,896) (4,001,744) (2,659,896) (576,528)
Cash Generated from Operating Activities (25,454,377) (29,594,002) (26,511,566) (11,999,734)
Cash Flows from Investing Activities
Acquisition of Fixed Assets (14,374,762) (8,746,562) (14,374,762) (8,539,462)
Acquisition of Intangible Assets (11) (94,640) - (94,640) -
Interest Received 1,600,899 1,719,796 1,600,899 4,233,711
Proceeds from Insurance Claimed on Fixed Assets - - - -
Proceeds from Sale of Fixed Assets 127,180 16,887,910 127,180 767,663
Cash Generated from Investing Activities (12,741,323) 9,861,144 (12,741,323) (3,538,088)
Cash Flows from Financing Activities
Loans Obtained (20.1) 26,598,170 3,625,698 26,598,170 3,625,698
Loan Repayments (20.1) (3,939,950) (7,465,864) (3,939,950) (7,465,864)
Dividend Paid - - - -
Lease Instalments Paid - (2,035,664) - (1,836,000)
Cash Generated from Financing Activities 22,658,221 (5,875,830) 22,658,221 (5,676,166)
Net Increase/(Decrease) in Cash & Cash Equivalents (15,537,478) (25,608,688) (16,594,668) (21,213,988)
Cash & Cash Equivalents at the beginning of the year (66,597,384) (40,988,696) (65,751,378) (44,537,390)
Cash & Cash Equivalents at the end of the year (82,134,862) (66,597,384) (82,346,047) (65,751,378)
Analysis of Cash & Cash Equivalents

Cash at Bank - Favourable (17) 15,898,420 23,443,007 15,687,233 23,042,908
Cash at Bank - Bank Overdrafts (24) (98,033,281) (90,040,392) (98,033,281) (88,794,287)
(82,134,862) (66,597,384) (82,346,047) (65,751,378)
24
Accounting Policies
1. CORPORATE INFORMATION • Power over the investee (i.e., existing rights that give it
the current ability to direct the relevant activities of the
1.1. Reporting Entity investee)
Beruwala Resorts PLC is a public limited liability company • Exposure, or rights, to variable returns from its involvement
incorporated and domiciled in Sri Lanka. The registered with the investee
office of the Company is located at premises No.8 1/3,
York Arcade Building, Leyden Bastian Road, Colombo • The ability to use its power over the investee to affect its
01 and the principal place of business is located at returns
Moragalla, Beruwala.
Generally, there is a presumption that a majority of voting
rights results in control. To support this presumption and
1.2. Principal Activities and Nature of Operation when the Group has less than a majority of the voting
or similar rights of an investee, the Group considers all
The Principal activity of the Company and subsidiary is to relevant facts and circumstances in assessing whether it
carry on the business of a Tourist Hotel. has power over an investee, including:
The average number of employees of the company as at • The contractual arrangement(s) with the other vote
the end of year was 111 (31st March 2020 – 187) holders of the investee
• Rights arising from other contractual arrangements

1.3. Date of Authorisation for Issue
• The Group’s voting rights and potential voting rights
The Financial Statements for the year ended 31st March
2021 were authorised for issue by the Board of Directors The Group re-assesses whether or not it controls an
on 16th August 2021. investee if facts and circumstances indicate that there
are changes to one or more of the three elements of
Notes to the Financial Statements on pages (25) to (55) control. Consolidation of a subsidiary begins when
form an integral part of the Financial Statements. the Group obtains control over the subsidiary and
ceases when the Group loses control of the subsidiary.
Assets, liabilities, income and expenses of a subsidiary
2. BASIS OF PREPARATION acquired or disposed of during the year are included in
the consolidated financial statements from the date the
2.1. Statement of Compliance Group gains control until the date the Group ceases to
control the subsidiary. Profit or loss and each component
The Financial Statements have been prepared in of Other Comprehensive Income are attributed to the
accordance with Sri Lanka Accounting Standards equity holders of the parent of the Group and to the
(LKAS/SLFRS), adopted by The Institute of Chartered non-controlling interests, even if this results in the non-
Accountants of Sri Lanka (CA) and the requirements controlling interests having a deficit balance. When
of the Companies Act, No. 07 of 2007 and Sri Lanka necessary, adjustments are made to the financial
Accounting and Auditing Standards Act No.15 of 1995. statements of subsidiaries to bring their accounting
policies into line with the Group’s accounting policies.
Sri Lanka Accounting Standards, (SLFRS/LKAS), issued All intra-group assets and liabilities, equity, income,
by the Institute of Chartered Accountants of Sri Lanka expenses and cash flows relating to transactions
materially converged with the International Financial between members of the Group are eliminated in full on
Reporting Standards (IFRS) issued by the International consolidation. A change in the ownership interest of a
Accounting Standards Board (IASB). subsidiary, without a loss of control, is accounted for as
an equity transaction. If the Group loses control over a
2.2. Basis of Consolidation subsidiary, it derecognises the related assets (including
goodwill), liabilities, non-controlling interest and other
The consolidated financial statements comprise the components of equity, while any resultant gain or loss is
Financial Statements of the Company and its subsidiary recognised in profit or loss. Any investment retained is
as for the year ended 31st March 2021. Control is recognised at fair value.
achieved when the Group is exposed, or has rights, to
variable returns from its involvement with the investee and 2.3. Basis of Measurement
has the ability to affect those returns through its power
over the investee. Specifically, the Group controls an The Financial Statements have been prepared on an
investee if, and only if, the Group has: accrual basis and under the historical cost convention
unless stated otherwise.
25
Accounting Policies
2.4. Comparative Information Furthermore, board is not aware of any material

uncertainties that may cast significant doubt upon the
The Financial Statements provide comparative information Company’s ability to continue as a going concern and
in respect of the previous period. The accounting policies they do not intend either to liquidate or cease operations
have been consistently applied by the Company and of the Company. Therefore, the Financial Statements
they are consistent with those used in the previous continue to be prepared on the going concern basis.
years. Previous year’s figures and phrases have been re-
arranged whenever necessary to conform to the current 2.8. Functional and Presentation Currency
presentation.
The Financial Statements are presented in Sri Lanka
2.5. Materiality and Aggregation Rupees, which is the Company’s functional and
presentation currency.
Each material class of similar items is presented
separately in the Consolidated Financial Statements. 2.9. Foreign Currency Transactions
Items of a dissimilar nature or function are presented
separately unless they are immaterial. All foreign currency transactions are converted in to Sri
Lanka Rupees at the rates of exchange prevailing at the
time the transactions were affected.
2.6. Use of Estimates, Judgments and Assumptions
Monetary assets and liabilities denominated in foreign
The preparation of Financial Statements in conformity with currencies have been translated into the local currency,
SLFRS/LKAS requires management to make judgments, at the rate of exchange ruling at the Statement of Financial
estimates and assumptions that affect the application of Position date while all non-monetary items are reported at
accounting policies and the reported amounts of assets, the rate prevailing at the time transactions were affected.
liabilities, income and expenses and the disclosure
of contingent liabilities at the reporting date. Actual The exchange differences arising therefrom have been
results may differ from those estimates and judgmental dealt with in the Statement of Comprehensive Income.
decisions.
2.10. Events Occurring after the Reporting Period
Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates All material events occurring after the reporting period
are recognised in the period in which the estimates are have been considered and appropriate adjustments or
revised if the revision affects only that period or in the disclosures have been made in the respective Notes to
period of the revision and future periods if the revision the Financial Statements.
affects both current and future periods.
2.11. Changes in Accounting Policies
2.7. Going Concern
The accounting policies applied in the consolidated
In determining the basis of preparing the financial financial statements are the same as those applied in the
statements for the year ended 31 March 2021, based Group’s consolidated financial statements as at and for
on available information, the management has assessed the year ended 31 March 2020.
the existing and anticipated effects of COVID-19 on the
Group Companies and the appropriateness of the use 2.12. Business combination and Goodwill
of the going concern basis. In March 2021, the Group
evaluated the resilience of its businesses considering The subsidiary and its controlling percentage of the
a wide range of factors under multiple stress tested Group, which have been consolidated, are as follows:
scenarios, relating to expected revenue streams, cost
management, profitability, the ability to defer nonessential
capital expenditure, debt repayment schedules, if any, 2021 2020
cash reserves and potential sources of financing facilities, B.O.T Hotel Services (Pvt) Ltd 68.68% 68.68%
if required, and the ability to continue providing services
to ensure businesses continue as least impacted as
possible. 2.13. Assets and Bases of their Valuation
The Directors have made an assessment on the Assets classified as current assets in the balance sheet
Company’s ability to continue as a going concern and are cash and those assets which are expected to be
are satisfied that it has the resources to continue in realised in cash during the normal operating cycle of the
business for the foreseeable future. In determining the Company’s business or within one year from the Balance
above significant management judgements, estimates Sheet date, whichever is shorter. Assets other than
and assumptions the impact of the COVID 19 pandemic current assets are those, which the Company intends to
has been considered as of reporting date and specific hold beyond a period of one year from the Statement of
considerations have been disclosed under the relevant financial position date.
notes.
26
Accounting Policies
2.14. Property, Plant & Equipment The estimated useful lives of assets are as follows:
Property, Plant & Equipment is stated at cost less Assets Years

accumulated depreciation and any accumulated
impairment in value. The cost of an item of property, Buildings 50
plant and equipment comprises its purchase price and Bath ware Equipment 20
any directly attributable costs of bringing the assets to Plant &Equipment 10
working condition for its intended use. Kitchen Equipment 10
Electrical Equipment 10
The cost of self-constructed assets includes the cost Office Equipment 10
of material, direct labour, and any other costs directly Furniture & Fittings 10
attributable to bring the assets to the working condition Motor Vehicles 10
for its intended use. This also includes cost of dismantling Cutlery Crockery & Linen 10
and removing the items and restoring in the site on which Computer Equipment 05
they are located. Computer Software 05
The carrying values of property, plant & equipment are The useful life and residual value of assets are reviewed,
reviewed for impairment when events or changes in and adjusted if required, at the end of each financial year.
circumstances indicate that the carrying value may not
be recoverable. 2.17. Intangible Assets
2.15. Subsequent Expenditure An Intangible asset is recognised if it is probable that

future economic benefits associated with the asset will
The cost of replacing part of an item of property, plant & flow to the Group and the cost of the asset can be reliably
equipment is recognised in the carrying amount of the measured.
item if it is probable that the future economic benefits
embodied within the part will flow to the Company and Intangible assets acquired separately are measured on
its cost can be measured reliably. The carrying amount initial recognition at cost. The cost of intangible assets
of those parts that are replaced is de-recognised in acquired in a business combination is the fair value as at
accordance with the de-recognition policy given below. the date of acquisition.
The costs of the day-to-day servicing of property, plant & Following initial recognition, intangible assets are carried
equipment are recognised in profit or loss as incurred. at cost less any accumulated amortisation and any
accumulated impairment losses.
2.16. De-recognitions and Depreciations
The useful lives of intangible assets are assessed to be
De-recognition either finite or indefinite. The intangible assets of the
Company consist of the Computer Software.
Items of property, plant & equipment are derecognised
upon replacement, disposal or when no future economic Computer software
benefits are expected from its use. Any gain or loss
arising on de-recognition of the asset is included in the Acquired computer software licenses are capitalised on
Income Statement in the year the asset is derecognised. the basis of the costs incurred to acquire and bring to use
the specific software. Costs associated with developing
Depreciation or maintaining computer software programmes are
recognised as an expense when incurred. Costs include
Depreciation is calculated on a straight-line basis over the the software development, employee costs and an
estimated useful lives of each part of an item of property, appropriate portion of relevant overheads.
plant & equipment. Assets held under finance leases are
depreciated over the shorter of the lease term and the Computer software is amortised over 05 years on a straight
useful lives of equivalent owned assets. Freehold land is line basis. The amortisation period and the amortisation
not depreciated. method for computer software are reviewed at least at the
end of each reporting period. Changes in the expected
Depreciation of an asset begins when it is available for useful life or the expected pattern of consumption of future
use and ceases at the earlier of the dates on which the economic benefits embodied in the asset are accounted
asset is classified as held for sale or is derecognised. for by changing the amortisation period or method, as
appropriate, and are treated as changes in accounting
Provision for depreciation is calculated by using a straight- estimates. The amortisation expense is recognised in the
line method on the cost or valuation of all property, plant profit or loss.
and equipment, other than freehold land, in order to write
off such amounts over the estimated useful economic life Gains or losses arising from de-recognition of an
of such assets. intangible asset are measured as the difference between
the net disposal proceeds and the carrying amount of the
asset and are recognised in the profit or loss.
27
Accounting Policies
2.18. Investments in subsidiaries The present value of lease commitments as at 1st April 2019
has been calculated using weighted average incremental
Investment in subsidiaries is initially recognised at cost in borrowing rate of 16.97%.
the financial statements of the Company. Any transaction
cost relating to acquisition of investment in subsidiaries The Group applied modified retrospective approach in
is immediately recognised in the income statement. After accordance with SLFRS 16 when accounting for right-of-
the initial recognition, Investments in subsidiaries are use assets and operating lease liabilities.
carried at cost less any accumulated impairment losses.
2.21. Borrowing Costs
Borrowing costs are recognised as an expense in the

Principle place of the Registered place of period in which they are incurred except those that are
Name of the
Subsidiary the business directly attributable to the acquisition, construction or
business
production of a qualifying asset that takes a substantial
period of time to get ready for its intended use or sale,
where it is capitalised as a part of the cost of that asset.
York Arcade Building,
B O T Hotel
Kapparathota, Matara, 8-512, Leyden Bastian
Services (Pvt) 2.22. Cash and Cash Equivalents
Sri Lanka Road, Colombo 01, Sri
Ltd
Lanka.
Cash and cash equivalents include notes and coins
on hand, balances with banks, money at call and short
2.19. Non-Controlling Interests notice with less than three months maturity from the date
of acquisition.
NCI are measured at their proportionate share of the
acquiree’s identifiable net assets at the date of acquisition. 2.23. Financial Assets and Financial Liabilities
Changes in the group’s interest in a subsidiary that do
not result in a loss of control are accounted for as equity (a) Initial Recognition and Measurement
transactions.
The Company recognises a financial asset or a financial
2.20. Leases liability in its statement of financial position when the
entity become party to the contractual provisions of the
instrument.
(a) Basis of Recognition
Company initially measures its financial assets at fair
The Group applies Sri Lanka Accounting Standards value plus in case of a financial asset not at fair value
SLFRS 16 “Leases” in accounting for all lease hold rights through profit or loss, transaction costs that are directly
except for which the lease term ends within 12 months attributable to the acquisition of the financial asset.
period, leases of low value assets and leases of variable
lease terms. Company initially measures its liabilities at fair value minus
in case of a financial liability not at fair value through profit
(b) Basis of measurement or loss, transaction costs that are directly attributable to
the issue of the financial liabilities.
The Group recognises right-of -use assets at the date of Despite the above paragraph, at initial recognition, the
commencement of the lease, which is the present value company measures trade receivables at their transaction
of lease payments to be made over the lease term. Right- price as defined in SLFRS 15.
of-use assets are measured at cost less any accumulated
amortisation and impairment losses and adjusted for (b) Classification of Financial Assets
any re-measurement of lease liabilities. The cost of the
right-of-use assets includes the amount of lease liabilities (i) Financial assets are classified as subsequently
recognised, initial direct cost incurred, and lease
measured at amortised cost, Fair Value through other
payments made at or before the commencement date
comprehensive income or fair value through profit or
less any lease incentives received.
loss based on
Right of use assets are amortised on the straight-line
• The company’s business model for managing the financial
basis over the lease term.
assets and
(c) Lease liability
• The contractual cash flow characteristics of the financial
assets
At the commencement date of the lease, the Group
recognises lease liabilities, measured at present value of
lease payments to be made over the lease term.
28
Accounting Policies
(ii) Financial Assets measured at Amortised cost Guidance in paragraph 5.6.1 to 5.6.7 to SLFRS 09
– Financial instruments are applied in the event of a
A Financial asset is measured at amortised cost if reclassification of financial assets.
both the following conditions are met:
(e) Financial liabilities are not reclassified
• The financial asset is held within a business model whose
objective is to hold financial assets in order to collect (i) Amortised cost Measurement
contractual cash flows and
Interest revenue is calculated by using the effective
• The contractual terms of the financial asset give rise on interest method by applying effective interest rate to the
specified dates to cash flows that are solely payments of gross carrying value originated credit impaired financial
principal and interest on the principal amount outstanding. assets
(iii) Financial assets measured at fair value through • Purchased or Originated credit impaired financial assets.
other comprehensive income
• Financial assets that are not purchased or originated
A financial asset is measured at fair value through OCI if credit impaired financial assets but subsequently have
both of following conditions are met. become credit impaired financial assets.
• The financial asset is held within a business model whose (ii) Impairment
objective is achieved by both collecting contractual cash
flows and selling financial assets and The company recognises a loss allowances for expected
credit losses on a financial asset.
• The contractual terms of the financial asset give rise on
specified dates to cash flows that are solely payments of Where on the reporting date the credit risk on the financial
principal and interest on the principal amount outstanding instrument has increased significantly since initial
recognitions, loss allowances at an amount equal to the
(iv) Financial assets measured at fair value through lifetime expected credit losses is made.
profit or loss
Where on the reporting date the credit risk on the
A financial asset is measured at for value through profit or financial instrument has not increased significantly since
loss unless it is measured at amortised cost or fair value initial recognitions, loss allowances is measured for that
through OCI in accordance with paragraph (ii) and (iii) financial instrument at an amount equivalent to 12 month
above. expected credit losses.
(c) Classification of Financial liabilities (iii) Derecognition of Financial Assets
Financial liabilities are subsequently measured at The company derecognises a financial asset when:
amortised cost, except for,
• the contractual rights to the cash flows from the financial
• Financial liabilities at fair value through profit or loss. asset expire, or

• Financial liabilities that arise when a transfer of a financial • it transfers the financial asset and the transfer qualifies for
asset does not qualify for derecognition or when the derecognition.
continuing involvement approach applies
(iv) Derecognition of Financial Liabilities
• Financial guarantee contracts
A financial liability is removed (or a part of a financial
• Commitments to provide a loan at a below-market interest liability) from its statement the financial position when,
rate. and only when, it is extinguished-ie when the obligation
specified in the contract is discharged or cancelled or
(d) Reclassification expires.
(i) Financial assets are reclassified when and only 2.24. Inventories
when the company changes its business model for
managing financial assets. Inventories are stated at lower of cost and estimated at
net realisable value.
If the company reclassifies financial assets, such
reclassification is applied prospectively from the Provision is made for obsolete, slow moving and defective
reclassification date and previously recognised gains, inventories where necessary.
losses (including impairment gains or losses) are not
restated.
29
Accounting Policies
The Company has identified the COVID19-related revenue All contingent liabilities are disclosed as a note to the
declines or disrupted supply chains and evaluated financial statements unless the out flow of resources is
whether it is required to adjust the carrying value of the remote
inventory. Perishables, products with short shelf lives or
expiration dates, or specific seasonal inventories were Contingent assets are disclosed, where inflow of
considered at risk of an impairment. The Company has economic benefit is probable.
adequately adjusted the carrying value of the inventory to
reflect its net realisable value. 2.26. Income Statement
2.25. Employee Benefits 2.26.1. Revenue Recognition
2.25.1. Defined Benefit Plans - Retirement Gratuity SLFRS 15 established a comprehensive framework
for determining whether how much and when revenue
A defined benefit plan is a post - employee benefit plan recognised. Revenue is measured based on the
other than a defined contribution plan. consideration specified in a contract with a customer.
Under SLFRS 15, the Group revenue is recognise when
The liability recognised in the Balance Sheet in respect a customer obtained control of the goods or services –
of defined benefit plan is the present value of defined Determining the timing of the transfer of control – at a
obligation at the Balance Sheet date. The defined point in time or over time requires judgement.
benefit obligation is calculated annually by independent
actuaries using Project Unit Credit method (PUC) as Under SLFRS 15, revenue is recognised to the extent
recommended by LKAS 19 (Revised 2006) - Employee that it is highly probable that a significant reversal in the
Benefits. The present value of the defined benefit amount of cumulative revenue recognition will not occur.
obligation is determined by discounting the estimated
future cash flow. The following specific criteria are used for the purpose of
recognition revenue:
The actuarial gain or losses are charged or credited to
Income Statement in the period in which they arise. • Apartment revenue is recognised for the rooms occupied
on a daily basis. All revenues are recognised on an
However, according to the Payment of Gratuity Act, accrual basis over the time of the duration of the stay
No. 12 of 1983, the liability for the gratuity payment to of customer and matched with the related expenditure
an employee arises only on the completion of 5 years of where they simultaneously receive and consumes the
continued service. benefits of the services rendered.
(a) Defined Contribution Plans - Employees’ Provident • Restaurant revenue includes the revenue recognised on
Fund & Employees’ Trust Fund the sale food and beverage. All revenue is accounted for
at the time of services rendered.
All employees who are eligible for Provident Fund
Contributions and Trust Fund Contributions are covered • Bar revenue are accounted for at the time of sale.
by relevant contribution funds in line with respective
2.26.2. Other Income
statutes and regulations. Contribution plans are
recognised as an expense in the Statement of (a) Dividend Income
Comprehensive Income when incurred.
Dividend income is recognised when the shareholders
All actuarial gains and losses at 1 April 2011, the date of ‘right to receive such dividend is established.
transition to SLFRS/LKASs, were recognised in retained
earnings. The Company recognises all actuarial gains (b) Interest Income
and losses arising subsequently from defined benefit
plans in other comprehensive income and expenses Interest income is recognised on an accrual basis from
related to defined benefit plans in personnel expenses in the date of deposit to the reporting date.
the Income statement of profit and loss. This liability is not
externally funded. 2.26.3. Expenditure Recognition
2.25.2 Provisions, Contingent Assets and Contingent All expenditure incurred in the running of the business
Liabilities and in maintaining the property, plant & equipment in
a state of efficiency has been charged to revenue in
Provisions are made for all obligations existing as at the arriving at the profit for the year. Expenditure incurred
reporting date when it is probable that such an obligation for the purpose of acquiring and extending or improving
will result in an outflow of resources and a reliable estimate assets of a permanent nature by means of which to
can be made of the quantum of the outflow. carry on the business or for the purpose of increasing
the earning capacity of the business has been treated as
capital expenditure.
30
Accounting Policies
For the purpose of presentation of the income statement, 2.26.8. Deferred Tax (Cont’d)
the “function of expenses” method has been adopted,
on the basis that it presents fairly the elements of the Deferred tax is not recognised for the following temporary
Company’s performance. differences: the initial recognition of goodwill, the initial
recognition of assets or liabilities in a transaction that
2.26.4. Finance Cost is not a business combination and that affects either
accounting nor taxable profit, and difference relating
Finance costs comprise of all interest and other costs to investments in subsidiaries to the extent that they
incurred in connection with borrowings, and are probably will not reverse in the foreseeable future.
recognised as an expense in the period in which they are
incurred, unless they are incurred in respect of qualifying Deferred tax is measured at the tax rates that are expected
assets in which case it is capitalised. to be applied to the temporary differences when they
reverse, based on the laws that have been enacted or
2.26.5. Earnings per Share substantively enacted by the reporting date.
The Company presents basic earnings per share (EPS) A deferred tax asset is recognised only to the extent that
data for its ordinary shares. Basic EPS is calculated it is probable that future taxable profits will be available
by dividing the profit or loss attributable to ordinary against which the temporary difference can be utilised.
shareholders of the Company by the weighted average Deferred tax assets are reviewed at each reporting date
number of ordinary shares outstanding during the period. and are reduced to the extent that it is no longer probable
that the related tax benefit will be realised. Tax withheld
2.26.6.Income Tax Expenses in dividend income from subsidiaries and associates is
recognised as an expense in the Income statements at
Income tax expense comprises current and deferred tax. the same time as the liability to pay the related dividend
Income tax expense is recognised in profit or loss except is recognised.
to the extent that it relates to items recognised directly in
equity, when it is recognised in equity. 2.27. Statement of Cash Flows
2.26.7. Current Tax The Statement of Cash Flows has been prepared
using ‘indirect method’. Interests paid are classified as
Current tax is the expected tax payable on the taxable operating cash flows while dividends paid are classified
income for the year, using tax rates enacted at the as financing cash flows. Interests and dividends received
reporting date and any adjustments to tax payable in are classified as investing cash flows for the purpose of
respect of previous years. presentation of Cash Flow Statement.
The provision for income tax is based on the elements For the purpose of Cash Flow Statement, cash & cash
of income and expenditure as reported in the Financial equivalents consist of cash at bank and in hand and
Statements and computed in accordance with the short-term deposits net of outstanding bank overdrafts.
provisions of the Inland Revenue Act, No. 24 of 2017.
2.28. Related Party Transactions
2.26.8. Deferred Tax
Disclosures have been made in respect of the transactions
between parties who are defined as related parties as
Deferred taxation is the tax attributable to the temporary
differences that arise when taxation authorities recognise per Sri Lanka Accounting Standards 24 – “Related Party
Disclosures”, in note 28.4 in the Financial Statements.
and measure assets and liabilities with rules that differ
from those used in the Financial Statements.
2.29. Financial Risk Management Policies
Deferred tax is provided using the liability method on
The Company’s principal financial liabilities comprise
temporary differences at the reporting date between
loans and borrowings, trade and other payables. The
the tax bases of assets and liabilities and their carrying
main purpose of these financial liabilities is to finance
amounts for financial reporting purposes. Deferred
the Company’s operations and to provide guarantees to
tax liabilities are recognised for all taxable temporary
support its operations. The Company has loan and other
differences.
receivables, trade and other receivables, and cash that
arrive directly from its operations. The Company also
Deferred tax assets are recognised for all deductible
holds available-for-sale investments. The Company is
temporary differences, unused tax credits and tax
exposed to market risk, credit risk and liquidity risk. The
losses carried forward to the extent that it is probable
Company’s senior management monitors these risks.
that taxable profit will be available against which the
The Company’s senior management is supported by an
deductible temporary differences, the unused tax credits
audit committee that advises on financial risks and the
and tax losses carried forward can be utilised.
appropriate financial risk governance framework for the
Company. The Audit committee provides assurance to
the Company’s senior management that the Company’s
31
Accounting Policies
financial risk-taking activities are governed by appropriate COVID-19 impact on the business/operations of the
policies and procedures and that financial risks are company :
identified, measured and managed in accordance with
Company policies and risk appetite. On 11 March 2020 the World Health Organisation
declared the novel corona virus (“COVID-19) outbreak a
2.30. Risk Management pandemic. The outbreak poses a serious public health
threat and global economic downturn. The impact of
Liquidity risk management COVID-19 and measures to prevent its spread are
affecting the local economies and these have triggered
The Company has implemented a mixed approach that significant disruptions to businesses worldwide, resulting
combines elements of the cash flow matching approach in economic slowdown in many countries, including Sri
and the liquid assets approach. The Company attempts Lanka.
to match cash outflows in each time bucket against
the combination of contractual cash inflows plus other Responding to the potentially serious threat that COVID –
inflows that can be generated through the sale of assets, 19 presents to public health, the Sri Lankan government
repurchase agreement, or other secured borrowings. The has taken measures to contain the outbreak, pending
Company considered that cash flow scrutiny is paramount further developments. The emergence and spread of the
and has adopted a disciplined approach across the corona virus have also resulted in many business restricts
Company including setting up of Company-wide spend and limit travel of the staff members to client organisations
control and cash management steering committees due to government restrictions, organisation level
(Cash war rooms) for preserving and increasing liquidity, precautions and government restrictions and other health
particularly on account of the impact of COVID19. reasons.
Interest rate risk Due to the prevailing pandemic circumstances in the

country government imposed lockdown twice during
Interest rate risk is the risk that the fair value or future the FY 2020. During the 1st wave of COVID-19, entire
cash flows of a financial instrument will fluctuate because country was under lockdown from 17th March 2020
of changes in market interest rates. The Company’s and lockdown restrictions were eased in other districts
exposure to the risk of changes in market interest rates gradually whereas lockdown was extended in Colombo
relates primarily to the Company’s long-term debt till 11th May 2020. However, again due to the arising of a
obligations with floating interest rates. Most lenders 2nd wave of COVID-19 pandemic, the western province
grant loans under floating interest rates. To manage this, was again locked down for a 2-week period from 28th
based on the market condition & outlook of the interest October 2020 to 08th November 2020.
rate, the Company takes mitigating action such as
interest rate swaps, caps, etc. The global outbreak of the Beruwala Resorts PLC entered to an agreement with
novel COVID-19 epidemic has resulted in consecutive Avant Garde Maritime Services on 20th September, 2020,
reductions in policy rates and monetary easing policies to operate a Quarantine Centre at the Company’s Resort
by Central Bank of Sri Lanka to encourage banks and at Beruwala for a period of 20th of September 2020 to
finance companies to reduce lending rates. 31st March 2021 and to be extended by mutual consent,
to provide its rooms and premises to Avant Garde
Foreign currency risk Maritime Services to accommodate Sri Lanka Seafarers
for Quarantine.
Foreign currency risk is the risk that the fair value or
future cash flows of a financial instrument will fluctuate In arriving at its decisions to collaborate with the Avant
because of changes in foreign exchange rates. The Garde Maritime Services to operate a Quarantine Centre
Company has exposure to foreign currency risk where as aforesaid, considering all relevant circumstances
it has foreign currency transactions which are affected such as restrictions in revenue generation in travel and
tourism industries resulting from the Covid-19 pandemic
by foreign exchange movements. The Sri Lankan Rupee
worldwide, the need to maintain and up-keep the
witnessed a sharp depreciation against the US Dollar in
Company’s Resorts, which involves heavy expenditure,
the financial year ended 31st March 2021 on the back the financial evaluation of operating a quarantine centre
of economic turmoil in global, regional and local markets and also the Company’s duty as a responsible corporate
resulting from the COVID-19 pandemic. The Company citizen, to provide its fullest cooperation to facilitate the
exposed to foreign currency denominated payments with exigencies that have risen due to the Pandemic situation
local currency revenues are adversely impacted to undue in the country whilst making every endeavour to facilitate
fluctuations in exchange rates at least a modest revenue generation in the interests of all
stakeholders during the difficult period of time.
32
Notes to the Financial Statements
GROUP COMPANY
FOR THE YEAR ENDED 31ST MARCH, 2021 2021 2020 2021 2020
Rs. Rs. Rs. Rs.
(3) REVENUE
Revenue is made up of the following;

Rooms 62,064,970 171,095,015 62,064,970 167,672,578
Food 52,545,648 140,770,071 52,545,648 138,783,253
Beverage 869,304 26,795,020 869,304 26,494,103
Miscellaneous 476,314 8,508,915 476,314 7,643,506
115,956,236 347,169,022 115,956,236 340,593,440
(4) OTHER INCOME
Interest on Staff Loans 128,295 379,367 128,295 379,367

Inter Company Loan Interest 1,472,604 1,340,429 1,472,604 3,854,344
Exchange Gain on Operations 691,179 636,430 691,179 636,430
Fixed Asset Disposal Gain 59,332 95,833 59,332 95,833
Creditors written Back - 1,131,067 - 1,131,067
Other Income 2,494,577 1,941,253 930,031 -
4,845,988 5,524,380 3,281,441 6,097,042
(5) FINANCE AND OTHER EXPENSES
Interest on Bank Overdrafts 8,695,256 8,799,726 8,647,499 8,758,737

Bank Charges 249,425 620,863 193,597 534,414
Interest on Finance Lease Obligations 2,904,415 2,576,960 2,904,415 2,565,542
Interest Expense - Inter Company Loans 12,436,485 15,001,580 12,436,485 15,001,580
Surcharge & Penalty - 432 - -
Interest on Term Loans 14,891,767 18,799,642 14,891,767 18,799,642
Exchange loss 10,137,877 13,258,180 10,137,877 13,229,420
Impairment on Investment in subsidiary - - - 13,174,388
Impairment on receivables from Subsidiary - - - 52,541,676
49,315,225 59,057,381 49,211,640 124,605,399
(6) PROFIT/ (LOSS) FROM ORDINARY ACTIVITIES BEFORE TAXATION
Profit / (Loss) before tax is arrived at after charging all expenses including the following :
Depreciation 41,976,843 42,899,410 29,867,978 29,812,365
Amortisation 1,560,743 1,745,139 1,560,743 1,733,405
Salaries 41,902,168 66,498,859 41,902,168 58,378,173
E.P.F. 5,028,260 7,972,661 5,028,260 7,005,378
E.T.F. 1,257,065 2,001,311 1,257,065 1,751,344
Retirement Gratuity 3,053,786 4,008,603 2,740,858 2,725,735
Donations 130,000 409,910 130,000 339,910
Auditors' Remuneration 755,000 795,000 665,000 665,000
33
GROUP COMPANY
FOR THE YEAR ENDED 31ST MARCH, 2021 2021 2020 2021 2020
Rs. Rs. Rs. Rs.
(7) INCOME TAX EXPENSE
Current Tax (7.1) - - - -
Deferred Tax Charge/ (Reversal) for the year (3,987,546) 26,618,701 (3,640,344) 12,558,488
(3,987,546) 26,618,701 (3,640,344) 12,558,488
(7.1) RECONCILIATION BETWEEN CURRENT TAX EXPENSE AND ACCOUNTING PROFIT
Profit / (Loss) before Tax (145,157,136) (67,288,976) (121,726,885) (99,884,285)
Investment Income - (4,233,711) - (4,233,711)
Profit/(Loss) after Adjustment (145,157,136) (71,522,687) (121,726,885) (104,117,996)
Disallowable Expenses for Taxation (6,745,558) 75,576,093 46,488,705 125,907,107
Allowable Expenses for Taxation (53,625,662) (52,909,179) (44,612,287) (41,066,588)
Assessable Income from Business (205,528,356) (48,855,773) (119,850,467) (19,277,477)
Assessable Income from Investment - 4,233,711 - 4,233,711
Utilisation of Tax Losses - (4,233,711) - (4,233,711)
Taxable Loss (205,528,356) (48,855,773) (119,850,467) (19,277,477)
Statutory Tax Rate - 14%

- - - -
Tax Provision for the Year
- - - -
(8) EARNINGS PER SHARE
(8.1) The calculation of the Earnings Per Share has been made based on profit attributable to equity shareholders of Beruwala Resorts
PLC after tax for the year divided by the weighted average number of ordinary shares outstanding during the year.
Amount used as Numerator

Profit/(Loss) Attributable to Equity Shareholders of Beruwala (136,314,508) (79,130,595) (125,668,049) (112,442,776)
Resorts PLC (Rs.)
Amount used as Denominator
Weighted Average Number of Ordinary Shares 600,000,000 600,000,000 600,000,000 600,000,000
Outstanding During the Year
Earnings/ (Loss) per Share (Rs.) (0.23) (0.13) (0.21) (0.19)
34
AS AT 31ST MARCH, 2021
(9) PROPERTY, PLANT & EQUIPMENT

(9.1) GROUP
Cost Depreciation W.D.V
Description of Assets Balance Balance Balance Balance W.D.V W.D.V

Transfers/ Charge Transfers/
as at Additions as at as at as at as at as at
Revaluation (Disposals) for the Year (Disposals)
01.04.2020 Rs. 31.03.2021 01.04.2020 31.03.20201 31.03.20201 31.03.2020
Rs. Rs. Rs.
Rs. Rs. Rs. Rs. Rs. Rs.
Freehold Asserts
Freehold Land 525,767,000 - - - 525,767,000 - - - - 525,767,000 525,767,000
Buildings 696,031,476 489,000 - - 696,520,476 198,379,582 21,185,949 - 219,565,531 476,954,945 497,651,893
Kitchen Equipment 47,667,103 81,955 - - 47,749,058 42,236,916 849,485 - 43,086,401 4,662,657 5,430,187
35
Plant & Equipment 105,495,253 7,418,805 - (14,500) 112,899,558 59,192,030 8,086,250 (14,500) 67,263,780 45,635,778 46,303,223
Office Equipment 2,000,288 - - - 2,000,288 1,536,062 97,752 - 1,633,814 366,474 464,226
Electrical Equipment 34,349,251 276,095 - (97,000) 34,528,346 27,132,238 1,033,526 (43,896) 28,121,868 6,406,478 7,217,013
Computer Equipment 5,212,239 363,658 - - 5,575,897 3,792,639 578,802 - 4,371,441 1,204,456 1,419,600
Furniture & Fittings 67,694,050 4,548,451 - (1,250) 72,241,251 49,556,399 3,324,576 (1,250) 52,879,725 19,361,526 18,137,651
Motor Vehicles 24,093,200 738,116 - - 24,831,316 19,114,996 2,463,238 - 21,578,234 3,253,082 4,978,204
Linen 34,324,979 479,939 - (89,470) 34,715,448 20,880,711 2,607,901 (3,687) 23,484,925 11,230,523 13,444,268
Cutlery & Crockery 2,530,751 49,783 - (101,268) 2,479,266 2,026,979 472,542 (20,254) 2,479,266 - 503,773
Bath Rooms 25,536,450 - - - 25,536,450 8,468,096 1,276,823 - 9,744,919 15,791,532 17,068,355
Total 1,570,702,040 14,445,802 - (303,488) 1,584,844,354 432,316,647 41,976,843 (83,587) 474,209,904 1,110,634,450 1,138,385,394
(09) PROPERTY, PLANT & EQUIPMENT (Contd…)
(09.2) COMPANY
Cost Depreciation W.D.V
Description of Assets Balance Additions Transfers/ Balance Balance Charge Transfers/ Balance W.D.V W.D.V
as at (Disposals) as at as at for the Year (Disposals) as at as at as at
01.04.2020 31.03.2021 01.04.2020 31.03.2021 31.03.2021 31.03.2020
Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs.
Freehold Assets
Freehold Land 267,000 - - 267,000 - - - - 267,000 267,000
Buildings 453,854,170 489,000 - 454,343,170 113,853,659 9,077,084 - 122,930,743 331,412,427 340,000,511

Kitchen Equipment 47,667,103 81,955 - 47,749,058 42,236,916 849,485 - 43,086,401 4,662,657 5,430,187
36
Plant & Equipment 105,495,253 7,418,805 (14,500) 112,899,558 59,192,030 8,086,250 (14,500) 67,263,780 45,635,778 46,303,223
Office Equipment 2,000,288 - - 2,000,288 1,536,062 97,752 - 1,633,814 366,474 464,226
Electrical Equipment 34,349,251 276,095 (97,000) 34,528,346 27,132,238 1,033,526 (43,896) 28,121,868 6,406,478 7,217,013
Computer Equipment 5,212,239 363,658 - 5,575,897 3,792,639 578,802 - 4,371,441 1,204,456 1,419,600
Furniture & Fittings 67,694,050 4,548,451 (1,250) 72,241,251 49,556,399 3,324,576 (1,250) 52,879,725 19,361,526 18,137,651
Motor Vehicles 24,093,200 738,116 - 24,831,316 19,114,996 2,463,238 - 21,578,234 3,253,082 4,978,204
Linen 34,324,979 479,939 (89,470) 34,715,448 20,880,711 2,607,901 (3,687) 23,484,925 11,230,523 13,444,268
Cutlery & Crockery 2,530,751 49,783 (101,268) 2,479,266 2,026,979 472,542 (20,254) 2,479,266 - 503,773
Bath Rooms 25,536,450 - - 25,536,450 8,468,096 1,276,823 - 9,744,919 15,791,532 17,068,355
Total 803,024,735 14,445,802 (303,488) 817,167,049 347,790,724 29,867,978 (83,587) 377,575,116 439,591,933 455,234,010

(10) RIGHT OF USE ASSETS
(10.1) GROUP
Cost 2021 2020
Rs. Rs.
Balance as at 1st April 2020 15,094,751 -
Day 1 Impact from the Application of SLFRS 16 - 15,094,751
Additions/Renewals Operating Leases During the Year - -
Balance as at 31st March 15,094,751 15,094,751
Accumulated Amortisation
Balance as at 1st April 2020 870,851 -
Amortisation During the Year 870,851 870,851
Balance as at 31st March 2021 1,741,702 870,851
Net Book Value as at 31st March 13,353,049 14,223,900
(10.2) COMPANY
Cost
Balance as at 1st April 2019 15,094,751 -
Day 1 Impact from the Application of SLFRS 16 - 15,094,751
Restated Balance as at 1st April 2019 15,094,751 15,094,751
Additions/Renewals Operating Leases During the Year - -
Balance as at 31st March 15,094,751 15,094,751
Accumulated Amortisation
Balance as at 1st April 2019 870,851 -
Amortisation During the Year 870,851 870,851
Balance as at 31st March 1,741,702 870,851
Net Book Value as at 31st March 13,353,049 14,223,900
(10.3) RIGHT OF USE ASSETS DISCLOSURES
The Hotel buildings have been constructed in a land which was leased out from Sri Lanka Tourism Development Authority for 30
years commencing from 01st August 2007. The lease period will expire on 31st July 2037.
On transition to SLFRS 16 the incremental borrowing rate applied to lease liabilities recognised under SLFRS 16 was 16.97%.

The following is a reconciliation of the financial statement line items from LKAS 17 to SLFRS 16 at 1 April 2019.
Carrying Reclassification Remeasurement SLFRS 16
amount at carrying
31-Mar-19 amount at
1-Apr-19
Rs. Rs. Rs. Rs.
Property, plant and equipment 802,196,242 - - 802,196,242
Right of Use Assets - - 15,094,751 15,094,751
Lease liabilities - - (15,094,751) (15,094,751)
Deferred gain on sale and leaseback (current) - -
Deferred gain on sale and leaseback (non-current) - -
Total 802,196,242 - - 802,196,242
The following is a reconciliation of total operating lease commitments at 31 March 2019
(as disclosed in the financial statements to 31 March 2019) to the lease liabilities recognised at 1 April 2019 :
Rs.
Total operating lease commitments disclosed at 31 March 2019 48,393,437
Recognition exemptions:
Leases of low value assets -
Leases with remaining lease term of less than 12 months -
Variable lease payments not recognised (Office Building) 1,548,437
Other minor adjustments relating to commitment disclosures - (1,548,437)
Operating lease liabilities before discounting 46,845,000
Discounted using incremental borrowing rate (31,750,249)
Operating lease liabilities 15,094,751
Total lease liabilities recognised under SLFRS 16 at 1 April 2019 15,094,751
37
(10.4) LEASEHOLD LAND

Location Extent Cost (Rs)
Leasehold land Moragalla, A : 09 R : 3 P : 13
Beruwala
Extent
Freehold Land Moragalla, Cost (Rs)
Beruwala P : 2.78 267,000
Freehold buildings carried at cost Moragalla, No of Building Cost (Rs)
Beruwala 24 454,343,170
Freehold Land Kapparathota, Extent Re-Valued
Weligama A : 03 R : 0 P : 10.59 525,500,000
Freehold buildings carried at cost Kapparathota, Cost (Rs)

No of Building
Weligama 02 242,177,306
38
(11) INTANGIBLE ASSETS
(11.1) GROUP
Cost Amortisation W.D.V
Description of Assets Balance Balance Balance Balance W.D.V W.D.V
Additions Transfers/ Charge Transfers/
as at as at as at as at as at as at
(Disposals) for the Year (Disposals)
01.04.2020 31.03.2021 01.04.2020 31.03.2021 31.03.2021 31.03.2020
Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs.
Freehold Assets
Computer Software 6,562,909 94,640 - 6,657,549 3,382,968 689,892 - 4,072,860 2,584,689 3,179,941
Total 6,562,909 94,640 - 6,657,549 3,382,968 689,892 - 4,072,860 2,584,689 3,179,941
(11.2) COMPANY
Freehold Assets
Computer Software 6,562,909 94,640 - 6,657,549 3,382,968 689,892 - 4,072,860 2,584,689 3,179,941
Total 6,562,909 94,640 - 6,657,549 3,382,968 689,892 - 4,072,860 2,584,689 3,179,941


GROUP COMPANY
Note 2021 2020 2021 2020
Rs. Rs. Rs. Rs.
(12) INVESTMENT IN SUBSIDIARY
Investment in Subsidiary (12.1) - - 391,476,000 391,476,000

Sub Total - - 391,476,000 391,476,000
(12.1) INVESTMENT IN SUBSIDIARY - COMPANY 2021 2020

Unquoted No. of Shares Holding % Cost Carrying Value Cost Carrying Value
Rs. Rs. Rs. Rs.
B O T Hotel Services (Pvt) Ltd 39,491,798 68.68% 404,650,388 391,476,000 404,650,388 391,476,000
404,650,388 391,476,000 404,650,388 391,476,000

BOT Hotel Services (Pvt) Ltd is a private limited liability company. The following table illustrates summarised financial
information of BOT Hotel Services (Pvt) Ltd : COMPANY
2021 2020
Rs. Rs.
Current Assets 858,766 400,098
Non-Current Assets 671,042,518 683,151,383
Current Liabilities 59,085,776 54,604,159
Non-Current Liabilities 69,029,859 70,588,539
Revenue - 6,575,582
Loss for the Year 15,501,541 47,180,977
Total comprehensive income (14,573,135) (45,818,796)
GROUP COMPANY
Note 2021 2020 2021 2020
Rs. Rs. Rs. Rs.
(13) INVENTORIES
Food Stock 1,053,732 2,277,144 1,053,732 2,277,144
Beverage 1,857,326 2,673,406 1,857,326 2,673,406
General Stock-Maintenance 2,071,122 2,263,900 2,071,122 2,263,900
Housekeeping Stock 471,918 705,839 471,918 705,839
Kitchen Sundry 535,791 298,894 535,791 298,894
Food, Beverage & Sundry Stock 43,564 83,939 43,564 83,939
Cigarette Stock - 11,388 - 11,388
Laundry Operation Stock 76,164 81,064 76,164 81,064
Stationery Stock 612,042 685,428 612,042 685,428
6,721,658 9,081,002 6,721,658 9,081,002
(14) TRADE AND OTHER RECEIVABLES
Trade Debtors 24,348,926 96,882,342 24,348,926 96,882,342
Less - Impairment of Debtors (13,691,284) (6,109,776) (13,691,284) (6,109,776)
10,657,641 90,772,566 10,657,641 90,772,566
Other Debtors 7,784,654 4,238,364 7,784,654 4,238,364
Pre-Payments 1,616,195 2,137,180 1,616,195 2,137,180
Advance Payments - 455,591 - 455,591
Other Receivables 5,766 16,170,645 5,766 16,170,645
Rent Income Receivable 2,531,250 2,531,250 2,531,250 2,531,250
VAT Receivable 2,395,505 1,118,943 2,395,505 1,118,943
Less - Impairment of Other Debtors & Receivables (3,344,970) (2,531,250) (3,344,970) (2,531,250)
21,646,041 114,893,289 21,646,041 114,893,289
39

GROUP COMPANY
2021 2020 2021 2020
Rs. Rs. Rs. Rs.
(15) AMOUNTS DUE FROM RELATED PARTIES
York Hotel Management Services Ltd 30,068,917 8,257,184 30,068,917 8,257,184
Sigiriya Village Hotels PLC 2,425,739 245,113 2,187,164 245,113
Marawila Resorts PLC 1,185,105 81,040 900,000 81,040
Galle Fort Hotels (Pvt) Ltd 9,088,636 - 9,088,636 -
Imperial Hotels Limited 1,078,250 - 954,350 -
B O T Hotel Services (Pvt) Ltd - - 5,042,740 -
43,846,647 8,583,337 48,241,807 8,583,337
(16) INCOME TAX
Balance at the beginning of the year 1,329,243 1,329,243 1,329,244 1,329,243
Provision for Income Tax on current year's profits - - - -
Tax paid during the year - - - -
Balance at the end of the year 1,329,243 1,329,243 1,329,244 1,329,243
(17) CASH AND CASH EQUIVALENTS
Cash in Hand 14,237,791 21,698,220 14,060,750 21,329,497

Cash at Bank 1,660,628 1,744,787 1,626,483 1,713,412
15,898,420 23,443,007 15,687,233 23,042,908
(18) STATED CAPITAL
Ordinary Shares Issued & Fully Paid Number of Ordinary Shares
600,000,000 Ordinary Shares 600,000,000 600,000,000 600,000,000 600,000,000
Value of Ordinary Shares (Rs.)
Balance at the Beginning of the Year 340,000,000 340,000,000 340,000,000 340,000,000
Balance at the end of the Year 340,000,000 340,000,000 340,000,000 340,000,000
(19) RETAINED EARNINGS
Balance at the beginning of the year 41,036,187 120,166,789 68,925,678 181,368,455
Profit /(Loss) for the year (136,314,508) (79,130,602) (125,668,049) (112,442,776)
Balance at the end of the year (95,278,321) 41,036,187 (56,742,372) 68,925,678
40

Short-term Long-term 2021 2020
Note Portion Portion Total Total
Rs. Rs. Rs. Rs.
(20) INTEREST BEARING BORROWINGS - GROUP
Term Loan (20.1) 55,889,698 227,480,269 283,369,968 250,573,870
Total 55,889,698 227,480,269 283,369,968 250,573,870
(20.1) TERM LOANS

As at Loans Repayment Exchange As at
01.04.2020 Obtained Loss 31.03.2021
Rs. Rs. Rs. Rs. Rs.
Lender
Cargills Bank LKR Loan 62,599,358 26,598,170 (1,800,872) - 87,396,657
Cargills Bank USD Loan 187,974,512 - (2,139,078) 10,137,877 195,973,311
Grand Total 250,573,870 26,598,170 (3,939,950) 10,137,877 283,369,968
Short-term Long-term 2021 2020

Note Portion Portion Total Total
Rs. Rs. Rs. Rs.
(20.2) INTEREST BEARING BORROWINGS - COMPANY
Term Loan (20.2.1) 55,889,698 227,480,269 283,369,968 250,573,870
Total 55,889,698 227,480,269 283,369,968 250,573,870
(20.2.1) Term Loans

As at Loans Repayment Exchange As at
01.04.2020 Obtained Loss 31.03.2021
Rs. Rs. Rs. Rs. Rs.
Lender
Cargills Bank Loan 20M 3,485,449 - - - 3,485,449
Cargills Bank Loan - Car 904,228 - - - 904,228
Cargills Bank Loan - Laundry 3,001,250 - - - 3,001,250
Cargills Bank Loan- 23.7M 19,667,718 - - - 19,667,718
Cargills Bank Loan- 3.6M 2,987,501 - - - 2,987,501
Cargills Bank Loan- 10M (1) 8,903,051 - - - 8,903,051
Cargills Bank Loan- 10M (2) 9,241,263 - - - 9,241,263
Cargills Bank Loan- 15M 14,408,898 - - - 14,408,898
Cargills bank Loan-Moratorium period up to
- 6,598,170 - - 6,598,169
31.03.2021
Cargills Bank Loan- 20M New - 20,000,000 (1,800,872) - 18,199,128
Cargills Bank Loan USD 187,974,512 - (2,139,078) 10,137,877 195,973,311
Grand Total 250,573,870 26,598,170 (3,939,950) 10,137,877 283,369,968
41

Security
(1) Loan obtained by Beruwala Resorts PLC
Primary Mortgage executed over Land and Buildings of B.O.T Hotel Services (Pvt) Ltd situated at Weligama for the Term Loan
from Cargills Bank Ltd.


Mortgage executed over brand new high capacity Laundry machinery manufactured in the USA worth of Rs. 20,000,000/- for the
Term Loan from Cargills Bank Ltd.


Mortgage executed over brand new Mazda Motor Car at Rs. 5,975,000/- for the Term Loan from Cargills Bank Ltd.

Interest Rates applicable for Term Loan Facilities

Term Loan - Laundry: AWPLR + 1.75% ( To be reviewed on a monthly basis & fixed on last week’s
AWPLR of preceding month.)

AWPLR + 2.5% ( To be reviewed on a monthly basis & fixed on last week’s

Term Loan - Car : AWPLR + 2% ( To be reviewed on a monthly basis & fixed on last week’s

Term Loan - USD - Cargills Bank Ltd LIBOR + 3.5% ( To be reviewed on a monthly basis & fixed on last week’s
LIBOR of preceding month.)
Term Loan - Capex AWPLR + 2.75% ( To be reviewed on a monthly basis & fixed on last week’s
Settlement of BOT AWPLR of preceding month.)
Pan Asia Banking Corp. PLC Loan
(21) LEASE LIABILITIES
(21.1) GROUP Short-term Long-term Total
Note Portion Portion
Rs. Rs. Rs.
Lease on Right of Use Land (21.1.1) 2,684,190 16,044,518 18,728,708
2,684,190 16,044,518 18,728,708
(21.1.1) Lease on Right of Use Land
As at Re measurements Repayment Exchange As at
01.04.2020 Obtained Loss 31.03.2021
Rs. Rs. Rs. Rs. Rs.
Lease on Right of Use Land 15,824,292 - 2,904,415 - 18,728,708
Grand Total 15,824,292 - 2,904,415 - 18,728,708
(21) LEASE LIABILITIES

(21.2) COMPANY Short-term Short-term Total
Note Portion Portion
Rs. Rs. Rs.
Lease on Right of Use Land (21.2.1) 2,684,190 16,044,518 18,728,708
2,684,190 16,044,518 18,728,708
(21.2.1) Lease on Right of Use Land
As at Re measurements Repayment Exchange As at
01.04.2020 Obtained Loss 31.03.2021
Rs. Rs. Rs. Rs. Rs.
Lease on Right of Use Land 15,824,292 - 2,904,415 - 18,728,708
Grand Total 15,824,292 - 2,904,415 - 18,728,708
42

GROUP COMPANY
Note 2021 2020 2021 2020
Rs. Rs. Rs. Rs.
(22) DEFERRED TAXATION
Balance at the beginning of the Year 119,769,155 93,150,454 50,923,595 38,365,108
Provision/(Reversal) for the Year (3,987,546) 26,618,701 (3,640,344) 12,558,488
Balance at the end of the Year (22.1) 115,781,609 119,769,155 47,283,251 50,923,595
(22.1) DEFERRED TAX ASSET/ (LIABILITY)
GROUP
Temporary Difference Tax @ 14%
Rs. Rs.
Property, Plant & Equipment 465,997,618 65,239,667
Leasing (34,518,000) (4,832,520)
Retirement Benefit Liability (14,523,558) (2,033,298)
Revaluation Surplus 410,055,432 57,407,760
827,011,492 115,781,609
COMPANY
Temporary Difference Tax @ 14%
Rs. Rs.
Property, Plant & Equipment 386,247,566 54,074,659
Retirement Benefit Liability (13,992,057) (1,958,888)
Leasing (34,518,000) (4,832,520)
337,737,509 47,283,251
GROUP COMPANY
Note 2021 2020 2021 2020
Rs. Rs. Rs. Rs.
(23) RETIREMENT BENEFIT OBLIGATIONS
Balance at the beginning of the Year 13,744,082 14,323,672 12,001,102 8,671,229
Provision made during the Year (23.1) 3,053,786 4,008,603 2,740,858 2,725,735
Inter-company transfers - (135,001) - 269,935
Payments made during the Year (3,255,896) (4,001,744) (2,659,896) (576,528)
Actuarial (Gain) / Loss 981,587 (451,449) 1,909,993 910,732
Balance at the end of the Year 14,523,560 13,744,082 13,992,057 12,001,103
The Retirement Benefit Liability of the Company is based on actuarial valuation carried out by Messrs. Piyal S. Goonetileke and
Associates. The liability is not externally funded and the principal assumptions used in determining the cost of employee benefits
were,
43
2021 2020
Discount Rate 7.7% 10.60%
Salary Increment Rate 7.5% 7.5%
Retirement Age 55 years 55 years
(23.1) Expenses recognised in the Statement of Profit or Loss
GROUP COMPANY
2021 2020 2021 2020

Rs. Rs. Rs. Rs.
Current Service Cost 1,679,379 2,361,382 1,540,748 1,728,544

Interest Cost 1,374,407 1,647,221 1,200,110 997,191
3,053,786 4,008,603 2,740,858 2,725,735
(23.2) Sensitivity of Assumptions Used
Company
A Quantitative Sensitivity Analysis for significant assumptions used by the company as at 31st March 2021 is shown below;

Effect on the Employee Benefit Obligations Discount Rate Salary

Escalation Rs.
Increase by one percentage point 8.7% 13,095,067
Decrease by one percentage point 6.7% 15,000,811
Subsidiary
A Quantitative Sensitivity Analysis for significant assumptions used by the Company as at 31st March 2021 is as shown below;
Effect on the Employee Benefit Obligations Discount Rate Salary

Escalation Rs.
Increase by one percentage point 8.7% 736,787
Decrease by one percentage point 6.7% 773,252
The Sensitivity Analysis above has been determined on a method that extrapolates the impact on employee benefit obligations as
a result of reasonable changes in key assumptions occurring at the end of the reporting period.
GROUP COMPANY
2021 2020 2021 2020

Rs. Rs. Rs. Rs.
(24) BANK OVERDRAFTS
Bank Overdrafts 98,033,281 90,040,392 98,033,281 88,794,287
98,033,281 90,040,392 98,033,281 88,794,287
(25) TRADE AND OTHER PAYABLES
Trade Creditors 18,970,116 26,762,919 18,970,116 26,762,919
Accruals & Other Payables 34,277,531 36,327,795 33,906,066 35,909,862
Statutory Payments Payable 5,548,069 3,945,566 4,418,174 3,547,121
58,795,717 67,036,280 57,294,357 66,219,903
44

GROUP COMPANY
2021 2020 2021 2020

Rs. Rs. Rs. Rs.
(26) AMOUNTS DUE TO RELATED PARTIES

Colonial Motors (Ceylon) Ltd 27,700 19,545 27,700 19,545
Colombo Fort Hotels Ltd 142,279,489 129,848,734 142,279,489 129,848,734
The Colombo Fort Land & Building PLC 1,460,885 607,944 1,460,885 607,944
E B Creasy & Co PLC 756,794 696,966 756,794 696,966
Lankem Ceylon PLC 166,063 681,132 166,063 681,132
Lankem Tea & Rubber Plantations (Pvt) Ltd 482 482 482 482
Colombo Fort Group Services (Pvt) Ltd 213,006 260,126 213,006 260,126
Union Commodities (Pvt) Ltd 12,000 - 12,000 -
144,916,418 132,114,929 144,916,418 132,114,929
(27) FINANCIAL INSTRUMENTS
(27.1) Financial Instruments - Statement of Financial Position
Investment in Subsidiary (12) - - 391,476,000 391,476,000
- - 391,476,000 391,476,000
Financial Assets
Loans & Receivables
Debtors Receivables (14) 21,646,041 114,893,289 21,646,041 114,893,289
Amounts due from Related Companies (15) 43,846,647 8,583,337 48,241,807 8,583,337
65,492,688 123,476,626 69,887,847 123,476,625
Cash and Cash Equivalents (17) 15,898,420 23,443,007 15,687,233 23,042,908
Total 81,391,107 146,919,635 85,575,080 146,519,533
Financial Liabilities
Other Financial Liabilities
Interest Bearing Borrowings (20.2) 283,369,968 250,573,870 283,369,968 250,573,870
Bank Over Draft (24) 98,033,281 90,040,392 98,033,281 88,794,287
Trade and Other Payables (25) 58,795,717 67,036,280 57,294,357 66,219,903
Amounts due to Related Companies (26) 144,916,418 132,114,929 144,916,418 132,114,929
Total 585,115,384 539,765,471 583,614,024 537,702,990
45
FOR THE YEAR ENDED 31ST MARCH, 2021
(27.2) Financial Instruments-Statement of Comprehensive Income
GROUP 2021 2020
Gain/ Losses/ Gain/ Income Losses/

Income Expenses Expenses
Rs. Rs. Rs. Rs.
Amounts due from Related Companies 1,472,604 - 1,340,429 -

Amounts due to Related Companies - 12,436,485 - 15,001,580
Interest Bearing Borrowings - 26,491,438 - 30,176,327
Total 1,472,604 38,927,923 1,340,429 45,177,907
COMPANY
Amounts due from Related Companies 1,472,604 - 3,854,344 -

Amounts due to Related Companies - 12,436,485 - 15,001,580
Impairment on receivable from Subsidiary - - - -
Interest Bearing Borrowings - 26,443,681 - 30,123,921
Total 1,472,604 38,880,166 3,854,344 45,125,501
(27.3) Credit Risk

Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at
the reporting date was;
Group Company
2021 2020 2021 2020

Rs. Rs. Rs. Rs.
Trade and Other Receivables (14) 21,646,041 114,893,289 21,646,041 114,893,289
Amounts due from Related Companies (15) 43,846,647 8,583,337 48,241,807 8,583,337
Cash & Cash Equivalents (16) 15,898,420 23,443,007 15,687,233 23,042,908
81,391,107 146,919,635 85,575,079 146,519,533
(27.4) Impairment Losses
The aging of Trade and Other Receivables at the reporting date was;
Gross Impairment Gross Impairment
2021 2021 2020 2020
Rs. Rs. Rs. Rs.
GROUP
Not Past Due 3,070,941 - - -
Past due 0 - 30 days 2,252,500 21,636,035 -
Past due 31 - 365 days 4,457,790 76,943,053 (832,699)
More than One Year 28,901,064 (17,036,254) 8,858,927 (7,808,327)
38,682,294 (17,036,254) 107,438,015 (8,641,026)
46
(27.4) Impairment Losses (Contd...)

2021 2021 2020 2020
COMPANY Rs. Rs. Rs. Rs.
Not Past Due 3,070,941 - - -
Past due 0 - 30 days 2,252,500 - 21,636,035 -
Past due 31 - 365 days 4,457,790 - 76,943,053 (832,699)
More than One Year 28,901,064 (17,036,254) 8,858,927 (7,808,327)
38,682,294 (17,036,254) 107,438,016 (8,641,026)
Based on historic default rates, the Company and the Group believe that, no impairment allowance is necessary in respect
of Trade Receivables not past due or past due by up to 365 days, which includes the amount owed by the Company’s and
the Group’s most significant customers, who have a good payment record with the Company and the Group.
2021 2021 2020 2020
Rs. Rs. Rs. Rs.
GROUP
Not Past Due - - - -
Past due 31 - 365 days 43,846,647 - 8,583,337 -
More than One Year - - - -
43,846,647 - 8,583,337 -
COMPANY
Not Past Due - - - -
Past due 31 - 365 days 100,783,483 (52,541,676) 61,125,013 (52,541,676)
More than One Year - - - -
100,783,483 (52,541,676) 61,125,013 (52,541,676)
(27.5) Liquidity Risk
The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the
impact of netting agreements.
Carrying Contractual 12 Months 1-2 2-5 More than

Amount Cash Flows or Less Years Years 5 Years
Rs. Rs. Rs. Rs. Rs. Rs.

GROUP
Non - Derivative Financial Liabilities
Interest Bearing Borrowings 283,369,968 (283,369,968) (55,889,698) (55,889,698) (167,669,095) (3,921,475)
Lease Liability 18,728,708 (18,728,708) (2,684,190) (1,129,483) (2,597,114) (12,317,920)
Trade and Other Payables 58,795,717 (58,795,717) (58,795,717) - - -
Amounts Due to Related
144,916,418 (144,916,418) (144,916,418) - - -
Companies
Bank Overdrafts 98,033,281 (98,033,281) (98,033,281) - - -
603,844,092 (603,844,092) (360,319,305) (57,019,181) (170,266,210) (16,239,396)
COMPANY
Non-derivative Financial Liabilities
Interest Bearing Borrowings 283,369,968 (283,369,968) (55,889,698) (55,889,698) (167,669,095) (3,921,475)
Lease Liability 18,728,708 (18,728,708) (2,684,190) (1,129,483) (2,597,114) (12,317,920)
Trade and Other Payables 57,294,357 (57,294,357) (57,294,357) - - -
Amounts Due to Related
144,916,418 (144,916,418) (144,916,418) - - -
Companies
Bank Overdrafts 98,033,281 (98,033,281) (98,033,281) - - -
602,342,732 (602,342,732) (358,817,945) (57,019,181) (170,266,210) (16,239,396)
47

It is not expected that the cash flows included in the maturity analysis could be occurred significantly earlier, or at a
significantly different amount.
Loan denominated in foreign currency had been obtained by the company from the Cargills & the payable balance of the
loan can be changed depending on the exchange rate.
(27.6) Market Risk
“Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market prices mainly comprise two types of risks, currency risk, interest rate risks. Financial instruments
affected by market risk include bank loans, investments and trade payables.“
Currency Risk
Exposure to Currency Risk
The Company’s exposure to foreign currency risk was as follows based on notional amounts;
GROUP 2021 2020
USD EUR GBP USD EUR GBP
Trade & Other Receivables 34,244 74,239 - 34,244 74,239 -

Interest Bearing Borrowings 991,667 - - 1,015,000 - -
Total Exposure 1,025,911 74,239 - 1,049,245 74,239 -
The following significant exchange rates have been applied during the year :
Average Rate Reporting Date / Spot Rate

2021 2020 2021 2020
USD 194.60 180.37 199.04 187.36
EUR 221.24 199.34 233.09 205.27
GBP 254.28 227.40 273.23 230.01
(27.7) Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s
long term debt obligations with floating interest rates.
The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held
constant, of the Group’s profit before tax (through the impact on floating rate borrowings).
Group Increase/ (Decrease) in Effect on profit before tax

Effect on Equity (Rs.)
interest rate (Rs.)
2021 1% (148,918) (148,918)
-1% 148,918 148,918
2020 1% (187,996) (187,996)

-1% 187,996 187,996
Company Increase/ (Decrease) in Effect on profit before tax

Effect on Equity (Rs.)
interest rate (Rs.)
2021 1% (148,918) (148,918)
-1% 148,918 148,918
2020 1% (187,996) (187,996)

-1% 187,996 187,996
48

At the reporting date the interest rate profile of the Group’s and the Company’s interest bearing financial instruments was;

Carrying Amount Carrying Amount
Group Company
2021 2020 2021 2020

Fixed Rate Instruments
Financial Liabilities - - - -
- - - -
Variable Rate Instruments

Financial Liabilities 283,369,968 250,573,870 283,369,968 250,573,870
283,369,968 250,573,870 283,369,968 250,573,870
(28) DIRECTORS INTEREST IN CONTRACTS / RELATED PARTY TRANSACTIONS

(28.1) PARENT AND ULTIMATE CONTROLLING PARTY
The Company’s immediate parent is Colombo Fort Hotels Ltd, intermediate parent Company is Lankem Ceylon PLC while the
ultimate parent undertaking and controlling party is The Colombo Fort Land & Building PLC, which is incorporated in Sri Lanka.

(28.2) IDENTITY OF THE RELATED PARTIES
The Company has a related party relationship with the Affiliated Companies, Directors of the Company, Key Management Personnel
of the Company and their close family members.
(28.3) TRANSACTIONS HELD WITH KEY MANAGEMENT PERSONNEL AND THEIR CLOSE FAMILY MEMBERS

The Company considers its Board of Directors as Key Management Personnel of the Company.

According to Sri Lanka Accounting Standards LKAS-24 “Related Party Disclosures”, Key Management Personnel, are those
having authority and responsibility for planning, directing and controlling the activities of the entity.

Accordingly the Board of Directors (including Executive and Non Executive Directors.) have been classified as Key
Management Personnel.

(i) Loans to Directors

No loans have been given to the Directors of the Company.
2021 2020
(ii) Key Management Personal Compensation Rs. Rs.
Short-Term Benefits - Directors Fees 2,850,000 2,850,000
49
(28.4) TRANSACTIONS HELD WITH RELATED COMPANIES - GROUP
Balance as at Balance as at
01.04.2020 Amount 31.03.2021
Name of the Nature of
Name of Director Receivable / Received / Receivable /
Company Relationship Transactions
(Payable) (Charged) (Payable)
Rs. Rs. Rs.
Sigiriya Village Related Mr. S. D. R. Arudpragasam 245,113 Expenses 15,295 2,425,739

Hotels PLC Company
Fixed Assets
Mr. C. P. R. Perera 1,926,755
Transfer
Scrap item
Mr. Anushman Rajaratnam 238,575
transfer
Mr. T. Theyagamurti
Mr. E. P. A. Cooray
Mr. A. R. Rasiah
Mr. S. Rajarathnam
Lankem Ceylon Intermediate Mr. S. D. R. Arudpragasam (681,132) Purchasing 515,068 (166,063)
PLC Parent
Marawila Related Mr. S. D. R. Arudpragasam 81,040.00 Fixed Assets 1,139,275 1,185,105

Resorts PLC Company Transfer
Mr. C. P. R. Perera Expenses 2,633,467
Mr. Anushman Rajaratnam Settlement (3,057,502)

Scrap item
Mr. S. Rajaratnam 388,825
transfer
Mr. T. Theyagamurti
Mr. E. P. A. Cooray
Mr. A. R. Rasiah
Imperial Hotels Related Mr. S. D. R. Arudpragasam Fixed Assets 954,350 1,078,250

-
Limited Company Transfer
Scrap item
Mr. T .Theyagamurti 123,900
transfer
Mr. Sanjeev Rajaratnam
Colonial Motors Related Mr. S. D. R. Arudpragasam (19,545.00) Expenses (122,681) (27,700)

(Ceylon) Ltd Company
Mr. Anushman Rajaratnam Settlement 114,526
Mr. S. Rajaratnam
50

(28.4) TRANSACTIONS HELD WITH RELATED COMPANIES - GROUP(Contd…)
Balance as at Balance as
Amount
Name of the 01.04.2020 Nature of at 31.03.2021
Name of Director Received /
Company Relationship Receivable / Transactions Receivable /
(Charged)
(Payable) (Payable)
Rs.
Rs. Rs.
York Hotel
Related
Management Mr. S. D. R. Arudpragasam 8,257,184 Expenses (3,786,664) 30,068,917
Company
Services Ltd.
Management
Mr. T. Theyagamurti (5,035,699)
Fees
Mr. S. Rajaratnam Interest Income 790,846
Mr. Amrit Rajaratnam Fund Transfer 29,843,250
Galle Fort Related
Mr. S.D. R. Arudpragasam - Expenses 6,878 9,088,636
Hotels (Pvt) Ltd. Company
Mr. Anushman Rajaratnam Fund Transfers 8,400,000
Stock & F/A
Mr. Sanjeev Rajaratnam 681,758
Transfer
Colombo Fort Immediate Interest (12,436,484)

Mr. S. D. R. Arudpragasam (129,848,735) Income (142,279,489)
Hotels Ltd. Parent Expenses 5,730
Mr. T. Theyagamurti
Mr. S. Rajaratnam
The Colombo
Ultimate
Fort Land & Mr. S. D. R. Arudpragasam (607,944) Expenses (852,941) (1,460,885)
Parent
Building PLC
Mr. C. P. R. Perera
Mr. S. Rajaratnam
E.B Creasy & Related
Mr. S. D. R. Arudpragasam (696,967) Purchase (59,827) (756,794)
Co, PLC Company
Mr. S. Rajaratnam
Mr. A. R. Rasiah
Lankem Tea
& Rubber Related
Mr. S. D. R. Arudpragasam (482) - - (482)
Plantations (Pvt) Company
Ltd
Mr. C. P. R. Perera
Colombo Fort
Related
Group Services Mr. S. D. R. Arudpragasam (260,126) Expenses 47,121 (213,006)
Company
(Pvt) Ltd
Union
Related
Commodities Mr. S. D. R. Arudpragasam - Purchase (12,000) (12,000)
Company
(Pvt) Ltd
51
(28.4) TRANSACTIONS HELD WITH RELATED COMPANIES - COMPANY
Balance as at Balance as at
01.04.2020 Amount 31.03.2021
Rs. Rs. Rs.
Sigiriya Village Related

Mr. S. D. R. Arudpragasam 245,113 Expenses 15,295 2,187,164
Hotels PLC Company
Fixed Assets
Mr. C. P. R. Perera 1,926,755
Transfer
Mr. T. Theyagamurti
Mr. E. P. A. Cooray
Mr. A. R. Rasiah
Mr. S. Rajarathnam
Lankem Ceylon
Intermediate Mr. S. D. R. Arudpragasam (681,132) Purchasing 515,068 (166,063)
PLC
Marawila Related Fixed Assets
Mr. S. D. R. Arudpragasam 81,040.00 1,139,275 900,000
Resorts PLC Company Transfer
Mr. C. P. R. Perera Expenses 283,500
Mr. Anushman Rajaratnam Settlement (603,815)
Mr. S. Rajaratnam
Mr. T. Theyagamurti
Mr. E. P. A. Cooray
Mr. A. R. Rasiah
Imperial Hotels Related Fixed Assets 954,350
Mr. S.D. R. Arudpragasam - 954,350
Limited Company Transfer 123,900
Mr. T .Theyagamurti
Mr. Sanjeev Rajaratnam
Colonial Motors Related
Mr. S. D. R. Arudpragasam (19,545.00) Expenses (122,681) (27,700)
(Ceylon) Ltd Company
Mr. Anushman Rajaratnam Settlement 114,526
Mr. S. Rajaratnam
52

Balance as at Balance as
01.04.2020 Amount at 31.03.2021
Rs. Rs. Rs.
York Hotel Related

Mr. S. D. R. Arudpragasam 8,257,184 Expenses (3,786,664) 30,068,917
Management Company
Management
Mr. T. Theyagamurti (5,035,699)
Fees
Mr. S. Rajaratnam Interest Income 790,846
Mr. Amrit Rajaratnam Fund Transfer 29,843,250
B O T Hotel
Services Subsidiary 5,042,740
Mr. S. D. R. Arudpragasam 52,541,676 Expenses 158,487.00
(Pvt) Ltd. Company
Mr. T. Theyagamurti Fund Transfers 5,225,000

Stock & F/A
Mr. S. Rajaratnam (340,747)
Transfer
Provision for
Mr. Amrit Rajaratnam (52,541,676)
impairment
Galle Fort Related
Mr. S. D. R. Arudpragasam - Expenses 6,878 9,088,636
Hotels (Pvt) Ltd. Company
Mr. S. Rajaratnam Fund Transfers 8,400,000
Stock & F/A

Mr. Amrit Rajaratnam 681,758
Transfer
Colombo Fort Immediate

Mr. S. D. R. Arudpragasam (129,848,735) Interest Income (12,436,484) (142,279,489)
Hotels Ltd. Parent
Mr. Amrit Rajaratnam Expenses 5,730

Mr. T. Theyagamurti
Mr. S. Rajaratnam
The Colombo
Ultimate
Fort Land & Mr. S. D. R. Arudpragasam (607,944) Expenses (852,941) (1,460,885)
Parent
Building PLC
Mr. C. P. R. Perera
Mr. S. Rajaratnam
E.B Creasy & Related
Mr. S. D. R. Arudpragasam (696,967) Purchase (59,827) (756,794)
Co, PLC Company
Mr. S. Rajaratnam
Mr.A.R.Rasiah
53


Balance as at Amount Balance as
Name of the 01.04.2020 Nature of Received / at 31.03.2021
Company Relationship Name of Director Receivable / Transactions (Charged) Receivable /
(Payable) (Payable)
Rs. Rs. Rs.
Lankem Tea
& Rubber Related - (482)
Mr. S. D. R. Arudpragasam (482) -
Plantations Company
(Pvt) Ltd
Mr. C. P. R. Perera

Colombo Fort
Group Services Related
Mr. S. D. R. Arudpragasam (260,126) Expenses 47,121 (213,006)
(Pvt) Ltd Company

Union
Related
Commodities Mr. S. D. R. Arudpragasam - Purchase (12,000) (12,000)
Company
(Pvt) Ltd
(29)
CONTINGENT LIABILITIES

There were no significant Contingent Liabilities as at the reporting date that require adjustment to, or disclosure in the Financial
Statements.

(30) EVENTS OCCURRING AFTER THE REPORTING PERIOD

There were no material events occurred after the reporting date which require adjustment to, or disclosed in the Financial
Statements.

(31) COMMITMENTS

(31.1) CAPITAL EXPENDITURE COMMITMENTS

There are no significant capital commitments as at the Reporting Date that require adjustment or disclosure in the financial
statements.

54


(31.2) FINANCIAL COMMITMENTS

As at the reporting date, the Company has the following Financial Commitments to a lending institutions.

Lending Institution Facility Amount (Rs.)
Cargills Bank Ltd To build the Brand new Laundry Machinery & Equipment for 904,228

Cargills Bank Ltd Build the Brand new Laundry Machinery & Equipment for 3,001,249
Cargills Bank Ltd (USD) To settle the existing loan at Pan Asia Banking Corp. PLC 195,973,311
Cargills Bank Ltd To settle the existing loan at Pan Asia Banking Corp. PLC of 65,292,049
BOT Hotel Services (Pvt) Ltd and to
Purchase of Capital Nature Items
Cargills Bank Ltd Obtained working capital loan under COVID19 relief loan 18,199,128
schemes
No capital repayment was paid during the year as a financial moratorium was extended to the Leisure Sector by the Central
Bank of Sri Lanka following the break out of COVID 19 Pandemic causing the travel restrictions and country wide shutdowns
from 17 March 2020 onwards till July 2020. The Moratorium was extended till the end of 31st March 2021 and later it was
extended till 31 December 2021 due to the resurgence of the pandemic and new variants of COVID 19 challenging the health
and safety of the society in general.
(32) OPERATING SEGMENTS
Food Apartment Beverage Others Total

2020/21 2019/20 2020/21 2019/20 2020/21 2019/20 2020/21 2019/20 2020/21 2019/20
Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000
COMPANY
Revenue 52,546 138,783 62,065 167,673 869 26,494 476 7,644 115,956 340,593
Cost of Sale (26,903) (70,126) (11,081) (21,757) (317) (9,145) (261) (994) (38,561) (102,022)
Gross Profit 25,643 68,657 50,984 145,915 552 17,349 215 6,649 77,395 238,571
55
Share Information
Distribution of Shares
As At 31st March 2021 As At 31st March 2020
No of No of
No. of Shares Held Total Holding Holding % Total Holding Holding %
Shareholders Shareholders
1 - 1,000 934 293,430 0.05 880 272,306 0.05

1,001 - 10,000 604 2,917,626 0.48 568 2,749,011 0.46
10,001 - 100,000 361 14,324,427 2.39 357 14,514,976 2.42
100,001 - 1,000,000 74 22,876,287 3.82 87 26,914,102 4.48
Over - 1,000,000 23 559,588,230 93.26 22 555,549,605 92.59
1996 600,000,000 100.00 1914 600,000,000 100.00
Categories of Shareholders
As At 31st March 2021 As At 31st March 2020
Analysis of Ordinary No of No of
Total Holding Holding % Total Holding Holding %
Shareholders Shareholders Shareholders
Institutions 69 548,810,392 91.47 68 534,256,316 89.04

Individuals 1,927 51,189,608 8.53 1,846 65,743,684 10.96
1,996 600,000,000 100.00 1,914 600,000,000 100.00

PUBLIC HOLDING

The Percentage of Shares held by the public as at 31st March 2021 was 12.39 % (31.03.2020 -12.38%).
The applicable option under CSE Rule 7.13.1 on minimum public holding is option 2 and the Float Adjusted Market Capitalisation as of
31.03.2021 was Rs. 59.47Mn (31.03.2020- Rs. 44.57Mn)
MARKET VALUE

The Market Value of an Ordinary Share of Beruwala Resorts PLC is given below:
As at 31.03.2021 As at 31.03.2020
Market Prices of the Year
Rs. Rs.
Highest Price 1.30 1.30

Lowest Price 0.50 0.50
Value As At The Year End 0.80 0.60
56
Share Information
Twenty Major Shareholders
As at 31st March 2021 As at 31st March 2020
Name of the Shareholder No of Ord. No of Ord.

Percentage Percentage
Vot. Shares Vot. Shares
1 COLOMBO FORT HOTELS LIMITED 393,497,345 65.58% 393,497,345 65.58%
2 SIGIRIYA VILLAGE HOTELS PLC 85,384,000 14.23% 85,384,000 14.23%
3 FINANCIAL TRUST LIMITED 19,200,000 3.20% 19,000,000 3.17%
HATTON NATIONAL BANK PLC/

4 15,000,000 2.50% − −
MR. SRI DHAMAN RAJENDRAM ARUDPRAGASAM
5 PREMADASA AND CO.JEWELLERS LTD 10,000,000 1.67% 10,000,000 1.67%
6 MR. KAPILA SURIAARCHCHI 5,000,000 0.83% 1,700,000 0.28%
7 MR. THEDCHANAMURTI THEYAGAMURTI 3,000,150 0.50% 3,000,150 0.50%

JACEY TRUST SERVICES (PRIVATE) LIMITED -
8 3,000,000 0.50% 3,000,000 0.50%
ACCOUNT NO 01
9 COLOMBO FORT INVESTMENTS PLC 3,000,000 0.50% 3,000,000 0.50%
10 COLOMBO INVESTMENT TRUST PLC 3,000,000 0.50% 3,000,000 0.50%
11 MR. RAVINDRA EARL RAMBUKWELLA 2,343,501 0.39% 2,688,000 0.45%
12 A.K.K. ENGINEERS PVT LTD 1,771,000 0.30% 3,088,233 0.51%
13 HEXAGON HOLDINGHS (PVT) LTD 1,733,263 0.29% 1,733,263 0.29%
14 SINHARAJA HILLS PLANTATION (PRIVATE) LIMITED 1,652,099 0.28% 1,652,099 0.28%
15 MR. VELLALA HETTI ISHAN RANJANA RAJAVASAN 1,604,586 0.27% − −
16 MR. VINAYAGAMOORTHY SHANMUGALINGAM 1,500,000 0.25% 1,500,000 0.25%
17 MR. BALA PATABADIGE CHITHRAL JAYANTHA DE SILVA 1,500,000 0.25% − −
18 DFCC BANK PLC/MR.M.C.FERNANDO 1,420,771 0.24% 1,100,000 0.18%
19 AGARAPATANA PLANTATIONS LIMITED 1,300,000 0.22% 1,300,000 0.22%
20 NILAVELI BEACH HOTELS (PVT) LIMITED 1,270,000 0.21% 1,270,000 0.21%
556,176,715 92.71% 535,913,090 89.32%
57
Five Year Summary
GROUP 2020/21 2019/20 2018/19 2017/18 2016/17

Rs. ‘ 000 Rs. ‘ 000 Rs. ‘ 000 Rs. ‘ 000 Rs. ‘ 000
Trading Results
Revenue 115,956 347,169 517,008 481,856 447,933
Profit / (Loss) Before Taxation (145,157) (67,289) 18,669 26,670 (8,766)
Share Capital & Reserves
Stated Capital 340,000 340,000 340,000 340,000 340,000
Reserves (28,631) 108,955 188,061 115,197 120,679
Shareholders' Funds 311,369 448,955 528,061 455,197 460,679
Assets & Liabilities
Property , Plant & Equipment 1,113,219 1,141,565 1,194,158 1,041,161 1,072,913
Net Current Assets / ( Liabilities) (270,877) (176,167) (157,092) (171,799) (174,613)
Non Current Liabilities 373,830 355,606 319,593 261,222 258,578
Financial Ratios
Profitability
Pre - Tax Profit / (Loss)
Turnover ( % ) (125.18) (19.38) 3.61 5.53 (1.96)
Pre - Tax Profit / (Loss)
Shareholder's Funds ( % ) (46.59) (14.99) 3.54 5.86 (1.90)
Liquidity
Current Assets : Current Liabilities 0.25 0.47 0.44 0.42 0.43
Capital Ratio
Property , Plant & Equipment :
Shareholders' Funds 3.57 2.54 2.26 2.29 2.33
Others
Earnings / ( Loss ) Per Share (0.23) (0.13) 0.01 0.03 (0.03)
Net Assets Per Share ( Rs.) 0.52 0.75 0.88 0.76 0.77
58
Five Year Summary
COMPANY
2020/21 2019/20 2018/19 2017/18 2016/17
Rs. ‘ 000 Rs. ‘ 000 Rs. ‘ 000 Rs. ‘ 000 Rs. ‘ 000
Trading Results
Turnover 115,956 340,593 437,466 406,759 359,854
Profit / (Loss) Before Taxation (129,308) (99,884) 36,360 60,423 65,870
Share Capital & Reserves
Stated Capital 340,000 340,000 340,000 340,000 340,000
Reserves (62,986) 64,592 177,945 185,050 139,818
Shareholders' Funds 277,014 404,592 517,945 525,050 479,818
Assets & Liabilities
Property, Plant & Equipment 442,177 458,414 481,692 478,079 494,465
Net Current Assets / ( Liabilities) (265,192) (174,504) (109,242) (161,132) (146,421)
Non Current Liabilities 304,800 285,018 259,155 196,549 212,877
Financial Ratios
Profitability
Pre- Tax Profit / (Loss)
Profit Turnover ( % ) (111.51) (29.33) 8.31 14.85 18.30
Pre- Tax Profit / (Loss)
Shareholder's Funds ( % ) (46.68) (24.69) 7.02 11.51 13.73
Liquidity
Current Assets : Current Liabilities 0.26 0.47 0.58 0.40 0.43
Capital Ratio
Property , Plant & Equipment :
Shareholders' Funds 1.60 1.13 0.93 0.91 1.03
Others
Earnings / ( Loss ) Per Share (0.21) (0.19) 0.04 0.08 0.08
Net Assets Per Share ( Rs.) 0.46 0.67 0.86 0.88 0.80
59
Graphical Review - Group
GRAPHICAL REVIEW
Revenue Profit / (Loss) Before Taxation
Net Assets Per Share
60
Graphical Review - Company
GRAPHICAL REVIEW
500,000
400,000
300,000
200,000
100,000
-
2016/17 2017/18 2018/19 2019/20 2020/21
(100,000)
(200,000)
Revenue Profit / (Loss) Before Taxation
Net Assets Per Share
1.00
0.88 0.86
0.90
0.80
0.80
0.67
0.70
0.60
0.50 0.46
0.40
0.30
0.20
0.10
-
2016/17 2017/18 2018/19 2019/20 2020/21
61
Notes
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62
Form of Proxy
I/We the undersigned .............................................................................................................................................. of .............................
............................................................................................................................................. being a member/members of BERUWALA
RESORTS PLC hereby appoint ……………..….............................................................................................. of .......................................
.................................................................................................................................................................................................. or failing him
1. Sri Dhaman Rajendram Arudpragasam of Colombo or failing him

2. Chrisantha Priyange Richard Perera of Colombo or failing him
3. Thedchanamurti Theyagamurti of Colombo or failing him
4. Emilianus Prema Alphonse Cooray of Colombo or failing him
5. Sanjeev Rajaratnam of Colombo or failing him
6. Amrit Rajaratnam of Colombo or failing him
7. Albert Rasakantha Rasiah of Colombo or failing him
8. Anushman Rajaratnam of Colombo
as my / our proxy to represent me/us and to vote on my/our behalf at the Annual General Meeting of the Company to be held on
22nd October 2021 at 11.30 a.m. and at any adjournment thereof and at every poll which may be taken in consequence of the
aforesaid meeting.
For Against
1. To receive and consider the Annual Report of the Board of
Directors and the Statement of Accounts for the year ended
31st March 2021, with the Report of the Auditors thereon …….. ……….
2. To re-elect Mr. Amrit Rajaratnam as a Director …….. ……….
3. To reappoint Mr. C.P.R. Perera as a Director ……… ……….
4. To reappoint Mr. A.R. Rasiah as a Director ……… ……….
5. To reappoint Mr. E.P.A.Cooray as a Director ……… ……….
6. To reappoint Mr. T. Theyagamurti as a Director ……… ……….
7. To reappoint Mr. S.D.R. Arudpragasam as a Director ……… ……….
8. To authorise the Directors to determine contributions to charities. ……… ……….
9. To reappoint as Auditors, Messrs B.R. De Silva & Co. Chartered Accountants,

and authorise the Directors to determine their remuneration ….…… ……….
Signed this .............. day of .................... Two Thousand and Twenty One
................................................
Signature of Shareholder(s)
Instructions as to completion are stated on the reverse hereof.
Note: Please delete the inappropriate words.

A proxy need not be a member of the Company. If no words are deleted or there is in the view of the proxy doubt (by reason of
the way in which instructions contained in the proxy form have been completed) as to the way in which the proxy should vote,
the proxy will vote as he thinks fit.
63
INSTRUCTIONS AS TO COMPLETION
1. Please perfect the Form of Proxy, after filling in legibly your full name and address by signing in the space provided and filling
in the date of signature.
2. In the case of Company/Corporation, this Form of Proxy must be executed either under the Common Seal of the Company or by
its Attorney or by an Authorised Officer on behalf of such Company / Corporation duly authorised in writing.
3. Where the Form of Proxy is signed under a Power of Attorney (POA) which has not been registered with the Company’s
Secretaries, the original POA together with a photocopy of the same, or a copy certified by a Notary Public must be lodged with
the Company’s Secretaries, along with the Form of Proxy.
4. The completed Form of Proxy should be deposited at the Registered Office of the Company’s Secretaries, Corporate Managers
and Secretaries (Pvt) Limited, 8-5/2 Leyden Bastian Road, York Arcade Building, Colombo 1, not less than 48 hours before the
time appointed for the holding of the meeting.
64

Annual Report - Beruwala Resorts PLC

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Annual Report - Beruwala Resorts PLC

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Contents

Annual Report of the Board of Directors 08 - 10

Audit Committee Report 14

Remuneration Committee Report 15

Related Party Transactions Review Committee Report 16

Independent Auditors’ Report 17 - 20

Consolidated Statement of Profit or Loss and Comprehensive Income 21

Consolidated Statement of Financial Position 22

Statement of Changes in Equity 23

Consolidated Statement of Cash Flows 24

Notes to the Financial Statements 33 - 55

Five Year Summary 58 - 59

NAME OF COMPANY Beruwala Resorts PLC

COMPANY REGISTRATION NO. PB 1091 PQ

REGISTERED OFFICE 8-1/3, York Arcade Building

BOARD OF DIRECTORS S.D.R. Arudpragasam (Chairman)

AUDITORS Messrs B.R. De Silva & Company

LAWYERS Julius & Creasy

BANKERS Cargills Bank Limited

HOTEL The Palms

8. To authorize the Directors to determine contributions to Charities.

By Order of the Board

2. A Form of Proxy is enclosed with this Report.

Mr. S.D.R. Arudpragasam Mr. E.P.A. Cooray

He has over 23 years’ service with The Colombo Fort Land

Mr. S. Rajaratnam Anushman Rajaratnam

Mr. Amrit Rajaratnam was appointed to the Board in 2012. He holds

Mr. A.R. Rasiah was appointed to the Board in 2013. He is a Fellow

Mr. A.R. Rasiah’s illustrious career both in finance and commerce

Annual Report of the Board of Directors

Independent Auditors’ Report Mr. S. D. R. Arudpragasam - Chairman

Mr. C. P. R. Perera - Deputy Chairman

Accounting Policies Mr. S. Rajaratnam

Annual Report of the Board of Directors

The Auditors, Messrs. B. R. De Silva & Company, were paid

The Related Party Transactions presented in the financial

The capital expenditure during the year amounted to Rs. 14.4Mn

No circumstances have arisen since the Balance Sheet date

Annual Report of the Board of Directors

Capital Commitments and Contingent Liabilities Going Concern

Shareholders Anushman Rajaratnam Amrit Rajaratnam

The Directors, to the best of their knowledge and belief, are

The Company’s business activities can have direct and indirect

The Directors acknowledge their responsibility for the Company’s

The Board is satisfied with the effectiveness of the system of

The Non-Executive Directors have submitted declarations

Mr. T. Theyagamurti - Independent Non Executive

*Approval of budgets, corporate plans, major capital Re- election of Directors

DIRECTORS REMUNERATION Internal Control

RELATIONSHIP WITH SHAREHOLDERS

Constructive use of Annual General Meetings / General Meetings

There have been no transactions during the year under review

ACCOUNTABILITY AND AUDIT

The Board of Directors considers the timely publication of

The Annual Report of the Board of Directors is given on pages

The Audit Committee Report is set out on page 14 of this Report.

Related Party Transactions Review Committee

The Related Party Transactions Review Committee Report is set

Audit Committee Report

Mr. A. R. Rasiah - Chairman N/A

Mr. A. R. Rasiah - Chairman

Mr. C. P. R. Perera - Member

The Committee consists of persons with a blend of experience

The Audit Committee endeavours to assist the Directors

Auditor’ s Responsibilities for the Audit of the Financial Statements