Late Hon. Lalith Athulathmudali founded the concept of “Mahapola” with the vision of improving the technical skills of deserving youth who needs the financial support to continue their secondary and higher education as well as,
- To set up vocational training institutes for enabling youth to improve their skills and assist to manage them and
- To set up schools and institutes engaged in the furtherance of education and provide them with financial assistance
Therefore, the Board of Trustees decided to set up “School Development Fund” at the 46th Meeting held on 18th July 2005. The Board of Trustees allocated the receipt of sale proceeds of Rs. 221.5 Mn, Mahapola land at Attidiya and also the refund receipt of Rs. 93.725 Mn from the Urban Development Authority which was paid as an advance for land at Rajagiriya by MTF. Then the capital of the School Development Fund increased up to Rs. 315 Mn. Only the interest income can be used for the capital expenditure of school development work.
Now, school development activities are temporarily stopped as the Mahapola Trust fund is mainly concern about awarding scholarship.