Page 60 - QFCRA Annual Report 2014
P. 60
es to the Financial
Statements
FOR THE YEAR ENDED 31 DECEMBER 2014
7. ACCOUNTS RECEIVABLE AND PREPAYMENTS 2014 In USD ‘000
2013
Fees receivables 13
Prepaid expenses 1,032 27
Interest receivable 994
Other receivables 54
Impairment of doubtful debts (Note 7.1) 171 86
(83) 169
7.1 Impairment of doubtful debts 1,187 (17)
1,259
Opening 2014
Provision during the year 2013
Amount written off during the year 17
Closing 83 16
(17) 12
83 (11)
17
Impairment of doubtful debts has been netted off against the relevant income in the statement of activities and
other comprehensive income.
The ageing analysis of fees, interest and other receivables is as follows:
2014 2013
Neither past due nor impaired 155 265
Individually impaired 83 17
238 282
Unimpaired financial assets are expected, on the basis of past experience, to be fully recoverable. It is not the
practice of the QFC Regulatory Authority to obtain collateral over receivables and the vast majority are, therefore,
unsecured.
8. CASH AND CASH EQUIVALENTS
2014 2013
Cash in hand 1 1
Current accounts and deposits with banks* 25,592 38,273
25,593 38,274
*These represent deposits with banks held for the purpose of meeting short-term cash commitments, having interest
rates up to 1.5% (2013: 1.6%).
60 ANNUAL REPORT 2014
Statements
FOR THE YEAR ENDED 31 DECEMBER 2014
7. ACCOUNTS RECEIVABLE AND PREPAYMENTS 2014 In USD ‘000
2013
Fees receivables 13
Prepaid expenses 1,032 27
Interest receivable 994
Other receivables 54
Impairment of doubtful debts (Note 7.1) 171 86
(83) 169
7.1 Impairment of doubtful debts 1,187 (17)
1,259
Opening 2014
Provision during the year 2013
Amount written off during the year 17
Closing 83 16
(17) 12
83 (11)
17
Impairment of doubtful debts has been netted off against the relevant income in the statement of activities and
other comprehensive income.
The ageing analysis of fees, interest and other receivables is as follows:
2014 2013
Neither past due nor impaired 155 265
Individually impaired 83 17
238 282
Unimpaired financial assets are expected, on the basis of past experience, to be fully recoverable. It is not the
practice of the QFC Regulatory Authority to obtain collateral over receivables and the vast majority are, therefore,
unsecured.
8. CASH AND CASH EQUIVALENTS
2014 2013
Cash in hand 1 1
Current accounts and deposits with banks* 25,592 38,273
25,593 38,274
*These represent deposits with banks held for the purpose of meeting short-term cash commitments, having interest
rates up to 1.5% (2013: 1.6%).
60 ANNUAL REPORT 2014
