Page 61 - QFCRA Annual Report 2014
P. 61
es to the Financial
Statements
FOR THE YEAR ENDED 31 DECEMBER 2014
9. EQUITY Any transfer of amounts to and from the Qatar Financial Centre Law No.
the general reserve requires the 7 of 2005, the Board of Directors
General reserve approval of the Board of Directors. has the right to retain the excess of
During the year ended 31 December Retained surplus appropriations from the Government
2014, USD 10,607,950 has been In accordance with Article 14 of over the excess of expenditure over
transferred from the general reserve income. This surplus can be used for
account to surplus account. During any activities of the QFC Regulatory
the year ended 31 December 2013, Authority.
an amount of USD 2,000,000 was
transferred from retained surplus to
general reserves.
10. ACCOUNTS PAYABLE AND ACCRUALS
2014 In USD ‘000
2013
Accrued expenses 4,855 4,165
Government assistance received in advance 416 405
Trade payables 387 490
Employees’ annual gratuity 17 -
)Due to related party (note 13.1 - 32
Advances from customers
Refunds to customers 1,570 1,846
Charges recovered 216
Other payables 284 236
- 18
7,745 7,192
Refunds to customers represents refund of annual fees paid by eight Insurance Intermediaries firms that overpaid in
the years 2012-2014
Charges recovered represent the costs of investigation recovered from registered entities and is to be set off against
future investigation expenses.
11. GENERAL AND ADMINISTRATIVE EXPENSES
2014 In USD ‘000
2013
Rent 1,627 1,618
Consultancy and professional fees 1,392 1,128
Depreciation note 6
Amortisation of software costs note 5 219 181
Other expenses 243 234
1,694 1,723
5,175 4,884
ANNUAL REPORT 2014 61
Statements
FOR THE YEAR ENDED 31 DECEMBER 2014
9. EQUITY Any transfer of amounts to and from the Qatar Financial Centre Law No.
the general reserve requires the 7 of 2005, the Board of Directors
General reserve approval of the Board of Directors. has the right to retain the excess of
During the year ended 31 December Retained surplus appropriations from the Government
2014, USD 10,607,950 has been In accordance with Article 14 of over the excess of expenditure over
transferred from the general reserve income. This surplus can be used for
account to surplus account. During any activities of the QFC Regulatory
the year ended 31 December 2013, Authority.
an amount of USD 2,000,000 was
transferred from retained surplus to
general reserves.
10. ACCOUNTS PAYABLE AND ACCRUALS
2014 In USD ‘000
2013
Accrued expenses 4,855 4,165
Government assistance received in advance 416 405
Trade payables 387 490
Employees’ annual gratuity 17 -
)Due to related party (note 13.1 - 32
Advances from customers
Refunds to customers 1,570 1,846
Charges recovered 216
Other payables 284 236
- 18
7,745 7,192
Refunds to customers represents refund of annual fees paid by eight Insurance Intermediaries firms that overpaid in
the years 2012-2014
Charges recovered represent the costs of investigation recovered from registered entities and is to be set off against
future investigation expenses.
11. GENERAL AND ADMINISTRATIVE EXPENSES
2014 In USD ‘000
2013
Rent 1,627 1,618
Consultancy and professional fees 1,392 1,128
Depreciation note 6
Amortisation of software costs note 5 219 181
Other expenses 243 234
1,694 1,723
5,175 4,884
ANNUAL REPORT 2014 61
