Page 62 - QFCRA Annual Report 2014
P. 62
es to the Financial
Statements
FOR THE YEAR ENDED 31 DECEMBER 2014
12. COMMITMENTS 2014 In USD ‘000
2013
Estimated capital expenditure -
contracted but not incurred 2014 527
2013
Software Development 1,073
92 1,662
Minimum lease rental payable under non-cancellable commitments 1,082
Within one year 471
After one year but not more than five years 213 267
5
Other commitments
Within one year
After one year but not more than five years
13. RELATED PARTY TRANSACTIONS AND BALANCES
Parties are considered to be Related parties include other QFC are principal owners. Pricing policies
related if one party has the bodies, associated government and terms of these transactions are
ability to control the other party departments and ministries, approved by the QFC Regulatory
or exercise significant influence directors and key management Authority’s management.
over the other party in making personnel of the QFC Regulatory
financial and operating decisions. Authority, and bodies of which they
13.1 Due from / (to) related parties
The balances due from / (to) related parties are as follows:
2014 2013
Qatar Financial Centre Authority - )32(
13.2 Related party transactions 2013
The following significant related party transactions were carried out during the period:
2014
Appropriations from Government 22,039 34,304
Services from QFCA 1,662 1,463
Services and expenses paid on behalf of related parties - 1
Transactions with key management personnel
Key management personnel include Board of Directors, Chief Executive Officer, Managing Directors, Chief Operating
Officer and Chief Financial Officer. Key management personnel remuneration includes the following expenses:
2014 2013
Short-term benefits 4,602 4,408
62 ANNUAL REPORT 2014
Statements
FOR THE YEAR ENDED 31 DECEMBER 2014
12. COMMITMENTS 2014 In USD ‘000
2013
Estimated capital expenditure -
contracted but not incurred 2014 527
2013
Software Development 1,073
92 1,662
Minimum lease rental payable under non-cancellable commitments 1,082
Within one year 471
After one year but not more than five years 213 267
5
Other commitments
Within one year
After one year but not more than five years
13. RELATED PARTY TRANSACTIONS AND BALANCES
Parties are considered to be Related parties include other QFC are principal owners. Pricing policies
related if one party has the bodies, associated government and terms of these transactions are
ability to control the other party departments and ministries, approved by the QFC Regulatory
or exercise significant influence directors and key management Authority’s management.
over the other party in making personnel of the QFC Regulatory
financial and operating decisions. Authority, and bodies of which they
13.1 Due from / (to) related parties
The balances due from / (to) related parties are as follows:
2014 2013
Qatar Financial Centre Authority - )32(
13.2 Related party transactions 2013
The following significant related party transactions were carried out during the period:
2014
Appropriations from Government 22,039 34,304
Services from QFCA 1,662 1,463
Services and expenses paid on behalf of related parties - 1
Transactions with key management personnel
Key management personnel include Board of Directors, Chief Executive Officer, Managing Directors, Chief Operating
Officer and Chief Financial Officer. Key management personnel remuneration includes the following expenses:
2014 2013
Short-term benefits 4,602 4,408
62 ANNUAL REPORT 2014
