Page 126 - Annual Report 2019

123 ANNUAL REPORT 2019 QFC REGULATORY AUTHORITY FINANCIAL STATEMENTS

9. Equity

General reserve
During the year, there were no transfers to general reserve from retained surplus
(2018: USD 2 million). Any transfer of amounts to and from the general reserve
requires the approval of the Board of Directors.

Retained surplus
In accordance with Article 14 of the Qatar Financial Centre Law No. 7 of 2005, the
Board of Directors has the right to retain the excess appropriations from the
government. This surplus can be used for any activities of the QFC Regulatory Authority.

10. Employees’ End of Service Benefits
Movements in the provision recognised in the Employees’ end of service benefits classified as follows:
statement of financial position are as follows:

2019 2018 2019 2018
USD ‘000 USD ‘000 USD ‘000 USD ‘000
Balance as at 1 January 2,639 1,262 Current portion (Note 11) 145 154
Provided during the year (Note i) 1,581 1,412 Non-current portion 3,803 2,485
Benefits paid during the year (272) (35) 3,948 2,639

Balance as at 31 December 3,948 2,639

Note (i)
Provision for the year includes an amount of USD 13 thousand which
was accrued in relation to employees seconded to the National Anti-Money
Laundering and Terrorism Financing Committee (“NAMLC”) and the
same is classified under amounts due from the Ministry of Finance.