Page 127 - Annual Report 2020

/ 122 QF CR A ANNU AL REP OR T 2020

9. Equity 10. Employees’ end of service benefits

General reserve Movements in the provision recognised in the

statement of financial position are as follows:

There was transfer of USD 2,000 thousands to
general reserve from retained surplus for the year 2020 | USD’000 2019 | USD’000

ended 31 December 2020 (2019: USD Nil). Any
Balance as at 1 January 3,948 2,639
transfer of amounts to and from the general reserve
requires the approval of the Board of Directors.
Provided during the year (Note i) 1,596 1,581

Retained surplus Benefits paid during the year (704) (272)

In accordance with Article 14 of the Qatar Financial Balance as at 31 December 4,840 3,948

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
Note (i)
any activities of the QFC Regulatory Authority.
Provision for the year includes an amount of USD 22 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 (2019: USD 13 thousand).

Employees’ end of service benefits classified as follows:

2020 | USD’000 2019 | USD’000

Current portion (Note 11) - 145

Non-current portion 4,840 3,803

4,840 3,948

T ABLE OF C ONTENT S