2008 Financial Statements
Dear Chairman and Board Directors,
For the implementation of the law provisions number (19) for the year 2006 for Regulating the Labour Market, and according to the item number (9) from the article number (12), which require raising up a financial position reports quarterly for the Board of Directors about the authority and implying to article number (19) for the auditing of the Authority financial statements, I am pleased to present to the distinguished Board your audited financial report on the operations of the authority for the period ended on 31 December 2008.
Dear Chairman and Board of Directors, the audited financial reports consist on the following points:
- During the year ended 31 December 2008, the Authority faces a cash deficit in its budget amounted to BD 235,876, while the cash surplus provided from establishing budget amounted to BD 522,790 which resulted on the net cash surplus from the Authority operation during the year 2008 is BD286,914, which resulted from total revenue of the authority from the approved budget from Ministry of Finance and other revenue that amounted to BD8,787,347 (operation budget BD5,000,000 and establishing budget 3,500,000 and other revenue BD287,347), while the total Authority expenditure amounted to BD8,500,433.
The book surplus for the year of 2008 is amounted to BD2,785,902. The executive management spent a lot of efforts to reduce the operation budget deficit of the authority through postpone the recruitment in such positions and reducing the expenses of the authority.
- The carrying book value of the fixed assets after deducting the depreciation up to December 2008 amount it to BD8,022,615, which BD3,699,497 an assets donated by the EDB over the past 2005-2008, and BD4,323,118 assets purchased by the Authority.
- The Authority earned BD149,955 as a bank interests from the excess amounts received by the authority through short term fixed deposit, also the authority earned BD137,352 as other revenue.
- The total of fees collects for the benefits of Labour Fund and Ministry of Finance during the year 2008 is BD51,352,337 while the accrued fees against the business men till the end of the year 2008 is BD6,957,633.
Finally, I take this opportunity to extend my sincere thanks and gratitude to the Board of Directors for your unlimited support and your sudaidhalte have had the good effect in achieving the desired objectives. Further thanks go to all the staff of the Authority who has a body and basic prominent role in achieving this success.
Ali Ahmed Radhi
Chief Executive Officer
Last Update: Thursday 14 May 2009
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