Page 125 - Annual Report 2016 EN

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[8] EQUITY

General reserve Retained surplus
There was no movement in general reserve for the year ended 31
December 2016 (2015: Nil). 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
Any transfer of amounts to and from the general reserve requires excess appropriations from the Government. This surplus can be
the approval of the Board of Directors. used for any activities of the QFC Regulatory Authority.

[9] ACCOUNTS PAYABLE AND ACCRUALS

2016 2015
USD ‘000 USD ‘000
Accrued expenses 3,698 4,115

Advances from customers 1,165 1,500
Government assistance received in advance (Note 2) 685 304

Charges recovered (note i) 284 284
Trade payables 154 420
Amount due to a related party (Note 12) - 191

5,986 6,814

Note (i)

Charges recovered represent the costs of investigation recovered
from registered entities and is to be set off against future investi-
gation expenses.

[10] GENERAL AND ADMINISTRATION EXPENSES

2016 2015
USD ‘000 USD ‘000
Rent 1,874 1,870

Consultancy and professional fees 697 1,112
Amortisation of software costs (Note 5) 465 457

Depreciation (Note 4) 185 189
Other expenses 1,810 1,888
5,031 5,516