Consolidated statement of income for the year ended 31 December 2005
(Expressed in Bahrain Dinars)
| |
Notes |
2005 |
2004 |
| Income |
|
|
|
| Social insurance income |
|
|
|
Standard contributions |
|
57,804,783 |
51,015,297 |
Prior year contributions |
|
584,295 |
431,166 |
Penalties and others |
|
1,185,900 |
1,269,073 |
| |
|
59,574,978 |
52,715,536 |
| Net investment income |
16 |
49,848,126 |
42,513,054 |
| Other income |
|
|
|
Income from pension loans |
|
393,317 |
317,819 |
Service income of Marina Club |
|
758,599 |
748,273 |
Miscellaneous income |
|
12,205 |
46,944 |
Compensation receivable from the Government |
17 |
- |
7,635,602 |
| |
|
1,164,121 |
8,748,638 |
| Total income |
|
110,587,225 |
103,977,228 |
| Expenses |
|
|
|
Social insurance benefits paid |
|
(38,128,628) |
(35,304,776) |
General and administrative expenses |
|
(3,673,299) |
(3,452,895) |
Provision for bad and doubtful social insurance |
|
|
|
| contributions receivable |
|
- |
(1,000,000) |
Operating costs of Marina Club |
|
(614,376) |
(580,796) |
| Total expenses |
|
(42,416,303) |
(40,338,467) |
| Net income transferred to scheme |
|
|
|
| members’ funds |
|
68,170,922 |
63,638,761 |
These consolidated financial statements were approved by the Board of Directors on 24 June 2006 and signed on their behalf by:
| Chairman |
|
Director General |
The accounting policies on pages 6 to 9 and the notes on pages 10 to 22 form an integral part of these consolidated financial statements. |