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CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR
ENDED 31 DECEMBER 2004
The General Organisation For Social Insurance
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Incorporated by
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Amiri Decree 24 of 1976
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Chairman
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HE The Minister for Labour
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Dr Majeed bin Mohsin Al-Alawi
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Board of Directors
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Shaikh Isa bin Ibrahim bin Mohamed Al-Khalifa
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(resigned w.e.f. 21 April 2004)
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Shaikh Abdulrahman Bin Abdulla Al-Khalifa
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Salman Isa Sayadi
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Mr Rashid Ismaeel Al-Meer
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Mr Ebrahim Khalifa Al Dosari
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Mr Khalid Abdulla Al-Basam
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(resigned w.e.f. 31 December 2004)
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Dr Ahmed Ali Al-Sharian
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Dr Sameer Abdulla Khalfan
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Mr Mohamed Abdulla Al-Zamil
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Mr Ibrahim Mohamed Ali Zaynal
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Mr Yousif Saleh Al-Saleh
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Mr Faysal Hassan Fowlaz
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Mr Mohamed Ameen Mohamadi
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Mr Saeed Abbas Al-Sammak
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Acting Director General
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Mr Yacoob Majed
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Registered office
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GOSI Building
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PO Box 5319
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Diplomatic Area
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Kingdom of Bahrain
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Bankers
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National Bank of Bahrain
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Bank of Bahrain and Kuwait
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Ahli United Bank
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Auditors
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BDO Jawad Habib
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PO Box 787
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5th Floor, UGB Tower
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Diplomatic Area
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Kingdom of Bahrain
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We have audited the accompanying statement of net
assets of The General Organisation For Social Insurance (“the Organisation”)
and its subsidiaries (“the Group”) as at 31 December 2004, and the
related consolidated statements of income, changes in equity and
cash flows for the year then ended. These financial statements are
the responsibility of the Group's management. Our responsibility
is to express an opinion on these consolidated financial statements
based on our audit. The consolidated financial statements of the
Group for the year ended 31 December 2003 were audited by another
auditor whose report dated 8 September 2004 expressed
an unqualified opinion on those statements.
We conducted our audit in accordance with International
Standards on Auditing. Those Standards require that we plan and
perform our audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the consolidated financial statements
present fairly, in all material respects, the financial position
of the Group as at 31 December 2004, and the results of its operations,
the changes in its equity and its cash flows for the year then ended
in accordance with the International Financial Reporting
Standards as promulgated by the International Accounting Standards
Board .
Without qualifying our opinion, we draw attention
to Note 23 to the financial statements which indicates the fact
that the unfunded deficit at 31 December 2004 amounted to BD406,106,607
(2003 : BD188,642,681). The management of the Organisation is currently
in the process of reviewing the unfunded deficit and considering
options to cover this shortfall.
Further, as required by Amiri Decree 24 of 1976, as
amended, in the case of the Organisation, we report that:
- we have obtained all the information we considered necessary
for the purpose of our audit; and
- the Organisation has maintained proper books of account and
the financial statements are in agreement therewith.
In addition, we report that nothing has come to our
attention which causes us to believe that the Organisation has breached
any of the applicable provisions of Amiri Decree (24) of 1976, as
amended, which would materially affect its activities, or its financial
position as at 31 December 2004.
Manama , Kingdom of Bahrain
2 October 2005
92238
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