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ABOUT US - Financials |
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YOUNG ENTREPRENEURS PROGRAM ("BADER") FINANCIAL STATEMENTS
31 December 2006
STATEMENT OF REVENUES AND EXPENSES
Period from 17 March 2006 to 31 December 2006
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From 17 March 2006 |
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To 31 December |
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Notes |
2006 |
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US$ |
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| REVENUES |
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| Donations and membership fees |
3 |
279,962 |
| Interest income |
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1,849 |
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| TOTAL REVENUES |
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281,811 |
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| EXPENSES |
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| Administration expenses |
4 |
(24,280) |
| Salaries |
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(22,791) |
| Depreciation expense |
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(1,939) |
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| TOTAL EXPENSES |
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(49,010) |
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| SURPLUS FOR THE PERIOD |
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232,801 |
BALANCE SHEET
At 31 December 2006
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Notes |
2006 |
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US$ |
| ASSETS |
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| Non current assets |
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| Equipment |
5 |
7,754 |
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| Current assets |
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| Accounts receivable and prepayments |
6 |
50,055 |
| Bank balances and cash |
7 |
179,875 |
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229,930 |
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| TOTAL ASSETS |
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237,684 |
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| FUND BALANCES AND LIABILITIES |
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| Fund balances |
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| General fund |
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232,801 |
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| Current liabilities |
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| Accounts payable and accruals |
8 |
4,883 |
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| TOTAL FUND BALANCES AND LIABILITIES |
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237,684 |
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| The financial statements of Young Entrepreneurs Program (“BADER”) for the period from 17 March 2006 to 31 December 2006 were authorized for issue on behalf of the administrative committee on 5 March 2007 by:
Robert Fadel (President) Michel Abchi (Treasurer) |
CASH FLOW STATEMENT
Period from 17 March 2006 to 31 December 2006
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Notes |
From 17 March 2006 |
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to 31 December 2006 |
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US$ |
| OPERATING ACTIVITIES |
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| Surplus for the period |
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232,801 |
| Adjustments for: |
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| Depreciation |
5 |
1,939 |
| Interest income |
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(1,849) |
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232,891 |
| Working capital |
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| Accounts receivable and prepayments |
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(50,055) |
| Accounts payable and accruals |
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4,883 |
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| Net cash from operating activities |
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187,719 |
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| INVESTMENT ACTIVITIES |
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| Purchase of equipment |
5 |
(9,693) |
| Interest income received |
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1,849 |
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| Net cash used in investing activities |
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(7,844) |
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| INCREASE IN BANK BALANCES AND CASH |
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179,875 |
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| Bank balances and cash at beginning of the period |
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| BANK BALANCES AND CASH AT 31 DECEMBER |
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179,875 |
STATEMENT OF CHANGES IN GENERAL FUND
Period from 17 March 2006 to 31 December 2006
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US$ |
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| Balance at 17 March 2006 |
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- |
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| Surplus for the period |
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232,801 |
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| Balance at 31 December 2006 |
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232,801 |
NOTES TO THE FINANCIAL STATEMENTS
31 December 2006
1-ACTIVITIES
Young Entrepreneurs Program ("Bader") was established by 'Alem w Khabar' No 99/AD dated 17 March 2006 issued by the Ministry of Interior and Municipalities as a non-profit organization. Bader’s mission is to initiate, train and encourage young entrepreneurs to invest and build their own business. Bader’s head office is at Berytech Building, Damascus Road, National Museum area, Beirut, Lebanon. The total number of members at Bader amounted to 28 as of 31 December 2006.
2-SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared in accordance with International Financial Reporting Standards.
The accounting books of Bader are maintained in Lebanese Lira and US Dollar.
Accounting convention
The financial statements are prepared under the historical cost convention.
Revenue recognition
Donations and membership fees are accounted as revenue in the period to which they relate. Donations are presumed to be unrestricted unless donor-imposed restrictions apply.
Income tax
Bader, being a non-profit organization, is exempted from income tax on profits in accordance with Lebanese fiscal regulations.
Equipment
Equipment is stated at cost less accumulated depreciation and any impairment in value.
Depreciation is calculated on a straight line basis over the estimated useful lives of the assets as follows:
| Office and computer equipment |
5 years |
| Furnitures and fixtures |
5 years |
Bader accounts for a full year depreciation during the year of acquisition.
The carrying value of equipment is reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication exists and where the carrying value exceed the estimated recoverable amount, the assets are written down to their recoverable amount.
Accounts receivable
Accounts receivable are stated at original invoice amount less a provision for any uncollectible amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off when there is no possibility of recovery.
Foreign currencies
Bader maintains its books and records in dual currencies, being Lebanese Lira (the local currency) and United States Dollars (the functional currency). Lebanese Lira transactions are translated to United States Dollars at the fixed rate of Lebanese Lira 1,507.5 to United States Dollars 1. Transactions in foreign currencies are recorded in Lebanese Lira and US Dollars at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the income statement.
Fair values
The fair value of interest-bearing items is estimated based on discounted cash flows using interest rates for items with similar terms and risk characteristics.
3-DONATIONS AND MEMBERSHIP FEES
Bader’s main source of funds consist primarily of members’ donations and membership fees.
The following members contributed each US$ 10,000:
Admic SAL, ABC SAL, Aishti SAL, Byblos Bank SAL, Patchi Industrial Co. SAL, Indevco SARL, Pepsi SAL, Global Impex SA, Virgin SAL, BLF SAL, Les Affichages Picasso SAL, Kafalat SAL, BLOM Bank SAL, Berytech SCAL, Butech, Sonodis SARL, Sidem SAL, Benta Trading Co. SARL, FFA, Dar Al Handassa, Al Mawarid Bank SAL, Hamra Shopping and Trading Co. SAL, Mr Said Daher, Mr Elie Saab, Mr Salaheddine Osseiran, Mr Azmi Mikati, Mr Nader Hariri.
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Donations from Daimler Chrysler amounted to US$ 9,962 during the period.
4-ADMINISTRATION EXPENSES
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Period from 17 March |
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2006 to 31 December |
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2006 |
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US$ |
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| Rent |
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2,265 |
| Entertainment and hospitality |
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4,407 |
| Postage and telecommunication |
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943 |
| Printing and office supplies |
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10,069 |
| Bank charges |
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79 |
| Other expenses |
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6,517 |
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24,280 |
5-EQUIPMENT
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2006 |
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US$ |
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| Cost: |
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| At 17 March 2006 |
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- |
| Additions |
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9,693 |
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| At 31 December 2006 |
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9,693 |
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| Depreciation: |
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| At 17 March 2006 |
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- |
| Depreciation charge for the period |
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1,939 |
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| At 31 December 2006 |
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1,939 |
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| Net carrying amount |
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7,754 |
6-ACCOUNTS RECEIVABLES AND PREPAYMENTS
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2006 |
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US$ |
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| Amount due from Building Block Fund (under establishment) |
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49,082 |
| Prepaid expense |
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973 |
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50,055 |
7-BANK BALANCES AND CASH
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2006 |
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US$ |
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| Bank balances |
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179,547 |
| Cash |
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328 |
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179,875 |
8-ACCOUNTS PAYABLES AND ACCRUALS
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2006 |
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US$ |
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| Tax payable |
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1,872 |
| Accrued expenses |
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3,011 |
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|
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4,883 |
9-FAIR VALUES OF FINANCIAL INSTRUMENTS
Financial instruments comprise of financial assets, financial liabilities and derivatives.
Financial assets consist of cash and bank balances and receivables. Financial liabilities consist of payables. There are no derivatives.
The fair values of financial assets and liabilities are not materially different from their carrying values at the balance sheet date. |
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