Statement of Changes in Equity
Statement of Changes in Equity
For the year ended 31 December 2021
|
|
Share capital | Tier 1 capital | Accumulated losses | Board of Directors’ remuneration | Reinsurance reserve | Investment revaluation reserve | Legal reserve | Total shareholders’ equity |
| AED | AED | AED | AED | AED | AED | AED | AED | |
| Balance as at 1 January 2021 | 118,780,500 | 15,000,000 | (5,446,912) | 979,729 | 423,698 | 20,861 | 6,291,675 | 136,049,551 |
| Dividends declared (Note 10) |
– |
– |
(4,751,220) |
– |
– |
– |
– |
(4,751,220) |
| Profit for the year |
– |
– |
9,519,956 |
– |
– |
– |
– |
9,519,956 |
| Transfer to statutory reserve | – | – | (951,996) | – | – | – | 951,996 | – |
| Transfer from reinsurance reserve | – | – | 905 | – | (905) | – | – | – |
| Other comprehensive income for the year | – | – | – | – | – | 10,237,938 | – | 10,237,938 |
| Proposed Board of Director’s remuneration | – | – | (856,796) | 856,796 | – | – | – | – |
| Payment of Board of Directors’ remuneration | – | – | – | (937,360) | – | – | – | (937,360) |
| Adjustment to Board of Directors’ remuneration | – | – | 42,369 | (42,369) | – | – | – | – |
| Loss on disposal of investment carried at FVTOCI | – | – | (3,867,499) | – | – | 3,867,499 | – | – |
| Transfer of unrealised loss on disposal of debt investments carried at FVTOCI | – | – | – | – | – | 144,795 | – | 144,795 |
| Tier 1 Capital | – | – | (1,237,500) | – | – | – | – | (1,237,500) |
| Balance as at 31 December 2021 |
118,780,500 |
15,000,000 |
(7,548,693) |
856,796 |
422,793 |
14,271,093 |
7,243,671 |
149,026,160 |
The notes from 1 to 24 form an integral part of these financial statements.
|
|
Share capital | Tier 1 capital | Accumulated losses | Board of Directors’ remuneration | Reinsurance reserve | Investment revaluation reserve | Legal reserve | Total shareholders’ equity | |
| AED | AED | AED | AED | AED | AED | AED | |||
| Balance as at 1 January 2020 | 118,780,500 | 15,000,000 | (8,920,743) | 1,454,955 | – | 865,535 | 5,203,087 | 132,383,334 | |
| Dividends declared (Note 10) |
– |
– |
(4,751,220) |
– |
– |
– |
(4,751,220) |
||
| Profit for the year |
– |
– |
10,885,879 |
– |
– |
– |
– |
10,885,879 |
|
| Transfer to statutory reserve | – | – | (1,088,588) | – | – | – | 1,088,588 | – | |
| Transfer to reinsurance reserve | – | – | (423,698) | – | 423,698 | – | – | – | |
| Other comprehensive income for the year | – | – | – | – | – | 361,088 | – | 361,088 | |
| Payment of Board of Directors’ remuneration | – | – | 4,955 | (1,454,955) |
– |
– | – | (1,450,000) | |
| Proposed Board of Director’s remuneration | – | – | (979,729) | 979,729 | – | – | – | – | |
| Transfer of realised loss on disposal of equity investment carried at FVTOCI | – | – | (352,021) | – |
– |
– | – | (352,021) | |
| Transfer of unrealised gain on disposal of equity investments carried at FVTOCI | – | – | 1,415,753 | – |
– |
(1,415,753) | – | – | |
| Transfer of unrealised loss on disposal of debt investments carried at FVTOCI | – | – | – | – |
– |
209,991 | – | 209,991 | |
| Tier 1 Capital | – | – | (1,237,500) | – | – | – | – | (1,237,500) | |
| Balance as at 31 December 2020 |
118,780,500 |
15,000,000 |
(5,446,912) |
979,729 |
423,698 |
20,861 |
6,291,675 |
136,049,551 |
|
The notes from 1 to 24 form an integral part of these financial statements.
