Financial Reports 2006

The financial stabilization of the Bulgarian Red Cross continued in 2006, following the goals set forth in the Bulgarian Red Cross Strategy until 2010 and against the background of the overall economic growth in the country. Parallelly to the implementation of the activities for fulfilling the mission of the Bulgarian Red Cross, the organization also invested efforts and resources into its well-established economic activities in which it is strong and has a great capacity. Funds were invested into structures and activities the potential of which is developing well and which later will bring revenues for the organization.
An important source of funding for the activities in the organization was the economic activity. Significant revenues were generated from rents, training courses in first pre-medical aid, revenues from assistance provided in the mountains, training of lifeguards etc. Special attention was paid to the development of the training centers of the Bulgarian Red Cross and to turning them into an attractive place for trainings, organized events and recreation facilities. Investments were made for improving the equipment, the range of services was expanded, the teaching and methodological activity was improved, the management as a whole improved. The National Training Center of the Bulgarian Red Cross in the village of Lozen marked a special growth in its development.
The Bulgarian Red Cross continued to work actively on projects funded by different foreign donors. Some of the bigger projects implemented in 2006 were as follows: “Home Care” funded with the total amount of BGN 295 000, out of which BGN 208 000 - donated by the Swiss Red Cross, BGN 48 000 donated by the - Italian Red Cross and BGN 39 000 donated by the - German Red Cross; “Old People’s Home in Kardzhali” – BGN 143 000 funded by the Dutch Red Cross; “Trafficking in Women and Children” – BGN 71 000 funded by the Norwegian Red Cross.
The state grant was directed towards the activities which the state has entrusted to the Bulgarian Red Cross and which it provides financial assistance for. The funds were invested into the following fields: improving the activity and strengthening the capacity of the organization at the national and regional level for adequate response in situations of disasters, accidents and catastrophes, including prevention by training of payroll employees and volunteer formations for work in crises and disaster situations; rescue activity related to providing assistance in case of accidents in the mountains and the water basins; implementing different forms of social assistance activity and providing services, attracting, receiving and distributing humanitarian aid to different groups in need, training different population groups in providing first pre-medical and first psychological aid, promoting voluntary and non-remunerated blood donation, promoting health and improving the health habits of the population, restricting the spread of socially significant illnesses etc.; activity related to assisting the social and economic integration of refugees in the Republic of Bulgaria and work with migrants.
In 2006 the Bulgarian Red Cross performed an analysis of the adequacy and effectiveness of some fundamental processes in the organization and a review of the existing management and control systems. To achieve this goal, experts from the Institute of Internal Auditors in Bulgaria were hired as well. The analysis showed that there are good mechanisms operating in the Bulgarian Red Cross in the area of management and control, stipulated by a number of internal-organizational documents. Special attention was paid to the challenges and the possible risks in the organization. Based on the conclusions, the next steps for improvement of the existing management and control systems aimed at minimizing the risks were outlined as well.

You could see the results of the financial and economic activity of BRC for 2006 in the attached files: