Financial Reports 2007

In 2007 the Bulgarian Red Cross continued working for strengthening its financial capacity at all levels. Active work was done for expanding of the volume and improving the quality of the activities that generate the organisation's own income – different types of training, providing aid in mountains and by water basins, hotel activities, selling goods. The real estate of the organisation was effectively managed, giving them for rent at the best market conditions.
The National Training Centre of the Bulgarian Red Cross in the village of Lozen marked a significant growth in its development both as a place for training of the BRC and as an attractive centre for many external clients, who choose it for organisation of different kind of trainings and events. A significant part of the Centre's income is reinvested in improving the conditions and with another one are covered part of the Red Cross events. Through opening of Centre's branches in some of the regions the activity will be expanded further.
Special attention was paid during the year to the financial stabilization of the regional organisations through directing bigger financial resource to them from all sources. In 2008 this process will continue.
The financial - economic activity secures stable income, which is directed for financial support of assistance programmes for different vulnerable groups of the population, strengthening the structure of the organisation and ensuring it financial support. The goal is to improve the existing and to create new prerequisites for more favourable development of the economic activities as a core financial source. The tendency that exists during the last years is to increase the part of the economic activities in the range of the general ones.
Parallel with the active work for developing financial and economic activities, a strong process for providing transparency, good accountability and considerable improvement of the monitoring environment in the organisation was going on.
In 2007 contemporary approaches for evaluation and improvement of the effectiveness of the processes of risk management, monitoring and management were implemented as well as of creating and functioning adequate and effective systems of financial management and control. Concrete steps were made for implementing of some new laws, synchronised with the European legislation, such as the Internal Audit Act in the public sector, Financial Management and Control in the Public Sector Act, State Financial Inspection Act. In the NC of the BRC two new structures were created –"Internal Audit" unit and "Internal Financial Control" unit, through which the internal audit of the systems of management and control was carried out, and preventive and subsequent control on the management of the income and the expenditures of the organisation was exercised.

You could see the results of the financial and economic activity of BRC for 2007 in the attached files: