Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697795859624.pdf (Guyana)
REPORT OF THE DIRECTORS OF THE DEPENDANTS' PENSION FUND REPORT OF THE DIRECTORS OF THE DEPENDANTS' PENSION FUND FOR THE YEAR 2011 REPORT OF THE DIRECTORS OF THE DEPENDANTS' PENSION FUND FOR THE YEAR 2011 1.

In accordance with Section 16 of the Dependants' Pension Fund Act, Chapter 27:08 the Directors of the Dependants' Pension Fund have the honour to report on the management and operations of the Fund for the year 2011.

BOARD OF DIRECTORS 2.


By virtue of Section 11(1) of the Act, the Accountant General is ex-officio a Director and Chairman of the Board of Directors of the Fund.
The other members were appointed from the following:- (a) Two persons, who, in the Minister's opinion, are qualified for appointment by reason of their experience of and shown capacity in matters relating to the functions of the Board of Directors; (b) Three persons, who, in the Minister's opinion, respectively represent the following trade unions:- The Guyana Public Service Union (i) (ii) The Guyana Teachers' Union; and (iii) The Guyana Trades Union Congress; and (c) One person, who, in the Minister's opinion, represents the Police Association.
The persons who functioned during the year were- (a) Mr. Jawahar Persaud- Chairman (b) Dr. Nanda K. Gopaul- Director (c) Mr. Partick.

Yarde- Director (d) Mr. Lance.

Baptiste- Director (e) Mr. Roy.

Hughes, A.A. - Director (f) Mr. Kenrick Parris/Amanda Hermonstine- Director (g) Mrs. Lillawattie Dass — Secretary/Manager 1 CURRENT CONTRIBUTORS 3.

The number of contributors at the end of 2010 was 50,398 (fifty thousand, three hundred and ninety-eight).
During the year, 1,411 (one thousand four hundred and eleven) new contributors were admitted, 2 (two) died and 119 (one hundred and ninteen) ceased to contribute for various reasons and retained no interest and 259 (two hundred and fifty- nine) ceased to contribute and retained an interest in the Fund.

The number of contributors at the end of 2011 was 51,947 (fifty-one thousand, nine hundred and forty- seven).

FORMER CONTRIBUTORS WITH INTEREST 4.


Thirty-one (31) of the former contributors who had ceased to contribute and retained an interest in the Fund died and 259 (two hundred and fifty-nine) were added making a total of 7,820 (seven thousand eigth hundred and twenty) at the end of the year.

REJECTED OFFICERS 5.

There were no new Rejected Officers during the year.
The number of accounts on the Register of Rejected Officers was 21(twenty-one) at the end of the year, all of whom ceased contributing, but retained an interest.

PENSIONERS 6.
PENSIONERS 6.

Thirty-three (33) pensioners were added to the Register of Pensioners while 20 (twenty) were taken off due to death or expiration of pensions during the year, thereby realising a total of 2,191 (two thousand one hundred and ninety-one) pensioners on the Register of the Fund at the end of 2011 as compared with 2,178 (two thousand, one hundred and seventy-eight) for 2010.

2 SUMMARY TABLES OF CONTRIBUTORS REJECTED OFFICERS AND PENSIONERS 7.
Hereunder is a comparative table of current and former contributors, contributors without interest, rejected officers and pensioners at 31st December 2011 and at the end of the four pmvious years.
2007 2008 2009 2010 2011 Contributors contributing 45,748 46,897 49,275 50,398 51,947 Contributors with retained interest 7,006 7,188 7,418 7,592 7,818 Contributors who ceased during the year and retained no interes Rejected Officers with retained interest 113 94 141 162 119 21 21 21 21 21 Pensioners 2,084 2,104 2,135 2,178 2,191 INCOME AND EXPENDITURE 8.

9.
9.

The total income reflected in the accounts of the Fund during the year amounted to $108,764,192.00 or $ 37,947,250.00 less than in the preceding year.

Expenses and other charges amounted to $76,758,472.00 the surplus of income over expenditure was $32,005,720.00 as compared with $73,888,606.00 in 2010, a decrease of $41,882,886.00.

A sum of $23,796,445.00 was receivable from Government in respect of interest on the monthly balances held on deposit by the Accountant General on behalf of the Fund.
The interest rate was 6.25 - 5.25 % throughout the year.

Interest on Mortgages was $14,369.340.00 10.

Contributions from members increased by $660,692.00 against the 2010 figure to $22,367,712.00 for the year.

Government's 1% contributions in respect of the disciplined services as required by Section 20(c) of the Act was $47,098,195.00 as compared to $42,329,753.00 in 2010.

3 11.
3 11.

Refund of contributions amounted to $798,160.00 mainly in respect of bachelor contributors who resigned their appointments, died, or were transferred from the Public Service and those not liable to contribute.

The amounts refunded in 2010 were $718,911.00.

12.

Pensions paid and payable were $18,516,467.00 at the end of 2011 as compared with $18,128,661.00 at the end of 2010.

The other charges against Revenue are shown on the table hereunder.

13.
Summary Tables of Income and Expenditure for year 2011 as compared with the four previous years are shown hereunder:- INCOME 2007 RESTATED RESTATED RESTATED RESTATED RESTATED 2008 2009 2010 2011 VENUE Contributions 54,641,268 47,990,926 71,594,582 65,358,157 69,465,907 Interest on Mortgages 29,039,887 23,113,431 20,205,087 17,234,927 14,369,340 83,681,155 71,104,357 91,799,669 82,593,084 83,835,247 THER REVENUE Interest on Loan 52,500 Interest on Investment 49,920,000 17,329,371 Government Interest 39,442,536 41,748,582 46,591,215 46,068,987 23,796,445 Rent 720,000 - - 720,000 1,080,000 Miscellaneous Income 40,162,536 91,668,582 46,591,215 146,711,442 108,764,192 4 EXPENDITURE 2007 RESTATED RESTATED RESTATED RESTATED RESTATED 2008 2009 2010 2012 Disposal of Assets Administration & General Expenses Other Operating Expenses .. - - - 586,208 40,999,642 38,907,036 40,550,485 42,019,081 43,414,443 7,511,698 8,881,664 9,865,743 8,859,741 10,530,770 Depreciation 1,068,306 2,920,876 3,238,171 3,096,442 2,912,424 Pension Refund of Contributions 16,448,670 15,350,135 17,248,032 18,128,661 18,516,467 1,332,261 854,005 624,908 718,911 798,160 67,160,577 66,913,716 71,527,339 72,822,836 76,758,472 14.
The aggregate administration and general expenses along with other operating expenses showed an increase over the figures of 2010.

15.

The Investments held on behalf of the Fund amounted to $918,039.16 at the end of the year.

The value of the Securities of the Guyana Government and Other Investments including Mortgages totalled $522,654,853.00 representing 37.81 % of the total assets of the Fund.
In addition the Accountant General held a net sum of $627,542,544.00 at the end of 2011 on behalf of the Fund.

MORTGAGES 16.

No Mortgage Loans were approved during the year.

The following is a table of applications received and Mortgages executed for the four previous years.
YEARS APPLICATIONS RECEIVED MORTGAGES EXECUTED VALUE OF MORTGAGES EXECUTED 2007 2008 2009 2010 2011 0 2 3 0 0 $ 1,179,627.00 $ 3,119,600.00 967,339.00 $ 0 0 2 2 1 0 0 5 The amount outstanding (including interest) as at 31.12.2011 was $171,816,814.00 The rate of interest remained at 10% for all amounts borrowed.

The lending limit remained at $1,500,000.00 per applicant.

ASSETS 17.
ASSETS 17.

 A table of the Assets of the Fund at 31st December, 2011 as compared with those of the four previous years is shown hereunder.
2007 RESTATED RESTATED RESTATED RESTATED RESTATED 2008 2011 2009 2010 FIXED ASSETS Tangible Assets 21,875,225 97,571,749 94,057,372 92,013,344 88,942,843 INVESTMENTS Other Investments CURRENT ASSETS Inventory Receivables & 575,180,146 597,692,713 570,632,972 543,137,064 522,654,853 668,324 679,661 693,915 550,449 384,832 86,464,627 83,725,339 100,431,015 129,388,687 138,901,395 Due from Accountant 413,092,398 497,450,027 585,339,729 666,376,317 627,542,544 Cash at Bank 2,161,361 7,146,077 3,196,706 4,205,333.
3,827,903 1,099,442,08 1 L 1,284,265,56 6 1,354,351,40 9 1,435,671,19 4 1,382,254,37 0 18.

(a) DEBTORS The balances reflected under this account were due mainly to officers leaving their employment for various reasons and the relevant information was not received by the Fund on time so that the necessary adjustments can be effected.
(b) CREDITORS The balance under this account were due to inadequate and in most cases no information being received from various Ministries / Departments / Regions in respect of new contributors as set out in circulars sent by Secretary to the Treasury and Accountant General respectively.
6 As a result, deductions were made from persons not liable to contribute and in cases where persons were liable, the necessary information for the purpose of registering officers as contributors was not submitted on a timely basis to facilitate allocation of contributions.

COST OF LIVING ALLOWANCE 19.

The amount paid during 2011 in respect of Cost of Living Allowances to pensioners of the Fund was $1,412.00.

STAFF 20.
STAFF 20.

The Board of Directors wishes to express their appreciation for the dedication and diligence of management and staff in the performance of their duties during the year.

21.

The following statements for 2011 are attached:- A.

B. C. D. E. F. The Report of the Auditor General and the Audit Certificate.

Statement of Comprehensive Income as at 31st December, 2011.

Statement of Financial Position as at 31st December, 2011.

Rejected Officers' Account.

Schedule of Investments.


Schedule of Interest payable by Government on monthly balances.

L. la- Secretary/Manager Dependants' Pension Fund Peroc.a& Chairman Dependants' Pension Fund 7 of cjuva)va ..• • • , /oat, ciet4a rYiped.

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A19,..//tigow.auelli.opy Au: 67/2012 H July 2012 REPORT OF THE AUDITOR GENERAL.
ON THE FINANCIAL STATEMENTS OF THE DEPENDANTS' PENSION FUND FOR THE YEAR ENDED 31 DECEMBER 2011 I have audited the accompanying financial statements of the Dependants' Pension Fund (DPI') which comprised of the statement of financial position as at 31 December 2011. the statement of comprehens; n e income, statement of changes in equity and the statement of cash flows For the year then ended, and a summary of significant accounting policies and other explanatory notes.
'file audit was conducted in accordance with the Audit Act of 2004. tVlanagement's responsibility.

for the,financial statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with the International Financial Reporting Standards.

This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement.
whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that arc reasonable in the circumstances.

Auditor 's responsibility My responsibility is to express an opinion on these financial statements based on the audit.

I conducted the audit in accordance with International Standards on Auditing issued by the International Federation of Accountants (IFAC) and those of the International Organisation of Supreme Audit Institutions (INTOSAI).
Those standards require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements arc free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.

The procedures selected depend on the auditor's judgment.

including the assessment of the risks of material misstatement of the financial statements, whether due to fraud and error.
In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that arc appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness ofthe entity's internal control.
8 An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by management's well as evaluating the overall presentation of the financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.
Opinion In my opinion, the financial statements presents fairly in all material respects of the financial position of the Dependants' Pension Fund as of 31 December 2011, and the results of its operation and cash flows for the year then ended in accordance with International Financial Reporting Standards.

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S1 I ' kflifge * Ns, AUDITOR GENE GUYANA` ..- AL (ag.)
AUDIT OFFICE 63 HIGH STREET KINGSTON GEORGETOWN GUYANA 9 DEPENDANTS' PENSION FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST DECEMBER, 2011 2010 $ 65,358,157 17,234,927 82,593,084 OPERATING REVENUE NOTE $ Contributions 3 Interest on Mortgages OTHER REVENUE 0 Interest on Loan-Staff 17,329,371 46,068,987 720,000 146,711,442 Interest on Investments Government Interest Rental of Property OPERATING EXPENDITURE/OTHER EXPENSE 42,019,081 8,859,741 3,096,442 18,128,661 718,911 (72,822,836) 73,888,606 Disposal of Assets Admin.
and General Expenses Other Operating Expenses 4 5 Depredation Pensions 586,208 43,414,443 10,530,770 2,912,424 13 18,516,467 Refund of Contributions 798,160 Surplus for the year STATEMENT OF RETAINED EARNINGS 1,245,467,137 73,888,606 1,319,355,743 Balance B/F Add Surplus for the Year 3,821,864 Reserve 1,323,177,607 10 2011 $ 69,465,907 14,369,340 83,835,247 52,500 0 23,796,445 1,080,000 108,764,192 (76,758,472) 32,005,720 1,228,961,523 32,005,720 1,260,967,243 3,444,434 1,264,411,677 DEPENDANTS' PENSION FUND STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2011 NOTE 6 2010 $ FIXED ASSETS 45,000,000 Land 34,787,319 Building 5,566,703 Office Machines 1,082,471 Furniture & Fittings 5,576,851 Motor Vehicle 92,013,344 INVESTMENTS 543,137,064 Investments 635,150,408 CURRENT ASSETS 550,449 Inventory 129,388,687 Receivables and Prepayments 666,376,317 Due from Accountant General 4,205,333 Cash at Bank 7 8 9 $ 45,000,000 33,216,721 4,678,117 1,028,839 5,019,166 384,832 138,901,395 627,542,544 3,827,903 1,435,671,194 EQUITY AND UABILIT1ES EQUITY 1,319,355,743 Accumulated Fund Balance 3,821,864 Reserve 1,323,177,607 Liabilities 2011 $ 88,942,843 522,654,853 611,597,696 770,656,674 1,382,254,370 1,260,967,243 3,444,434 1,264,411,677 106,500,452 CREDITORS:Amount falling due 10 111,849,558 within 1 year CREDITORS:Amount falling due after 1 year 5,088,641 Unregistered Contributors 904,494 Due to Expatriate officers 11 12 5,088,641 904,494 1,435,671,194 117,842,693 1,382,254,370 L. Dcr.41, Secretary/Manager J.
Chairman Dependants' Pension Fund Dependants' Pension Fund 11 DEPENDANTS' PENSION FUND STATEMENT OF CASH FLOW FOR THE YEAR ENDED DECEMBER 31, 2011 2010 $ 73,888,606 Profit from Operations Less: Government Interest /Contributions Receivable (Adjustment) Add: Government Interest/Contributions Receivable.
(Adjustment) Add: Non Cash Items Loss on Disposal of Assets Depreciation Operating Activities Working Capital Decrease in Inventory Increase in Payables 165,617 5,349,106 Increase in Receivables/ Prepayments (9,512,708) 3,096,442 76,985,048 143,166 6,422,552 (28,957,672) (22,391,954) 54,593,094 27,495,908 Decrease in Mortgage 20,482,211 Other Operating Activities 82,089,002 (81,036,588) (1,052,414) (82,089,002) 0 Investing Activities Decrease in Due from Accountant General 38,833,773 Acquisition of Fixed Assets (428,131) 2011 $ 32,005,720 (90,426,457) (58,420,737) 32,237 (58,388,500) 586,208 2,912,424 (54,889,868) (3,997,985) (58,887,853) 20,482,211 (38,405,642) 38,405,642 0 12 DEPENDANTS' PENSION FUND STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST DECEMBER 2011 At beginning of year Adjustments to Equity Surplus Reserve Retained Earnings 2010 $ 1,245,467,137 2011 $ 1,228,961,523 73,888,606 3,821,864 1,323,177,607 32,005,720 3,444,434 1,264,411,677 DEPENDANTS' PENSION FUND NOTES TO THE ACCOUNTS 1 BACKGROUND INFORMATION The Fund was first established by Ordinance No.14 of 1923 as Chapter 207 of the Laws of British Guiana.
Chapter 27:08 now governs the Dependants Pension Fund.

The objective of the Fund is to provide for pensions payable to Widowers/Widows and children of Public Officers who were contributors to the Fund.

Other benefits include the grant of mortgages to Contributors to enable them to acquire a home or to renovate existing homes.

2 PRINCIPAL ACCOUNTING POLICIES (A) Accounting Convention These accounts have been prepared using the historical cost convention.
(B) The main sources of income are-Contributions and Interest on Investments including Mortgages as shown below: (I) Only actual contributions received from members are accounted for due to the fact that contributors accounts are not updated.

1% Government Contributions are recognised on the accrual basis of accounting.

(ii) (ill) Interest on Mortgages accrue from the date of advance.
Government's interest is calculated at the prevailing overdraft bank rate and interest on investment is calculated on the number of days it is held.

(C) Fixed Assets and Depreciation.

Fixed Assets are depreciated on the reducing balance method on balances at December of each year, and proportionately for assets acquired in the current year.
Fixed Assets Building Furniture, Fittings Equipment Vehicle Rate 5% 5% 10% 10% (0) Stock Values Stocks are valued at the lower of cost and net realisable value.

(E) The amounts of $33,816,122 and $5,883,878 for 1% Government Contributions and Interest on Monthly Balances respectively were received in January, 2012.

However, it was taken into account in 2011 because it is deferred income for 2011.
Payment was not made in 2011 because of the unavailability of funds at the Accountant General's Department.
14 2010 $ 23,028,404 42,329,753 65,358,157 0 0 740,000 624,949 34,420,879 4,000 6,229,253 42,019,081 1,812,021 5,411,909 1,379,811 256,000 8,859,741 3 CONTRIBUTIONS Contributions from Members 1% Government Contributions 4 ADMINISTRATION AND GENERAL EXPENSES Architect Fees Actuarial Fees Audit Fees Directors Fees Salaries and Wages Valuation and Inspection Fees Miscellaneous 5 OTHER OPERATING EXPENSES Electricity Miscellaneous Stationery Travelling 2011 $ 22,367,712 47,098,195 69,465,907 0 0 0 607,306 36,546,308 8,200 6,252,629 43,414,443 1,693,392 7,329,273 1,263,224 244,881 10,530,770 6 TANGIBLE FIXED ASSETS OFFICE FURNITURE LAND BUILDING MACHINES & FITTINGS VEHICLE TOTAL $ $ $ $ $ $ Net Book Value 1.1.2011 45,000,000 34,787,319 5,566,703 1,082,471 5,576,851 92,013,344 Additions 0 177,650 179,466 71,015 0 428,131 45,000,000 34,964,969 5,746,169 1,153,486 5,576,851 92,441,475 Depreciation Charges for year 1,748,248 551,350 55,141 557,685 Disposal of Assets 516,702 69,506 2,912,424 586,208 Net Book Value 31.12.2011 45,000,000 33,216,721 4,678,117 1,028,839 5,019,166 88,942,843 349,920,000 Colonial Life Insurance Company 7 OTHER INVESTMENTS 618,039 300,000 192,299,025 543,137,064 Crown Agents Guyana Government Bonds Mortgages 349,920,000 618,039 300,000 171,816,814 522,654,853 On the 10th september, 2010 the Court ordered that Clico be liquidated.
However, payment has not been received.
15 2010 $ 17,329,371 94.841,994 15,960,483 8 DEBTORS Interest Receivable (Clico) Contributions Receivable Interest Receivable (Mortgages) 0 Insurance Premium (Mortgages) 1,256,839 Miscellaneous 0 Insurance Charge from G.C.I.S 129,388,687 752,345,433 229,069,369 9 DUE FROM ACCOUNTANT GENERAL Cash at Accountant General Interest Receivable from Accountant General 11,515 Vouchers 981,426,317 315,050,000 666,376,317 Less: Advance for Imprest 63,480,216 Insurance Charges 10 CREDITORS 371,535 975,771 0 41,672,930 106,500,452 Rejected Officers Audit Fees Payable Mortgage Insurance Pensions Payable 11.
UNREGISTERED CONTRIBUTORS - $5,088,641 This figure represents contributions received from officers not registered with the Fund.

Upon registration the relevant amounts would be transferred to revenue.

12.

DUE TO EXPATRIATE OFFICERS - $904,494 This amount relates to a prior year adjustment pertaining to an agreement between the Government of Guyana and the British Government that the liability for the payment of benefits to expatriate officers should be taken over by the British Government.
The liability in respect of the widows of those expatriates who contributed to the Fund has been established at $904,494 by the Actuaries, Bacon Woodrow and DeSouza of Trinidad and Tobago.

Settlement is on a Government to Government basis.

13.

PENSIONS 2010 $ 12,772,374 5,356,287 18,128,661 Pensions Pensions (Staff Superannuation Benefits) 14.
Open Accumulated Fund Balance 01.01.2011 Surplus Reserve 16 2011 $ 17,329,371 102,541,035 17,901,215 0 1,129,774 0 138,901,395 780,410,281 162,170,748 11,515 942,592,544 315,050,000 627,542,5-44 65,681,661 371,535 409,031 0 45,387,331 111,849,558 2011 $ 11,636,713 6,879,754 18,516,467 1,228,961,523 32,005,720 1,260,967,243 3,444,434 1,264,411,677 DEPENDANTS' PENSION FUND REJECTED OFFICERS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, 2011 Balance as at 1.1.2011 Add: Interest Less: Bank Charges Balance as at 31.12.2011 $373,444.00 $ 00.00 $373,444.00 00.00 $ $373,444.00 .0- 17 DEPENDANTS' PENSION FUND INTEREST PAYABLE BY THE GOVERNMENT ON MONTHLY BALANCES HELD AT THE ACCOUNTANT GENERAL'S DEPARTMENT FOR THE PERIOD ENDING 31ST DECEMBER 2011 MONTHS PARTICULARS MONTHLY MONTHLY QUARTERLY BALANCES INTEREST INTEREST January Balances as at 2010-12-31 752,345,433 Add Interest Receivable Accountant (3eneral Less Reserve Interest for January, 2011 A.R.O 6.25% on balance as at 31.12.2010 0 752,345,433 315,000,000 437,345,433 February Receipts for January, 2011 5,837,198 Add balance as at 31.12.2010 Less Payments for January, 2011 Interest for February, 2011 A.R.O.5.25% on balance as at 31.01.2011 437,345,433 443,182,631 5,822,172 437,360,459 March Receipts for February 2011 4,773,257 Add balance at 31.1.2011 Less payments for February,2011 Interest for March, 2011 A.R.O.
5.25% on balance as at 28.2.2011 April Receipts for March, 2011 Add balance as at 28.2.2011 Add Interest for Quarter ended 31.3.2011 Less Payments for March, 2011 Interest for April, 2011 A.R.O.5.25% on balance as at 31.3.2011 437,360,459 442,133,716 7,373,939 434,759,777 7,026,224 434,759,777 6,021,501 447,807,502 5,725,152 442,082,350 May Receipts for April, 2011 3,403,363 Add balance as at 31.3.2011 Less Payments for April, 2011 Interest for May 2011 A.R.O 5.25% on balance as at 30.4.2011 442,082,350 445,485,713 5,102,405 440,383,308 June Receipts for May, 2011 5,484,928 Add balance as at 30.4.2011 Less Paymerrs for May, 2011 Interest for June, 2011 A.R.0.5.25% on balance as at 31.5.2011 440,383,308 445,868,236 5,877,036 439,991,200 2,321,525 1,761,424 1,938,552 6,021,501 1,907,616 1,963,627 1,898,592 5,769,835 MONTHS PARTICULARS MONTHLY MONTHLY QUARTERLY BALANCES INTEREST INTEREST July Receipt for June, 2011 Add balance as at 31.5.2011 Add Interest for Quarter ended 30.6.2011 Less Paymer its for June, 2011 Interest for July, 2011 A.R.0.5.25% on balance as at 30.6.2011 5,441,340 439,991,200 5,769,835 451,202,375 5,431,396 445,770,979 August Receipts for July, 2011 5,920,540 Add balance as at 30.6.2011 Less Payments for July, 2011 Interest for August 2011 A.120.5 25% on balance as at 31.7.2011 445,770,979 451,691,519 6,585,452 445,106,067 September Receipts for August, 2011 4,454,084 Add balance as at 31.7.2011 Less Payments for August, 2011 Interest for September, 2011 ARA:D.5.25% on balance as at 31.8.2011 445,106,067 449,560,151 5,127,541 444,432,610 October Receipts for September, 2011 Add balance as at 31.8.2011 Add Interest for Quarter ended 30.9.2011 4,226,377 444,432,610 5,890,092 454,549,079 Less Payments for September 2011 5,365,512 449,183,567 1,987,650
 1,984,685 1,917,757 5,890,092 Interest for October, 2011 AR.O.5.25% on balance as at 30.9.2011 2,002,866 November Receipts for October, 2011 6,199,056 Add balance as at 30.9.2011 449,183,567 455,382,623 Less Payments for October, 2011 Interest for November, 2011 A.R.O..% on balance as at 31.10.2011 5,722,708 449,659,915 December Receipts for November, 2011 4,227,428 Add balance as ,t 31.10.2011 449,659,915 453,887,343 Less Payments for November 2011 8,728,240 445,159,103 Interest for December, 2011 Al2.0..% on balance November Receipts for October, 2011 $6,199,056 Add balance as at 30.9.2011 $449,183,567 $455,382,623 Less Payments for October, 2011 Interest for November, 2011 AR.O.5.50% on balance as at 31.10.2011 $5,722,708 $449,659,915 $2,032,709 December Receipts for November, 2011 $4,227,428 Add balance as at 31.10.2011 $449,659.915 $453,887,343 Less Payments for November 2011 $8,728,240 $445,159,103 Interest for December, 2011 A. R.0.5.50% on balance as at 30.
11.2011 2,079,442 $6,115,017 23,796,445 23,796,445 19 DEPENDANTS' PENSION FUND INVESTMENTS HELD BY CROWN AGENTS AND LOCALLY AS AT 31ST DECEMBER, 2011 FOLIO INVESTMENTS PER CENTUM $ 8 British Guiana Demerara Railway Perpetuals 9 British Guiana Demerara Railway Perm Annuities 67 Joint Miscellaneous Fund Sub-total 4 nil Per 131,681.66 58,627.47 93,636.09 23 6 519,930.58 4,472.49 4;472.49 30,286.78 35,176.48 4,472.49 194,781.62 618,039.16 69,935.75 20 British Guiana Government Bonds 1973/88 5 1/2 300,000.00 300,000.00 " 300,000.00 494,781.62 918,039.16 369,935.75 20