Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697795932544.pdf (Guyana)
REPORT OF THE DIRECTORS OFTH£ DEPENDANTS' PENSION FUND 2018 \ I I" t REPORT OF THE DIRECTORS OFTHE DEPENDANTS' PENSION FUND FOR THE YEAR 2018 I.

In accordance Directors and operations of the Fund for the year 2018. with Section 16 of the Dependants' Pension Fund have the honour to report 27:08 the on the management Fund Act, Chapter of the Dependants' Pension BOARD OF DIRECTORS 2.

By virtue of Section 11 (1) of the Act, the Accountant a Director of the Fund.
The other members were appointed is ex-officio General and Chairp erson of the Board of Directors from the following:- (a) Two persons, who, in the Minister's opinion, of and shown capacity reason the Board of of their experience Directors; are qualified for appointment by in matters relating to the functions of (b) Three persons, trade unions:- who, in the Minister's opinion, respectively represent the following (i) The Guyana Public Service Union Union (ii) The Guyana Teachers (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:- Chapman-Chai rp erson Director C.C.H-Director A.

A - Director (A) Ms. Jennifer (B) Ms. Gillian Rockcliffe- (C) Prof. Harold Lutchman, (D) Mr. Lance Baptiste, (E) Mr. Lincoln (F) Mr. Mohan Khan-Director (G) Mr. Patrick Yarde -Director Lewis-Director ACTIVE CONTRIBUTORS 3.

The number of active four hundred thousand, contributors and forty-nine).

as at 31st December, 2018 was 26,449 (twenty-six REJECTED OFFICERS 4.
There were no new Rejected of Rejected Officers was 2l(twenty-one) at the during Register ceased Officers contributing, but retained an interest.

the year.

The number of accounts end of the year, all on the of whom 5.

There were 2,545 (two thousand five hundred and forty-five) pensioners on the Fund's PENSIONERS Pension Status Report at the end of 2018.

2 SUMMARY TABLES OF CONTRIBUTORS AND PENSIONERS REJECTED OFFICERS table of active 6.
Hereunder is a comparative rejected contributors, officers and pensioners at 31st December 2018 and at the end of the four previous years.

Contributors contributing 19,136 20,124 21,757 25,072 26,449 2014 2015 2016 2017 2018 with Rejected Officers interest retained 21 21 21 21 21 r Pensioners 2,430 2,463 2,518 2,498 2545 INCOME AND EXPENDITURE ---- _J.

_IM_Jotal wcome reflected $451,050 charges $342,160,730.00 in the accounts or $112,286,046.00 to $ I 08,890,099 to more than inthe preceomg year.
Ex:pense -s-and-other .00.

The surplus with $237,248,297.00 ,829.00 amounted of the Fund during the year amounted in 2017, an increase as compared of I 04,912,433.00. of income over expenditure was 8.

A sum of $66,765,071.00 balances rate was 5% throughout monthly interest held on deposit General on Mortgages in respect of interest on the of the Fund.

The on behalf was $2,285,684.00.

was receivable from Government by the Accountant the year.

Interest 9.
Interest 9.

Contribu tions from members increased for the year.

Government's $271,987,558.00 services as required by Section 20 (c) of the Fund's $97,931,366.00 in 2017. against by $92,262,546.00 ons in respect 1 % contributi the 2017 figure to Act was $106,429,409.00 of the disciplinary as compared to 10.Refund of contributions amounted to $4,892,9 89.00 mainly in respect of bachelor/spinster contributors Service and those not liable their appointments, to contribute.
The amounts who resigned died or were transferred from the Public refunded in 2017 were $809,095.00.

11.Pensions paid and payable were $29,449,380.00 at the end of 2017.

The other charges against at the end of 2018 as compared with revenue are shown on the $26,464,405.00 table on page 4.
12.Summary tables previous years are shown pages 4 and 5. of income and expenditure for year 2018 as compared with the four 3 INCOME 2014 2015 2016 RESTATED REST A TED RESTATED 2017 2018 RESTATED RESTATED OPERA TING REVENUE Contributions 82,328,565 98,288,905 111,763,270 277,656,378 378,416,967 Interest on Mortgages 7,287,450 6,526,126 4,526,464 2,824,649 2,285,684 Total 89,616,015 104,815,031 1 I 6,289,734 280,481,027 380,702,651 OTHER REVENUE on Loan Interest 21,000 2,625 - Interest on Investment - - - - - - - Government Interest 29,405,635 58,568,462 48,074,623 52,550,823 66,765,071 Insurance Premium 1,110,417 804,948 550,542 376,244 223,290 Rent Received 900,000 - 1,480,000 2,405,000 2,035,000 Miscellaneous - Gain on Investment - - - - - 75,582 2,751,920 2,951,689 1,249,235 Total 31,437,052 59,376,035 52,857,085 58,283,756 70,348,178 4 EXPENDITURE \ 2014 2015 2016 2017 2018 RESTATED RESTATED RESTATED RESTATED RESTATED OPERA TING EXPENDITURE Disposal of Assets - 1,924,082 238,729 473,832 193,733 & Administration General Expenses 47,189,800 50,621,987 59,303,436 53,483,252 57,387,539 Other Operating Expenses 10,443,466 11,357,022 12,385,371 17,696,528 12,474,435 Depreciation - Pension Refund of Contribu tions 2,490,927 2,351,7 30 2,062,933 2,440,097 4,239,186 26,464,40� - 29,44�,3lW 1,071,075 598,658 899,513 809,095 4,892,989 interest on Refunds - 112,832 206,304 149,277 256,837 Loss on Investment 2,057,823 20,676,718 Total 83,442,601 114,237,550 99,527,670 IO I ,516,486 I 08,890,099 I 3.
The aggregate showed an increase administration over the figures and general of 2017. expenses along with other operating expenses 14.The Investments held on behalf year.

The value of the Securities including Mortgages Fund.

In addition, of the Fund.


2018 on behalf totaled the Accountant General of the Fund amow1ted of the Guyana Government to $28,347,475.00 at and Other Investments the end of the $106,781,324.00 representing 4.588 % of the total held a net sum of $1,963,268,432.00 of the assets at the end of 5 15.One mortgage application was approved during the year.

MORTGAGES The amount outstanding The rate of interest applicant.

as at 31.12.2018 (including interest) The lending borrowed.
is 8% for all amounts was $78,433,849.00 limit is $5,000,000.00 per 16.A table of the Assets previous years is shown hereunder.
of the Fund at 31 st December, 2017 as compared with those of the four ASSETS 2014 RESTATED 2015 RESTATED 2016 2017 RESTATED RESTATED 2018 RESTATED ASSETS Non Current Assets 83,651,219 79,850,201 78,081,039 159,167,947 155,875,830 INVESTMENTS Other Investments 451,223,847 122,802,020 I 08,977 ,883 107,114,017 106,781,324 CURRENT ASSETS Inventory 275,515 229,149 176,295 219,112 203,889 & Receivables Prepayments 177,329,604 163,325,361 166,427,063 146,671,269 90,039,088 Due from Accountant General Cash at Bank Total 816,015,441 1,210,435,081 1,294,725,012 1,561,294,782 1,963,268,432 4,384,561 5,291,555 7,477,213 9,493,821 11,247,960 1,532,880,187 1,581,933,367 1,655,864,505 1,983,960,948 2,327,416,523 6 18.
(a) DEBTORS/RECEIVABLES \ j The balances reflected under I% Contributions this account Accountant General's from the were due mainly Department.

because for of outstanding payment (b) CREDITORS/PAY ABLES The balance under this manner and in most cases not submitting account updated is as a result of pensioners not uplifting their pensions in a timely information, and refund to mortgagors.

COST OF LIVING ALLOWANCE 19.

No Cost of Living Allowances to pensioners of the Fund was paid for 2018.
STAFF 20.The Board of Directors would like to place on record its appreciation and thanks to all its employees for their contrib ution.

21.The following statements for the year ended 31 si December 2018 are attached:- for the year ended and the Audit Certificate A.

The Report of B.
The Report of B.

Statement C. Statement D. Statement E. Statement F Statement G Schedule H. Schedule the Auditor General Statement of Financial of Comprehensive of Changes of Cash Flow for of Rejected of Investments for the year ended 31st December, 2018. of Interest for the year ended 31st December Income for the year ended 31 si December, 2018. for the year ended 3 I 51 December, 2018. by Government on monthly balances the year ended 31 si December, 31 si December, in Equity Officers payable for 2018 .
2018.

2018.

20 I 8.

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....... Dass Lillawattie Secretary/Manager Dependants' Fund Pension Je · er Chapman Chairperson Dependants' Fund Pension 7 cdt«kt W!ftce o/ /]Ju� �'W.

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<Wff -?Y AG: 52/2019 20 May 2019 REPORT OF THE AUDITOR GENERAL TO THE BOARD OF DIRECTORS ON THE FINANCIAL OF THE DEPENDANTS' ST A TEMENTS PENSION FUND FOR THE YEAR ENDED 31 DECEMBER 2018 Opinion the financial I have audited statement of financial statement of changes the financial in equity statements, including position as at 31 December, and the statement a summary statements of Dependants' Pension 2018, the statement Fund (DPF) which comprise of comprehensive the income, of cash flows for the year then ended, accounting policies.
of significant and notes to [n my opinion, of Dependants' flows for the year then ended in accordance present statements Fund as at 31 December the financial Pension fairly, in all material 2018, and of its financial with lntemational Financial Reporting Standard s (IFRSs).

respects, the financial position performance and its cash Basis for Opinion my audit in accordance with lnternational Standards (IF AC), the International and the Audit Act 2004.
My responsibili of Accountants (ISSAis) Federation I conducted lntemational Institutions described in the Auditor's report.

I am independent my audit of the financial in accordance appropriate to provide in Guyana, with these requirements.

a basis for my opinion.
Responsibilities of the Fund in accordance statements for the Audit of the Financial with the ethical and I have fulfilled the audit evidence requirements my other ethical I have obtained I believe are further ties under those standards section of my to that are relevant Statements responsibilities is sufficient and on Auditing (ISAs) issued by the Standards of Supreme Audit Responsibilities of Management and Those Charged with Governance for the Financial Statements Management accordance enable the prepara to fraud or error.
is responsible for the preparation with IFRSs, and for such internal statements as management that are free from material tion of financial and fair presentation control of the financial statemen ts in to is necessary determines due whether misstatement, 8 In preparing continue going concern operations, the financial statements, management is responsible for assessing related to going the Fund's ability concern and using the to as a going concern, basis of accounting intends to liquidate the Fund or to cease disclosing, as applicable, matters management unless either but to do so.
alternative or has no realistic Those charged with governance are responsi ble for overseeing the Fund's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements assurance my opinion.

are to obtain reasonable misstatement, Reasonable My objectives are free from material that includes an audit conducted when it exists.

individually of users taken on the basis of these financial statements.
is a high level assurance, in accordance with ISAs and ISSA!s will always detect Misstatements can or in aggregate, they could reasonably about whether due to fraud or error, whether assurance be expected arise from fraud or error and are considered the economic to influence and to issue an auditor 's report that but is not a guarantee misstatement a material the financial statements as a whole decisions material if.
As part of an audit in accordance with ISAs and ISSAls, exercise profession maintain professional skepticism throughout the audit.
I also: al judgment and the risks of material • Identify and assess to fraud or error, audit evieenre-that not detecting from error, as fraud may involve collusion, misrepr design and perform -i-s--Suftici.ent..and appropriate.to prilllick a.basis from fraud is higher forgery, whether due statements, of the financial audit procedures responsive and obtain The risk of to those risks, for my oginion.
misstatement misstatement s, or the override than for one resulting intentional esentation resulting a material of internal control.

omissions, • Obtain an understanding of internal relevant to the audit in order to design audit on the effectiveness of the Fund's control.

control in the circumstances, internal procedures opinion that are appropriate but not for the purpose of expressing an • Evaluate accounting the appropriateness s and related estimate of accounting disclosures policies by management.
used and the reasonableness of • Conclude on the appropriateness and, based on the audit evidence of management's use of the going concern whether that may cast significant to events or conditions obtained, a material basis of as a going concern.

accounting related continue draw attenti if such audit evidence conditions may cause the Fund to on in my auditor's obtained disclosures are inadequate, to modify my opinion.

up to the date of auditor 's report.

cease as a going concern.


doubt on the Fund's uncertainty exists, exists uncertainty to ability I am required to or, statements in the financial are based on the My conclusions future However, events or If I conclude that a material report to the related disclosures 9 I communicate with those charge and timing of the audit and significant my audit.
that I identify internal control during with governance regarding, among other matters, audit findings, including any significant the planned scope in deficiencies 10 DE�E�l28�I§' eE�§IQ� F!JNg SIATEOOEt:!I QE E l��t-l�IAI.
eQ§l!IQt-l AS AT 31 DECEMBER 201s ASSETS NOTES 2018 2017 $ $ NON CURRENT ASSETS Property, Plant and Machinery Investments Total Non Current Assets CURRENT ASSETS 3 4 155,875,830 159,167,947 106,781,324 107,114,017 262,657,154 266,281,964 Inventory Receivables and Prepayments Due from Accountant General Cash and Cash Equivalent Total Current Assets s 6 203,889 219,112 90,039,088 146,671,269 1,963,268,432 1,561,294,782 11,247,960 9,493,821 2,064,759,369 1,717,678,984 Total Assets 2,327,416,523 1,983,960,948 GlUl'FY~ANEl-blABlbi:J"IES - EQUITY Retained Earnings Reserves Total Equity LIABILITIES CREDITORS: Amount falling due 2,174,418,876 1,832,258,146 1,971,596 9,120,377 2,176,390,472 1,841,378,523 7 151,026,051 142,582,425 within 1 year Total Liabilities 151,026,051 142,582,425 TOTAL LIABILITIES AND EQUITY 2,327,416,523 1,983,960,948 Thes :: � ;,1 sra meoIB wece appco,ed by the Boarn of o;,edocs oo 2019-05-20 Lillawattie Dass Secretary/Manager The accompanying notes form an integral part of these Financial Statements .
I l , � - .
---- -... Jennifer Chapman Chairperson DEPENDANTS' PENSION FUND STATEMENT INCOME Of COMPREHEN§IYE FOR THE YEAR ENDED 31 DECEMBER 201a OPERATING REVENUE NOTES 2018 2017 Contributions Interest on Mortgages Total Operating Revenue OTHER REVENUE Government Interest Insurance Premium Rental of Property Miscellaneous Gain on Investment Total Other Revenue 8 378,416,967 277,656,378 $ $ 2,285,684 2,824,649 380,702,651 280,481,027 66,765,071 52,550,823 223,290 376,244 2,035,000 2,405,000 75,582 1,249,235 2,951,689 70,348,178 58,283,756 Total Revenue 451,050,829 338,764,783 EXPENDITURE Disposal of Assets Admin.
and General Expenditure Other Operating Expenditure Depreciat ion Pensions Refund of Contributions Interest on Refund 9 10 11 193,733 473,832 57,387,539 53,483,252 12,474,435 17,696,528 4,239,186 2,440,097 29,445,380 26,464,405 4,892,989 809,095 256,837 149,277 Total Operating Expenditure (108,890,099) (101,516,486) Surplus for The Year 342,160,730 237,248,297 The accompanying notes form an integral part of these Financial Statements.
12 DEPENDANTS' PENSION FUND §JAJEMENI Of CHANGES IN EOUIJY EPB THE YEAR ENDED 31 DECEMBER 201s Earnings Retained $ Reserves Total $ $ Balance as at 31 December 2016 1,516,721,496 7,103,769 1,523,825,265 Net Surplus year for the 237,248,297 237,248,297 Reserves 2,016,608 2,016,608 Adjustments 78,288,353 78,288,353 Balance as at 31 December 2017 1,832,258,146 9,120,377 1,841,378,523 -� Net Surplus for the year 342,160,730 342,160,730 Reserves (7,148,781) (7,148,781) Balance as at 31 December 2018 2,174,418,876 1,971,596 2,176,390,472 The accompanying notes form an integral part of these financial statements.
13 DEPENDANTS' STATEMENT FUND PENSION Of CASH FLOW 201 s FOR THE YEAR ENDED 31 DECEMBER Cash Flow from Operating Activities $ $ 2018 2017 i �- Profit from Operations Loss on Disposal of Assets Depreciation Charge Land (Adjustment) Building (Adjustment) (Increase) / Decrease in Inventory Increase in Payables (Increase) / Decrease in Receivables / Prepayments Decrease Net cash from Operating in Mortgage Activities Cash Flow from Investing Activities Increase in Due from Accountant General Acquisition of Fixed Assets Gain on Investment Cash Equivalent Net Cash used in Investing Activities Cash Flow from Financing Activities Increase/ (Decrease) in Reserve Increase / (Decrease) in Cash and Cash Equivalent t ' ' Cash as at 01.01.2018 Cash Equivalent as at 31 .12.2018 342,160,730 237,248,297 193,733 473,832 4,239,186 2,440,097 346,593,649 240,162,226 40,000,000 38,288,353 15,223 (42,817) 8,443,626 10,543,185 56,632,181 19,755,794 411,684,679 741 348,706, 1,581,928 4,815,555 413,266,607 353,522,296 (401,973,650) (266,569,770) (1,140,802) {84,000,837) (1,249,235) {2,951,689) {8,902,920) {2,951,689) (413,266,607) (356,473,985) {7,148,781) 2,016,608 (7,148,781) 2,016,608 9,493,821 7,477,213 8,902,920 Cash and Cash Equivalent as at 31.12.2018 11,247,960 9,493,821 The accompanying notes form an integral part of these Financial Statements.
14 DEPENDANTS' PENSION FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 201s 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 Fund.

The objective of Pension 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)Accouting Convention The Financial statements have been prepared in accordance with and comply with International Financial Reporting Standards.
The Financial Statements have been prepared under 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 are not updated.

that contributors received accounts from members are accounted for due to the fact 1% Government are Contributions ree0gniseci -on tt:le accrual basis-of accounting.

____ _ _ _______ _ (ii)Interest on Mortgages accrued from the date of advance.
(iii)Government's interest is calculated at the prevailing overdraft bank rate and is recognised on the accrual basis of accounting.

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 31 st December of each year, and proportionately for assets acquired in the current year.

Fixed Assets Building Furniture, Fittings Equipment Vehicle (D) Stock Values Rate 5% 10% 10% 10% value.
Stocks are valued at the lower of cost and net realisable 15 l;!

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!�I� E9B IHE YEAR ENDED 31 DECEMBER 201a.
3 PROPERTY, PLANT AND MACHINERY OFFICE FURNITURE LAND BUILDING MACHINERY & FITTINGS VEHICLE TOTAL $ $ $ $ $ $ 2018 Cost 1st January Additions 31st December ACCUMULATED DEPRECIATION 1st January Charge for the year 31st December Disposal of Assets NET BOOK VALUE 85,000,000 83,401,871 22,447,294 2,032,023 7,650,000 200,531,188 85,000,000 83,401,871 22,813,561 2,806,558 7,650,000 201,671,990 366,267 774,535 1.140,802 - 20,020,68215,221,032 1,138,918 4,982,609 41,363,241 3,169,059735,080 68,308 266,739 4,239,186 - 23,189,74115,956,112 1,207,226 5,249,348 45,602,427 - 23,189,74116,137,775 1,219,296 5,249,348 45,796,160 181,663 12,070 193,733 AS AT 31st DECEMBER 2018 85,000,000 60,212,130 6,675,786 1,587,262 2,400,652 155,875,830 NET BOOK VALUE AS AT 31st DECEMBER 2017 85,000,000 63,381,189 7,226,262 893,105 2,667,391 159,167,947 41NVESTMENTS Crown Agents •7 Guyana Government Bonds Mortgages 2018 $ 2017 $ 28,047,475 26,798,240 300,000 300,000 78,433,849 80,015,777 106,781,324 107,114,017 16 DEPENDANTS' FUND PENSION NOTES TO THE ACCOUNTS FOR JHE YEAR ENQEP 31 DECEMBER 201s, 5 RECEIVABLES AND PREPAYMENTS 2018 $ 2017 $ Contributions Receivable 75,923,498 136,157,932 Interest Receivable (Mortgages) Accountant General C.O.L.A Pension Receivable Car Clean Enterprise (Prepayment For Motor Vehicle) 10,320,797 9,633,998 274,749 552,404 2,967,640 274,749 604,590 90,039,088 146,671,269 *6 DUE FROM ACCOUNTANT GENERAL General Cash at Accountant 1,539,896,413 1,204,687,834 Interest Receivable from Accountant General 438,422,019 371,656,948 1,978,318,432 1,576,344,782 Less: Advance for Imprest 15,050,000 15,050,000 1,963,2_6_8,4-32__ 1,561,294,_78_2 __ *The increase of $401,973,650 is due to increase in interest and revenue 7 CREDITORS Insurance Charges Rejected Officers Pensions Payable Mortgage Payables 67,126,530 67,349,820 373,444 373,444 79,962,084 71,294,879 3,563,993 3,564,282 151,026,051 142,582,425 17 DEPENDANTS' PENSION FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2018, 8 CONTRIBUTIONS 2018 $ 2017 $ Contribut
 ions from Members 271,987,558 179,725,012 1 % Government Contributions 106,429,409 97,931,366 378,416,967 277,656,378 9 ADMINISTRATIVE AND GENERAL EXPENSES Audit Fees Architect Fees Directors Fees Salaries and Wages Nalico Health Insurance Insurance Premium Fund Fire Vacation Allowance National Insurance Scheme Uniform Bad Debt Expense Legal Fees Library and Training 10 OTHER OPERATING EXPENSES Electricity Entertainment Fuel and Lubricant Miscellaneous Maintenance to Building 1,648,230 6,470,500 Maintenance to Machinery/Equipment Maintenance to Furniture Fittings Maintenance to Computers Postage Rates and Taxes Security Services Stationery Software Development Telephone Travelling 18 363,381 105,730 117,181 56,090 703,424 616,241 307,009 747,204 55,720 592,610 4,644,228 4,629,398 1,708,380 1,218,344 80,000 475,964 309,378 374,693 289,113 12,474,435 17,696,528 DEPENDANTS' PENSION FUND NOTES !9 THE ACCOUNTS E9B THE YEAR ENDED 31 DECEMBER 201s, 11 PENSIONS Pensions Pensions (Staff Superannuation Benefits) 2018 $ 2017 $ 20,245,296 17,282,791 9,200,084 9,181,614 29,445,380 26,464,405 12 Retained Earnings 01.01.2018 1,832,258,146 1,516,721,496 Surplus Adjustment Retained Earnings 31.12.2018 Reserve Total Equity 13 SUNDRY DEBTORS/RECEIVABLES 342,160,730 237,248,297 78,288,353 2,174,418,876 1,832,258,146 1,971,596 9,120,377 2,176,390,472 1,841,378,523 17 Interest Receivable Mortgages 10,320,797 9,633,998 A2 Accountant Genera l-C.O.L.A 274,749 274,749 2,967,640 75,923,498 136,157,932 552,404 604,590 90,039,088 146,671,269 3,563,993 3,564,282 79,962,084 71,294,879 83,526,077 74,859,161 CB Car Clean Enterpri se (Prepayment For Motor Vehicle) C2 Contributions Receivable P3 Pensions Receivable SUNDRY CREDITORS/PAYABLES M2
 Mortgage Payable P2 Pension Payable 19 DEPENDANTS' PENSION FUND NOTES ro THE ACCOUNT§ FOR THE YEAR ENDED 31 DECEMBER 201s 14 KEY MANAGEMENT PERSONNEL Key management personnel is comprised of the Board of Directors.Sec retary/Manager, Assistant Secretar y/Finance Officer and Accountant.
Chairperson and Directors' Remuneration Ms. Jennifer Chapman-Chairperson Mr. Lancelot Baptiste, A.A-Director Mr. Patrick Yarde-Director A.S.P.Amanda Hermonstine- Director Ms. Gillian Rockcliffe- Director Professor Harold Lutchman, CCH-Director Mr. Lincoln Lewis-Director Mr. Mohan Khan Management Personnel (3 personnel) Mrs. Lillawattie Dass Ms. Hilary Walcott Mrs. Hardai Bacchus 2018 2017 240,000 132,000 180,000 102,000 180,000 102,000 102,000 180,000 102,000 180,000 102,000 180,000 102,000 180,000 7,265,028 6,776,115 4,679,155 4,798,093 3,742,398 3,622,497 15 ATTENDANCE OF DIRECTORS AT BOARD MEETINGS Twelve statutory meetings of the Board of Directors of the Fund were held during the year 2018.
No.

of Board Meetings attended during the year Twelve Twelve Eight Seven Eight Ten Five Name of Directors Ms. Jennifer Chapman-Chairperson Prof. Harold Lutchman, C.C.H.

-Director Mr. Lancelot Baptiste, A.A. -Director Mr. Lincoln Lewis -Director Mr. Mohan Khan -Director Ms. Gillian Rockcliffe -Director Mr. Patrick Yarde -Director 20 DEPENDANTS' PENSION FUND REJECTED OFFICERS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER.
2018 as at 1.1.2018 Balance Add: Interest Less: Bank Charges $373,444.00 $ 00.00 $373,444.00 $ 00.00 Balance as at 31.12.2018 $373,444.00 21 DEPENDANTS' PENSION FUND INVESTMENTS HELD BY CROWN AGENTS AND LOCALLY 2018 AS AT 31ST DECEMBER.
FOLIO INVESTMENTS PER CENTUM FACE VALUE LEDGER VALUE COST 8 British 9 British Guiana Demerara Guiana Demerara Railway Railway Perpetuals 4 Perm Annuities nil 30,728.00 125.51 8,601,382.00 35,133.00 23 30,728.00 6 12,551.47 69,344.67 19,410,960.00 69,344.67 100,198.18 28,047,475.00 I 12,624.14 300,000.00 300,000.00 300,000.00 300,000.00 " 300,000.00 300,000.00 67 Joint Miscellaneous Fund Per Total 20 British Guiana Government Bonds 1973/88 Total 5 1/2 22 DEPENDANTS' PENSION FUND INTEREST PAYABLE BY THE GOVERNMENT ON MONTHLY BALANCES HELD AT THE ACCOUNTANT GENERAL'S DEPARTMENT FOR THE PERIOD ENDING 31st DECEMBER ,2018 MONTHS PARTICULARS MONTHLY MONTHLY QUARTERLY BALANCES INTEREST INTEREST January Balances as at 2017-12-31 1,204,687,834 Add Interest Receivable Accountant General Less Reserve Interest 2018 for January, A.R.O 5.00% on balance as at 31.12.2018 1,204,687,834 15,050,000 1,189,637,834 5,051,887 February Receipts 2018 for January, 23,624,378 Add balance as at 31.12.2017 1,189,637,834 1,213,262,212 Less Payments 2018 for January, 7,131,113 1,206,131,099 Interest 2018 for February, A.R.O 5.00% on balance as at 31.01.2018 4,626,256 March Receipts 2018 for February 15,586,804 Add balance at 31.1.2018 1,206,131,099 1,221,717,903 ess-Pa¥ments for�Eebruary.,201 1"8.95J5()_l,209,822,-15 Interest for March, 2018 A.R.O 5.00% on balance as at 28.2.2018 5,137,601 14,815,744 April Receipts for March, 2018 26,401,041 Add balance as at 28.2.2018 1,209,822,153 Add Interest for Quarter ended 31.3.2018 14,815,744 1,251,038,938 Less Payments for March, 2018 6,384,452 1,244,654,486 Interest for April, 2018 A.R.O 5.00% on balance as at 31.3.2018 May Receipts 2018 for April, 50,457,144 5,115,018 Add balance as at 31.3.2018 1,244,654,486 1,295,111,630 Less Payments 2018 for April, Interest for May 2018 A.R.O 5.00% on balance as at 30.4.2018 8,598,956 1,286,512,674 5,463,273 June Receipts for May, 2018 29,751,633 Add balance as at 30.4.2018 1,286,512,674 1,316,264,307 Less Payments for May, 2018 Interest for June, 2018 A.R.O
 5.00% on balance as at 31.5.2018 9,365,846 1,306,898,461 5,370,816 15,949,107 23 July Receipts for June, 2018 28,875,697 Add balance as at 31.5.2018 1,306,898,461 Add Interest for Quarter ended 30.6.2018 15,949,107 1,351,723,265 Less Payments for June, 2018 Interest for July, 2018 A.R.0.5.00% on balance as at 30.6.2018 8,996,122 1,342,727,143 5,701,992 August Receipts for July, 2018 31,577,601 Add balance as at 30.6.2018 1,342,727,143 1,374,304,744 Less Payments for July, 2018 Interest for August 2018 A.R.O.5.00% on balance as at 31.7.2018 September Receipts for August, 2018 7,790,476 1,366,514,268 45,594,973 5,803,006 Add balance as at 31.7.2018 1,366,514,268 1,412,109,241 Less Payments for August, 2018 6,506,398 1,405,602,843 Interest for September, 2018 A.R.O.5.00% on balance as at 31.8.2018 5,776,450 17,281,448 October Receipts for September, 2018 25,987,408 Add balance as at 31.8.2018 1,405,602,843 Add Interest for Quarter ended 30.9.2018 17,281,448 1,448,871,699 Less Payments 2018 for September 6,584,447 1,442,287,252 Interest 2018 for October, A.R.O.5.00% on balance as at 30.9.2018 6,124,781 November Receipts 2018 for October, 30,959,763 Add balance as at 30.9.2018 1,442,287,252 1,473,247,015 Less Payments 2018 for October, 7,712,610 1,465,534,405 Interest 2018 for November, A.R.O.5.00% on balance as at 31.10.2018 6,022,744 December Receipts 2018 for November, 93,481,390 Add balance as at 31.10.2018 1,465,534,405 1,559,015,795 Less Payments for November 2018 Interest 2018 for December, A.R.O.5.00% on balance 11,593,101 1,547,422,694 6,571,247 18,718,772 66,765,071 66,765,071 24