Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697795957520.pdf (Guyana)
• REPORT OF THE DIRECTORS OF THE DEPENDANTS' PENSION FUND FOR THE YEAR 2016 REPORT OF THE DIRECTORS OF THE DEPENDANTS' PENSION FUND FOR THE YEAR 2016 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 2016.

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:- (i) (ii) (iii) The Guyana Public Service Union The Guyana Teachers Union 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) (B) (C) (D) (E) (F) (G) Colonel J. Persaud- Chairman Prof. Harold Lutchman, C.C.H- Director Mr. Lance Baptiste, A.

A - Director Mr. Patrick Yarde - Director Mr. Lincoln Lewis- Director A.S.P.

Amanda Hermonstine- Director Ms. Gillian Rockcliffe- Director 1 ACTIVE CONTRIBUTORS 3.

The number of active contributors as at 31st December, 2016 was 21,757 (twenty-one thousand, seven hundred and fifty-seven).

REJECTED OFFICERS 4.


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 5.

There were 2,518 (two thousand five hundred and eighteen) pensioners on the Fund's Pension Status Report at the end of 2016.

2 SUMMARY TABLES OF CONTRIBUTORS REJECTED OFFICERS AND PENSIONERS 6.
Hereunder is a comparative table of active contributors, rejected officers and pensioners at 31' December 2016 and at the end of the four previous years.

2012 2013 2014 2015 2016 Contributors contributing 17,462 18,661 19,136 20,124 21,757 Rejected Officers with retained interest 21 21 21 21 21 Pensioners 2,202 2,241 2,430 2,463 2,518 INCOME AND EXPENDITURE 7.

8.

9.
8.

9.

The total income reflected in the accounts of the Fund during the year amounted to $169,146,819.00 or $4,955,753.00 more than in the preceding year.

Expenses and other charges amounted to $99,527,670.00.

The surplus of income over expenditure was $69,619,149.00 as compared with $49,953,516.00 in 2015, an increase of $19,665.633.00.

A sum of $48,074,623.00 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 5% throughout the year.

Interest on Mortgages was $4,526,464.00.

Contributions from members decreased by $4,316,689.00 against the 2015 figure to $28,136,645.00 for the year.

Government's 1% contributions in respect of the disciplinary services as required by Section 20 (c) of the Fund's Act was $83,626,625.00 as compared to $65,835,571.00 in 2015.

10.
10.

Refund of contributions amounted to $899,513.00 mainly in respect of bachelor/spinster contributors who resigned their appointments, died or were transferred from the Public Service and those not liable to contribute.

The amounts refunded in 2015 were $598,658.00.

11.

Pensions paid and payable were $24,431,384.00 at the end of 2016 as compared with $26,594,521.00 at the end of 2015.

The other charges against revenue are shown on the table on page 4.

12.
12.

Summary tables of income and expenditure for year 2016 as compared with the four previous years are shown pages 4 and 5.
3 INCOME 2012 2013 2014 2015 2016 RESTATED RESTATED RESTATED RESTATED RESTATED OPERATING REVENUE Contributions 70,665,684 75,218,615 82,328,565 98,288,905 111,763,270 Interest on Mortgages 11,902,309 10,198,745 7,287,450 6,526,126 4,526,464 Total 82,567,993 85,417,360 89,616,015 104,815,031 116,289,734 OTHER REVENUE Interest on Loan 21,000 21,000 21,000 2,625 Interest on Investment 48,617,389 425 - - - - Government Interest Insurance Premium Rent Total 27,675,007 28,292,721 29,405,635 58,568,462 48,074,623 - - 1,110,417 804,948 - 1,080,000 1,080,000 900,000 - 1,480,000 77,393,396 29,394,146 31,437,052 59,376,035 52,857,085 4 EXPENDITURE 2012 2014 RESTATED RESTATED RESTATED RESTATED RESTATED 2013 2015 2016 OPERATING EXPENDITURE Disposal of Assets - - - 1,924,082 238,729 Administration & General Expenses Other Operating Expenses 45,062,331 46,372,878 47,189,800 50,621,987 59,303,436 8,779,181 9,390,374 10,443,466 11,357,022 12,385,371 Depreciation 2,712,499 2,627,777 2,490,927 2,351,730 2,062,933 Pension 17,013,932 23,626,786 20,189,510 26,594,521 24,431,384 Refund of Contributions 833,641 1,203,110 870,834 598,658 899,513 Interest on Refunds 153,441 233,859 200,241 112,832 206,304 Loss on Investment - 996,730 2,057,823 20,676,718 - Total 74,555,025 84,451,514 83,442,601 114,237,550 99,527,670 13.
The aggregate administration and general expenses along with other operating expenses showed a decrease over the figures of 2015.

14.

The Investments held on behalf of the Fund amounted to $24,146,551.00 at the end of the year.

The value of the Securities of the Guyana Government and Other Investments including Mortgages totaled $108,977,883.00 representing 6.58 % of the total assets of the Fund.
In addition, the Accountant General held a net sum of $1,294,725,012.00 at the end of 2016 on behalf of the Fund.

5 MORTGAGES 15.

No mortgage applications were received or approved during the year.

The amount outstanding (including interest) as at 31.12.2016 was $84,831,332.00 The rate of interest remained 10% for all amounts borrowed.

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

ASSETS 16.
ASSETS 16.

A table of the Assets of the Fund at 31' December, 2016 as compared with those of the four previous years is shown hereunder.
2012 2014 RESTATED RESTATED RESTATED RESTATED RESTATED 2015 2016 2013 ASSETS Non Current Assets 86,770,274 85,756,565 83,651,219 79,850,201 78 081 039 , , INVESTMENTS Other Investments CURRENT ASSETS Inventory Receivables & Prepayments Due from Accountant General 519,477,104 465,318,301 451,223,847 122,802,020 108,977,883 335,281 276,375 275,515 229,149 176,295 158,247,149 166,610,853 177,329,604 163,325,361 166,427,063 687,014,179 769,337,847 816,015,441 1,210,435,081 1,294,725,012 Cash at Bank 4,813,443 3,200,614 4,384,561 5,291,555 7,477,213 Total 1,456,657,430 1,490,500,555 1,532,880,187 1,581,933,367 1,655,864,505 6 18.
(a) DEBTORS The balances reflected under this account were due mainly because of outstanding payment for 1% Contributions from the Accountant General's Department.

(b) CREDITORS The balance under this account is as a result of pensioners not uplifting their pensions in a timely manner and in most cases not submitting updated information.

COST OF LIVING ALLOWANCE 19.

The amount paid during the year 2016 in respect of Cost of Living Allowances to pensioners of the Fund was $10,150.00 20.
The Board of Directors would like to place on record its appreciation and thanks to all its employees for their contribution.

STAFF 21.

The following statements for the year ended 31' December 2016 are attached:- A.

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

Statement of Financial Statement for the year ended 31" December, 2016.

Statement of Comprehensive Income for the year ended 31" December, 2016.
Statement of Cash Flow for the year ended 31" December, 2016.

Statement of Changes in Equity for the year ended 31" December, 2016.

Statement of Rejected Officers for the year ended 31" December 2016.

Schedule of Investments for the year ended 31" December, 2016.

Schedule of Interest payable by Government on monthly balances for 2016.
L. Doss Secretary/Manager Dependants' Pension Fund Jennifer Chapman Chairperson Dependants' Pension Fund 7 AG: 72/2017 18 August 2017 REPORT OF THE AUDITOR GENERAL TO THE BOARD OF DIRECTORS ON THE FINANCIAL STATEMENTS OF THE DEPENDANTS' PENSION FUND FOR THE YEAR ENDED 31 DECEMBER 2016 Opinion I have audited the financial statements of Dependants' Pension Fund (DPF) which comprise the statement of financial position as at 31 December, 2016, the statement of comprehensive income, statement of changes in equity and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
In my opinion, the financial statements give a true and fair view, in all material respects, of the financial position of Dependants' Pension Fund as at 31 December 2016, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs).
Basis for Opinion I conducted my audit in accordance with International Standards on Auditing (ISAs) issued by the International Federation of Accountants (IFAC), the International Standards of Supreme Audit Institutions (ISSAIs) and the Audit Act 2004.

My responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of my report.
I am independent of the Fund in accordance with the ethical requirements that are relevant to my audit of the financial statements in Guyana, and I have fulfilled my other ethical responsibilities in accordance with these requirements.

I believe the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.
Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
8 In preparing the financial statements, management is responsible for assessing the Fund's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Fund's financial reporting process.
Auditor's Responsibilities for the Audit of the Financial Statements My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion.

Reasonable assurance is a high level assurance, but is not a guarantee that an audit conducted in accordance with ISAs and ISSAIs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs and ISSAIs, I exercise professional judgment and maintain professional skepticism throughout the audit.
I also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures by management.

• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund's ability to continue as a going concern.
If I conclude that a material uncertainty exists, I am required to draw attention in my auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion.

My conclusions are based on the audit evidence obtained up to the date of auditor's report.

However, future events or conditions may cause the Fund to cease as a going concern.
9 I communicate with those charge with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.
H*rA AUDITOR GENERAL AUDIT OFFICE 63 HIGH STREET KINGSTON GEORGETOWN GUYANA 10 EPEND • TS' PENSION FUND STATEMENT OF FINANCIAL POSITION ASAIIIST DgCEMBE$20_11 ASSETS NOTES 3 4 5 6 NON CURRENT ASSETS Property, Plant and Machinery Investments Total Non Current Asset CURRENT ASSETS Inventory Receivables and Prepayments Due from Accountant General Cash at Bank Total current asset Total Assets EQUITY AND LIABILITIES EQUITY Retained Earnings Reserve Total Equity Liabilities 2016 $ 2015 $ 78,081,039 108,977,883 187,058,922 79,850,201 122,802,020 202,652,221 176,295 229,149 166,427,063 163,325,361 1,294,725,012 1,210,435,081 7,477,213 5,291,555 1,468,805,583 1,379,281,146 1,655,864,505 1,581,933,367 1,516,721,496 1,447,104,256 7,103,769 4,908,086 1,523,825,265 1,452,012,342 CREDITORS: Amount falling due within 1 year 7 132,039,240 129,921,025 Total Liabilities 132,039,240 129,921,025 Total Liabilities and Equity 1,655,864,505 1,581,933,367 These Financial Statements were approved by the Board of Directors on 2017-08-17 L. Dass Secretary/Manager Jennifer Chapman Chairperson The accompanying notes form an integral part of these Financial Statements.
11 DEPENDANTS' PENSION FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST DECEMBER.

2016 OPERATING REVENUE NOTES Contributions Interest on Mortgages Total Operating Revenue OTHER REVENUE Interest on Loan-Staff Government Interest Insurance Premium Rental of Property Gain on Investment Total Other Revenue Total Revenue OPERATING EXPENDITURE/OTHER EXPENSE Disposal of Assets Admin.
and General Expenses Other Operating Expenses Depreciation Pensions Refund of Contributions Interest on Refund Loss on Investment Total Operating Expense 8 9 10 11 2016 $ 111,763,270 4,526,464 116,289,734 0 48,074,623 550,542 1,480,000 2,751,920 52,857,085 2015 $ 98,288,905 6,526,126 104,815,031 2,625 58,568,462 804,948 0 59,376,035 169,146,819 164,191,066 238,729 59,303,436 12,385,371 2,062,933 24,431,384 899,513 206,304 0 (99,527,670) 1,924,082 50,621,987 11,357,022 2,351,730 26,594,521 598,658 112,832 20,676,718 (114,237,550) Surplus for the year 69,619,149 49,953,516 The accompanying notes form an integral part of these Financial Statements.
12 DEPENDANTS' PENSION FUND STATEMENT OF CHANGES IN EQUITY FOR THE YEAR VIM) 31ST DECEMBER 2116 Retained Earnings Reserves $ $ Total $ Balance as at 31 December, 2014 1,397,398,312 4,001,092 1,401,399,404 Net Surplus 49,953,516 49,953,516 Reserves Adjustments 906,994 906,994 (247,572) (247,572) Balance as at 31 December 2015 1,447,104,256 4,908,086 1,452,012,342 Net Surplus for the year 69,619,149 69,619,149 Reserves 2,195,683 2,195,683 Adjustments (1,909) (1,909) Balance as at 31 December, 2016 1,516,721,496 7,103,769 1,523,825,265 The accompaning notes form an integral part of these financial statements.
13 DEPENDANTS' PENSION FUND STATEN' BNIIDECEI.att FORTHEYEAELENDED 31ST DECEMBER , 2016 Cash flows from operating activities Profit from operations Loss on Disposal of Assets Depreciation charge External Payment Deposit (Adjustment) Contributions Receivable (Adjustment) Rejected Officer (Adjustment) Decrease in Inventory Increase in Payables (Increase)/Decrease in Receivables/ Prepayments Decrease in Mortgage Net cash from operating activities Cash flow from investing activities 2016 $ 69,619,149 238,729 2,062,933 71,920,811 10,025 0 (1,909) 52,854 2,118,215 (3,101,702) 70,998,294 16,576,057 87,574,351 2015 $ 49,953,516 1,924,082 2,351,730 54,229,328 (247,572) 0 46,366 3,528,883 14,004,243 71,561,248 18,415,158 89,976,406 Increase in Due from Accountant General (84,289,931) (394,419,640) Acquisition of Fixed Assets Return on Investment-Clico Unregistered Contributors Gain on Investment Loss on Investment Net Cash (outflow)/Inflow-Investing activities Cash flow from financing activities (Decrease)/Increase in reserve (Decrease)/Increase in cash and cash equivalent Cash and cash equivalent as at 01.01.2016 Decrease in bank balance (External Payment Deposit) Cash and cash equivalent as at 31.12.2016 (532,500) 0 0 (2,751,920) 0 (87,574,351) 2,195,683 2,195,683 5,291,555 (10,025) 7,477,213 (474,794) 289,329,951 (5,088,641) 20,676,718 (89,976,406) 906,994 906,994 4,384,561 0 5,291,555 The accompanying notes form an integral part of these Financial Statements.
14 DEPENDANTS' PENSION FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER, 2016 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 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 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) Interest on Mortgages accrue 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 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% Stocks are valued at the lower of cost and net realisable value.

15 DEPENDANTS' PENSION FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER, 2016.
(E) Chairman and Directors Remunerations Colonel Jawahar Persaud, ACCA Mrs. Lillawattie Dass Mr.Lancelot Baptiste Mr.Omar Shariff Mr.Patrick Yarde Ms.Amanda Hermonstine Ms.Gillian Rockcliffe Professor Harold Lutchman Mr.Lincoln Lewis (F) Management Personnels (3 personnels) Mrs. Lillawattie Dass Ms. Hilary Walcott Mrs. Hardai Bacchus 3 PROPERTY, PLANT AND MACHINERY 2016 $ 132,000 0 102,000 0 102,000 102,000 102,000 102,000 102,000 6,782,136 4,237,677 3,332,911 2015 $ 132,000 42,500 102,000 34,000 102,000 93,500 59,500 59,500 102,000 6,337,440 3,968,217 3,116,006 OFFICE FURNITURE LAND BUILDING MACHINERY & FITTINGS VEHICLE $ $ $ $ $ TOTAL $ Cost 1st January Additions 31st December ACCUMULATED DEPRECIATION 1st January Charge for the year 31st December Disposal of Assets NET BOOK VALUE AS AT 31st DECEMBER 2016 45,000,000 26,711,647 2,551,090 854,534 2,963,768 78,081,039 NET BOOK VALUE AS AT 31st DECEMBER 2015 45,000,000 28,117,523 2,566,280 873,323 3,293,075 79,850,201 16 DEPENDANTS' PENSION FUND NOTES TO THE ACCOUNTS FORTH YEAR EN *ED 31S DECEMBER.
2016 2016 $ 23,846,551 300,000 84,831,332 108,977,883 156,530,566 9,001,824 274,674 5,000 614,999 2015 $ 21,094,631 300,000 101,407,389 122,802,020 150,707,941 11,696,972 264,524 71,175 584,749 166,427,063 163,325,361 990,668,887 319,106,125 1,309,775,012 15,050,000 1,294,725,012 954,453,579 271,031,502 1,225,485,081 15,050,000 1,210,435,081 68,265,153 371,535 61,284,337 129,921,025 4 INVESTMENTS Crown Agents Guyana Government Bonds Mortgages 5 RECEIVABLES AND PREPAYMENTS Contributions Receivable Interest Receivable (Mortgages) Accountant General C.O.L.A Loans-Staff Pension Receivable *6 DUE FROM ACCOUNTANT GENERAL Cash at Accountant General Interest Receivable from Accountant General Less: Advance for Imprest * The increase of $84,289,931 is due to increase in interest and revenue 7 CREDITORS Insurance Charges Rejected Officers Pensions Payable 67,740,297 373,444 63,925,499 132,039,240 17 DEPENDANTS' PENSION FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER, 2016.
8 CONTRIBUTIONS Contributions from Members 1% Government Contributions 9 ADMINISTRATIVE AND GENERAL EXPENSES Audit Fees Directors Fees Salaries and Wages Nalico Health Insurance Insurance Premium Fund Fire Leave Passage National Insurance Scheme Uniform Bad Debt Expense Library and Training Valuation and Inspection Fees 10 OTHER OPERATING EXPENSES Electricity Entertainment Miscellaneous Maintenance to building Maintenance to Machinery/Equipment Maintenance to Furniture Fittings Maintenance to Vehicle Maintenance to Computers Postage Rates and Taxes Security Services Telephone Stationery Travelling 18 2016 $ $ .
1.

 • NO_TES_TO_THEACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER, 2016, DEPENDANTS' PENSION FUND SMIHE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER, 2016.
11 PENSIONS Pensions Pensions (Staff Superannuation Benefits) 12 Retained Earnings 01.01.2016 Surplus Reserve 13 SUNDRY DEBTORS/RECEIVABLES 17 Interest Receivable Mortgages A2 Accountant General- C.O.L.A C2 Contributions Receivable P3 Pensions Receivable SUNDRY CREDITORS/PAYABLES P2 Pension Payable 2016 $ 13,473,170 10,958,214 24,431,384 1,447,102,347 69,619,149 1,516,721,496 7,103,769 1,523,825,265 9,001,824 274,674 156,530,566 614,999 166,422,063 2015 $ 14,394,565 12,199,956 26,594,521 1,397,150,740 49,953,516 1,447,104,256 4,908,086 1,452,012,342 11,696,972 264,524 150,707,941 584,749 163,254,186 63,925,499 63,925,499 61,284,337 61,284,337 14 ATTENDANCE OF DIRECTORS AT BOARD MEETINGS Eleven statutory meetings of the Board of Directors of the Fund were held during the year 2016.
Name of Director Colonel Jawahar Persaud, A.C.C.A.

- Chairman Prof. Harold Lutchman, C.C.H.

- Director Mr. Lancelot Baptiste, A.A. - Director Mr. Lincoln Lewis - Director A.S.P.

Amanda Hermonstine - Director Ms. Gillian Rockcliffe - Director Mr. Patrick Yarde - Director No.
of Board Meetings attended during the year Ten Eleven Seven Five Six Nine Four NB: Ms. Jennifer Chapman was appointed Chairperson of the Board of Directors with effect from 1st January, 2017.
19 DEPENDANTS' PENSION FUND REJECTED OFFICERS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, 2016 Balance as at 1.1.2016 Add: Interest Less: Bank Charges Balance as at 31.12.2016 $373,444.00 00.00 $ $373,444.00 00.00 $ $373,444.00 20 DEPENDANTS' PENSION FUND JNVESTMENTS HELD BY CROWN AGENTS AND LOCALLY AlAlaUMUMER,1916 FOLIO INVESTMENTS PER CENTUM FACE VALUE LEDGER VALUE COST 8 9 British Guiana Demerara Railway Perpetuals British Guiana Demerara Railway Perm Annuities 67 Joint Miscellaneous Fund 4 nil Per 30,728.00 125.51 8,473,148.00 23 6 1,730,514.00 50,465.60 13,642,889.00 30,728.00 12,551.47 50,465.60 Total 81,319.11 23,846,551.00 93,745.07 20 British Guiana Government Bonds 1973/88 5 1/2 Total 300,000.00 300,000.00 300,000.00 " 300,000.00 300,000.00 300,000.00 21 DEPENDANTS' PENSION FUND INTEREST PAYABLE BY THE GOVERNMENT ON MONTHLY BALANCES HELD AT THE ACCOUNTANT GENERAL'S DEPARTMENT FOR THE PERIOD ENDING 31st DECEMBER,2016 MONTHS PARTICULARS MONTHLY MONTHLY QUARTERLY BALANCES INTEREST INTEREST January Balances as at 2015-12-31 954,453,579 Add Interest Receivable Accountant General Less Reserve Interest for January, 2016 A.R.O 5.00% on balance as at 31.12.2015 954,453,579 15,050,000 939,403,579 February Receipts for January, 2016 5,127,184 Add balance as at 31.12.2015 939,403,579 944,530,763 Less Payments for January, 2016 6,027,185 938,503,578 Interest for February, 2016 A.R.O 5.00% on balance as at 31.01.2016 March Receipts for February 2016 4,777,685 Add balance at 31.1.2016 938,503,578 943,281,263 Less payments for February,2016 11,389,004 931,892,259 Interest for March, 2016 A.R.O 5.00% on balance as at 28.2.2016 April Receipts for March, 2016 Add balance as at 28.2.2016 Add Interest for Quarter ended 31.3.2016 2,592,767 931,892,259 11,643,001 946,128,027 Less Payments for March,
 2016 7,267,515 938,860,512 Interest for April, 2016 A.R.O 5.00% on balance as at 31.3.2016 May Receipts for April, 2016 5,203,337 Add balance as at 31.3.2016 938,860,512 944,063,849 Less Payments for April, 2016 5,867,977 938,195,872 Interest for May 2016 A.R.O 5.00% on balance as at 30.4.2016 June Receipts for May, 2016 39,120,990 Add balance as at 30.4.2016 938,195,872 977,316,862 Less Payments for May, 2016 5,816,189 971,500,673 3,978,348 3,718,115 3,946,538 11,643,001 3,847,789 3,973,234 Interest for June, 2016 A.R.O 5.00% on balance as at 31.5.2016 22 3,981,560 11,802,583 July Receipts for June, 2016 Add balance as at 31.5.2016 Add Interest for Quarter ended 30.6.2016 Less Payments for June, 2016 Interest for July, 2016 A.R.0.5.00% on balance as at 30.6.2016 4,444,903 971,500,673 11,802,583 987,748,159 7,732,006 980,016,153 August Receipts for July, 2016 2,915,970 Add balance as at 30.6.2016 980,016,153 982,932,123 Less Payments for July, 2016 Interest for August 2016 A.F2,0.5.00% on balance as at 31.7.2016 6,303,006 976,629,117 4,150,342 4,135,998 September Receipts for August, 2016 3,810,000 Add balance as at 31.7.2016 976,629,117 980,439,117 Less Payments for August, 2016 Interest for September, 2016 A.R.0.5.00% on balance as at 31.8.2016 6,222,664 974,216,453 3,992,690 12,279,030 October Receipts for September, 2016 Add balance as at 31.8.2016 Add Interest for Quarter ended 30.9.2016 4,134,603 974,216,453 12,279,030 990,630,086 Less Payments for September 2016 6,361,847 984,268,239 Interest for October, 2016 A.R.0.5.00% on balance as at 30.9.2016 November Receipts for October, 2016 6,457,213 Add
 balance as at 30.9.2016 984,268,239 990,725,452 Less Payments for October, 2016 6,060,200 984,665,252 Interest for November, 2016 A.R.0.5.00% on balance as at 31.10.2016 December Receipts for November, 2016 3,743,512 Add balance as at 31.10.2016 984,665,252 988,408,764 Less Payments for November 2016 9,383,149 979,025,615 Interest for December, 2016 A.R.0.5.00% on balance 4,168,349 4,035,513 4,146,147 12,350,009 48,074,623 48,074,623 23