Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697796020561.pdf (Guyana)
' REPORT OF THE DIRECTORS OF THE DEPENDANTS' PENSION FUND REPORT/ OF THE DIRE,CTORSS OF T1HE DEPE_RDANTS~ PERSION FUND FOR T1HE 1l'EAR 201 S REPORT OF THE DIRECTORS OF THE DEPENDANTS' PENSION FUND FOR THE YEAR 2013 I.

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 2013 BOARD OF DIRECTORS 2.
By virtue of Section 11 (I) 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, arc qualified for appointment by reason of their experience of and shown capacity in matters relating to the function 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; and 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) Colonel Jawahar Persaud, ACCA- Chairman Mr. Patrick Yarde- Director Mr. Lance Baptiste- Director Mr. Omar Shariff- Director Ms. Amanda Hermonstine- Director Ms. Lillawattic Dass - Director-Secretary/Manager CURRENT CONTRIBUTORS 3.

4.

5.

6.

The number of contributors at the end of 2012 was 51,745 (fifty- one thousand, seven hundred and forty-five).
During the year, 2,749 (two thousand seven hundred and forty nine) new contributors were admilled, 9 (nine) died and 161 (one hundred and sixty-one) ceased to contribute for various reasons and retain no interest and 266 (two hundred and sixty-six) cease to contribute and retain an interest in the Fund.

The number of contributors at the end of2013 was 54,058 (fifty-four thousand and fifty-eight).
FORMER CONTRIBUTORS WITH INTEREST 48 (forty-eight) of the former contributors who had ceased to contribute and retained an interest in the Fund died and 266 (two hundred and sixty-six) were added making a total of8,275 (eight thousand, two hundred and seventy-five) at the end of the year.

REJECTED OFFICERS 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 Forty-eight pensioners were added to the Register of Pensioners while 9 (nine) were taken off due to death or expiration of pensions during the year, thereby realising a total of 2,241 (two thousand two hundred and forty-one) pensioners on the register of the Fund at the end of2013 as compared with 2,202 (two thousand, two hundred and two) for 2012.

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 31 ''December 2013 and at the end of the four previous years.
2009 2010 2011 2012 2013 Contributors contributing 48.747 49,418 50,449 51,745 54,058 Contributors with retained interest 7,418 7,592 7,820 8,057 8,275 Contributors who ceased during the year and retained no interest Rejected Officers with retained interest 141 162 119 158 161 21 21 21 21 21 Pensioners 2,135 2,178 2,191 2,202 2,241 8.

9.

I 0.
9.

I 0.

INCOME AND EXPENDITURE The total income reflected in the accounts of the Fund during the year amounted to $114,811,506.00 or $45, 149,883.00 less than in the preceding year.

Expenses and other charges amounted to $84,451,514.00.

The surplus of income over expenditure was $30,359,992.00 as compared with $85,406,364.00 in 2012, a decrease of $55,046,372.00.
A sum of $28,292,721.00 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 5-5.25% throughout the year.

Interest on Mortgages was $10, 198,745.00 Contributions from members increased by $1,409,421.00 against the 2012 figure to $25,360,022.00 for the year.
Government's I% contributions in respect of the disciplinary services as required by Section 20 (c) of the Act was $49,858,593.00 as compared to $46,715,083.00 in 2012.

3 11.

12.

13. respect of Refund of contributions amounted 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 2012 were $987,082.00.


to $1,436,969.00 mainly in Pensions paid and payable were $23,626, 786.00 at the end of 2013 as compared with $17,013,932.00 at the end of 2012.

The other charges against revenue are shown on the table hereunder.
Summary tables of income and expenditure for year 2013 as compared with the four previous years arc shown hereunder:- INCOME 2009 2010 RESTAl'ED RESTATED 2011 RESTATED 2012 RESTATED 2013 RESTATED OPERATING REVENUE Contributions 71,594,582 65,358,157 69,465,907 70,665,684 75,218,615 Interest on Mortgages 20,205,087 17,234,927 14,369,340 11,902,309 10,198,745 Total 91,799,669 82,593,084 83,835,247 82,567,993 85,417,360 OTHER REVENUE Interest on Loan Interest on Investment Government Interest Rent Total - - - 52,500 21,000 21,000 17,329,371 - 48,617,389 425 46,591,215 46,068,987 23,796,445 27,675,007 28,292,721 - 720,000 1,080,000 1,080,000 1,080,000 46,591,215 64,118,358 24,928,945 77,393,396 29,394,146 4 EXPENDITURE 2009 RESTATED 2010 RESTATED 2011 RESTATED 2012 RESTATED 2013 RESTATED OPERATING EXPENDITURE Disposal of Assets - - _ _,586,208 - l - - - - - Administration & General Expenses Other Operating J;:"flenses Depreciation --- Pension - - Refund of Contributions f---- 40,550,485 42,019,081 43,414,443 45,062,331 46,372,878 -----~---- 9,865,743 8,859,741 I 0,530,770 8,779,181 9,390,374 3,238,171 3,096,442 2,912,424 2,712,499 2,627,777 I !
17,248,032 18,128,661 18,516,467 17,013,932 23,626,786 -I----- 624,908 718,911 798, 160 987,082 ---- 1,436,969 - Loss on Investment r---- - - - --- - 996,730 Total 71,527,339 72,822,836 76,758,472 74,555,025 84,451,514 --~ 14_ 15.

The aggregate administration and general expenses along with other operating expenses showed an increase over the figures of 2012.

The Investments held on behalf of the Fund amounted to $44, 129,172.00 at the end of the year.
The value of the Securities of the Guyana Government and Other Investments including Mortgages totalled $465,318,301.00 representing 31.22 % of the total assets of the Fund.

In addition, the Accountant General held a net sum of $769,337,847.00 at the end of 2013 on behalf of the Fund.

5 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 MORTGAGES VALUE OF MORTGAGES EXECUTED RECEIVED EXECUTED 2009 2010 2011 2012 2013 3 0 0 0 0 I 0 0 0 0 $ 967,339.00 0 0 0 0 The amount outstanding (including interest) as at 31.12.2013 was $131,859, 178.00 The rate of interest remained at 10% for all amounts borrowed.

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

ASSETS 17.

A table of the Assets of the Fund at 31st December, 2013 as compared with those of the four previous years is shown hereunder.
2009 RESTATED , , 2010 RESTATED 2011 RESTATED 2012 2013 RESTATED RESTATED ASSETS Non Current Assets 94,057,372 92,013,344 88,942,843 86,770,274 85,756,565 INVESTMENTS Other Investments CURRENT ASSETS lnvcntory Receivables & Preoavments Due from Accountant General 570,632,972 543, 137,064 522,654,853 519,477,104 465,318,301 693,915 550,449 384,832 335,281 276,375 100,431,015 129,388,687 138,901,395 158,247'149 166,610,853 585,339,729 666,376,317 627,542,544 687,014,179 769,337,847 Cash at Bank 3,196,706 4,205,333 3,827,903 4,813,443 3,200,614 Total 1,354,351,409 1,435,671,194 1,382,254,370 1,456,657,430 1,490,500,555 6 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 infonnation being received from various Ministries I Departments I Regions in respect of new contributors as set out in circulars sent by Secretary to the Treasury and Accountant General respectively.
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 2013 in respect of Cost of Living Allowances to pensioners of the Fund was $4,447.

STAFF 20.
STAFF 20.

The Board of Directors wishes to commend management and staff for the co- operation and zeal exhibited in the perfonnance of their duties during the year.

21.

The following statements for 2013 are attached:- A.

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

Statement of Financial Statement as at 31'' December, 2013.

Statement of Comprehensive Income as at 31" December, 2013.
Statement of Cash Flow for the year ended 31" December, 2013 Statement of Changes in Equity for the year ended 31'1 December, 2013 Schedule of Interest payable by Government on monthly balances for 2013 Schedule of lnvestmentsas at 31 51 December, 2013 ~-···· L. Dass Secretary/Manager Dependants' Pension Fund ~ ··':~/.. .... Cohmen.

Persaud, ACCA Chairman Dependants' Pension Fund 7 C2V'ft1drt W/!ce o/ /jffe:'/lana .

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AG: 48/2014 19 June 2014 REPORT OF THE AUDITOR GE'.

'<ERAL O"I THE Fl"IA"ICIAL STATEME"ITS QF TUE.DEPENDA"ITS' t>J;NSION_f.1.J.Nll fO_R_IHLXEAR ENDED 31 DECEMB~:JLiQD I ha\ c audited the accompanying lin<rncial statements of Dependants' Pension Fund ( DPF ).
which comprise the statement of financial position as at 31 December 2013. the stakmcnt Llf comprehensi\ e income.

statement of changes in equity and swtemcnt of c•bh flows for the year then ended.

and a summary of signific•1nt accounting policies and other explanatory in formation.

The audit was conducted in accordance with the Audit..\ct 200..\ .
.\./a 11u,c;;e111t!11t 1 .\' rt!.\'fJOll.\' i hi Ii (l · I (Jr t It c Ii 11 a nc i ti I st u t e 1nc11 ts Management is responsibk frir the preparation and fair presentation or these financial statements in accordance with the International Financial Reporting Standards and for such internal control as management dctennines is necessary to enable the preparation of financial statements that arc free from material misstatement.

whether due to fraud or error.


.~ udi !or's rc:spon.1i hi Ii/\· My responsibility is to express an opinion on these financial statements hascd on my audit.

I condL1cted my audit in accordance with International Standards on Auditing issued by the lntcrn;:itional Federation of Accountants (IFAC) and those of the International Organization o fSuprcme Audit Institutions ( I ~TOSA I).
Those standards rcqui re that I comply with ethical requirements clOd plan and perform the audit tn obtain rcasonabk ctssurancc about whether the linancial statements are free from material misstatement.

An audit imolves performing proccdurc·s to obtain audit evidence ahout the amounts and disclosures in the financial statements.

The procedures sdcekd depend on the auditor'sjudgrnent.

including the assessment of the risks of material misstatement of the financial statements.
whether due to fraud or error.

In making those nsk asscssrnrnts.

the auditor considers internal control rek1ant to the entity's preparation and foir presentation of the linancial statements in order to design audit procedures that arc appropriate in the circumstances.

but not for the purpose of expressing an <lpinion on the effectiveness of the entity's internal contn>I.
An audit also includes ~,·aluating the appropriatt:ncss of accounting policies used and the n:asonahl~nc:-\s ofac~Punting csti1natcs 1nadc by rna11agcn1cnt.

as \vell a~ C\ aluating the D\ end I presentation oft he finan(ial ..;tatcn1cnts.

8 I belie' c that the aud1tc\ idencc I ha\c obtained is sunicicnt and appropriate to pro'vidc a basi for my audit opinion.

Opmio11 In m:y opm1on.


the financial c.tatements gm~ a true and fair vie'"· in all material respects of the financial posmon of DepenJanL' Pen ion Fund as at 3 I December 2013, and of its financial performance and cash flov.s for the year thl!n cmkd in accordance" ith International Financial Reporting Standard ·.
ALDIT OFFI C E 63 HIG H STREET Kl~ G. TO~ G EORGETO\Y~ GL Y \:'\..\ 9 DEPENDANTS' PENSION FUND STATEMENT OF FINANCIAL POSITION AS AT 31 ST DECEMBER, 2013 NOTE 2013 $ 3 4 5 6 85,756,565 465,318,30 l 551,074,866 276,375 166,610,853 769,337,847 3,200,614 2012 $ 86,770,274 519,477,104 606,247,378 335,281 158,247,149 687,014,179 4,813,443 l,490,500,555 l,456,657,430 1,359,787,846 2,817,145 1,362,604,991 1,329,427,854 4,429,974 1,333,857,828 ASSETS NON CURRENT ASSETS Property, Planl and Machinery Investments Total non current assel CURRENT ASSETS Inventory Receivables and Prepayments Due from Accountant General Cash at Bank EQUITY AND LIABILITTES EQUITY Accumulated Fund Balance Reserve Liabilities CREDITORS: Amount falling due 7 122,806,923 116,806,467 within 1 year CREDITORS: Amount falling due after 1 year Unregistered Contributors Due to Expatriate officers 8 9 5,088,641 0 5,088,641 904,494 1,490,500,555 1,456,657 ,430 Secretary/Manager Chainnan 10 DEPENDANTS' PENSION FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST DECEMBER, 2013 OPERATING REVENUE NOTE 2013 Contributions Interest on Mortgages OTHER REVENUE Interest on Loan-Staff Interest on lnvcstment:;-Clico/Crown Agents (iovem1nent Interest Rental of Property OPERATING EXPENDITURE/OTHER EXPENSE J\dmin.
and (ieneral Expenses Other Operating Expenses Dq)reciation Pensions Refund of(\1ntributions Loss on Investment Surplus for the year $ 75,218,615 10.198,745 85,417.360 21,000 425 28,292,721 1,080,000 114,811,5116 46.372,878 9,390,374 2,627,777 23,626,786 1,436,969 996,710 (84,451,514) 10,159,992 10 11 12 13 11 2012 $ 70,665,684 11,902,309 82,567,993 21,000 48,617.389 27,675,007 1,080,000 159,961,389 45.062,33 I 8,779,181 2,712,499 17,013,932 987,082 0 (74,555,025) 85,406,364 DEPENDANTS' PENSION FUND STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED JIST DECEMBER 2013 Year Retained Earnings Adjustments Surplus Reserve Accumulated Fund at the beginning of the year $ 1,329,427,854 $ 0 $ $ Balance $ 30,359,992 2,817,145 1,362,604,991 1,260,967,243 (16,945,753) 85,406,364 4,429,974 1,333,857 ,828 2013 2012 12 DEPENDANTS' PENSION FUND STATEMENT OF CASH FLOW FOR THE YEAR ENDED31ST DECEMBER, 2013 Cash flows from operating activitie.fi Profit from operations Add: Accountant General (Adjust1ncnt) Add: Audit Fees Payable (Adjust1nent) Less: Interest Receivable Clico (Adjusllnent) I )eprcciation charge Decrea~e in Inventory Increase in Payables Increase in Receivables Prepayrnents Decrea:;e in Mortgage :\'et cash from operating activities Cash_/1011·_/rom investing aclivitics lncreast: in l)ue from 1\ccountant General Acquisition of Fixed Assets Return on lnvcstment-Clico >\dju.~1ment-Apprecia1ion and Interest tin Investment-Cro\',.n Agents British Expatriate Office1 Loss on Investment 2013 s 30,359,992 30,359,992 30,359,992 0 0 0 30,359,992 2,627, 777 32,987,769 58.906 6.000,456 (8,363,704) 311Ji83,427 18, 162.498 48,845,925 (82,323,668) ( 1,614,068) 35,1100,000 (425) (9114,494) 996,730 2012 Restated s 85,406,364 39,375 85,445,739 344,243 85,789,982 17,329,371 68,460,611 2,712,499 71, 173.
110 4-9._'i)J 4,956,909 I 19..145,754) 56,833,X 16 21.795.1.1X 78.628.954- (59,471.615) (539,9311) 25,590,049 (44.207,418) 0 II /'./et Cash (outflow)/lnflow-lnvesting activities (48,845,925) (78,628,954) ('ash_/1011· /"romfinancin)!, activities (De<:reasc)/lncrcase in reserve (I)ecrease)/lncrease in <:ash and cash equivalent Cash and cash equivalent as al 01.01.2013 Ca.
'\h and ca.sh equivalent as at J l .12.2013 I 1.612,829) I 1,612,829) 4,81 J,443 3,200,614 985.540 985.540 J,827,903 4,8 IJ,441 13 DEPENDANTS' PENSION FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER, 2013 I 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 o/o Government Contributions are recognised on the accrual basis of accounting.

(ii) (iii) 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% (D) Stock Values Stocks are valued at the lower of cost and net realisable value.
14 DEPENDANTS' PENSION FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER, 2013 (CONTINUED) (E) Key Management Personnels, Chairman and Directors Remunerations Colonel Jawahar Persaud, ACCA Mrs. Lillawattie Dass Mr.Lancelot Baptiste Mr.Omar Shariff Mr.Patrick Yarde Ms.Amanda Hermonstine Mr. Roy Hughes Ms.Hilary V.la\cott 2013 s 132,000 102,000 I 02,000 102,000 102,000 102,000 0 11,590 2012 s 132,000 I 02,000 102,000 102,000 102,000 102,000 76,500 28,138 Management Personnels (3 personnels) 12,302,808 11,357,844 3 PROPERTY, PLANT AND MACHINERY OFFICE FURNITURE LAND BUILDI:llG MACHINES & FITTINGS $ $ s s VEHICLE s TOTAL s Net Book Value 1.1.2013 45,000,000 31.575,360 4,650,411 1.027,254 4,517,249 86,770,274 Additions 0 1,219.536 391,532 3,000 0 J,614,068 45,000,000 32,794,896 5,04\,943 1,030,254 4,517,249 88,384,342 Depreciation Charges for year 1,639,745 484,91 l 51,396 451,725 2,627,777 Net Book Value 31.12.2013 4 I:llVESTMENTS Colonial Life Insurance Company Crown Agents Guyana Government Bonds Mortgages 45,000,000 31.155.151 4,557,032 978,858 4,065,524 85,756,565 2013 $ 289,329,951 43,829,172 300,000 13\,859,178 465,3\8,30\ 2012 $ 324,329,95 l 44,825,477 300,000 150.02 \,6 76 519.477.104 On the 10th September.
2010 the Court ordered that Clico be liquidated.

However, payment of$35,000,000.00 has been received in 2013.

15 DEPENDANTS' PENSION FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER, 2013 (CONTINUED) 5 RECEIVABLES AND PREPAYMENTS Contributions Receivable Interest Receivable (Mortgages) Miscellaneous Legal Fee Receivable 6 DUE FROM ACCOUNTANT GENERAL Cash at Accountant General Interest Receivable from Accountant (Jenera!
Vouchers Less: Advance for Imprest 7 CREDITORS Insurance Charges Rejected Officers Pensions Payable 2013 $ 150,625, 782 15,040,456 938,815 5,800 2012 $ 138,088,084 19,115,052 1,044,013 166,610,853 158,247,149 890,648,878 183,057,405 11,515 1,073,717,798 304,379,951 769,337,847 70,180,518 371,535 52,254,870 122,806,923 841,804,875 160,247,789 11,515 1,002,064,179 315,050,000 687,014,179 68,343,352 371,535 48,091,580 116,806,467 8.
UNREGISTERED CONTRIBUTORS - $5,088,64I This figure represents contributions received from officers not registered with the Fund.

Upon registration the relevant amounts would be transferred to revenue.

9.

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.

However, permission was granted by the Accountant General in 2013 for the figure to be written off because there was no documentation to substantiate the validity of the figure.
16 J DEPENDANTS' PENSION FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER, 2013 (CONTINUED) I 0 CONTRIBUTIONS Contributions from rv1cmbcrs 1 o_,-" (iovcm1nent Contributions 11 ADMINISTRATION AND GF.NERAL EXPENSES Audit Fees Directors Fees Salaries and Wages V<.1luation and Inspection Fees Miscellaneous 12 OTHER OPF.RA TING EXPF.NSF.S Electricity Mi~cdlaneous Stattoncry Tra\'dling 13 PENSIONS Pensions Pcn:.1uns (Staff Superannuation Benefits) 14 Opt.•n Accumulated Fund Balance 01.01.2013 .Surplus Reserve 2013 $ 25,360,022 49,858,593 75,218,615 299.146 653,590 38,315,936 0 7, I 04,206 46,372,878 1,589,920 6,319.792 1,258,662 222,000 9.390.374 2012 s 23,950,601 46,715.083 70,665,684 253.286 746.638 37,486,508 «00 6,575,299 45,062,33 I 1,532,946 5,965,937 1.054,298 226,000 8.779.181 13,648,491 9,978,295 23,626,786 1,329,427 ,854 30,359,992 1,359,787,846 2,817,145 1,362,604,991 12,413.300 4.600,632 17,013,932 1,244,021,490 85,406,364 1,329,427,854 4,429,974 l,333,857,828 17 DEPENDANTS' PENSION FUND REJECTED OFFICERS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, 2013 Balance as at 1.1.2013 Add: Interest Less: Bank Charges Balance as at 31.12.2013 $373,444.00 $ 00.00 $373,444.00 00.00 $ $373,444.00 18 DEPENDANTS' PENSION FUND INVESTMENTS HELD BY CROWN AGENTS AND LOCALLY AS AT JIST DECEMBER, 20I3 FOLIO INVESTMENTS PER CENTllM FACE VALllE LEDGER VALUE COST 8 British Guiana Demerara Railway Perpetuals 9 British Guiana Demerara Rail\vay Perm Annuities 67 Joint Miscellaneous Fund Sub-total 4 nil Per 3.008 27 94,136.10 l,006,257.00 31.488,243.04 23 6 33.885.72 I 1.334,671.68 131,030.09 43.829.171.72 20 British Guiana Government Bonds 1973/88 5 1/2 300,000.00 300,000.00 9,561.72 73.300.5 I 33.885.72 116.747.95 300,000 00 90 Colonial Life Insurance Company 289,329,951.00 289,329,95 I 289,760,981.09 333,459, 122.72 289,329,951.00 289,746,698.95 19 DEPENDANTS' PENSION FUND INTEREST PAYABLE BYTllE GOVERNMENT ON MONTHLY BALANCES HELD AT THE ACCOUNTANT GENERAL'S DEPARTMENT FOR THE PERIOD ENDING 31st DECEMBER 2013 MONTHS
 PARTICULARS January Balances as at 2012-12-31 841,804,875 MONTHLY MONTHLY QUARTERLY BALANCES INTEREST INTEREST Add Interest Receivable Accountant General Less Reserve Interest for January, 2013 A.R.0 5.25'% on balance as at 31 12.2012 0 841,804,875 315,000,000 526,804,875 l<'ebruary Receipts for January, 2013 5, 720,J 79 Add balance as at 31.12.2012 526,804,875 532,525,254 Less Payments for January, 2013 6,558,817 525,966,437 Interest for February, 2013 A.R.O S.25o/o on balance as at 31.01.2013 March Receipts for February 2013 5,218,291 Add balance at 31.1.2013 525,966,437 531,184,728 Less payments for Fcbruary,2013 9,017,996 522,166,732 Interest for March, 2013 A.R.O 5.00°/o on balance as al 28.2.2013 April Receipts for March, 2013 Add balance as at 28-2.2013 Add Interest for Quarter 4,332,984 522,166,732 ended 31.3.2013 6,684,668 533,184,384 Less Payments !Or March, 2013 5,140,043 528,044,341 Interest for April, 2013 A.R.0 S.00"/o on balance asat31.3.2013 May Receipt!> for April, 2013 43,722,490 Add balance as at 31.3.2013 528,044,341 571,766,831 Less Payments for April, 2013 6,679,014 565,087,817 Interest for May 2013 A.R.O S.OOo/o on balance as at 30.4.2013 June Receipts for May, 2013 4,593,615 Add balance as at 30.4.2013 565,087,817 569,681,432 Less Payments for May, 2013 Interest for June, 2013 A.R.O 5.000/o on balance 5,252,986 564,428,446 20 2,348,972 2,118,276 2,217,420 6,684,668 2,170,045 2,399,688 asat31.5.2013 July Receipts for June, 2013 Add balance as at 31.5.2013 Add Interest !Or Quarter ended 30.6.2013 Less Payments for June.
2013 Interest for July, 2013 A.R.0.5.00°/o on balance as at 30.6.2013 2,319,569 6,889,302 3,152,754 564,428,446 6,889,302 574.470,502 8,955,326 565,515, 176 August Receipts for July, 2013 25,939,642 Add balance as at 30.6.2013 565,515, 176 59 !,454,8 18 Less Payments for July, 2013 5,953,252 585,501566 Interest for August 20 J 3 A.R.0.5.00o/o on balance asat31.7.2013 2,401,503 2,486,377 September Receipts for August, 2013 6,189,141 Add balance as at 31.7.2013 585,501,566 591,690J07 Less Payments for August, 2013 Interest for September.
2013 A.R.0.5.00o/o on balance asat3J.8.2013 6,181,161 585,509,546 2.406,204 7,294,084 October Receipts for September, 2013 Add balance as at J 1.8.20 L1 Add Inten:st for Quarter ended 30.9.2013 4,100,003 585,509,546 7.294,084 596,903,633 Less Payments for Se.
:ptember 2013 5,923,530 590,980,103 Interest for October, 2013 A.R.0.5.00%, on balance as at 30.9.2013 November Receipts for October, 2011 4,493,291 Add balance as at 30.9.2013 590,980,103 595,473,394 Less Payments for October, 2013 6,462,750 589,010,644 lntcn~1>t for November, 2013 A.R.0.5.00%, on balance as at 3 l.10.2013 December Receipts for November, 2013 4,278,414 Add balance as at 3 L 10.2013 589,010,644 593,289,058 Less P'<lyments for Novcmbe.
:r 20 J 3 5,890,219 587,398,839 Interest for December, 2013 A.R.0.5.00% on balance 2,509,642 2,420,592 2,494,433 7,424,667 28,292,721 28,292,721 21