Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697796099885.pdf (Guyana)
REPORT OF THE.

DIRECTORS OF THE.

DEPENDANTS' PENSION FUND ... FOR THE YEAR 2014 REPORT OF TH£ DIRECTORS OF TH£ D£P£NDANTS~ PENSION FUND FOR TH£ Y'EAR 2014 REPORT OF THE DIRECTORS OF THE DEPENDANTS' PENSION FUND FOR THE YEAR 2014 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 2014.

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 op1mon, 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) Colonel Jawahar Persaud, ACCA- Chairman Mr. Patrick Yarde- Director Mr. Lance Baptiste- Director Mr. Omar Shariff- Director Ms. Amanda Hermonstine- Director Ms. Lillawattie Dass - Director-Secretary/Manager I 3.

4.

5.

CURRENT CONTRIBUTORS The number of contributors at the end of 2013 was 54,058 (fifty- four thousand and fifty-eight).
During the year, 3,139 (three thousand, one hundred and thirty nine were registered, 6 (six) died and 113 (one hundred and thirteen) ceased to contribute for various reasons and retain no interest and 241 (two hundred and forty-one) cease to contribute and retain an interest in the Fund.

The number of contributors at the end of 2014 was 56,837 (fifty-six thousand, eight hundred and thirty- seven).
FORMER CONTRIBUTORS WITH INTEREST 43 (forty-three) of the former contributors who had ceased to contribute and retained an interest in the Fund died and 241 (two hundred and forty-one) were added making a total of 8,473 (eight thousand, four hundred and seventy-three) 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 2l(twenty-one) at the end of the year, all of whom ceased contributing, but retained an interest.

PENSIONERS 6.

There were 2,430 (two thousand four hundred and thirty) pensioners on the Fund's Pension Status Report at the end of 2014.

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 2013 and at the end of the four previous years.
2010 2011 2012 2013 2014 Contributors contributing 49,418 50,449 51, 745 54,058 56,837 Contributors with retained interest 7,592 7,820 8,057 8,275 8,473 Contributors who ceased during the year and retained no interest Rejected Officers with retained interest 162 119 158 161 113 21 21 21 21 21 Pensioners 2,178 2,191 2,202 2,241 2,430 INCOME AND EXPENDITURE 8.

9.

10.
9.

10.

The total income reflected in the accounts of the Fund during the year amounted to $121,053,067.00 or $6,241,561.00 more than in the preceding year.

Expenses and other charges amounted to $83,442,601.00.

The surplus of income over expenditure was $37,610,466.00 as compared with $30,359,992.00 in 2013, an increase of$7,250,474.00.

A sum of $29,405,635.00 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 $7,287,450.00 Contributions from members increased by $1,866,383.00 against the 2013 figure to $27,226,405.00 for the year.

Government's I% contributions in respect of the disciplinary services as required by Section 20 (c) of the Act was $55,102,160 as compared to $49,858,593.00 in 2013.

3 11.

12.

13.
3 11.

12.

13.

Refund of contributions amounted to $1,071,075.00 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 2013 were $1,436,969.00.

Pensions paid and payable were $20,189,510.00 at the end of 2014 as compared with $23,626,786.00 at the end of2013.

The other charges against revenue are shown on the table hereunder.
Summary tables of income and expenditure for year 2014 as compared with the four previous years are shown hereunder:- INCOME 2010 2011 RESTATED RESTATED RESTATED 2012 2013 RESTATED 2014 RESTATED OPERA TING REVENUE Contributions 65,358,157 69,465,907 70,665,684 75,218,615 82,328,565 Interest on Mortgages 17,234,927 14,369,340 11,902,309 10,198,745 7,287,450 Total 82,593,084 83,835,247 82,567,993 85,417,360 89,616,015 OTHER REVENUE Interest on Loan - 52,500 21,000 21,000 21,000 Interest on Investment 17,329,371 - 48,617,389 425 - Government Interest Insurance Premium Rent Total 46,068,987 23,796,445 27,675,007 28,292,721 29,405,635 - - - - 1,110,417 720,000 1,080,000 1,080,000 1,080,000 900,000 64,118,358 24,928,945 77,393,396 29,394,146 31,437,052 4 EXPENDITURE 2010 RESTATED 2011 RESTATED 2012 RESTATED 2013 RESTATED 2014 RESTATED OPERA TING EXPENDITURE Disoosal of Assets - 586,208 - - - Administration & General Exoenses Other Operating Exoenses 42,019,081 43,414,443 45,062,331 46,372,878 47,189,800 8,859,741 10,530,770 8,779,181 9,390,374 10,443,466 Deoreciation 3,096,442 2,912,424 2,712,499 2,627,777 2,490,927 Pension 18,128,661 18,516,467 17,013,932 23,626,786 20,189,510 Refund of Contributions 718,911 798, 160 987,082 1,436,969 1,071,075 Loss on Investment - - - 996,730 2,057,823 Total 72,822,836 76,758,472 74,555,025 84,451,514 83,442,601 14.
15.

The aggregate administration and general expenses along with other operating expenses showed a decrease over the figures of 2013 The Investments held on behalf of the Fund amounted to $42,071,349.00 at the end of the year.

The value of the Securities of the Guyana Government and Other Investments including Mortgages totaled $451,223,847.00 representing 29.436 % of the total assets of the Fund.
In addition, the Accountant General held a net sum of $816,015,441.00 at the end of 2014 on behalf of the Fund.

5 MORTGAGES 16.

No Mortgage Applications were received or approved during the year.

The amount outstanding (including interest) as at 31.12.2014 was $119,822,547.00 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 31" December, 2014 as compared with those of the four previous years is shown hereunder.
2010 2011 REST A TED REST A TED ASSETS 2012 2013 REST A TED REST A TED REST A TED 2014 Non Current Assets 92,013,344 88,942,843 86,770,274 85,756,565 83,651,219 INVESTMENTS Other Investments CURRENT ASSETS Inventory Receivables & Prena•=ents Due from Accountant General 543,137,064 522,654,853 519,477,104 465,318,301 451,223,847 550,449 384,832 335,281 276,375 275,515 129,388,687 138,901,395 158,247,149 166,610,853 177,,329,604 666,376,317 627,542,544 687,014,179 769,337,847 816,015,441 Cash at Banlc 4,205,333 3,827,903 4,813,443 3,200,614 4,384,561 Total 1,435,671,194 1,382,254,370 1,456,657 ,43 0 1,490,500,555 1,532,880, 187 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 information 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 2014 in respect of Cost of Living Allowances to pensioners of the Fund was $1,034.

STAFF 20.
STAFF 20.

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

21.

The following statements for 2014 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, 2014.

Statement of Comprehensive Income as at 31" December, 2014.

Statement of Cash Flow for the year ended 31" December, 2014.
Statement of Changes in Equity for the year ended 31 '' December, 2014 Schedule of Interest payable by Government on monthly balances for 2014.

Schedule of Investments as at 31" December, 2014 .

.J;;.?.

... L.Dlss Secretary/Manager Dependants' Pension Fund ~-·· ~~.ACCA Chairman Dependants' Pension Fund 7 QS;/udtt r!Jjfoe o/ /lJt;;ana ::.P (!, ?/30..r /{J{J:t, fi.1 c/(;jfl r'/r,,rnl, rX,~,,'l.

;1,.,,, ii/c<·~'fd''"'"' ifj;,f""' efel 59:t-:t.t5-759:t, r;:i'I,,_,,.
59:t-:t:t6-U57, /,f!f.·.lfa,waumdi(.cy7,'/ AG: 58/2015 22 June 2015 REPORT OF THE AUDITOR GENERAL ON THE FINANCIAL STATEMENTS OF THE DEPENDANTS' PENSION FUND FOR THE YEAR ENDED 31 DECEMBER 2014 I have audited the accompanying financial statements of Dependants' Pension Fund (DPF), which comprise the statement of financial position as at 31 December 2014, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.
The audit was conducted in accordance with the Audit Act 2004.

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

I conducted my audit in accordance with International Standards on Auditing issued by the International Federation of Accountants (IF AC) and those of the International Organization ofSupremeAudit Institutions (INTOSAI).
Those standards require that 1 comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are 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 or 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 are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness ofaccounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

8 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 give a true and fair view, in all material respects of the financial position of Dependants' Pension Fund as at 31 December 2014, and of its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards.
AUDIT OFFICE 63 HIGH STREET KINGSTON GEORGETOWN GUYANA 9 DEPENDANTS' PENSION FUND STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER 2014 ASSETS NOTE 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 3 4 5 6 2014 $ 83,651.219 451,223,847 534,875,066 275,515 177,329,604 816,015,441 4,384,561 998,005, 121 2013 $ 85,756,565 465,318,301 551,074,866 276,375 166,610,853 769,337,847 3,200,614 939,425,689 Total Assets 1,532,880, 187 1,490,500,555 EQUITY AND LIABILmEs EQUITY Accumulated Fund Balance Reserve Total Equity Liabilities 1,397,398,312 4,001,092 1,401,399,404 1,359,787,846 2,817,145 1,362,604,991 CREDITORS: Amount falling due 7 126,392,142 122,806,923 within 1 year CREDITORS: Amount falling due after 1 year Unregistered Contributors 8 Total Liabilities 5,088,641 131,480,783 5,088,641 127,895,564 Total Liabilities and Equity 1,532,880, 187 1,490,500,555 These Financial Statements were approved for issuance on behalf of the Board of Directors on the 19th June, 2015 .
.J-.. f. ... L.Dass Secretary/Manager Dependants' Pension Fund ~ .... ~-ACCA Chairman Dependants' Pension Fund 10 DEPENDANTS' PENSION FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST DECEMBER, 2014 OPERATING REVENUE NOTE 2014 9 Contributions Interest on Mortgages Total Operating Revenue OTHER REVENUE Interest on Loan-Staff Interest on lnvestments-Clico/Crown Agents Government Interest Insurance Premium Rental of Property Total Other Revenue $ 82,328,565 7,287,450 89,616,015 21,000 0 29,405,635 1,110,417 900,000 31,437,052 2013 $ 75,218,615 10,198,745 85,417,360 21,000 425 28,292,721 0 1,080,000 29,394,146 Total Revenue 121,053,067 114,811,506 OPERATING EXPENDITURE/OTHER EXPENSE Admin.
and General Expenses Other Operating Expenses Depreciation Pensions Refund of Contributions Loss on Investment Total Operating Expense 10 11 12 47, 189,800 10,443,466 2,490,927 20,189,510 1,071,075 2,057,823 46,372,878 9,390,374 2,627,777 23,626,786 1,436,969 996,730 (83,442,601) (84,451,514) Profit for the year 37,610,466 30,359,992 11 DEPENDANTS' PENSION FUND STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST DECEMBER 2014 Year Retained Earnings Adjustments Profit Reserve Accumulated Fund at the beginning of the year $ 2014 1,359,787,846 2013 1,329,427,854 $ 0 0 $ $ Balance $ 37,610,466 4,001,092 1,401,399,404 30,359,992 2,817,145 1,362,604,991 12 DEPENDANTS' PENSION FUND STATEMENT OF CASH FLOW FOR THE YEAR ENDEO 31ST DECEMBER, 2014 Cash flows from operating activities Profit from operations Depreciation charge Decrease in Inventory Increase in Payables Increase in Receivables/ Prepayments Decrease in Mortgage Net cash from operating activities Cash flow from investing activities Increase in Due from Accountant General Acquisition of Fixed Assets Return on lnvestment-Clico Adjustment-Appreciation and Interest on Investment-Crown Agents British Expatriate Officer Loss on Investment Net Cash (outflow)llnflow-lnvesting activities Cash flow from financing activities (Decrease)/lncrease in reserve (Decrease)/lncrease in cash and cash equivalent Cash and cash equivalent as at 01.01.2014 Cash and cash equivalent as at 31.12.2014 2014 $ 37,610,466 2,490,927 40, 101,393 860 3,585,219 (10,718,751) 32,968,721 12,036,631 45,005,352 (46,677,594) (385,581) 2,057,823 (45,005,352) 1,183,947 1,183,947 3,200,614 4,384,561 2013 Restated $ 30,359,992 2,627,777 32,987,769 58,906 6,000,456 (8,363,704) 30,683,427 18, 162,498 48,845,925 (82,323,668) (1,614,068) 35,000,000 (425) (904,494) 996,730 (48,845,925) (1,612,829) (1,612,829) 4,813,443 3,200,614 13 DEPENDANTS' PENSION FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER, 2014 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 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.

1o/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°/o So/o 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, 2014 (CONTINUED) (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.Hilary Walcott (F) Management Personnels (3 personnels) Mrs. Lillawattie Dass Ms. Hilary Walcott Mrs. Hardai Bacchus 3 PROPERTY, PLANT AND MACHINERY 2014 $ 132,000 102,000 102,000 102,000 102,000 102,000 11,077 6,149,342 3,803,649 2,954,679 2013 $ 132,000 102,000 102,000 102,000 102,000 102,000 11,590 5,860,572 3,632,126 2,810,110 OFFICE FURNITURE LAND BUILDING MACHINERY &FITTINGS VEHICLE TOTAL $ $ $ $ $ $ 45,000,000 45,113,518 15,610,484 1,763,474 7,650,000 115, 137,476 0 0 321,871 63,710 0 385,581 2014 Cost 1st January Additions 31st December 45,000,000 45,113,518 15,932,355 1,827,184 7,650,000 115,523,057 ACCUMULATED DEPRECIATION 1st January Charge for the year 31st December NET BOOK VALUE 0 0 0 13,958,367 11,053,452 784,616 3,584,476 1,557, 758 475,925 50,692 406,552 15,516,125 11,529,377 835,308 3,991,028 29,380,911 2,490,927 31,871,838 AS AT 31st DECEMBER 2014 45,000,000 29,597,393 4,402,978 991,876 3,658,972 83,651,219 NET BOOK VALUE AS AT 31st DECEMBER 2013 45,000,000 31, 155, 151 4,557,032 978,858 4,065,524 85,756,565 15 DEPENDANTS' PENSION FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER, 2014 (CONTINUED) 41NVESTMENTS Colonial Life Insurance Company Crown Agents Guyana Government Bonds Mortgages On the 10th September, 2010 the Court ordered that Clico be liquidated.
However, full payment was received in 2015.
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 General Vouchers Less: Advance for Imprest 7 CREDITORS Audit Fees Payable Insurance Charges Rejected Officers Pensions Payable 2014 $ 289,329,951 41,771,349 300,000 119,822,547 451,223,847 162,923,942 13,550,228 855,434 0 177,329,604 907,920,837 212,463,040 11,515 1,120,395,392 304,379,951 816,015,441 26,951 69,070, 101 371,535 56,923,555 126,392,142 8 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.
16 2013 $ 289,329,951 43,829, 172 300,000 131,859,178 465,318,301 150,625, 782 15,040,456 938,815 5,800 166,610,853 890,648,878 183,057,405 11,515 1,073,717,798 304,379,951 769,337,84 7 0 70, 180,518 371,535 52,254,870 122,806,923 DEPENDANTS' PENSION FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER, 2014 (CONTINUED) 9 CONTRIBUTIONS Contributions from Members 1°/o Government Contributions 10 ADMINISTRATION AND GENERAL EXPENSES Audit Fees Directors Fees Salaries and Wages Nalico Health Insurance Insurance Premium Fund Fire Legal Fees Leave Passage National Insurance Scheme Uniform 11 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 2014 $ 27,226,405 55,102,160 82,328,565 300,000 653,077 39,329,722 503,473 235,859 0 3,077,051 2,454,444 636,174 47,189,800 1,298,282 545,330 221,048 1,222,975 230,778 129,605 201,845 142,426 89,650 577,738 3,915,231 415,447 1,231,111 222,000 10,443,466 2013 $ 25,360,022 49,858,593 75,218,615 299,146 653,590 38,315,936 501,192 236,255 253,033 3, 168,992 2,298,580 646,154 46,372,878 1,589,920 474,618 305,685 276,701 393,353 166,503 247,907 52,097 42,420 557,092 3,393,094 410,322 1,258,662 222,000 9,390,374 L 17 DEPENDANTS' PENSION FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER, 2014 (CONTINUED) 12 PENSIONS Pensions Pensions (Staff Superannuation Benefits) 13 Open Accumulated Fund Balance 01.01.2014 Profit Reserve 13,785,902 6,403,608 20, 189,510 1,359, 787,846 37,610,466 1,397,398,312 4,001,092 1,401,399,404 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 18 DEPENDANTS' PENSION FUND REJECTED OFFICERS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, 2014 Balance as at 1.1.2014 Add: Interest Less: Bank Charges Balance as at 31.12.2014 $373,444.00 00.00 $ $373,444.00 $ 00.00 $373 444.00 19 DEPENDANTS'
 PENSION FUND INVESTMENTS HELD BY CROWN AGENTS AND LOCALLY AS AT 31ST DECEMBER, 2014 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 3,008.27 94,136.10 959,695.00 30,031,204.00 23 6 33,792.50 10,780,450.00 9,561.72 73,300.51 33,792.50 Total 130,936.87 41,771,349.00 116,654.73 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 20 DEPENDANTS' PENSION FUND INTEREST PAYABLE BY THE GOVERNMENT ON MONTHLY BALANCES HELD AT THE ACCOUNTANT GENERAL'S DEPARTMENT FOR THE PERIOD ENDING 31st DECEMBER, 2014 MONTHS PARTICULARS MONTHLY MONTHLY QUARTERLY BALANCES INTEREST INTEREST January Balances as at 2013-12-31 890,648,878 Add Interest Receivable Accountant General Less Reserve Interest for January, 2014 A.R.0 5.00°/o on balance asat31.12.2013 890,648,878 304,379,951 586,268,927 February Receipts for January, 2014 4, 171,299 Add balance as at 31.12.2013 586,268,927 590,440,226 Less Payments for January, 2014 6,303,939 584, 136,287 Interest for February, 2014 A.R.O 5.00o/o on balance as at 31.01.2014 2,489,635 2,240,523 March Receipts for February 2014 3,654,438 Add balance at 31.1.2014 584, 136,287 587, 790, 725 Less payments for February,2014 8,891,473 578,899,252 Interest for March, 2014 A.R.O 5.00%1 on balance as at 28.2.2014 2,458,339 7,188,497 April Receipts for March, 2014 Add balance as at 28.2.2014 Add Interest for Quarter ended 31.3.2014 3,146,323 578,899,252 7, 188,497 589,234,072 Less Payments for March, 2014 5,856,841 583,377,231 Interest for April, 2014 A.R.0 5.00°/o on balance as at 31.3.2014 May Receipts for April, 2014 4,822,284 Add balance as at 31.3.2014 583,377,231 588,199,515 Less Payments for April, 2014 6,626,754 581,572,761 Interest for May 2014 A.R.O 5.00°/o on balance as at 30.4.2014 June Receipts for May, 2014 4,314,066 Add balance as at
 30.4.2014 581,572,761 585,886,827 Less Payments for May, 2014 5,295,917 580,590,910 2,397,441 2,469,693 Interest for June, 2014 A.R.0 5.00°,4, on balance as at 31.5.2014 21 2,385,990 7,253,124 MONTHS PARTICULARS July Receipts for June, 2014 Add balance as at 31.5.2014 Add Interest for Quarter ended 30.6.2014 4,248,043 580,590,910 0 584,838,953 MONTHLY MONTHLY QUARTERLY BALANCES INTEREST INTEREST Less Payments for June, 2014 5,565,048 579,273,905 Interest for July, 2014 A.R.0.5.00o/o on balance as at 30.6.2014 August Receipts for July, 2014 4,510,688 Add balance as at 30.6.2014 579,273,905 583, 784,593 Less Payments for July, 2014 6,135,382 577,649,211 Interest for August 2014 A.R.0.5.00°Ai on balance as at 31.7.2014 September Receipts for August, 2014 4,220,446 Add balance as at 31.7.2014 577,649,211 581,869,657 Less Payments for August, 2014 5,468,618 576,401,039 Interest for September, 2014 A.R.0.5.00o/o on balance as at 31.8.2014 October Receipts for September, 2014 Add balance as at 31.8.2014 Add Interest for Quarter ended 30.9.2014 4,471,418 576,401,039 7,373, 142 588,245,599 Less Payments for September 2014 5,456, 130 582,789,469 Interest for October, 2014 A.R.0.5.00°/o on balance as at 30.9.2014 November Receipts for October, 2014 25,776,174 Add balance as at 30.9.2014 582,789,469 608,565,643 Less Payments for October, 2014 5,977,633 602,588,010 Interest for November, 2014 A.R.0.5.00o/o on balance asat31.10.2014 December Receipts for November, 2014 4,070,264 Add balance as at 31.10.2014 602,588,010 606,658,274 Less Payments for November 2014 6,594,789 600,063,485 Interest for December, 2014 A.R.0.5.00% on balance 2,490,731 2,483,832 2,398,579 7,373,142 2,505,660 2,506, 196 2,579,016 7,590,872 29,405,635 29,405,635 22