Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697795816115.pdf (Guyana)
REPORT OF THE DIRECTORS OF THE DEPENDANTS' PENSION FUND FORTHE YEAR zoo8 4.

IP- REPORT OF THE DIRECTORS OF THE DEPENDANTS' PENSION FUND FOR THE YEAR 2008 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 2008.

BOARD OF DIRECTORS 2.


By virtue of Section 11 ( 1 ) of the Act, the Accountant General is ex-officio a Director and Chairman of the Board of Directors of the Fund.
The other members were appointed from the following:- (a) two persons, who, in the Minister's opinion, are qualified for appointment by reason of their experience of and shown capacity in matters relating to the functions of the Board of Directors; (b) three persons, who, in the Minister's opinion, respectively represent the following trade unions:- the Guyana Public Service Union the Guyana Teachers' Union; and the Guyana Trades Union Congress; and (ii) (iii) (c) one person, who, in the Minister's opinion, represents the Police Association.
The persons who functioned during the year were:- (a) Mr. H. Autar- Chairman (b) Dr. N. K. Gopaul (c) Mr. P. Yarde (d) Mr. L. Baptiste (e) Mr. R. Hughes, A.A. (f) Mr. D. Josiah (g) Ms. Gillian Rockcliffe/Lillawattie Dass Director-Secretary/Manager 1 CURRENT CONTRIBUTORS 3.

 The number of contributors at the end of 2007 was forty-five thousand, seven hundred and forty-eight.
During the year, one thousand four hundred and eighty-one new contributors were admitted, ten died, and ninety-four ceased to contribute for various reasons and retained no interest and two hundred and twenty-eight ceased to contribute and retained an interest in the Fund.

The number of Contributors at the end of 2008 was forty- six thousand, eight hundred and ninety-seven.

FORMER CONTRIBUTORS WITH INTEREST 4.


Forty-six of the former contributors who had ceased to contribute and retained an interest in the Fund died and two hundred and twenty-eight were added making a total of seven thousand one hundred and eighty-eight at the end of the year.

REJECTED OFFICERS 5.

There were no new Rejected Officers during the year.

The number of accounts on the Register of Rejected Officers was twenty-one at the end of the year, all of whom ceased contributing, but retained an interest.
PENSIONERS 6.

Fifty-six pensioners were added to the Register of Pensioners while thirty-six were taken off due to death or expiration of pensions during the year, thereby realising a total of two thousand one hundred and four pensioners on the Register of the Fund at the end of 2008 as compared with two thousand and eighty-four for 2007.

2 SUMMARY TABLES OF CONTRIBUTORS REJECTED OFFICERS AND PENSIONERS 7.
Hereunder is a comparative table of current and former contributors, contributors without December 2008 and at the end of the four interest, rejected officers and pensioners at 3 previous years.
2004 2005 2006 2007 2008 Contributors contributing 43,843 44,739 45,296 45,748 46,897 4 Contributors with retained interes 6,504 6,683 6,826 7,006 7,188 Contributors who ceased during the year and retained no interest 43 84 50 113 Rejected Officers with retained interest 21 21 21 21 94 21 Pensioners 1943 1,998 2,050 2,084 2,104 INCOME AND EXPENDITURE 8.

9.
9.

The total income reflected in the accounts of the Fund during the year amounted to $162,772,939.00 or $ 38,929,248.00 more than in the preceding year.

After meeting expenses and other charges amounting to $66,913,716.00 the surplus of income over expenditure was $95,859,223.00 as compared with $56,683,114.00 in 2007, an increase of $39,176,109.00.
There was no need for a Government's contribution under Section 3(2) of the Act to ensure a return of six percent per annum on the cost price of investments as the rate of return on Investments exceeded six percent.

A sum of $41,748,582.00 was receivable from Government in respect of interest on the monthly balances held on deposit by the Accountant General on behalf of the Fund.

The interest rate was 6.50-6.75 % throughout the year.

Interest on Mortgages was $23,113,431.00.

10.


Contributions from members increased by $149,696.00 against the 2007 figure to $20,142,223.00 for the year.

Government's 1% contributions in respect of the disciplined services as required by Section 20(c) of the Act was $27,848,703.00 as compared to $34,648,741.00 in 2007.
11' Refund of contributions amounted to $854,005.00 mainly in respect of bachelor contributors who resigned their appointments, died or were transferred from the Public Service and those not liable to contribute.

The amounts refunded in 2007 were $1,132,261.00.

12.

Pensions paid and payable were $15,350,135.00 at the end of 2008 as compared with $16,448,670.00 at the end of 2007.

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

13.
Summary Tables of Income and Expenditure for year 2008 as compared with the four previous years are shown hereunder:- INCOME 2004 2005 2006 2007 2008 RESTATED RESTATED RESTATED RESTATED RESTATED r Contributions 48,801,475 47,548,066 55,524,163 54,641,268 47,990,926 Interest on Mortgages 41,879,592 36,592,867 32,491,626 29,039,887 23,113,431 90,681,067 84,140,933 88,015,789 83,681,155 71,104,357 Interest on Investments - 49,920,000 Government Interest 23,144,882 30,216,804 29,984,723 39,442,536 41,748,582 Rent 1,800,000 1,080,000 1,440,000 720,000 - Miscellaneous Income 218,830 1,662,387 - - 25,163,712 32,959,191 31,424,723 40,162,536 91,668,582 4 EXPENDITURE 2004 2005 2006 2007 2008 RESTATED RESTATED RESTATED RESTATED RESTATED -- --- -- — — ---- -- — Administration & General Expenses 33,255,590 34,806,402 35,517,882 40,999,642 38,907,036 A Other Operating Expenses 7,945,299 6,943,797 8,071,282 7,511,698 8,881,664 Depreciation Pensions 1,006,922 1,098,360 1,124,011 1,068,306 2,920,876 14,475,076 13,862,568 13,913,344 16,448,670 15,350,135 Refund of Contributions 1,721,521 689,911 462,149 1,132,261 854,005 58,412,408 57,401,038 59,088,668 67,160,577 66,913,716 4 14.
15.

The aggregate administration and general expenses along with other operating expenses showed a decrease over the figures of 2007.

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

The Mean Market value was $369,935.75 a sum of $548,103.41 below ledger value.

The value of the Securities of the Guyana Government and Other Investments including Mortgages totalled $597,692,713.00 representing 46.5 % of the total assets of the Fund.
In addition the Accountant General held a net sum of $497,450,027.00 at the end of 2008 on behalf of the Fund.

MORTGAGES 16.

No Mortgage Loans were approved during the year.

The following is a table applications received and Mortgages executed for the four previous years.
YEARS APPLICATIONS RECEIVED MORTGAGES EXECUTED VALUE OF MORTGAGES EXECUTED 2004 2005 2006 2007 2008 15 3 2 0 2 9 7 2 2 2 10,518,407.00 8,870,301.00 2,474,957.00 1,179,627.00 3,119,600.00 The amount outstanding (including interest) as at 31.12.2008 was $246,854,674.00 The rate of interest remained at 10% for all amounts borrowed.

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

Mortgages executed in 2008 were in respect of applications received prior to 2008 4 17.
A table of the Assets of the Fund at 31s` December, 2008 as compared with those of the four previous years is shown hereunder.
ASSETS FIXED ASSETS Tangible Assets INVESTMENTS Other Investments CURRENT ASSETS Stock 2004 2005 2006 2007 2008 D RESTATED RESTATED RESTATED 11,787,375 14,083,006 14,828,859 21,875,225 97,571,749 396,518,198 360,925,347 622,187,286 575,180,146 597,692,713 385,596 425,180 567,871 668,324 679,661 Debtors & Prepayments 43,385,935 46,864,787 75,135,887 86,464,627 83,725,339 Due from Accountant General 444,332,429 542,469,981 Cash at Bank 6,657,802 4,919,401 319,801,344 413,092,398 497,450,027 5,640,936 2,161,361 7,146,077 903,067,335 969,687,702 1,038,162,183 1,099,442,081 1,284,265,566 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 balances under this account were due to inadequate and in most cases no information being received from various Ministries / Departments / Regions in respect of new contributors as set out in circulars sent by Secretary to the Treasury and Accountant General respectively.
6 As a result, deductions were made from persons not liable to contribute and in cases where persons were liable, the necessary information for the purpose of registering officers as contributors was not submitted on a timely basis to facilitate allocation of contributions.

COST OF LIVING ALLOWANCE 19.

The amount paid during 2008 in respect of Cost of Living Allowances to pensioners of the Fund was $2,743.00 STAFF 20.
The Board wishes to commend Management and Staff for the co-operation and enthusiasm exhibited in the performance of their duties during the year.

21.

The following statements for 2008 are attached:- A.

B. C. D. E. F. G. Income and Expenditure Account and Balance Sheet as at 31st December, 2008.

The Report of the Auditor General and the Audit Certificate.

Rejected Officers' Account.

Schedule of Investments.

Schedule of Interest payable by Government on monthly balances.
Schedule of Interest contributed by Government.

Schedule of Pensioners of the Fund.
H. A utar Accountant General Chairman Dependants' Pension Fund L. Dow, Director-Secretary/Manager Dependants' Pension Fund Date: csitahz ece o/ (Arta ' ?&v 1002, 6'S P.76a axed Prentretot gieoleyetoant, cYjetyarta .7e.-/ 592-225-7592, crax 592-226-7257, kVA //waste/ at eche eng AG: 61/2009 23 July 2009 REPORT OF THE AUDITOR GENERAL ON THE FINANCIAL STATEMENTS OF THE DEPENDANT'S PENSIQN FUND FOR THE YEAR ENDED 31 DECEMBER 2008 We have audited the accompanying financial statements of the Dependant's Pension Fund as at 31 December 2008, and the income and expenditure statement and cash flow statement for the year then ended.
and a summary of significant accounting policies and other explanatory notes.

Management's responsibility far 11w financial statements S Management iVesponsible for the preparation and fair presentation of these financial statements in accordance with the Generally Accepted Accounting Principles.
This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and' making accounting estimates that are reasonable in the circumstances.

.4 tabor 'x resffinsibility Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with International Standards on Auditing.

Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance 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 and error.
In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that 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 the accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

0 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis tar our audit opinion.
Opinion In our opinion, the financial statements give a true and fair view of the financial position of the Dependant's Pension Fund as of 31 December 2008, and of its financial performance and its cash flows for the year then ended in accordance with Generally Accepted Accounting Principles.

AUDITOR Ok.K.I<AL (ag.)


AUDIT OFFICE 63 111611 STREEt KINGSTON GEORGETOWN GUYANA DEPENDANTS' PENSION FUND STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31st DECEMBER, 2008 OPERATING REVENUE NOTES 3 4 5 13 Contributions Interest on Mortgages OPERATING EXPENDITURE Admin.
and General Expenses Other Operating Expenses Depreciation Pensions Refund of Contributions OTHER REVENUE Interest on investments Government Interest Rental of Property STATEMENT OF RETAINED EARNINGS Balance B/F Add: Surplus for the Year Reserve S 2008 47,990,926 23,113,431 71,104,357 38,907,036 8,881,664 2,920,876 15,350,135 854,005 49,920,000 41,748,582 0 66,913,716 4,190,641 91,668,582 95,859,223 1,082,148,449 95,859,223 1,178,007,672 6,762,608 1,184,770,280 2007 $ 54,641,268 29,039,887 83,681,155 40,999,642 7,511,698 1,068,306 16,448,670 1,132,261 (67,160,577) 16,520,578 0 39,442,536 720,000 40,162,536 56,683,114 947,492,539 56,683,114 1,004,175,653 1,777,892 1,005,953,545 10 DEPENDANTS' PENSION FUND BALANCE SHEET AS AT 31st DECEMBER, 2008 2007 $ FIXED ASSETS NOTES 21,875,225 Tangible Assets 575,180,146 597,055,371 668,324 86,464,627 413,092,398 2,161,361 502,386,710 (87,495,401) 414,891,309 1,011,946,680 INVESTMENTS Other Investments CURRENT ASSETS Stock Debtors and Prepayments Due from Accountant General Cash at Bank CREDITORS: Amount falling due within 1 year 10 NET CURRENT ASSETS CREDITORS: Amount falling due after 1 year 6 7 8 9 $ 2008 97,571,749 597,692,713 695,264,462 679,661 83,725,339 497,450,027 7,146,077 589,001,104 (93,502,151) 5,088,641 904,494 (5,993,135) 1,005,953,545 Unregistered Contributors Due to Expatriate Officers TOTAL NET ASSETS 11 12 5,088,641 904,494 1,004,175,653 1,777,892 1,005,953,545 FINANCED BY: Opening Accumulated Fund Balance at 1.1.2008 Add surplus for the
 Year Closing Accumulated Fund Balance at 31.12.2008 495,498,953 1,190,763,415 (5,993,135) 1,184,770,280 1,178,007,672 6,762,608 1,184,770,280 L.Dctw Director-Secretary/Manager Dependants' Pension Fund *LA vita, Chairman Dependants' Pension Fund 11 DEPENDANTS' PENSION FUND CASHFLOW STATEMENT FOR THE YEAR ENDED 31st DECEMBER, 2008 Profit from Operations Add Non Cash Items Depreciation Sub Total Operating Activities Working Capital Increase in Stock Increase in Creditors Increase Debtors/Prepayments Other Operating Activities Decrease in Mortgages 56,683,114 2,920,876 59,603,990 8,734,701 57,594,800 27,407,433 85,002,233 ($11,337) $6,006,750 2,739,288 27,407,433 Investing Activities Increase in Due from from Accountant General Acquisition of Fixed assets Purchase of Investment- Clico (84,357,629) (78,617,400) (349,920,000) (512,895,029) (427,892,796) 12 DEPENDANTS' PENSION FUND NOTES TO THE ACCOUNTS 1.
BACKGROUND INFORMATION The Fund was first established by Ordinance No.14 of 1923 as Chapter 207 of the Laws of British Guiana.

Chapter 27:08 now governs the Dependants Pension Fund.

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

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

2.
2.

PRINCIPAL ACCOUNTING POLICIES (A) Accounting Convention These accounts have been prepared using the historical cost convention.

(B) The main sources of income arc 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 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% 5% 10% 10% Stocks are valued at the lower of cost and net realisable value.

2007 3 CONTRIBUTIONS 19,992,527 34,648,741 54,641,268 Contributions from Members 1% Government Contributions 2008 20,142,223 27,848,703 47,990,926 13 4.
ADMINISTRATION AND GENERAL EXPENSES k 2007 $ 15,940 0 0 753,240 34,306,517 0 5,923,945 40,999,642 1,619,149 5,017,353 0 568,196 307,000 7,511,698 Architect Fees Actuarial Fees Audit Fees Directors Fees Salaries and Wages Valuation and Inspection Fees Miscellaneous 5.

OTHER OPERATING EXPENSES Electricity Miscellaneous Data Centre Charges Stationery Travelling 2008 $ 7,500 0 0 763,193 32,227,674 (5,000) 5,913,669 38,907,036 1,786,794 5,762,107 0 1,081,763 251,000 8,881,664 6.
TANGIBLE FIXED ASSETS LAND BUILDING MACHINES OFFICE FURNITURE & FITTINGS VEHICLE TOTAL $ Net Book Value 1.1.2008 Additions 28,080 44,971,920 45,000,000 6,999,124 33,000,876 40,000,000 5,278,509 593,030 5,871,539 951,437 51,574 1,003,011 8,618,075 0 8,618,075 21,875,225 78,617,400 100,492,625 Depreciation Charges for year Net Book Value 31.12.2008 0 1,454,494 557,003 47,572 861,807 2,920,876 45,000,000 38,545,506 5,314,536 955,439 7,756,268 97,571,749 7.
OTHER INVESTMENTS 300,000,000 618,039 300,000 274,262,107 575,180,146 Colonial Life Insuarnce Company Crown Agents Guyana Government Bonds Mortgages 14 349,920,000 618,039 300,000 246,854,674 597,692,713 2007 74,831,257 10,207,847 177,166 1,143,665 104,692 86,464,627 628,470,298 99,660,585 11,515 728,142,398 315,050,000 413,092,398 49,626,518 371,535 671,975 0 28,749,014 79,419,042 8.
DEBTORS Contributions Receivable Interest Receivable (Mortgages) Insurance Premium (Mortgages) Miscellaneous Insurance Charge from G.C.1.S 9.

DUE FROM ACCOUNTANT GENERAL Cash at Accountant General Interest Receivable from Accountant General Vouchers Less: Advance for Imprest 10.
CREDITORS Insurance Charges Rejected Officers Audit Fees Payable Mortgage Insurance Pensions Payable 2008 70,379,960 11,961,773 177,166 1,089,339 117,101 83,725,339 671,079,345 141,409,167 11,515 812,500,027 315,050,000 497,450,027 57,597,835 371,535 671,975 0 34,860,806 93,502,151 11.

UNREGISTERED CONTRIBUTORS - $5,088,641 This figure represents contributions received from officers not registered with the Fund.

Upon registration the relevant amounts would be transferred to revenue.

12.
12.

DUE TO EXPATRIATE OFFICERS - $904,494 This amount relates to a prior year adjustment pertaining to an agreement between the Government of Guyana and the British Government that the liability for the payment of benefits to expatriate officers should be taken over by the British Government.

The liability in respect of the widows of those expatriates who contributed to the Fund has been established at $904,494 by the Actuaries, Bacon Woodrow and DeSouza of Trinidad and Tobago.
Settlement is on a Government to Government basis.

15 2007 13.
PENSIONS 12,027,800 4,420,870 16,448,670 Pensions Pensions (Staff Superannuation Benefits) 14 Open Accumulated Fund Babalce 01-01-2007 Surplus Reserve 2008 11,859,111 3,491,024 15,350,135 1,082,148,449 95,859,223 1,178,007,672 6,762,608 1,184,770,280 16 DEPENDANTS' PENSION FUND REJECTED OFFICERS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, 2008 Balance as at 1.1.2008 Add: Interest Less: Bank Charges Balance as at 31.12.2008 $373,444.00 00.00 $ $ 373,444.00 $ 00.00 $ 373,444.00 f 17 DEPENDANTS' PENSION FUND INVESTMENTS HELD BY CROWN AGENTS AND LOCALLY AS AT 31ST DECEMBER, 2008 FOLIO INVESTMENTS PER CENTUM 8 British Guiana Demerara Railway Perpetuals 9 British Guiana Demerara Railway Penn Annuities 67 Joint Miscellaneous Fund Sub-total 20 British Guiana Government Bonds 1973/88 4 nil Per 131,681.66 58,627.47 93,636.09 23 6 519,930.58 4,472.49 4,472.49 194,781.62 618,039.16 5 1/2 300,000.00 300,000.00 494,781.62 918,039.16 " " 30,286.78 35,176.48 4,472.49 69,935.75 300,000.00 369,935.75 18 DEPENDANTS' PENSION FUND INTEREST PAYABLE BY THE GOVERNMENT ON MONTHLY BALANCES HELD AT THE ACCOUNTANT GENERALS DEPARTMENT FOR THE YEAR ENDED 31ST DECEMBER 2008 MONTHS PARTICULARS MONTHLY MONTHLY QUARTERLY BALANCES INTEREST INTEREST January Balances as at 2007-12-31 628,470,298.00 Add Interest Receivable Accountant General Less Reserve Interest for January, 2008 A.R.O 6.50% on balance as at 31.12.2007 0.00 628,470,298.00 15,000,000.00 613,470, 298.00 February Receipts for January, 2008 6,063,745.00 Add balance as at 31.12.2007 613,470,298.00 619,534,043.00 Less Payments for January, 2008 5,881,670.00 613,652, 373.00 Interest for February, 2008 A.R.0.6.50% on balance as at 31.01.2008 March Receipts for February 2008 8,375,122.00 Add balance at 31.1.2008 613,652,373.00 622,027,495.00 Less payments for February,2008 9,631,055.00 612,396,440 00 $3,377,439.00 $3,160,477.00 Interest for March, 2008
 A.R.O.
6.50% on balance as at 28.2.2008 April Receipts for March, 2008 Add balance as at 29.2.2008 Add Interest for Quarter ended 31.3.2008 Less Payments for March, 2008 Interest for April, 2008 A.R.0.6.50% on balance as at 31.3.2008 $3,371,527.00 9,909,443.00 6,709,262.00 612,396,440.00 9,909,443.00 629,015,145.00 4,494,881.00 624,520,264.00 May Receipts for April, 2008 6,087,441.00 Add balance as at 31.3.2008 Less Payments for April, 2008 Interest for May 2008 A.R.O 6.50% on balance as at 30.4.2008 624,520.264.00 630,607,705.00 5,476,449.00 625,131,256.00 June Receipts for May, 2008 7,070,685.00 Add balance as at 30.4.2008 Less Payments for May, 2008 Interest for June, 2008 A.R.O.6.50% on balance as at 31.5.2008 625,131,256.00 632,201,941.00 5,784,659.00 626,417, 282.00 19 $3,327,362.00 $3,441,638.00 $3,337,469.00 10,106,469.00 MONTHS PARTICULARS July Receipts for June, 2008 Add balance as at 31.5.2008 Add Interest for Quarter ended 30.6.2008 Less Payments for June, 2008 Interest for July, 2008 A.R.0.6.50% on balance as at 30.6.2008 MONTHLY BALANCES INTEREST INTEREST MONTHLY QUARTERLY 8,190,723.00 626,417,282.00 10,106,469.00 644,714,474.00 5,033,473.00 639,681,001.00 $3,521,741.00 $3,532,549.00 $3416,813.00 10,471,103.00 $3,729,272.00 $3,610,979.00 $3,921,316.00 11,261,567.00 41748,582.00 41,748,582.00 August Receipts for July, 2008 8,308,172.80 Add balance as at 30.6.2008 Less Payments for July, 2008 Interest for August 2008 A.R.0.6.50% on balance as at 31.7.2008 639,681,001.00 647,989,173.00 6,345,110.00 641,644,063.00 September Receipts for August, 2008 5,554,554.00 Add balance as at 31.7.2008 Less Payments for August, 2008 Interest for September, 2008 A.R.O.6.50% on balance as at 31.8.2008 641,644,063.00 647,198,617.00 5,889,043.00 641,309,574.00 October Receipts for September, 2008 Add balance as at 31.8.2008 Add Interest for Quarter ended 30.9.2008 6,238,961.00 641,309,574.00 10,471,103.00 658,019,638.00 Less
 Payments for September 2008 5,731,157.00 652,288,481.00 Interest for October, 2008 A.R.0.6.75% on balance as at 30.9.2008 November Receipts for October, 2008 Add balance as at 30.9.2008 5,935,644.00 652,288,481.00 658,224,125.00 Less Payments for October, 2008 5,573,046.00 652,651,079.00 Interest for November, 2008 A.R.O.6.75% on balance as at 31.10.2008 December Receipts for November, 2008 38,680,915.00 Add balance as at 31.10.2008 Less Payments for November 2008 Interest for December, 2008 A.R.O.6.75% on balance as at 30.
11.2008 652,651,079.00 691,331,994.00 5,453,121.00 685,878,873.00 20 STATEMENT OF INTEREST CONTRIBUTED BY GOVERNMENT FOR THE YEAR 2008 FOLIO INVESTMENT CENTUM PER FACE VALUE LEDGER VALUE PERIOD ACTUAL INTEREST COST PRICE DIFFERENCE 8.00 British Guiana Demerara Railway Perpetuals 9.00 British Guiana Demerara 4 131,681.66 93,636.09 1 yr 5,407.36 5,618.17 (210.81) Railway Perm Annuities 58,627.47 519,930.58 60,186.69 31,195.83 28,990.86 67.00 Joint Miscellaneous Fund nil 4,472.49 618,039.16 nil nil nil 65,594.05 36,814.00 28,780.05 20.00 British Guiana Government Bonds 1973/88 5 1/2 300,000.00 300,000.00 16,500.00 18,000.00 (1,500.00) 918,039.16 82,094.05 54.814.00 27,280.05 21