Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697795878808.pdf (Guyana)
REPORT OF THE DIRECTORS OF THE DEPENDANTS' PENSION FUND FOR THE YEAR 2007 REPORT OF THE DIRECTORS OF THE DEPENDANTS' PENSION FUND FOR THE YEAR 2007 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 2007.

BOARD OF DIRECTORS 2.


By virtue of Section 110) 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:- (1) (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) 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 Director-Secretary/Manager CURRENT CONTRIBUTORS 41 The number of contributors at the end of 2006 was forty-five thousand, two hundred and ninety-six.
During the year, eight hundred and one new contributors were admitted, thirteen died, and one hundred and thirteen ceased to contribute for various reasons and retained no interest and two hundred and twenty-three ceased to contribute and retained an interest in the Fund.

The number of Contributors at the end of 2007 was forty- five thousand, seven hundred and forty-eight.

FORMER CONTRIBUTORS WITH INTEREST 4.


Forty-three 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 and six 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.
PENSIONERS 6.

Fifty-six pensioners were added to the Register of Pensioners while twenty-two were taken off due to death or expiration of pensions during the year, thereby realising a total of two thousand and eighty-four pensioners on the Register of the Fund at the end of 2007 as compared with two thousand and fifty for 2006.

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 31m December 2007 and at the end of the four previous years.
2003 2004 2005 2006 2007 Contributors contributing 42,449 43,843 44,739 45,296 45,748 Contributors with retained interes 6,235 6,504 6,683 6,826 7,006 Contributors who ceased during the year and retained no interest 44 43 84 Rejected Officers with retained interest 21 21 21 50 21 94 21 Pensioners 1,908 1943 1,998 2,050 2084 INCOME AND EXPENDITURE 8.

9.

The total income reflected in the accounts of the Fund during the year amounted to $123,843,691.00 or $ 4,403,179.00 more than in the preceding year.
After meeting expenses and other charges amounting to $67,160,557.00 the surplus of income over expenditure was $56,683,114.00 as compared with $60,351,844.00 in 2006, a decrease of $3,668,730.00.

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 $39,442,536.00 was receivable from Government in respect of interest on the monthly balances held on deposi t by the Accountant General on behalf of the Fund.

The interest rate was 6.00-6.75 % throughout the year.

Interest on Mortgages was $29,039,887.00.

10.

Contributions from members decreased by $3,260,601.00 against the 2006 figure to $19,992,527.00 for the year.
Government's 1% contributions in respect of the disciplined services as required by Section 20(c) of the Act was $34,648,741.00 as compared to $32,271,035.00 in 2006.

4 3 11.

12.

Refund of contributions amounted to $1,132,261.00 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 2006 were $462,149.00.


Pensions paid and payable were $16,448,670.00 at the end of 2007 as compared with $13,913,344.00 at the end of 2006.

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

13.
Summary Tables of Income and Expenditure for year 2007 as compared with the four previous years are shown hereunder:- INCOME 2004 2005 2006 2007 2003 RESTATED RESTATED RESTATED RESTATED RESTATED Contributions 24,309,123 48,801,475 47,548,066 55,524,163 54,641,268 Interest on Mortgages 45,295,079 41,879,592 36,592,867 32,491,626 29,039,887 69,604,202 90,681,067 84,140,933 88,015,789 83,681,155 R REVENUE Interest on Investments - - Government Interest 17,580,916 23,144,882 30,216,804 29,984,723 39,442,536 Rent 1,440,000 1,800,000 1,080,000 1,440,000 720,000 Miscellaneous Income 1,111,698 218,830 1,662,387 20,132,614 25,163,712 32,959,191 31,424,723 40,162,536 4 EXPENDITURE 2003 2004 2005 2006 2007 RESTATED RESTATED RESTATED RESTATED RESTATED TING EXPENDITURE Administration & General Expenses Other Operating Expenses 31,421,015 33,255,590 34,806,402 35,517,882 40,999,642 6,696,009 7,945,299 6,943,797 8,071,282 7,511,698 Depreciation Pensions 1,073,145 1,006,922 1,098,360 1,124,011 1,068,306 13,313,257 14,475,076 13,862,568 13,913,344 16,448,670 Refund of Contributions 590,567 1,721,521 689,911 462,149 1,132,261 55,564,570 53,093,993 58,412,408 57,401,038 59,088,668 14.
15.

The aggregate administration and general expenses along with other operating expenses showed an increase over the figures of 2006.

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 $575,180,146.00 representing 52.3 % of the total assets of the Fund.
In addition the Accountant General held a net sum of $413,092,398.00 at the end of 2007 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 2003 2004 2005 2006 2007 9 15 3 2 0 15,905,680.00 10,518,407.00 8,870,301.00 2,474,957.00 1,179,627.00 12 9 7 2 2 5 The amount outstanding (including interest) as at 31.12.2007 was $274,262,107.00 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 2007 were in respect of applications received prior to 2007 ASSETS 17.
A table of the Assets of the Fund at 31st December, 2007 as compared with those of the four previous years is shown hereunder.
2003 2005 RESTATED RESTATED RESTATED RESTATED RESTATED 2004 2006 2007 FIXED ASSETS Tangible Assets INVESTMENTS Other Investments CURRENT ASSETS Stock 12,595,652 11,787,375 14,083,006 14,828,859 21,875,225 439,307,346 396,518,198 360,925,347 622,187,286 575,180,146 528,167 385,596 425,180 567,871 668,324 Debtors & Prepayments 16,737,630 43,385,935 46,864,787 Due from Accountant General 361,959,693 444,332,429 542,469,981 Cash at Bank 9,908,867 6,657,802 4,919,401 75,135,887 86,464,627 319,801,344 413,092,398 5,640,936 2,161,361 4 841,037,355 903,067,335 969,687,702 1,038,162,183 1,099,442,081 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 2007 in respect of Cost of Living Allowances to pensioners of the Fund was $1,531.00 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 2007 are attached:- A.

B. C. E. F. G. Income and Expenditure Account and Balance Sheet as at 31st December, 2007.

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.

ff.

A u,tcur Accountant General Chairman Dependants' Pension Fund L. Dad Director-Secretary/Manager Dependants' Pension Fund Date: 7 g)r. giox 1002, 68 aegx Ca rt, eratrion (37ealegektint, aFterta cge.?

592-225-7592, Cgacc.


592-226-7257, 41.0.14nma, a eti loom AG: 51/2009 12 June 2009 REPORT OF THE AUDITOR GENERAL ON THE FINANCIAL STATEMENTS OF THE DEPENDANT'S PENSION FUND FOR THE YEAR ENDED 31 DECEMBER 2007 We have audited the accompanying financial statements of the Dependant's Pension Fund as at 31 December 2007, 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 for the financial statements Management is responsiblefor 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.

Auditor's responsibility 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 perforating proce4tges 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 'risking 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 lbr 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 8 • and the reasonableness of accounting estimates made by management.

as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Qualified Opinion Arising from Limitation of Scope The amount of $21,875,225 represents Tangible Assets.

An examination of the assets schedule revealed that land and building were valued at $28,080 and $6.999M respectively.

On 23 May 2000 the property was revalued to a cost of $62.5M.

However, separate values were not shown for the land and building and the new valuation was not taken into account for the period under review.

As a result, the Fixed assets and reserves being understated by $55.473M.
As a result, the completeness.

accuracy and validity of the amounts shown on the financial statement in respect of land and building could not be ascertained.
Except for any adjustments (if any), which might have shown to be necessary, as a result of the matter referred to in the preceding paragraph, in my opinion the Financial statements presents fairly in all material aspects the position of the Dependant's Pension Fund for the year ended 31 December 2007 and the results of its operation for the year then ended in conformity with generally accepted accounting principles.

TA-30 , / „re-, / if/ Its7fikittg 1T-01‘ (ag.)
AUDI I OFFICE 63 HIGH STREET KINGSTON GEORGETOWN GU YANA 4 9 DEPENDANTS' PENSION FUND STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31st DECEMBER, 2007 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 40,999,642 7,511,698 1,068,306 16,448,670 1,132,261 0 39,442,536 720,000 2007 54,641,268 29,039,887 83,681,155 67,160,577 16,520,578 40,162,536 56,683,114 947,492,539 56,683,114 1,004,175,653 1,777,892 1,005,953,545 2006 S 55,524,163 32,491,626 88,015,789 35,517,882 8,071,282 1,124,011 13,913,344 462,149 (59,088,668) 28,927,121 0 29,984,723 1,440,000 31,424,723 60,351,844 887,140,695 60,351,844 947,492,539 5,257,467 952,750,006 10 DEPENDANTS' PENSION FUND BALANCE SHEET AS AT 31st DECEMBER, 2007 FIXED ASSETS NOTES 2007 2006 $ 14,828,859 Tangible Assets $ 21,875,225 575,180,146 597,055,371 668,324 86,464,627 413,092,398 2,161,361 502,386,710 (87,495,401) 6 7 8 9 10 INVESTMENTS Other Investments CURRENT ASSETS Stock Debtors and Prepayments Due from Accountant General Cash at Bank CREDITORS: Amount falling due within 1 year NET CURRENT ASSETS CREDITORS: Amount falling due after 1 year Unregistered Contributors Due to Expatriate Officers 11 12 5,088,641 904,494 TOTAL NET ASSETS FINANCED BY: Opening Accumulated Fund Balance at 1.1.2006 Add surplus for the Year Closing Accumulated Fund Balance at 31.12.2006 414,891,309 1,011,946,680 (5,993,135) 1,005,953,545 1,004,175,653 1,777,892 1,005,953,545 0 622,187,286 637,016,145 567,871 75,135,887 319,801,344 5,640,936 401,146,038 (79,419,042) 321,726,996 958,743,141 5,088,641 904,494 (5,993,135) 952,750,006 947,492,539 5,257,467 952,750,006 L.Dcc Director-Secretary/Manager Dependants' Pension Fund
 lf.Atttar Chairman Dependants' Pension Fund 11 DEPENDANTS' PENSION FUND SHFLOW STATEMENT FOR THE YEAR ENDED 31st DECEMBER, 2007 Profit from Operations Add Non Cash Items Depreciation Sub Total Operating Activities Working Capital Increase in Stock Increase Debtors/Prepayments Increase in Creditors Other Operating Activities Decrease in Mortgages Investing Activities Increase in Due from from Accountant General Acquisition of Fixed assets 56,683,114 1,068,306 57,751,420 ($100,453) (11,328,740) 8,076,359 47,007,140 (93,291,054) (8,114,672) (3,352,834) 54,398,586 47,007,140 101,405,726 (101,405,726) 0 12 it- DEPENDANTS' PENSION FUND NOTES TO THE ACCOUNTS 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.

4 2.
4 2.

 PRINCIPAL ACCOUNTING POLICIES (A) Accounting Convention These accounts have been prepared using 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 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% p (D) Stock Values Stocks are valued at the lower of cost and net realisable value.

2006 S 23,253,128 32,271,035 55,524,163 3 CONTRIBUTIONS Contributions from Members 1% Government Contributions 2007 S 19,992,527 34,648,741 54,641,268 13 4.
ADMINISTRATION AND GENERAL EXPENSES 2006 $ 50,150 0 0 762,690 29,247,920 46,416 5,410,706 35,517,882 1,827,871 5,040,100 0 932,511 270,800 8,071,282 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 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 6.
TANGIBLE FIXED ASSETS LAND BUILDING MACHINES OFFICE FURNITURE & FITTINGS VEHICLE TOTAL Net Book Value 1.1.2007 Additions 28,080 0 28,080 7,367,499 0 7,367,499 5,397,786 424,359 5,822,145 959,855 40,313 1,000,168 1,075,639 7,650,000 8,725,639 14,828,859 8,114,672 22,943,531 Depreciation Charges for year Net Book Value 31.12.2007 0 368,375 543,636 48,731 107,564 1,068,306 28,080 6,999,124 5,278,509 951,437 8,618,075 21,875,225 7.
OTHER INVESTMENTS 300,000,000 618,039 300,000 321,269,247 622,187,286 Colonial Life Insuarnce Company Crown Agents Guyana Government Bonds Mortgages 14 300,000,000 618,039 300,000 274,262,107 575,180,146 2006 66,557,513 7,421,375 177,166 867,344 112,489 75,135,887 574,621,780 60,218,049 11,515 634,851,344 315,050,000 319,801,344 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.I.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 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 54,278,998 371,535 671,975 0 32,172,893 87,495,401 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 2006 13.
PENSIONS 10,836,492 3,076,852 13,913,344 Pensions Pensions (Staff Superannuation Benefits) 14 Open Accumulated Fund Babalce 01-01-2007 Surplus Reserve 2007 12,027,800 4,420,870 16,448,670 947,492,539 56,683,114 1,004,175,653 1,777,892 1,005,953,545 16 DEPENDANTS' PENSION FUND REJECTED OFFICERS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, 2007 Balance as at 1.1.2007 Add: Interest Less: Bank Charges Balance as at 31.12.2007 $373,444.00 00.00 $ $ 373,444.00 00.00 $ 373,444.00 17 DEPENDANTS' PENSION FUND INVESTMENTS HELD BY CROWN AGENTS AND LOCALLY AS AT 31ST DECEMBER, 2007 FOLIO INVESTMENTS PER CENTUM 8 British Guiana Demerara Railway Perpetuals 9 British Guiana Demerara Railway Perm Annuities 67 Joint Miscellaneous Fund Sub-total 4 nil Per 131,681.66 58,627.47 93,636.09 519,930.58 23 6 4,472.49 4,472.49 194,781.62 618,039.16 20 British Guiana Government Bonds 1973/88 5 1/2 300,000.00 300,000.00 494,781.62 918,039.16 " " 30,286.78 35,17648 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 GENERAL'S DEPARTMENT FOR THE YEAR ENDED 31ST DECEMBER 2007 MONTHS PARTICULARS MONTHLY MONTHLY QUARTERLY BALANCES INTEREST INTEREST January Balances as at 2006-12-31 574,621,780.00 Add Interest Receivable Accountant General Less Reserve Interest for January, 2007 A.R.0 6.75% on balance as at 31_12.2006 0.00 574,621,780.00 15,000,000.00 559,621,780 00 February Receipts for January, 2007 24,596,515.00 Add balance as at 31.12.2006 559,621,780.00 584,218,295.00 Less Payments for January, 2007 Interest for February, 2007 A.R.0.6.50% on balance as at 31.01.2007 5,031,280.00 579,187,015.00 March Receipts for February 2007 Add balance at 31.1.2007 Less payments for February,2007 6,571,122.00 579,187,015.00 585,758,137.00 10,128,444.00 575,629,693.00 $3,208,242.57
 $2,888,001.01 Interest for March, 2007 A.R.O.
6.00% on balance as at 28.2.2007 April Receipts for March, 2007 Add balance as at 28.2.2007 Add Interest for Quarter ended 31.3.2007 Less Payments for March, 2007 Interest for April, 2007 A.R.0.6.50% on balance as at 31.3.2007 Receipts for April, 2007 Add balance as at 31.3.2007 Less Payments for April, 2007 Interest for May 2007 A.R.O 6.50% on balance as at 30.4.2007 May $2,933,345.83 9,029,589.51 9,815,919.00 575,629,693.00 9,029,590.00 594,475,202.00 4,951,344.00 589,523,858.00 9,135,609.00 589,523,858.00 598,659,467.00 4,415,223.00 594,244,244.00 $3,149,511.02 $3,280,553.84 June Receipts for May, 2007 10,594,523.00 Add balance as at 30.4,2007 Less Payments for May, 2007 Interest for June, 2007 A.R.0.6.50% on balance as at 31.5.2007 594,244,244,00 604,838,767.00 5,678,060.00 599,160,707.00 $3,200,995.56 9,631,060.42 19 MONTHS PARTICULARS MONTHLY MONTHLY QUARTERLY BALANCES INTEREST INTEREST July Receipts for June, 2007 Add balance as at 31.5.2007 Add Interest for Quarter ended 30.6.2007 Less Payments for June, 2007 Interest for July, 2007 A.R.0.6.50% on balance as at 30.6.2007 5235,184.00 599,160,707.00 9,631,060.00 617,026,951.00 5,386507.00 611,640544.00 August Receipts for July, 2007 7594,808.00 Add balance as at 30.6.2007 611,640,644.00 619,235452.00 Less Payments for July, 2007 4,935508.00 614,299,944.00 Interest for August 2007 A.R.0.6.50% on balance as at 31.7.2007 $3,376,591.50 $5391,272.29 September Receipts for August, 2007 26,096,524.00 Add balance as at 31.7.2007 614299,944.00 640,395468_00 Less Payments for August, 2007 Interest for September, 2007 A.R.0.6.50% on balance as at 31.8.2007 5,817,158.00 634,579,310.00 October Receipts for September, 2007 7,381537.00 Add balance as at 31.82007 634579510.00 Add Interest for Quarter ended 30.9.2007 10,158,082.02 652,118,929.02 Less Payments for September 2007 5,396,846.00 645722,083.02 Interest for October, 2007
 A.R.0.6.50°A, on balance as at 30.9.2007 November Receipts for October, 2007 7,261,776.00 Add balance as at 30.9.2007 645722,083.02 653,985859.02 Less Payments for October, 2007 4,383,362.00 649,600,497.02 Interest for November, 2007 A.R.0.6.50% on balance as at 31.10.2007 December Receipts for November, 2007 7,917487.00 Add balance as at 31.10.2007 645600497.02 654,517,984.02 Less Payments for November 2007 5,474554.00 649,043,430.02 Interest for December, 2007 A.R.0.6.50% on balance as at 30.
11.2007 $5390,218.23 10,158,082.02 $5570,260.27 $3,470468.41 $5583575.37 10,623,804.05 39,442,536 00 39,442,536.00 20 Y STATEMENT OF INTEREST CONTRIBUTED BY GOVERNMENT FOR THE YEAR 2007 FOLIO INVESTMENT PER CENTUM FACE VALUE LEDGER VALUE PERIOD ACTUAL COST PRICE INTEREST DIFFERENCE 8.00 British Guiana Demerara Railway Perpetuals 4 131,681.66 93,636.09 1 yr 5,407.36 5,618.17 (210.81) 9.00 British Guiana Demerara Railway Penn 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 65,594.05 36,814.00 nil 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