Chapter

Appendix IX. FINANCIAL STATEMENTS

Author(s):
International Monetary Fund
Published Date:
September 1962
Share
  • ShareShare
Show Summary Details

Appendix IX. Financial Statements of International Monetary Fund and Staff Retirement Fund

Letter of Transmittal

June 29, 1962

My dear Mr. Chairman:

In accordance with Section 20(b) of the By-Laws of the Fund, I have the honor to submit for the consideration of the Board of Governors the audited financial statements of the International Monetary Fund, and the Staff Retirement Fund, for the year ended April 30, 1962, together with two memoranda from the Audit Committee, which include the audit certificates.

In conformity with the By-Laws, the external audit of the Fund has been performed by an Audit Committee consisting of auditors nominated by three member countries. At the Fund’s request, Argentina, Finland, and the United States nominated auditors to serve on this Committee. They respectively nominated Mr. Luis Larrosa, Chief Accountant, Banco Central de la Republica Argentina; Mr. Svante Kihlman, Chairman of the Board of Directors of the Association of Certified Public Accountants of Finland and member of the Board of Auditors, Central Chamber of Commerce; and Mr. Samuel J. Elson, Deputy Commissioner, Central Reports, Bureau of Accounts, U.S. Treasury Department. The auditors thus nominated were confirmed by the Executive Directors.

It will be noted that, in the period under review, ordinary income amounted to $33,106,768 and expenditure amounted to $8,155,802, resulting in a net income of $24,950,966, which has been transferred provisionally to General Reserve pending Board of Governors’ action. In addition, income of $22,779,476 from the Fund’s gold investment program has been transferred to Special Reserve.

The detailed report of the Audit Committee is being submitted separately to the Board of Governors.

Yours sincerely,

/s/

Per Jacobsson

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

Memorandum by the Audit Committee

June 29, 1962

To the Managing Director

and the Executive Directors

International Monetary Fund

The report of the Audit Committee, dated June 29, 1962, submitted through you to the Board of Governors, on the audit of the financial records and transactions of the Fund for the fiscal year ended April 30, 1962, includes the following paragraphs relating to the scope of the audit conducted and the audit certificate given:

Scope of the Audit

The Audit Committee conducted its audit according to generally accepted auditing standards and took cognizance of the requirements of Section 20(b) of the By-Laws that it be comprehensive with respect to the examination of the financial records of the Fund; that it extend, insofar as practicable, to the ascertainment that financial transactions consummated during the period under review were supported by the necessary authority; and that it determine that there was adequate and faithful accounting for the assets of the Fund. In determining the authority for financial transactions, reference was made to the Articles of Agreement, the By-Laws and Rules and Regulations of the Fund, the minutes of the Executive Board and the General Administrative Orders of the Fund. The system of accounting and the internal control were reviewed, and the work program performed by the Internal Auditor, as reported by him to the Committee, was taken into account in the audit after adequate review was made of his work performance.

Audit Certificate

We have made an independent examination of the Balance Sheet of the International Monetary Fund as at April 30, 1962, of the Statement of Income and Expenditure for the fiscal year then ended and of the schedules related to such financial statements. We have obtained from the officers and staff of the Fund all such information and representations as we have required in the conduct of our audit.

As a result of our examination, we report that, in our opinion, such Balance Sheet and related Statement of Income and Expenditure, together with the notes appearing thereon, present fairly the financial position of the International Monetary Fund as at April 30, 1962, and the results of its operations for the fiscal year then ended, and were prepared in conformity with generally accepted accounting principles applied on a basis consistent with that of previous fiscal years.

Audit Committee:

/s/ Samuel J. Elson, Chairman (United States)

/s/ Luis Larrosa (Argentina)

/s/ Svante Kihlman (Finland)

Exhibit A Balance Sheet as at April 30,1962

values expressed in U.S. dollars on the basis of established parities (See Note 1)

Assets
Gold Account (Schedule 1)
Gold with depositories (See Note 2)$2,099,220,408
(59,977,725.955 fine ounces, at US$35.00 per ounce)
Investments (See Note 3)
$810,578,000 U. S. Government securities maturing within 12 months, at cost$799,973,266
Funds awaiting investment18,245799,991,511$ 2,899,211,919
Currencies and Securities (Schedule 2)
With depositories (See Note 4)
Currencies$2,370,258,790
Securities9,168,510,744$11,538,769,534
(nonnegotiable, noninterest bearing demand obligations, payable at face value by members in their currencies)
Add: Currency adjustment receivable1,092,14011,539,861,674
(in accordance with Article IV, Section 8)
Subscriptions to Capital—Receivable (Schedule 3)
Balances not due744,527,149
(members whose par values have not yet been established)
Subscription Due from Member in Respect of Authorized Increase in Quota (Contra)50,000,000
Other Assets (See Note 5) (Schedule 4)14,246,144
(receivables, accruals, prepayments, and sundry cash)
Total Assets$15,247,846,886
Notes:
Capital, Reserves, and Liabilities
Capital
Authorized subscriptions of members (Schedule 3)$15,056,900,000
Reserves (Exhibit C)
Special reserve$64,944,366
General reserve71,812,436136,756.802
Subscription in Respect of Increase in Quota
Consented to but Not Yet Effective
Payment due (Contra)50,000,000
Provision for Potential Refunds of
Stand-By Charges (See Note 6)3,722,312
Other Liabilities (See Note 5) (Schedule 5)467,772
(accruals, etc.)
Total Capital, Reserves, and Liabilities$15,247,846,886
/s/Y. C. Koo

Treasurer
/s/ Per Jacobsson

Managing Director
/s/C. M. Powell

Comptroller and Assistant Treasurer
Notes:

Exhibit B Statement of Income and Expenditure for the year ended April 30, 1962

Income
Operational charges$11,746,628
Charges on balances in excess of quotas21,359,087
Other income1,053
Total Income (See Note 1)$33,106,768
Expenditure
Board of Governors$ 369,257
Office of Executive Directors
Salaries$756,908
Other compensations and benefits149,179
Travel181,6481,087,735
Staff
Salaries$3,656,301
Other compensations and benefits1,265,275
Travel798,2755,719,851
Other administrative expenses
Communications$222,943
Office occupancy expenses301,895
Books and printing (See Note 2)152,404
Supplies and equipment153,137
Miscellaneous142,755973,134
Total Administrative Expenditure$8,149,977
Other expenditure
Gold handling and conversion$6,381
Exchange adjustments(556)5,825
Total Expenditure8,155,802
Net Income$24,950,966
(Transferred provisionally to General Reserve pending Board of Governors’ action) (Exhibit C)
Notes:

Exhibit C Statement of Reserves for the year ended April 30, 1962

Special Reserve (See Note)
Balance, April 30, 1961$42,164,890
Add
Income from investments in U. S. Government securities for year22,779,476
Balance. Anril 30. 1962$ 64,944,366
General Reserve
Balance, April 30, 1961$46,985,046
Add
Net income for year (Exhibit B), transferred provisionally pending Board of Governors’ action24,950,966
$71,936,012
Deduct
Transfer to Staff Retirement Plan for past service cost relating to previous fiscal years, resulting from September 5, 1961 amendments to the Plan$65,387
Refund of stand-by charges relating to previous fiscal year58,189123,576
Balance, April 30, 196271,812,436
Total Reserves (carried to Balance Sheet)$136,756,802

Schedule 1 to Exhibit A Gold Account as at April 30, 1962

(Cents omitted, therefore details may not add to totals)

Gold with depositories$2,099,220,408
(59,977,725.9551 fine ounces, at US$35.00 per fine ounce)
Investments in U. S. Government securities:
Maturing WithinFace ValueCost
3 months$384,970,000$380,956,003
4 to 6 months114,500,000111,861,890
7 to 9 months123,740,000121,633,729
10 to 12 months187,368,000185,521,642
$810,578,000$799,973,266
Funds awaiting investment18,245799,991,511
Total Gold Account (carried to Balance Sheet)$2,899,211,919
MemberFine Ounces
Afghanistan2.258
Argentina2.564
Australia0.046
Bolivia3.546
Brazil1.398
Ceylon42.137
Chile9,736.221
Colombia442.977
Costa Rica13.534
Cuba270.781
Dominican Republic0.228
Ecuador178.691
El Salvador7,016.634
Ethiopia1,820.947
France0.050
Guatemala2.704
Haiti261.729
Honduras38.103
Iceland0.010
India131.777
Indonesia36.505
Iran0.542
Lebanon1.501
Libya0.012
Malaya2.403
Morocco3.301
Nicaragua48.629
Pakistan1.336
Paraguay1.152
Peru132.753
Philippines3.435
Saudi Arabia0.759
South Africa268.586
Spain20.996
Sudan11.239
Syrian Arab Republic0.182
Thailand0.984
Tunisia1.040
Turkey0.243
United Arab Republic149.905
United Kingdom39.383
Viet-Nam0.405
Yugoslavia5.044
Total20,696.670

Schedule 2 to Exhibit A Currencies and Securities as at April 30, 1962

(Cents and fractional units omitted, therefore details may not add to totals)

DepositoriesNational CurrenciesAmounts in Members’ CurrenciesExchange Rates2U.S. Dollar EquivalentsPer Cent of Quota
With DepositoriesCurrency Adjustment Receivable1Totals After Currency Adjustment
SecuritiesCurrencyTotals
Da Afghanistan BankAfghanis187,435,199187,435,199187,435,19920.0000*9,371,7593
Banco Central de la República ArgentinaPesos17,197,434,00016,168,371,10433,365,805,10433,365,805,10483.0000*401,997,651143.6
Reserve Bank of AustraliaPounds137,253,0658,922,045146,175,111146,175,111224.000†327,432,24981.9
Austrian National BankSchillings1,439,605,00019,611,1071,459,216,1071,459,216,10726.000056,123,69674.8
Banque Nationale de BelgiqueFrancs10,386,338,391169,111,47010,555,449,86110,555,449,86150.0000211,108,99762.6
Banco Central de BoliviaBolivianos199,178,899,28879,516,900,202278,695,799,490278,695,799,49011,875.0*23,469,119104.3
Superintendencia da Moeda e do Credito (Brazil)Cruzeiros7,214,117,8537,214,117,8537,214,117,85318.5000389,952,316139.3
Union Bank of BurmaKyats105,614,5121,548,705107,163,218107,163,21821.0000†22,504,27575.0
Bank of CanadaDollars379,000,0006,416,360385,416,3601,146,747386,563,1071.05000*368,155,34066.9
Central Bank of CeylonRupees158,498,344109,806,277268,304,621268,304,62121.0000†56,343,970125.2
Banco Central de ChileEscudos171,712,917171,712,917171,712,9171.04900*163,692,008163.7
Banco de la Republica (Colombia)Pesos282,747,563282,747,563282,747,5631.94998145,000,237145.0
Banco Central de Costa RicaColones140,762,764140,762,764140,762,7646.6250021,247,209141.6
Banco Nacional de CubaPesos62 499 82762,499,82762,499,8271.0000062,499,827125.0
Danmarks NationalbankKroner658,871,0748,991,520667,862,595667,862,5956.9071496,691,62574.4
Banco Central de la República DominicanaPesos10,747,9689,501,78020,249,74820,249,7481.0000020,249,748135.0
Banco Central del EcuadorSucres472,494,726472,494,726472,494,72618.000026,249,707175.0
Banco Central de Reserva de El SalvadorColones21,091,71521,091,71521,091,7152.500008,436,68675.0
State Bank of EthiopiaDollars20,907,319306,01121,213,33121,213,33140.2500†8,538,36574.9
Bank of FinlandMarkkas13,489,212,753184,640,66413,673,853,41713,673,853,417320.00042,730,79175.0
Banque de FranceNew Francs1,881,600,00038,976,8891,920,576,8891,920,576,8894.93706389,012,26449.4
Deutsche BundesbankDeutsche Mark1,010,300,00031,542,3891,041,842,3891,041,842,3894.00000260,460,59733.1
Bank of GhanaPounds10,398,069125,29210,523,36110,523,361280.000†29,465,41284.2
Bank of GreeceDrachmas1,349,998,0361,349,998,0361,349,998,03630.000044,999,93475.0
Banco de GuatemalaQuetzales14,234,22114,234,22114,234,2211.0000014,234,22194.9
Banque Nationale de la République d’HaitiGourdes41,618,30413,140,16354,758,46854,758,4685.0000010,951,69397.3
Banco Central de HondurasLempiras16,640,75911,389,73828,023,49828,023,4982.0000014,011,749124.5
Central Bank of IcelandKrónur317,000,000340,199,441657,199,441657,199,44143.000015,283,707135.9
Reserve Bank of IndiaRupees2,468,880,0001,289,534,5593,758,414,5593,758,414,55921.0000†789,267,057131.5
Bank IndonesiaRupiahs5,494,200,0003,787,019,1869,281,219,1869,281,219,18645.0000*206,249,315125.0
Bank Markazi IranRials5,470,446,78355,041,1125,525,487,8965,525,487,89675.750072,943,734104.2
Central Bank of IraqDinars3,959,07253,8894,012,9614,012,961280.000†11,236,29274.9
Central Bank of IrelandPounds12,961,482160,91513,122,39813,122,398280.000†36,742,71581.7
Bank of IsraelPounds55,490,161752,16056,242,32256,242,3223.0000018,747,44075.0
Banca d’ItaliaLire29,529,004,01629,529,004,01629,529,004,016625.00047,246,40617.5
Bank of JapanYen113,394,366,2181,802,627,919115,196,994,137115,196,994,137360.000319,991,65064.0
Ottoman Bank (Jordan)Dinars1,893,96822,5741,916,5421,916,542280.000†5,366,32085.2
Bank of KoreaHwan5,781,250,00078,125,0005,859,375,0005,859,375,0001,250.00*4,687,5003
Banque de Syrie et du Liban (Lebanon)Pounds10,698,122357,56011,055,68311,055,6832.191485,044,84774.7
National Bank of LibyaPounds2,906,13939,4052,945,5452,945,545280.000†8,247,52675.0
Caisse d’Epargne de l’Etat (Luxembourg)Francs544,601,3346,027,371550,628,705550,628,70550.000011,012,57491.8
Central Bank of MalayaDollars16,836,710359,71117,196,42117,196,4213.06122*5,617,5063
Banco de MéxicoPesos2,250,000,5012,250,000,5012,250,000,50112.5000180,000,040100.0
Banque du MarocDirhams196,588,5592,657,440199,246,000199,246,0005.0604939,372,86775.0
De Nederlandsche Bank N. V.Guilders761,500,00016,286,288777,786,288777,786,2883.62000214,858,09052.1
Reserve Bank of New ZealandPounds33,260,000451,14733,711,14733,711,147278.090†93,747,32975.0
Banco Central de NicaraguaCórdobas90,562,85090,562,85090,562,8507.0000012,937,550115.0
Norges BankKroner528,357,5427,179,318535,536,860535,536,86014.0000†74,975,16075.0
State Bank of PakistanRupees630,841,69866,626,749697,468,447697,468,44721.0000†146,468,37397.6
Banco Nacional de PanamaBalboas367,0005,162372,162372,1621.00000372,16274.4
Banco Central del ParaguayGuaraníes1,364,397,5011,364,397,5011,364,397,501122.000*11,183,58699.4
Banco Central de Reserva del PeruSoles644,737,1458,728,772653,465,918653,465,91826.8100*24,373,96175.0
Central Bank of the PhilippinesPesos59,500,000122,084,781181,584,781181,584,7812.0000090,792,390121.1
Saudi Arabian Monetary AgencyRiyals183,139,8822,479,428185,619,310185,619,3104.5000041,248,73575.0
South African Reserve BankRand79,254,1301,103,00980,357,14080,357,140140.000†112,499,99675.0
Banco de EspañaPesetas6,000,000,000749,976,7936,749,976,7936,749,976,79360.0000112,499,61375.0
Bank of SudanPounds5,699,70253,4795,753,1815,753,181287.156†16,520,605110.1
Sveriges RiksbankKronor452,454,882452,454,882452,454,8825.1732187,461,14758.3
Banque Centrale de Syrie (Syrian Arab Republic)Pounds24,317,69726,890,18051,207,87751,207,8772.1914823,366,801155.8
Bank of ThailandBaht505,009,0006,841,896511,850,896511,850,89621.0000*24,373,8523
Banque Centrale de TunisieDinars1,304,00019,5291,323,5291,323,529238.000†*3,150,0003
Banque Centrale de la République de TurquieLiras753,787,759212,744,403966,532,162966,532,1629.00000107,392,462124.9
Central Bank of Egypt (United Arab RepublicPounds23,294,13424,480,91447,775,04947,775,049287.156†137,188,921152.4
Bank of EnglandPounds774,525,0006,992,435781,517,435781,517,435280.000†2,188,248,819112.2
Federal Reserve Bank of New YorkDollars2,620,000,00074,462,0792,694,462,0792,694,462,0792,694,462,079
65.3
Riggs National Bank of Washington, D.C.4Dollars151,480151,480151,480151,480
Banco de la República Oriental del UruguayPesos164,269,6532,229,287166,498,940166,498,9407.4000022,499,85675.0
Banco Central de VenezuelaBolívares371,796,4495,037,814376,834,264376,834,2643.35000112,487,84075.0
National Bank of Viet-NamPiastres157,500,000157,500,000157,500,00035.0000*4,500,0003
Banque Nationale de la République Fédérative Populaire de YougoslavieDinars54,033,567,68154,033,567,68154,033,567,681300.000180,111,892150.1
Totals (in U.S. dollar equivalents)$9,168,510,744$2,370,258,790$11,538,769,534$1,092,140$11,539,861,674$11,539,861,674

Schedule 3 to Exhibit A Status of Subscriptions to Capital as at April 30, 1962

(Expressed in U.S. dollars)

(Cents omitted, therefore details may not add to totals)

MembersQuotasSubscriptions to Capital ReceivableNotation
Balances Not Due

(par values not

established)
Balances Due

(par values

established)
Increases in Quotas

Consented to

But Not Yet Effective
Afghanistan$ 22,500,000$ 7,499,972
Argentina280,000,000
Australia400,000,000
Austria75,000,000
Belgium337,500,000
Bolivia22,500,000
Brazil280,000,000
Burma30,000,000
Canada550,000,000
Ceylon45,000,000
Chile100,000,000
China550,000,000549,945,000
Colombia100,000,000
Costa Rica15,000,000
Cuba50,000,000$50,000,0001
Cyprus11,250,0009,297,482
Denmark130,000,000
Dominican Republic15,000,000
Ecuador15,000,000
El Salvador11,250,000
Ethiopia11,400,0003,600,0002
Finland57,000,000
France787,500,000
Germany, Federal Republic of787,500,000
Ghana35,000,000
Greece60,000,000
Guatemala15,000,000
Haiti11,250,000
Honduras11,250,000
Iceland11,250,000
India600,000,000
Indonesia165,000,000
Iran70,000,000
Iraq15,000,000
Ireland45,000,000
Israel25,000,000
Italy270,000,000
Japan500,000,000
Jordan6,300,0004,950,0002
Korea18,750,0009,374,974
Laos$ 7,500,000$ 5,624,944
Lebanon6,750,000
Liberia11,250,00011,092,402
Libya11,000,000$4,000,0002
Luxembourg12,000,0003,000,0002
Malaya32,500,00024,124,9895,000,0002
Mexico180,000,000
Morocco52,500,000
Nepal7,500,0007,237,496
Netherlands412,500,000
New Zealand125,000,000
Nicaragua11,250,000
Nigeria50,000,00044,999,923
Norway100,000,000
Pakistan150,000,000
Panama500,000
Paraguay11,250,000
Peru32,500,0005,000,0002
Philippines75,000,000
Portugal60,000,00044,999,975
Saudi Arabia55,000,000
South Africa150,000,000
Spain150,000,000
Sudan15,000,000
Sweden150,000,000
Syrian Arab Republic15,000,000
Thailand45,000,0009,374,991
Tunisia16,200,00011,579,9986,300,0002
Turkey86,000,000
United Arab Republic90,000,000
United Kingdom1,950,000,000
United States4,125,000,000
Uruguay30,000,000
Venezuela150,000,000
Viet-Nam18,500,0009,374,9954,000,0002
Yugoslavia120,000,000
Totals$15,056,900,000$744,527,149Nil

Schedule 4 to Exhibit A Other Assets as at April 30, 1962

(Cents omitted, therefore details may not add to total)

Accounts Receivable—Members$ 6,750,054
Accrued Income from Investments7,266,997
Sundry Debtors141,492
Prepayments56,878
Sundry Cash30,721
Fixed Property
At cost$5,728,686
Less: Reserve5,728,686
Furniture, Equipment, and Automobiles
At cost$940,507
Less: Reserve940,507
Libraries
At cost$88,360
Less: Reserve88,360
Total Other Assets (carried to Balance Sheet)$14,246,144

Schedule 5 to Exhibit A Other Liabilities as at April 30, 1962

(Cents omitted, therefore details may not add to total)

Accruals$377,440
Accounts Payable74,159
Deferred Credits16,172
Total Other Liabilities (carried to Balance Sheet)$467,772

Staff Retirement Fund

Memorandum by the Audit Committee

June 29, 1962

To the Managing Director

and the Executive Directors

International Monetary Fund

The report of the Audit Committee, dated June 29, 1962, submitted through you to the Board of Governors, on the audit of the financial records and transactions of the International Monetary Fund for the fiscal year ended April 30, 1962, includes the following paragraphs relating to the scope of the audit conducted, the investments held, and the audit certificate given with respect to the Staff Retirement Fund:

Scope of the Audit

An examination was made by the Audit Committee of the separate accounts and financial statements relating to the Staff Retirement Fund for the fiscal year ended April 30, 1962. In the course of the examination, the Committee referred to the Articles of the Staff Retirement Plan and to the decisions of the Pension, Administration and Investment Committees created under the Plan, and examined the Report on the Thirteenth Actuarial Valuation of the Plan as at April 30, 1961 submitted on July 28, 1961 by the Staff Retirement Fund’s Actuary. The Audit Committee made what it considered an adequate test check of the various classes of transactions, taking into account the audit coverage made by the Internal Auditor, as reported by him to the Committee. The report of the Internal Auditor, among other audit activities conducted by his staff, showed that a detailed examination had been made of the Participants’ Accounts.

Investments

A confirmation was received by the Audit Committee directly from the depository concerning the investments held by it as at April 30, 1962, as custodian for the International Monetary Fund Staff Retirement Fund. The Audit Committee ascertained that the holdings of the various classes of investments were within the limiting percentages prescribed by the Pension Committee, as follows:

Authorized PercentageActual PercentageBook Value
Bonds:
U.S. GovernmentMinimum 3034.04$ 3,587,961
International Bank for Reconstruction and DevelopmentMaximum 2015.451,628,394
Corporate (other than convertible)Maximum 2517.711,866,163
Corporate convertibleMaximum 5
Corporate stocksMaximum 3532.803,455,757
Totals100.00$10,538,275

It was determined that due consideration to the advice of the Investment Consultant had been given by the Investment Committee in reaching decisions in regard to purchases and sales of investments.

Audit Certificate

As a result of our examination of the separate accounts and financial statements relating to the Staff Retirement Fund for the fiscal year ended April 30, 1962, we report that, in our opinion, the Balance Sheet, Statement of Source and Application of Funds, and the related Statements of Participants’ Account, Accumulation Account, Retirement Reserve Account and Reserve Against Investments, present fairly the financial position of the Staff Retirement Fund as at April 30, 1962 and the results of its operations for the fiscal year then ended, and were prepared in conformity with generally accepted accounting principles applied on a basis consistent with that of previous fiscal years.

Audit Committee:

/s/ Samuel J. Elson, Chairman (United States)

/s/ Luis Larrosa (Argentina)

/s/ Svante Kihlman (Finland)

Exhibit I Staff Retirement Fund Balance Sheet as at April 30, 1962

Assets
Cash at Banks$ 9,470
Investments
Bonds, at amortized value United States Government (market value, $3,597,093)$3,587,961
International Bank for Reconstruction and Development (market value, $1,666,223)1,628,394
Corporate (market value, $1,714,583)1,866,163$7,082,518
Corporate stocks (common), at cost (market value, $4,963,656)3,455,75710,538,275
108,235
Accrued Contributions from Participants and Employer26,423
Total Assets$10,682,403
Liabilities and Reserves
Participants’ Account (Schedule I)$ 2,285,01
Accumulation Account (Schedule II)7,263,418
Retirement Reserve Account (Schedule III)843,323
Reserve Against Investments (Schedule IV)290,651
Total Liabilities and Reserves$10,682,403
/s/ Y. C. Koo

Treasurer
/s/ Per Jacobsson

Managing Director
/s/ C. M. Powell

Comptroller and Assistant Treasurer

Schedule I to Exhibit I Staff Retirement Fund

Statement of Participants’ Account for the year ended April 30, 1962

(Cents omitted, therefore details may not add to totals)

Prior

Service
Participating

Service
Additional

Contributions
Balance, April 30, 1961$1,966,204$11,735
Add
Participants’ contributions$6,931$ 306,197$ 4,080
Interest credited to participants..65,320432
Transfers from prior service contributions6,931
Transfers from IBRD Retirement Plan5,735
$6,931$ 384,184$ 4,512
Deduct
Refunds on withdrawals of participants$ 48,686
Refunds on death (prior to retirement)..6,378
Transfers to Retirement Reserve Account26,561
Transfers to participating service contributions$6,931
$6,931$ 81,626
Balance, April 30, 1962$2,268,762$16,248
Total (carried to Balance Sheet)$2,285,011

Schedule II to Exhibit I Staff Retirement Fund Statement of Accumulation Account for the year ended April 30,1962

(Cents omitted, therefore details may not add to totals)

Balance, April 30, 1961$6,375,120
Add
Employer’s contributions
Participating service$627,192
Prior service23,834651,026
Income from investments
Interest earned on bonds$269,125
Dividends received on corporate stocks151,937
Other725421,788
Net profit on sales of investments$6,248
Less: Transfer to Reserve Against Investments6,248
Transfers from IBRD Retirement Plan22,629
$7,470,565
Deduct
Transfers to Retirement Reserve Account$88,153
Withdrawal benefits12,906
Death benefits (prior to retirement)16,886
Interest transferred to Participants’ Account65,752
Interest transferred to Retirement Reserve Account23,447207,147
Balance, April 30, 1962 (carried to Balance Sheet)$7,263,418

Schedule III to Exhibit I Staff Retirement Fund Statement of Retirement Reserve Account for the year ended April 30, 1962

(Cents omitted, therefore details may not add to totals)

Balance, April 30, 1961$749,281
Add
Transfers from
Participants’ Account$26,561
Accumulation Account88,153114,715
Interest credited23,447
$887,444
Deduct
Pension payments to
Retired participants$40,308
Beneficiaries of deceased participants3,81344,121
Balance, April 30, 1962 (carried to Balance Sheet)$843,323

Schedule IV to Exhibit I Staff Retirement Fund Statement of Reserve Against Investments for the year ended April 30, 1962

(Cents omitted, therefore details may not add to totals)

Balance, April 30, 1961$284,402
Add
Transfer from Accumulation Account, representing
Profits on sales of
Bonds$2,458
Corporate stocks9,172$11,630
Less: Losses on sales of bonds…5,3826,248
Balance, April 30, 1962 (carried to Balance Sheet).$290,651

Exhibit II Staff Retirement Fund Statement of Source and Application of Funds for the year ended April 30, 1962

Funds Provided
By Income
Participants’ contributions
Prior service$ 6,931
Participating service306,197
Additional voluntary contributions4,080$ 317,208
Employer’s contributions651,027
Income from investments$421,063
Less: Amortization of bond discounts and premiums (net)5,171415,892
Transfers from Retirement Plan of International
Bank for Reconstruction and Development28,365
Total Income$1,412,492
By Investments
Sales and redemptions of investments (book value)
U.S. Treasury bonds$328,858
Corporate bonds51,421
Corporate stocks52,478432,757
By Profits from Sales and Redemptions of Investments (net),
Transferred to Reserve Against Investments6,248
Total Funds Provided$1,851,497
Funds Applied
To Withdrawals, Death Benefits, and Pension Payments
Payments to participants on withdrawal$ 61,593
Death benefits (prior to retirement)
Pension payments to
Retired participants$40,309
Beneficiaries of deceased participants3,81344,122
Total Withdrawals, Death Benefits, and Pension Payments$ 128,980
To Purchases of Investments1,720,773
To Increase in Working Capital Between 1961 and 1962 (Schedule I)1,744
Total Funds Applied$1,851,497

Schedule I to Exhibit II

Staff Retirement Fund Statement of Changes in Working Capital

(Cents omitted, therefore details may not add to totals)

April 30,

1962
April 30,

1961
Increase (+)

Decrease(-)
Current Assets
Cash$ 9,470$ 9,695-$ 225
Accrued interest on bond108,235112,522- 4,287
Accrued contributions receivable from participants and employer26,42323,401+ 3,020
$144,128$145,620-$1,492
Less: Current liabilities Accounts payable3,236- 3,236
Working Capital (increase carried to Exhibit II)$144,128$142,383+$1,744

    Other Resources Citing This Publication