Policy Research Helping Provide Affordable Rice to Filipinos

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2004 Annual ReportANNEX QPIDS PROVIDENT FUND INC.AUDIT CERTIFICATEINDEPENDENT AUDITOR’S REPORTThe Board of TrusteesPIDS Provident Fund, Inc,106 Amorsolo StreetNEDA Sa Makati Bldg.Makati CityI have audited the accompanying Statement of Financial Condition of PIDS Provident Fund, Inc. as of December 31,2004 and the related Statements of Operations and Cash Flows for the year then ended. These Financial Statements arethe responsibility of the Provident Fund’s management. My responsibility is to express an opinion in these financialstatements based on my audit.I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan andperform the audit to obtain reasonable assurance that the financial statements are free from material misstatement/s. Myaudit included examining on a test basis, evidences supporting the amount and disclosures in the financial statements. I alsoincluded assessing the accounting principles used and significant estimates made by the management as well as evaluatingthe overall financial statements presentation. I believe that my audit provides reasonable basis for my opinion.In my opinion, the financial statements referred to above present fairly in all material respects, the financial position ofPIDS Provident Fund, Inc. as of December 31, 2004, and the results of operations and cash flows, for the year thenended, in conformity with generally accepted accounting principles.Certified Public AccountantPTR No. 0014947Date: January 31, 2005March 20, 200555
Philippine Institute for Development StudiesANNEX RPIDS PROVIDENT FUND INC.COMPARATIVE STATEMENTS OF FINANCIAL CONDITIONAs of December 31, 2004 and 2003See accompanying Notes to Financial Statements (Annex U).2004 2003ASSETSCash in Bank (note 1) P 285,393.89 P 215,690.35Accrued Interest Receivable (note 2) 210,205.92 164,675.54Short-term investments (note 3) 7,436,452.09 3,543,787.43Long-term investments (note 4) 5,106,631.15 6,647,874.64TOTAL 13,038,683.05 10,572,027.96LIABILITIES AND FUND BALANCELiabilitiesDue to Resigned/Retired Member (note 5) 489.56 -Withholding Taxes Payable (note 6) 1,260.00 900.00Dividends Payable (note 7) 1,904,688.11 1,303,014.29Total 1,906,437.67 1,303,914.29Fund Balance (note 8)Contributions 7,580,036.98 6,129,239.48Fund Equity 2,000,000.00 2,000,000.00Total 9,580,036.98 8,129,239.48Fund EarningsGeneral Reserve Fund 581,936.23 329,949.85Add Net Income for the period 970,272.17 808,924.34Total 1,552,208.40 1,138,874.19TOTAL P 13,038,683.05 P 10,572,027.96ANNEX SPIDS PROVIDENT FUND INC.COMPARATIVE STATEMENTS OF OPERATIONSFor the years ended December 31, 2004 and 20032004 2003INCOMEInterest Income on Investments (note 9) P 995,210.82 P 821,813.14Interest Income from Bank (note 10) 2,614.45 2,579.95Total 997,825.27 824,393.09Less: Distributable Share in Income- -Retired/Resigned Employees (note 11) 12,050.31Total 985,774.96 824,393.09LESS: EXPENSES (note 12)Trustees and Committee Members’ Fee 1,300.00 1,800.00Honorarium 10,800.00 10,800.00Professional Fees 2,000.00 2,000.00Supplies Expense 320.29 -Photocopy Expense 417.50 -Taxes and Licenses 500.00 -Miscellaneous Expense 165.00 868.75Total 15,502.79 15,468.75NET INCOME P 970,272.17 P 808,924.3456See accompanying Notes to Financial Statements (Annex U).
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