The Fund has been growing steadily since its inception. The size of the accumulated fund stood at TAS 59.7 billion as at 31st December, 1997.
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1 The was established under section 6 of the Parastatal Pensions Act No.14 of 1978, to provide pensions and other allied terminal benefits to all eligible employees of parastatal organisations in Tanzania. However, section 2(1)(c) of the Act provides for non-parastatal organizations to join membership of the Fund with the consent of the Minister for Finance. The Fund had 52 non-parastatal organizations as members as at 31st December, The Fund has been growing steadily since its inception. The size of the accumulated fund stood at TAS 59.7 billion as at 31st December, FNANCIAL HIGHLIGHTS TAS (BILLION) YEAR Total contributions Total Interest Benefits Incurred Size of the Accumulated Fund PPF FOR A SECURE FUTURE PPF House Samora Avenue/Morogoro Road P.O. Box Dar Es Salaam Telephones: Director General: General Lines: / Telefax: Telex: PP'F TZ E-MaiI :-ppf@cats-net.com
2 Page (i) Letter of Submission 3 (ii) The Chairman's Statement 4-6 (iii) Director General's Review of Operations 7-17 (iv) Report of the Board of Trustees (v) Report of the Auditors 24 (vi) Balance Sheet as a 31st December (vii) Income and Expenditure Account for the Year ended 31st December, 1997 (viii) Cash Flow Statement for the Year ended 31 st December, (ix) Notes on the Accounts (x) Acknowledgement 42
3 Letter of Submission 15th October, 1998 Hon. Daniel N. Yona (MP) Minister for Finance, The Treasury, Dar Es Salaam Dear Minister, I n accordance with section 14(3) of the Parastatal Pensions Act of 1978, I hereby submit a report on:- (a) The Fund's operations throughout the financial year ended 31st December (b) The Fund's Balance Sheet as at 31st December, 1997, its Income and Expenditure Account and Cash Flow Statement for the year ended 31st December,1997, as well as Report of the Auditors are hereby attached. Yours sincerely, Raphael O.S. Mollel CHAIRMAN
4 Chairman's Statement During the year under review a number of our members continued to experience severe liquidity problems. Continued reforms in the parastatal sector resulted in massive retrenchments in In spite of the foregoing facts, I am happy to report a significant increase in the size of the accumulated fund. Mr. Raphael O.S. Molel I have great pleasure to present the operating results of the Fund for the year ended 31st December, 1997 during which the Fund operated successfully despite the hostile economic environment. The Government continued to focus its attention on fiscal policy and monetary management because of their impact on price stability and the economy as a whole. Despite this measure, economic conditions in the country remained difficult in During the year under review a number of our members continued to experience severe liquidity prob1ems. Continued reforms in the parastatal sector resulted in massive retrenchments in In spite of the foregoing facts, I am happy to report a significant increase in the size of the accumulated fund. Contributions increased by 31% from TAS billion earned in 1996 to TAS billion earned in 1997" Interest income decreased by 27% from TAS 7.33 billion in 1996 to TAS 5.35 billion earned in The decrease was caused mainly by significant increase in the Fund's commitment towards real estate developments and decrease in interest rates on bank fixed deposits and treasury bills. Rent and other income increased by 164% from TAS million earned in 1996 to TAS million earned in The significant increase was due to the opening of PPF House in June, Most of the let table space had been taken up by tenants
5 by 1st July, In view of the foregoing facts total income increased by 10% from TAS billion in 1996 to TAS billion earned in Claims incurred by the Fund increased by 49% from TAS billion in 1996 to TAS billion in The increase was due continued retrenchments and increased employees' remunerations and consolidation of allowances. I am pleased to report that settlement of the massive claims did not disturb our investments. In view of foregoing operating results, the Fund recorded a surplus of TAS billion. The surplus reflected a decrease of 23% when compared to the surplus of TAS billion which was recorded in The accumulated fund increased by 16% from TAS. 51 ;54 billion to TAS billion after setting aside TAS. 450 million for staff housing scheme. The foregoing results were achieved due to concerted efforts of the Fund's dedicated staff and the Board's vision and determination as well as the support and understanding of the Fund's members. The contractual savings sector has already moved into a competitive environment and rapidly changing markets, To survive in this environment there is a need for improve performance and excellent customer service. This can
6 be achieved by having the best staff who can deliver -high standard of services which the Fund's members rightly deserve. J believe, as I have always done, that the Fund has the capacity to do better every year. With this positive attitude deeply embedded on the minds of the staff and the Board, the Fund is well placed to do even better in 1998 and beyond - May f take this opportunity to thank the Fund's members for their loyalty, my colleagues in the Board for their continued commitment, the Management and staff for their hard work. I believe that their teamwork and commitment towards the corporate goals have enabled the Fund to record such good results. Raphael O.S. Mollel CHAIRMAN
7 Director General's Review of Operations Mr. E. Matata Overview The performance of Fund depends, to some extent, on the performance of the member oganizations. Performance of most of the member organizations did not reflect any tangible improvements during the year under review. Most of them continued to operate under very tight liquidity situations with consequences of being unable to remit contributions regularly. Continued restructuring in the parastatal sector and also in the private sector resulted in massive retrenchments and in some cases complete collapse and liquidation of the organizations concerned. Benefits paid to the affected employees were colossal. The foregoing facts had adverse effect on the Fund's investment strategy. Needless to say, the Fund performed satisfactorily during the year under review. Total contributions earned increased by 36% from TAS 11.4 billion in 1996 to TAS 15.0 billion in Interest income continued to reflect a decreasing trend. It decreased by 27% from TAS. 7.3 billion in 1996 to TAS. 5.3 billion in The decrease was caused mainly by decrease in interest rates on treasury bills and bank fixed deposits as well as substantial investments in real estate developments. Rent and other income increased by 164% from TAS billion in 1996 to TAS billion in The increase was due to completion and letting of the PPF
8 House from July The total income of the Fund increased by 10% from TAS billion in 1996 to TAS billion in The Fund incurred substantial amounts of money in respect of benefits relating to the Fund's members. The benefits increased by 48% from TAS 5.2 billion in 1996 to TAS 7.7 billion in Despite the foregoing facts, the Fund recorded a surplus of TAS 8.6 billion in There was a decrease of 23% when compared to the surplus of TAS billion recorded (n Consequently the accumulated fund increased by 16% from TAS 51.5 billion as at 31 s December, 1996 to TAS 59.7 billion as at 31st: December, 1997 REVENUE INCOME Total income of the Fund increased by 10% from TAS 19.5 billion in 1996 to TAS 21.5 billion recorded in The income comprised:-
9 The Fund's total income for each of the past five years has been showing consistent growth as demonstrated by the following statistics:- INVESTMENTS The Fund's investment portfolio consists of three major categories of investments, namely Fixed Income Assets, Properties and Equities. According to the Fund's Investment Policy, the proportions provided for the three investment categories are 50%, 45% and 5% respectively.
10 A breakdown of the Fund's investment portfolio as at 31st December 1997, and comparative figures for 1996 is given in the table below: (TAS billion) Investment Amount % Amount % % change Treasure Bills Government Stocks (2.2) Bank Fixed Deposit (31.8) Long Term Loans Properties Equities Treasury Bonds Total On the whole the Fund's investment portfolio increased by 5.1% in 1997 as compared to the position in The increase in the investment portfolio is attribu1ed to investments other than the money instruments which recorded significant decrease as a result of reduced interest rates. Fixed Income Assets During the year 1997 the Fund held investments in bank deposits, commercial papers, government stocks, treasury bonds and term loans, all being under the fixed income assets category. The status as at 31st December, 1997 was as follows:- TAS Bank fixed deposits 11, Commercial Papers 1, Government Stocks 6, Treasury bonds 5, Term loans 11, TOTAL 26, The Fund did not invest in Treasury Bills during the year due to the unattractive interest rates the bills were fetching.
11 Properties The Fund's investment in properties amounted to TAS billion as at 31st December The properties include office accommodation, residential buildings and commercial accommodation. The PPF House in Dar-Es-Salaam was completed in April, 1997 and tenants started moving into the building in July, The Fund offices, previously located at NIC Life House, were shifted to the PPF House in July The Building was about 950;0 let as at 31st December, Implementation of the two projects in Arusha which started in 1996, continued fairly well in The projects, Oloirien Housing Estate and Commercial Centre and Kaloleni Apartments and Shopping Centre are expected to be completed in the year Implementation of the PPF Tower project started in February 1997 and as at the end of the year tower structure had reached the 7th floor. The tower will have 18 floors. By the end of 1997 the parking structure, which is adjacent to the tower, had reached level 5 out of the total 9 levels. Equities Equity investment involves holding or subscribing to shares in quoted or non-quoted companies and it amounts to direct participation in the capital and therefore
12 the profits of the companies concerned As at the end of the year '1997, the Fund held shares in three companies valued at TAS million. Investment in equities was rather restricted due to the absence of a stock market. Investment Income Investment income from the various Fund's investments for the year 1997 is as shown in the table below (with comparative figures for 1996) in TAS billion Investment Amount % Amount % % change Treasure Bills (90.8) Government Stocks (17.9) Bank Fixed Deposit 3.5 Long Term Loans Rental Income Treasury Bonds - Commercial Papers - Total (12.4) On the whole, investment income of the Fund decreased by 12.4% from TAS 7.52 billion as at 31st December, 1996 to TAS as at 31st December, Interest on Treasury Bills dropped drastically in 1997 for two reasons; first, because there was no new investment in treasury bills during the year, and second, because of the low interest rates on the Treasury Bills which matured during the year. Government stocks also recorded reduced income due to low interest rates and low investment levels. Rental income and interest on long term loans recorded significant increases, but interest income on bank fixed deposits increased only slightly. Interest on Treasury Bonds and commercial papers also contributed to the total investment of the Fund for the year 1997.
13 CLAIMS In view of the ongoing retrenchment exercises in the parastatal and private sectors and the incidence of AIDS and AIDS related complexes, claims for various benefits increased substantially during the year under review. The increase was also due to computing benefits on latest improved salaries as a result of consolidating allowances into basic salaries. The Fund incurred TAS 7.7 billion for various benefits during the year under review as compared to TAS 5.2 billion incurred in 1996 reflecting an increase of 48%. However, the Fund managed to settle all processed claims without recourse to discounting its short term investments. PERSONNEL As at 31st December, 1997 the Fund had a total manpower complement of 148 employees. As far as recruitment is concerned, during the year under review, no recruitment was made. TRAINING AND EXPOSURE Training is a very important human-resource development activity and the Fund attaches a lot of importance to various forms of training both locally and abroad. During the year under review, members of the Management team, some Trustees as well as several other members of staff attended training programmes geared to giving them various skills and knowledge. Training was done in
14 local institutions while countries as far afield as the Philippines, Chile, South Africa, The USA, Japan, The United Kingdom, Zimbabwe, Sweden and Kenya were visited by various members of staff for training purposes. During the year 1997 six employees of the Fund were pursuing long courses in the fields of Computer Science, Accountancy and Social Security Administration at the Institute of Finance Management (IFM) and the Institute of Development Management (IDM), Mzumbe. NOTABLE EVENTS On the 13th June,1997, His Excellency, the President of the United Republic of Tanzania, Benjamin William Mkapa, laid the foundation stone of the PPF Tower and Parking Complex which is being constructed at the junction of Garden Avenue and Ohio Street. The ultramodern complex comprises office accommodation and a car park. On the same day, the President officially opened the PPF House which is situated at the junction of Samora Avenue and Morogoro Road. All the PPF offices shifted to the new building where. all the employees and members of the Fund are enjoying a conducive and friendly working environment and proud to be in their own building. His Excellency, the President of The United Republic of Tanzania, Benjamin William Mkapa, laying the foundation stone of the PPF Tower and Parking Complex His Excellency, the President of The United Republic of Tanzania, Benjamin William Mkapa, officially opening the PPF House
15 WORKERS PARTICIPATION The first Workers' Council of the Fund which came to office in January, 1994 completed its term of three years in January, 1997 and a new Workers' Council was elected to office for a similar term. Workers council Members During 1997 the PPF Workers' Council held two meetings. The outcome of these meetings proved to be very useful to the Fund especially in the formulation of the second Five Year Corporate Plan for the Fund from 1998 to The first Corporate Plan covered a five year period beginning in 1993 up to 1997, To ensure that the workers of the Fund are fully involved and aware of the corporate goals and plans of the Fund, the second Corporate Plan of the Fund was jointly conceived and mapped out by all employees and Management. The frontline employees were involved from day one considering their critical interface with the members.
16 PPF MEMBERS' SEMINAR As is customary, from 21st to 23rd November, 1997, a successful Members' Seminar was held in Arusha. This type of seminar provides a very useful forum for PPF's Members to advise on how the Fund can serve them best and excel in its mission. The seminar in the year under review enabled the Members to, among other things, contribute their views on the Fund's second Corporate Plan which would lead the Fund to the next millennium. During the Seminar, participants had an opportunity to visit the sites in Arusha whereby investment projects were progressing well. They were delighted to see their money at work. PPF Members' Seminar CONFERENCE OF FINANCIAL INSTITUTIONS During the year under review, the annual Conference of Financial Institutions was held from 7th to 9th April, The PPF Board of Trustees and the whole Management team attended. The subjects covered were found to be highly
17 educative and very interesting especially in view of the fact that the economy is in a transitional phase towards a more liberalised environment as we are about to enter the 21st century Participants of the 1997 Conference of Financial Institutions. CONCLUSION The performance of the Fund has been satisfactory despite the unprecedented retrenchments which have resulted in payment of colossal sums of money by way of benefits. It is gratifying that we have all along been enjoying the support of our Members..1 would also like to express our gratitude to the Board of Trustees under the able leadership of the Chairman, Mr.Raphael O.S.Mollel, for their wise guidance and untiring efforts, and the commitment and dedication of Management and staff of the Fund. The Fund has been growing steadily and we invite you to join us for a secure future. David E. Mattaka DIRECTOR GENERAL
18 Report of The Trustees The Trustee have the pleasure to present their report together with the Audited Financial Statements of the Fund for the year ended 31st December 1997 in accordance with sections 14 (3) and 15 of the Parastatal Pensions Act No.14 of MEMBERS OF THE BOARD OF TRUSTEES The Board of Trustees continued to be constituted by Trustees appointed by the Minister for Finance on 12th April, There was no retirement during the year 1997
19 2.0 MANAGEMENT OF THE FUND The organisation structure of the Fund remained as approved by the Board of Trustees in 1996 comprising the Chief Executive Officer who is supported by four (4) directors and two (2) heads of units. All the Management positions are filled.
20 3.0 MAIN ACTIVITIES OF THE FUND The was estab1ished under Act. No.14 of 1978 and operates two products, namely; the contributory pension scheme with defined benefits as a main product and the deposit administration scheme. The two schemes cover employees of both the parastatal and private sectors and the schemes are becoming, increasingly attractive to the members. 4.0 SUMMARY OF OPERATIONAL RESULTS
21 5.0 ACTUARIAL VALUATION In accordance with section 16 (1) of the Parastatal Pensions Act No.14 of 1978, actuarial valuation of the Fund is a statutory requirement which is carried out at intervals of at least five years. Since the last valuation was done as at 31st December, 1993 the next valuation will be done to reflect the position of the Fund as at 31st December ADMINISTRATIVE EFFICIENCY (i) The Fund has no loans, consequently no interest charges have accrued against the Fund. All statutory payments such as PAYE, PPF contributions and deductions and VETA levy were made promptly. All properties of the Fund have requisite certificates of ownership, are adequately insured and no loss of assets was sustained during the year under review. (ii) The existing management systems are invariably adhered to and this has resulted in smooth operations of the Fund. (iii) The Fund maintained a stable manpower compliment during the year under review. There were neither recruitments nor terminations /resignations.
22 (iv) In July, 1997 the Fund's operations were shifted from the leased premises at NIC Life House to the Fund's own premises, The PPF House, at the junction of Morogoro Road and Samora Avenue. The offices are spacious, well furnished and offer an appropriate working environment for better customer services. 7.0 SOLVENCY The Fund Is solvent as current assets can adequately cover current liabilities. Indicators show that the actuarial valuation to be carried out as at 31st December, 1998 will reveal a surplus given the steady growth in the size of the accumulated fund from Tshs billion as at the last valuation (i.e ) to Tshs billion as at 31st December RELATED PARTY TRANSACTION~ No Trustee, Chief Executive or their relatives had any interest by way of shareholding or otherwise in the affairs of the Fund, save for pension benefits. 9.0 STAFF WELFARE Employees are provided with various social services as stipulated in the approved incentive schemes and other regulations of the Fund. The payment of medical allowances will form a good basis for
23 premium payment once medical insurance schemes are operational BOARD MEETINGS The Board of Trustees held all statutory meetings in line with the First Schedule to the Parastatal Pensions Act.
24 Report of Auditors As Auditors appointed under Section 14 (2) of the Parastatal Pensions Act, 1978, we have examined the attached Balance Sheet of as at 31st December, 1997, the related Income and Expenditure Account and the Cash Flow Statement for the year ended on that date. Our examinati9n was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures a~ we considered necessary. In our opinion, the accompanying Balance Sheet, income and Expenditure Account and the Cash Flow Statement present fairly the financial position of Parastatal Pensions Fund as at 31 t December, 1997, its surplus and cash flows for the year ended on that date. TANZANIA AUDIT CORPORATION S.F. SAYORE -FCCA DIRECTOR GENERAL DAR ES SALAAM DATE: 15TH APRIL, 1998
25 Balance Sheet as at 31 st December, 1997
26 Income and Expenditure Account for the Year ended 31 st December, 1997
27 Cash Flow Statement for the Year ended 31 st December, 1997
28
29 Notes on the Accounts NOTE 1: PRINCIPAL ACCOUNTING POLICIES 1.1 Basis of Accounting Accounts of the Fund have been prepared on the basis of the historical cost convention. No adjustments have been made for inflationary factors affecting the accounts except for revaluat1on of investment buildings (Note 1.4). 1.2 Fixed Assets Pursuant to the Fund's existing policy, fixed assets are stated in the Balance Sheet at cost net of depreciation. Investments properties however are treated differently as per Note 1.4 below. 1.3 Depreciation of Fixed Assets Depreciation is calculated on a straight line basis so as to write off the cost over the economic useful life of the assets. The rates of depreciation applied on
30 respective categories of fixed assets and which are consistently used are as follows Particulars Annual Rate %. Buildings 4.Motor Vehicles 25. Machines and Equipment 20. Computer Equipment 331/3. Furniture and Fittings 20 Full year's depreciation is charged n the year of acquisition and no depreciation is charged in the year )f disposal. No depreciation is investment properties. 1.4 Investment Buildings Investment buildings are pursuant :0 TSAG No.4 and are included in he balance sheet at their open market values. Property valuation is carried out at least after every three years in compliance with the TSAG No.4. Valuation for the PPF house and Msasani Flats was made in 31st December, 1997 by the University College of Lands and Architectural Studies. Changes in
31 the value of these properties have been credited to revaluation reserve -investment properties. 1.5 Investments - Others Investments comprise government stocks, fixed deposits, long term loans and equity. They are disclosed in the accounts at cost only since there is no system of determining market values of the investments, In the absence of a stock exchange market in Tanzania. 1.6 Provision for Bad and Doubtful Debts Pursuant to the Fund's provisioning policy, provision for bad and doubtful debts is made on specific debts considered as doubtful of recovery and which have been aged as follows:- (i) (ii) (iii) Debts for contributions receivable and debtors outstanding for over two years Debts for penalty receivable outstanding for over one year. Debts for term loans outstanding for one year after the grace period.
32 Provision for bad and doubtful debts as at 31st December, 1997 was stated in the accounts at an aggregate amount of Tzs , Stocks Valuation Stationery stocks are valued at the lower of purchase.cost and realised values. 1.8 Foreign Currencies Translation Assets and liabilities designated in foreign currencies are translated into Tanzanian shillings at the exchange rates ruling on the Balance Sheet date. Exchange gains and losses arising thereof are transferred to Income and Expenditure Account. Day to day transactions entered in foreign currencies are translated into Tanzanian shillings at exchange rate ruling on the date of the transactions. Exchange gains and/or losses arising thereon are taken into account in determining the amount of surplus or deficit for the year.
33 1.9 Penalty Receivable I n accordance with Section 9 (1) of the Parastal Pensions Act of 1978, an employer failing to remit to the Fund the whole or any part of the contributions required to be remitted under Section 9 {2) within 30 days after the end of the month to which the contributions (both employer's and employee's) relate, a penalty equal to 5, percentum of the amount unremitted is levied. As at 31st December, 1997 penalty levied on various institutions stood at Tzs. 1,639,217,046 gross of provision for bad and doubtful debts Accounting For Pension Contributions Employers' and Employees' Contributions are accounted for on accrual basis. Contributions are accrued in the accounts based on the latest received particulars of member's contribution. Full provision for doubtful contributions is made in the accounts as per Note 1.6 on the Accounts to cover contributions outstanding for over two years.
34 1.11 Outstanding Claims Payable The figure for outstanding claims payable is calculated taking into account the average number of claims and the relative amount settled during the most recent financial years including the financial year under audit on quarterly basis multiplied by the number of claims outstanding as at the year end Refund Of Contributions Refund of contributions represent amounts received but refunded to such contributions b considered invalid under Parastatal Pensions Scheme Actuarial Valuation Of Pursuant to section 16(1) of Act, least every five years an actual valuation is supposed to be carried out on the Fund to determine sufficiency of funds to support accrual of benefits of members I for retirement. The last actual valuation of the Fund was carried out as at by professional
35 Valuers, M/s Hymans Robertson Consulting Actuaries Ltd. of Nairobi, Kenya. The valuation resulted into an excess of assets over accrued liabilities amounting to Tzs billion arrived at as follows:-
36
37
38
39 NOTE 9: STAFF HOUSING SCHEME This revolving fund has been established from internal sources of the Fund for the purpose of advancing loans to eligible staff for purchase of residential houses within Dar-es-Salaam. During the year under review the Fund's Board of Trustees approved a total of Tzs. 450,000,000 for the revolving fund.
40
41 NOTE 15: CAPITAL COMMITMENTS As at the balance sheet date capital commitments for capital work in progress or, investment buildings stood at Tzs. 20,322,250,000 for which no provision has been made in the accounts. During the year under review the Board of Trustees has authorised capital expenditure on investment buildings amounting to Tzs. 20,455,786,000 out of which Tzs. 8,671,944, 190 was not committed as at the balance sheet date. NOTE 16: CONTINGENT LIABILITIES The Fund had no contingent liabilities as at the year enc NOTE 17: COMPARATIVE FIGURES Previous year's figures have been regrouped whenever considered necessary in order to make them comparable with those of the current year.
42 Acknowledgement The Board of Trustees and Management of the would like to thank those who assisted in the preparation of this annual report in particular, Tanzania Audit Corporation, our members -employers and employees alike, the staff of the Fund and M&M COMMUNICATIONS, the Designers of this Report. Raphael O.S. Mollel CHAIRMAN
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