Committee Reports::Report - Appropriation Accounts 1962 - 1963::12 November, 1964::Appendix


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APPENDIX XXVIII.

SOCIAL INSURANCE FUND: ACCOUNTS AND REPORT THEREON OF THE COMPTROLLER AND AUDITOR GENERAL.

SOCIAL INSURANCE FUND.

I.—Current Account.

An Account of Receipts and Payments in the Year ended 31st March, 1963.

RECEIPTS.									PAYMENTS.
							£	£							£	£
PART I.
Contributions from Employers and Insured									Benefit:
Persons		..	..	..	..	..	11,099,736		Disability Benefit		..	..	..	..	5,345,381
Less Refunds of Contributions paid in error							36,979		Marriage Benefit		..	..	..	..	76,632
								11,062,757	Maternity Allowance			..	..	..	74,632
									Maternity Grant		..	..	..	..	67,289
Interest on Securities			..	..	..	..		551,005	Treatment Benefit		..	..	..	..	409,534
									Old Age (contributory) Pension				..	..	4,896,118
Investment Return under section 21 of the									Unemployment Benefit			..	..	..	3,204,250
Social Welfare Act, 1950, as amended						..		37,169	Widow’s (contributory) Pension				..	..	3,467,290
									Orphan’s (contributory) Allowance					..	21,008
Rent	..	..	..	..	..	..		15,000								17,562,134 (a)
									Benefit paid in error		..	..	..	..	6,754
Balance of Payments over Receipts carried									Less Amount recovered in respect of
down to Part II			..	..	..	..		7,412,555	Benefit paid in error			..	..	..	5,785
																969
									Administration Expenses (section 40 of the
									Social Welfare Act, 1952)			..	..	..		1,508,838
									Other Payments		..	..	..	..		6,545
								£19,078,486								£19,078,486
PART II.
Balance of Current Account at 31st March, 1962								£1,341,607	Balance brought down from Part I				..	..		£7,412,555
Contribution out of moneys provided by the									Payments proper to old Funds—
Oireachtas under section 39 of the Social									Payments to other countries under Reciprocal
Welfare Act, 1952			..	..	..	..		(b) 7,611,000	Arrangements			..	..	..		2,173
Amount transferred from Investment Account (section 39 of the Social Welfare Act, 1952)						..	560,000		Other Payments	..	..	..	..	..		300
									Balance of Current Account at 31st March, 1963
Less Interest on Securities (see Part I)						..	551,005		(see Statement III (a)			..	..	..		1,549,353
								8,995
Receipts proper to old Funds—
Receipts from other countries under
Reciprocal Arrangements			..	..	..	..		2,779
								£8,964,381								£8,964,381

Note: Sums amounting to £173, being unrecovered balances of over-payments of Widow’s non-contributory Pension made before 5th January, 1953 (out of the Widows’ and Orphans’ Pensions Fund), have been treated as irrecoverable (Department of Finance minute F.46/3/54).

An Roinn Leasa Shóisialaigh.	L. Ó hUANACHÁIN,
16Samhain, 1963.	Rúnaí.

SOCIAL INSURANCE FUND.

II.—Investment Account.

An Account of Receipts and Payments in the Year ended 31st March, 1963.

RECEIPTS.							PAYMENTS.
						£							£
Balance at 31st March, 1962		..	..	..	..	12,678,008	Cost of Securities held at 31st March, 1962				..	..	12,673,390
Cost of Securities returned on realisation				..	..	780,773	Amount repaid to Minister for Social Welfare (section 39
							of the Social Welfare Act, 1952)			..	..	..	560,000
Profit on sale of Securities	..	..	..	..	..	1,656
							Cost of Securities purchased		..	..	..	..	731,679
Interest on Securities	..	..	..	..	..	551,005
							Loss on sale of Securities	..	..	..	..	..	42,642
Cost of Securities held at 31st March, 1963				..	..	12,624,296
							Balance held by Minister for Finance at 31st March, 1963
							(see Statement III (b)	..	..	..	..	..	12,628,027
						£26,635,738							£26,635,738

An Roinn Airgeadais.	T. K. WHITAKER,
27 Meitheamh, 1963.	Rúnaí,

SOCIAL INSURANCE FUND.

III.—Statement of Balances at 31st March, 1963.

								£	£
(a)	Current Account:
	Premises		..	..	..	..	..	1,155,610
	Furniture and Equipment				..	..	..	86,485
	Cash	..	..	..	..	..	..	90,255
									1,332,350
	Due from:—
	Minister for Posts and Telegraphs						..	199,518
	Sundry Debtors			..	..	..	..	39,281
									238,799
									1,571,149
	Due to:—
	Sundry Creditors			..	..	..	..		21,796
									1,549,353
(b)	Investment Account:
	Securities at cost as per schedule					..	..	12,624,296
	(Market value at 31st March, 1963, £11,938,000)
	Cash	..	..	..	..	..	..	3,731
									12,628,027
Balance of Social Insurance Fund					..	..	..		£14,177,380

L. Ó hUANACHÁIN,

Rúnaí.

An Roinn Leasa Shóisialaigh.

16 Samhain, 1963.

I have examined the above Accounts in Accordance with section 39 of the Social Welfare Act, 1952. I have obtained all the information and explanations that I have required, and I certify, as the result of my audit, that in my opinion these Accounts are correct, subject to the observations in my report.

LIAM Ó CADHLA,

Ard-Reachtaire Cuntas agus Ciste.

SOCIAL INSURANCE FUND.

Investment Account.

Securities held by the Minister for Finance at 31st March, 1963.

Nominal Value		Security						Cost Price
£								£
6,210	..	3½% Fourth National Loan, 1950/70				..	..	5,388
628,460	..	3% Exchequer Bonds, 1965/70			..	..	..	618,476
536,836	..	3½% Exchequer Bonds, 1965/70			..	..	..	519,192
15,750	..	4½% National Loan, 1973/78		..	..	..	..	15,170
3,100	..	4¼% National Loan, 1975/80		..	..	..	..	2,962
2,000,240	..	5% National Savings Bonds, 1971/81				..	..	1,970,236
121,606	..	6% National Loan, 1967		..	..	..	..	119,872
7,590	..	5½% Exchequer Stock, 1971/74			..	..	..	7,804
662	..	6% Exchequer Stock, 1980/85			..	..	..	630
283,277	..	5¼% National Development Loan, 1979/84				..	..	262,576
2,775,000	..	Ways and Means Advances to Exchequer				..	..	2,775,000
1,550,000	..	Advances to Local Loans Fund under Act No. 16 of 1935						1,550,000
42,296	..	Bank of Ireland Stock	..	..	..	..	..	119,014
11,265	..	3% Land Bonds		..	..	..	..	7,937
25,093	..	3½% Land Bonds		..	..	..	..	18,956
247,461	..	4% Land Bonds		..	..	..	..	237,326
28,852	..	4½% Land Bonds		..	..	..	..	25,497
12,914	..	4½% New Land Bonds			..	..	..	12,044
33,149	..	4¾% Land Bonds		..	..	..	..	26,403
69,052	..	5% Land Bonds		..	..	..	..	64,611
69,631	..	5½% Land Bonds		..	..	..	..	67,064
133,867	..	5¾% Land Bonds		..	..	..	..	129,756
94,282	..	6% Land Bonds		..	..	..	..	92,254
188,500	..	Dublin Corporation 2¾% Redeemable Stock, 1965/75						172,272
211,721		Dublin Corporation 3% Redeemable Stock, 1968/78						187,713
20,000	..	Dublin Corporation 3¼% Redeemable Stock, 1963/83						18,397
290,000	..	Dublin Corporation 3½% Redeemable Stock, 1955/80						286,495
348,600	..	Dublin Corporation 3½% Redeemable Stock, 1960/65						341,528
30,659	..	Dublin Corporation 4% Redeemable Stock, 1960/85						27,978
500	..	Dublin Corporation 4¼% Redeemable Stock, 1955/77						417
13,829	..	Dublin Corporation 4½% Redeemable Stock, 1955/75						14,327
76,339	..	Dublin Corporation 5% Redeemable Stock, 1968/73						74,546
797,046	..	Dublin Corporation 5% Redeemable Stock, 1974/79						764,568
271,737	..	Dublin Corporation 4½% Redeemable Stock, 1970/75						257,795
4,927	..	Dublin Corporation 4½% Mortgage (13/12/’40)					..	4,927
422,227	..	Dublin Corporation 5½% Mortgage (5/8/’60)					..	422,227
31,100	..	Cork Corporation 3% Redeemable Stock, 1969/79					..	28,197
326,170	..	Cork Corporation 3½% Redeemable Stock, 1971/81					..	315,977
6,432	..	Cork Corporation 4% (1933) Redeemable Stock, 1953/73						5,201
51,450	..	Cork Corporation 4% (1935) Redeemable Stock, 1955/75						50,456
10,600	..	Cork Corporation 4% (1937) Redeemable Stock, 1957/77						10,503
17,200	..	Cork Corporation 5% (1930) Redeemable Stock, 1950/70						15,790
28,932	..	Cork Corporation 5% Redeemable Stock, 1970/80					..	28,247
29,650	..	Cork Corporation 3½% Mortgage			..	..	..	29,650
59,735	..	3% Transport Stock, 1975/85			..	..	..	73,364
626,087	..	4¼% Transport Stock, 1972/77			..	..	..	574,889
33,043	..	5% Transport Stock, 1972/77			..	..	..	32,074
135,944	..	5% Transport Stock, 1970/75			..	..	..	130,551
9,780	..	Galway Harbour 4% Guaranteed Redeemable Stock						9,597
4,700	..	Fishguard and Rosslare Railways and Harbours 3½%
		Preference	..	..	..	..	..	4,159
54,450	..	Irish Sugar Company Limited 4% Guaranteed Debenture						54,801
43,337	..	Dublin Port and Docks Board 5% Redeemable Stock,
		1962/85	..	..	..	..	..	39,482
								£12,624,296

SOCIAL INSURANCE FUND

Report of the Comptroller and Auditor General

Current Account.

The receipts into and payments out of the current account were as follows (the figures for the previous year being shown in brackets):—

Receipts						£	£
Contributions	..	..	..	..	..	11,062,757	(10,364,608)
Interest on Investments			..	..	..	603,174	(614,882)
Contribution from Voted Moneys				..	..	7,611,000	(6,310,000)
Other receipts	..	..	..	..	..	2,779	(68,572)
Total					..	19,279,710	(17,358,062)

Payments
Benefits	..	..	..	..	..	..	17,562,134	(16,323,992)
Administrative Expenses (8.6% of Benefits
paid)		..	..	..	..	..	1,508,838	(1,393,812)
Other payments			..	..	..	..	9,987	(36,158)
Total						..	19,080,959	(17,753,962)
Excess of receipts over payments							198,751
(Excess of payments over receipts)								(395,900)

£8,995 was transferred from the investment account and the balance on current account was £1,549,353 (£1,341,607).

Contribution from Voted Moneys.

The amounts drawn in the course of the year from the Vote for Social Insurance totalled £7,611,000 (£6,310,000) but the statutory contribution was subsequently determined at £7,412,555 (£6,704,900). There was thus an overdrawal of £198,445 (£394,900 underdrawn) which with £70,985 underdrawn from the Exchequer at the end of the previous year made a net overdrawal of £127,460 at 31st March, 1963, the adjustment of which will be reflected in subsequent accounts.

Investment Account

The balance on the investment account at 31st March, 1963 amounted to £12,628,027 (£12,678,008) of which £12,624,296 (£12,673,390) was held in trustee securities in the name of the Minister for Finance. There was a net loss of £40,986 on the sale of securities during the year as compared with a net profit of £530 in the previous year.

Liam Ó Cadhla,

Ard-Reachtaire Cuntas agus Ciste.

11 Nollaig, 1963.

(a) Includes extra-statutory payments amounting to £145 (Old Age (Contributory) Pension £106; Widow’s (Contributory) Pension £39) made on the grounds of equity in cases where payments of pensions were not obtained within the prescribed period.

(b) This is the amount paid out of Subhead A of the Vote for Social Insurance, 1962-63. Payments out of this Subhead are necessarily provisional, as the expenditure and income of the Social Insurance Fund in any financial year are not known until after the close of the year. The Exchequer contribution under Section 39 (9) of the Social Welfare Act, 1952, proper to the year ended 31st March, 1963, was £7,412,555 (i.e., the balance on Part I of the above account). Allowing for the sum of £70,985 underdrawn from the Exchequer at 31st March, 1962, the receipt by the Social Insurance Fund of £7,611,000 in 1962-63 accordingly represents an overdraw of £127,460 at 31st March, 1963, which falls to be adjusted in subsequent accounts.