Committee Reports::Report - Appropriation Accounts 1963 - 1964::10 March, 1966::Appendix

APPENDIX VII.

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, 1964

Receipts

£

£

Payments

£

£

Part I

Contributions from Employers and Insured

 

 

Benefit:

 

 

Persons

..

..

..

..

..

13,112,142

 

Disability Benefit

..

..

..

..

6,775,780

 

Less Refunds of Contributions paid in error

..

48,393

 

Marriage Benefit

..

..

..

..

74,424

 

 

 

13,063,749

Maternity Allowance

..

..

..

91,291

 

Interest on Securities

..

..

..

..

 

542,190

Maternity Grant

..

..

..

..

68,302

 

 

 

 

Treatment Benefit

..

..

..

..

459,727

 

Investment Return under section 21 of the Social

 

 

Old Age (Contributory) Pension

..

..

5,734,857

 

Welfare Act, 1950, as amended

..

..

 

32,388

Unemployment Benefit

..

..

..

3,784,309

 

 

 

 

Widow’s (Contributory) Pension

..

..

4,140,072

 

Rent

..

..

..

..

..

..

 

15,000

Orphan’s (Contributory) Allowance

..

26,304

 

 

 

 

 

 

(a)21,155,066

Receipts from other countries under Reciprocal

 

 

Benefit paid in error

..

..

..

..

10,956

 

Arrangements

..

..

..

..

 

283,087

Less Amount recovered in respect of Benefit

 

 

 

 

 

paid in error

..

..

..

..

6,123

 

Balance of Payments over Receipts carried down

 

 

 

 

4,833

to Part II

..

..

..

..

..

 

8,858,107

 

 

 

 

 

 

Payments to other countries under Reciprocal

 

 

 

 

 

Arrangements

..

..

..

..

 

56,156

 

 

 

Administration Expenses (section 40 of the

 

 

 

 

 

Social Welfare Act, 1952)

..

..

..

 

1,571,692

 

 

 

Other Payments

..

..

..

..

 

6,774

 

 

£22,794,521

 

 

£22,794,521

Part II

Balance of Current Account at 31st March, 1963

..

1,549,353

Balance brought down from Part I

..

..

..

8,858,107

Contribution out of moneys provided by the Oireachtas

 

 

Payments proper to old Funds—

 

under section 39 of the Social Welfare Act, 1952

..

(b)8,861,666

Payments to other countries under Reciprocal

 

 

 

Arrangements

..

..

..

..

..

..

..

306

Amount transferred from Investment Account (section 39

 

 

 

of the Social Welfare Act, 1952)

..

..

..

385,000

Balance of Current Account at 31st March, 1964 (see

 

 

 

Statement III (a)

..

..

..

..

..

1,395,557

Receipts proper to old Funds—

 

 

 

Receipts from other countries under Reciprocal

 

 

 

Arrangements

..

..

..

..

..

..

141

 

 

 

10,796,160

 

 

Less Interest on Securities (see Part I)

..

..

542,190

 

 

 

£10,253,970

 

£10,253,970

 

 

An Roinn Leasa Shóisialaigh,


20 Eanáir, 1965

L. Ó hUANACHÁIN, Rúnaí

SOCIAL INSURANCE FUND

II.—Investment Account

An Account of Receipts and Payments in the Year ended 31st March, 1964

Receipts

£

Payments

£

Balance at 31st March, 1963

..

..

..

..

12,628,027

Cost of Securities held at 31st March, 1963

..

..

12,624,296

Cost of Securities returned on realísatíon

..

..

1,170,863

Amount repaid to Minister for Social Welfare (section 39

 

 

 

 

 

 

 

 

of the Social Welfare Act, 1952)

..

..

..

385,000

Profit on sale of Securities

..

..

..

..

..

7,231

 

 

 

 

Cost of Securities purchased

..

..

..

..

1,309,618

Interest on Securities

..

..

..

..

..

542,190

 

 

 

 

Loss on sale of Securities

..

..

..

..

..

27,847

Cost of Securities held at 31st March, 1964

..

..

12,763,052

 

 

 

 

Balance held by Minister for Finance at 31st March, 1964

 

 

 

(see Statement III (b))

..

..

..

..

..

12,764,602

 

£27,111,363

 

£27,111,363

 

 

An Roinn Airgeadais,


18 Nollaig, 1964

T. K. WHITAKER, Rúnaí

SOCIAL INSURANCE FUND

III.—Statement of Balances at 31st March, 1964

 

£

£

(a) CURRENT ACCOUNT—

 

 

Premises

..

..

..

..

..

1,163,616

 

Furniture and Equipment

..

..

..

79,711

 

Cash

..

..

..

..

..

..

160,756

 

 

 

1,404,083

Due from sundry debtors

..

..

..

 

24,686

 

 

1,428,769

Due to sundry creditors

..

..

..

 

33,212

 

 

1,395,557

(b) INVESTMENT ACCOUNT—

 

 

Securities at cost as per schedule

..

..

12,763,052

 

(Market value at 31st March, 1964, £12,224,000)

 

 

Cash

..

..

..

..

..

..

1,550

 

 

 

12,764,602

Balance of Social Insurance Fund

..

..

..

 

£14,160,159

 

L. Ó hUANACHÁIN,


Rúnaí


An Roinn Leasa Shóisialaigh,


20 Eanáir, 1965.


SOCIAL INSURANCE FUND

Investment Account

Securities held by the Minister for Finance at 31st March, 1961

Nominal

Security

Cost

Value

 

Price

£

 

£

6,210

..

3½% Fourth National Loan, 1950-70

..

..

5,388

628,460

..

3% Exchequer Bonds, 1965-70

..

..

..

618,476

186,636

..

3½% Exchequer Bonds, 1965-70

..

..

..

180,502

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

23,277

..

5¼% National Development Loan, 1979-84

..

..

21,576

662

..

6% Exchequer Stock, 1980-85

..

..

..

630

500,000

..

5¾% Exchequer Stock, 1984-89

..

..

..

497,500

2,820,000

..

Ways and Means Advances to Exchequer

..

..

2,820,000

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

11,262

..

3% Land Bonds

..

..

..

..

..

7,935

25,991

..

3½% Land Bonds

..

..

..

..

..

19,616

274,756

..

4% Land Bonds

..

..

..

..

..

258,138

36,402

..

4½% Land Bonds

..

..

..

..

..

31,595

24,639

..

4½% New Land Bonds

..

..

..

..

21,907

46,385

..

4¾% Land Bonds

..

..

..

..

..

37,926

73,059

..

5% Land Bonds

..

..

..

..

..

68,142

123,946

..

5¾% Land Bonds

..

..

..

..

..

120,140

256,198

..

6% Land Bonds

..

..

..

..

..

253,910

69,125

..

5½% Land Bonds

..

..

..

..

..

66,386

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

4,403

..

Dublin Corporation 4½% Mortgage (13/12/40)

..

4,403

402,546

..

Dublin Corporation 5½% Mortgage (5/8/60)

..

402,546

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

22,200

..

Cork Corporation 3½% Mortgage

..

..

..

22,200

59,735

..

3% Transport Stock, 1975-85

..

..

..

73,364

626,087

..

4¼% Transport Stock, 1972-77

..

..

..

574,888

33,043

..

5% Transport Stock, 1972-77

..

..

..

32,074

135,944

..

5% Transport Stock, 1970-75

..

..

..

130,551

9,530

..

Galway Harbour 4% Guaranteed Redeemable Stock

9,352

4,700

..

Fishguard and Rosslare Railways and Harbours 3½%

 

 

Preference

..

..

..

..

..

..

4,159

54,450

..

Irish Sugar Co. Ltd., 4% Guaranteed Debenture

..

54,801

43,337

..

Dublin Port and Docks Board 5% Redeemable Stock,

 

 

1962-85

..

..

..

..

..

..

39,482

 

 

£12,763,052

SOCIAL INSURANCE FUND

Accounts for the year ended 31st March, 1964

Report of the Comptroller and Auditor General

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

..

..

..

..

..

13,063,749

(11,062,757)

Interest on Investments

..

..

..

589,578

(603,174)

Contribution from Voted Moneys

..

..

8,861,666

(7,611,000)

Other Receipts

..

..

..

..

283,228

(2,779)

Total

..

..

22,798,221

(19,279,710)

Payments

 

 

Benefits

..

..

..

..

..

21,155,066

(17,562,134)

Administrative Expenses (7.4% of Benefits

 

 

paid)

..

..

..

..

..

1,571,692

(1,508,838)

Other payments

..

..

..

..

68,069

(9,987)

Total

..

..

22,794,827

(19,080,959)

Excess of receipts over payments

..

..

..

3,394

(198,751)

The amounts drawn in the course of the year from the Vote for Social Insurance totalled £8,861,666 (£7,611,000) but the statutory contribution was subsequently determined at £8,858,107 (£7,412,555). There was thus an overdrawal of £3,559 (£198,445) which with £127,460 overdrawn from the Exchequer at the end of the previous year made a total overdrawal of £131,019 at 31st March, 1964 the adjustment of which will be reflected in subsequent accounts.


The balance on the investment account at 31st March, 1964 amounted to £12,764,602 (£12,628,027) of which £12,763,052(£12,624,296) was held in trustee securities in the name of the Minister for Finance. There was a net loss of £20,616 (£40,986) on the sale of securities during the year.


I have examined the Accounts of the Fund 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.


E. F. SUTTLE,


Ard-Reachtaire Cuntas agus Ciste


10 Feabhra, 1965


(a) Includes extra-statutory payments amounting to £343 (Old Age (Contributory) Pension £89; Widow’s (Contributory) Pension £254) made on 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, 1963-64. 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, 1964, was £8,858,107 (i.e., the balance on Part I of the above account). Allowing for the sum of £127,460 overdrawn from the Exchequer at 31st March, 1963, the receipt by the Social Insurance Fund of £8,861,666 in 1963-64 accordingly represents an overdraw of £131,019 at 31st March, 1964, which falls to be adjusted in subsequent accounts.