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


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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.