Committee Reports::Interim and Final Report - Appropriation Accounts 1964 - 1965::17 November, 1966::Appendix


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APPENDIX XXI.

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, 1965

Receipts							£	£	Payments					£	£
PART I
Contributions from Employers and									Benefit:
Insured Persons			..	..	..	..	14,928,688		Disability Benefit		..	..	..	7,419,220
Less Refunds of Contributions paid in									Marriage Benefit	..	..	..	..	83,599
error		..	..	..	..	..	48,621		Maternity Allowance		..	..	..	108,761
								14,880,067	Maternity Grant	..	..	..	..	71,557
Interest on Securities				..	..	..		560,813	Treatment Benefit		..	..	..	563,746
Investment Return under section 21 of the									Old Age (contributory) Pension				..	6,466,594
Social Welfare Act, 1950, as amended						..		35,041	Unemployment Benefit		..	..	..	4,093,888
Rent	..	..	..	..	..	..		15,000	Widow’s (contributory) Pension				..	4,721,295
Receipts from other countries under									Orphan’s (contributory) Allowance				..	28,762
Reciprocal Arrangements					..	..		416,153							23,557,422 (a)
Balance of Payments over Receipts carried									Benefit paid in error		..	..	..	11,724
down to Part II				..	..	..		9,682,554	Less Amount recovered in respect of
									Benefit paid in error		..	..	..	7,825
															3,899
									Payments to other countries under
									Reciprocal Arrangements			..	..		37,987
									Administration Expenses (section 40 of the
									Social Welfare Act, 1952)			..	..		1,983,309
									Other Payments	..	..	..	..		7,011
								£25,589,628							£25,589,628

PART II
Balance of Current Account at 31st March, 1964		..	..	1,395,557	Balance brought down from Part I			..	..	..	9,682,554
Contribution out of moneys provided by the Oireachtas					Balance of Current Account at 31st March, 1965 (see
under section 39 of the Social Welfare Act, 1952			..	(b) 9,564,000	Statement III (a))	..	..	..	..	..	1,266,190
Amount transferred from Investment Account (section
39 of the Social Welfare Act, 1952)	..	..	..	550,000
				11,509,557
Less Interest on Securities (see Part I)	..	..	..	560,813
				£10,948,744							£10,948,744

Note: Sums amounting to £132, being unrecovered balances of overpayments of Widow’s non-contributory Pension made before 5th January, 1953 (out of Widows’ and Orphans’ Pensions Fund), have been treated as irrecoverable (Department of Finance minute F.46/3/54).

	L. Ó hUANACHÁIN,
	Rúnaí.

An Roinn Leasa Shóisialaigh,

11 Márta, 1966.

SOCIAL INSURANCE FUND

II.—Investment Account

An Account of Receipts and Payments in the Year ended 31st March, 1965

Receipts						£	Payments					£
Balance at 31st March, 1964		..	..	..	..	12,764,602	Cost of Securities held at 31st March, 1964			..	..	12,763,052
Cost of Securities returned on realisation				..	..	1,225,724	Amount paid to Minister for Social Welfare (section 39
							of the Social Welfare Act, 1952)	..	..	..	..	550,000
Profit on sale of Securities	..	..	..	..	..	8,828
							Cost of Securities purchased	..	..	..	..	1,204,309
Interest on Securities	..	..	..	..	..	560,813
							Loss on sale of Securities	..	..	..	..	39,913
Cost of Securities held at 31st March, 1965				..	..	12,741,637
							Balance held by Minister for Finance at 31st March,
							1965 (see Statement III (b)	..	..	..	..	12,744,330
						£27,301,604						£27,301,604

T. K. WHITAKER,

Rúnaí.

An Roinn Airgeadais,

2 Feabhra, 1966.

SOCIAL INSURANCE FUND:

III.—Statement of Balances at 31st March, 1965.

							£	£
(a) Current Account—
Premises		..	..	..	..	..	1,163,616
Furniture and Equipment				..	..	..	72,699
Cash	..	..	..	..	..	..	103,483
								1,339,798
Due from sundry debtors				..	..	..		20,307
								1,360,105
Due to sundry creditors				..	..	..		93,915
								1,266,190
(b) Investment Account—
Securities at cost as per schedule					..	..	12,741,637
(Market value at 31st March, 1965, £11,929,000)
Cash	..	..	..	..	..	..	2,693
								12,744,330
Balance of Social Insurance Fund				..	..	..		£14,010,520

L. Ó hUANACHÁIN,

Rúnaí.

An Roinn Leasa Shóisialaigh.

11 Márta, 1966.

SOCIAL INSURANCE FUND.

Investment Account.

Securities held by the Minister for Finance at 31st March, 1965

Nominal Value	Security								Cost Price
£									£
6,210	3½% Fourth National Loan, 1950/70					..	..	..	5,388
628,460	3% Exchequer Bonds, 1965/70					..	..	..	618,476
3,686	3½% Exchequer Bonds, 1965/70					..	..	..	3,565
15,750	4½% National Loan, 1973/78				..	..	..	..	15,170
3,100	4¼% National Loan, 1975/80				..	..	..	..	2,962
1,661,690	5% National Savings Bonds, 1971/81					..	..	..	1,636,764
121,606	6% National Loan, 1967				..	..	..	..	119,872
7,590	5½% Exchequer Stock, 1971/74					..	..	..	7,804
19,677	5¼% National Development Loan, 1979/84						..	..	18,239
662	6% Exchequer Stock, 1980/85					..	..	..	630
500,000	5¼% Exchequer Stock, 1984/89					..	..	..	497,500
2,680,000	Ways and Means Advances to Exchequer						..	..	2,680,000
1,550,000	Advances to Local Loans Fund under Act No. 16 of
	1935	..	..	..	..	..	..	..	1,550,000
84,592	Bank of Ireland Stock			..	..	..	..	..	119,014
10,709	3% Land Bonds		..	..	..	..	..	..	7,546
29,156	3½% Land Bonds		..	..	..	..	..	..	22,010
287,549	4% Land Bonds		..	..	..	..	..	..	267,064
124,118	4½% Land Bonds		..	..	..	..	..	..	99,959
26,725	4½% New Land Bonds			..	..	..	..	..	23,652
66,346	4¾% Land Bonds		..	..	..	..	..	..	54,898
75,101	5% Land Bonds		..	..	..	..	..	..	69,888
140,445	5¾% Land Bonds		..	..	..	..	..	..	135,641
77,136	6% Land Bonds		..	..	..	..	..	..	758,885
112,030	5½% Land Bonds		..	..	..	..	..	..	106,581
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
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
356,145	Dublin Corporation 6% Redeemable Stock, 1975/80							..	350,791
3,854	Dublin Corporation 4½% Mortgage (13/12/40)						..	..	3,854
381,769	Dublin Corporation 5½% Mortgage (5/8/60)						..	..	381,769
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
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
9,280	Galway Harbour 4% Guaranteed Redeemable Stock							..	9,107
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
									£12,741,637

SOCIAL INSURANCE FUND

Accounts for the year ended 31st March, 1965.

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		..	..	..	..	..	14,880,067	(13,063,749)
Interest on Investments			..	..	..	..	610,854	(589,578)
Contribution from Voted Moneys				..	..	..	9,564,000	(8,861,666)
Other Receipts		..	..	..	..	..	416,153	(283,228)
Total						..	25,471,074	(22,798,221)
Payments—
Benefits	..	..	..	..	..	..	23,557,422	(21,155,066)
Administrative Expenses			..	..	..	..	1,983,309	(1,571,692)
Other Payments		..	..	..	..	..	48,897	(68,069)
Total						..	25,589,628	(22,794,827)
Excess of payments over receipts				..	..	..	118,554
Excess of receipts over payments				..	..	..		(3,394)

The amounts drawn in the course of the year from the Vote for Social Welfare totalled £9,564,000 (£8,861,666) but the statutory contribution was subsequently determined at £9,682,554 (£8,858,107). There was thus an underdrawal of £118,554 (£3,559 overdrawn) which with £131,019 overdrawn from the Exchequer at the end of the previous year made a net overdrawal of £12,465 at 31st March, 1965, the adjustment of which will be reflected in subsequent accounts.

The cost of administration of the Fund at £1,983,309 (£1,571,692) represented 8.4% (7.4%) of the total amount of benefits paid.

The balance (at cost price) on the investment account at 31st March, 1965 amounted to £12,744,330 (£12,764,602) of which £12,741,637 (£12,763,052) was held in trustee securities in the name of the Minister for Finance. There was a net loss of £31,085 (£20,616) 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.

19 Aibreán, 1966.

(a) Includes extra-statutory payments amounting to £57 (Old Age (contributory) Pension £53; Widow’s (contributory) Pension £4) 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 E of the Vote for Social Welfare, 1964-65. 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, 1965, was £9,682,554 (i.e. the balance on Part I of the above account). Allowing for the sum of £131,019 overdrawn from the Exchequer at 31st March, 1964, the receipt by the Social Insurance Fund of £9,564,000 in 1964-65 accordingly represents an overdraw of £12,465 at 31st March, 1965, which falls to be adjusted in subsequent accounts.