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

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.