Committee Reports::Report - Appropriation Accounts 1965 - 1966::14 July, 1967::Appendix


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APPENDIX XXII.

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, 1966.

Receipts											Payments
PART I.
					£	s.	d.	£	s.	d.					£	s.	d.	£	s.	d.
Contributions from Employers and											Benefit:
Insured Persons		...	...	...	16,018,168	14	11				Disability Benefit	...	...	...	8,025,485	18	9
Less Refunds of Contributions paid											Marriage Benefit	...	...	...	87,209	8	4
in error		...	...	...	61,770	7	8				Maternity Allowance		...	...	122,874	19	6
								15,956,398	7	3	Maternity Grant	...	...	...	83,721	0	10
Interest on Securities			...	...				590,461	9	1	Treatment Benefit		...	...	607,198	8	9
											Old Age (Contributory) Pension			...	7,044,705	10	10
Investment Return under Section 21 of the Social Welfare Act, 1950, as											Unemployment Benefit		...	...	4,457,600	19	3
amended	...	...	...	...				42,564	19	2	Widow’s (Contributory) Pension				5,144,898	13	6
											Orphan’s (Contributory) Allowance				31,842	3	6
																		25,605,537	3	3(a)
Rent	...	...	...	...				15,000	0	0	Benefit paid in error	...	...	...	12,893	10	3
Receipts from other countries under											Less Amount recovered in respect of
Reciprocal Arrangements				...				112,043	2	4	Benefit paid in error		...	...	6,648	10	2
																		6,245	0	1
Balance of Payments over Receipts											Payments to other countries under
carried down to Part II				...				10,892,694	16	7	Reciprocal Arrangements			...				15,322	18	4
											Administration Expenses (Section 40 of the Social Welfare Act, 1952)							1,974,801	0	5
											Other Payments	...	...	...				7,256	12	4
								£27,609,162	14	5								£27,609,162	14	5

PART II.
Balance of Current Account at 31st March, 1965						...	1,266,190	9	6	Balance brought down from Part I			...	...	10,892,694	16	7
Contribution out of moneys provided by the Oireachtas under Section 39 of the Social Welfare										Balance of Current Account at 31st March, 1966 (see Statement III (a)	...	...	...	...	1,383,034	3	10
Act, 1952	...	...	...	...	...	...	11,018,000	0	0 (b)
Amount transferred from Investment Account
(Section 39 of the Social Welfare Act, 1952)						...	582,000	0	0
							12,866,190	9	6
Less Interest on Securities (see Part I)					...	...	590,461	9	1
							£12,275,729	0	5						£12,275,729	0	5

RÚNAÍ.

An Roinn Leasa Shóisialaigh,

Feabhra, 1967.

SOCIAL INSURANCE FUND.

II.—INVESTMENT ACCOUNT.

An Account of Receipts and Payments in the year ended 31st March, 1966.

Receipts						Payments
			£	s.	d.				£	s.	d.
Balance at 31st						Cost of Securities held
March, 1965		...	12,744,329	16	9	at 31st March, 1965			12,741,637	6	8
Cost of Securities returned on						Amount repaid to Minister for Social
realisation	...	...	752,983	13	2	Welfare (section 39 of the Social Welfare
Profit on sale of						Act, 1952)		...	582,000	0	0
Securities		...	2,483	7	9
Interest on Securities			590,461	9	1	Cost of Securities purchased		...	728,122	15	4
Cost of Securities held at 31st March						Loss on sale of Securities	...	...	38,185	5	8
1966	...	...	12,716,776	8	10
						Balance held by Minister for Finance at 31st March, 1966 (see Statement
						III (b))	...	...	12,717,089	7	11
			£26,807,034	15	7				£26,807,034	15	7

T. K. WHITAKER,

Rúnaí.

An Roinn Airgeadais,

21 Meitheamh, 1966.

SOCIAL INSURANCE FUND.

III—Statement of Balances at 31st March, 1966.

					£	s.	d.	£	s.	d.
(a)	CURRENT ACCOUNT
	Premises	...	...	...	1,163,615	17	4
	Furniture and Equipment				65,442	19	1
	Cash	...	...	...	116,448	2	4
								1,345,506	18	9
	Due from sundry debtors			...				83,478	8	5
								1,428,985	7	2
	Due to sundry creditors			...				45,951	3	4
								1,383,034	3	10
(b)	INVESTMENT ACCOUNT
	Securities at cost as per schedule (market value at 31st March, 1966
	£11,658,000)		...	...	12,716,776	8	10
	Cash	...	...	...	312	19	1
								12,717,089	7	11
	Balance of Social Insurance
	Fund	...	...	...				£14,100,123	11	9

L. Ó hUANACHÁIN,

Rúnaí.

An Roinn Leasa Shóisialaigh.

17 Feabhra, 1967.

SOCIAL INSURANCE FUND

Investment Account.

Securities held by the Minister for Finance at 31st March, 1966

Nominal Value											Cost Price
£	s.	d.									£	s.	d.
6,210	0	0	...	3½ Fourth National Loan, 1950-70					...	...	5,388	0	3
628,460	0	0	...	3% Exchequer Bonds, 1965-70					...	...	618,475	19	8
3,685	15	9	...	3½%„„1965-70					...	...	3,564	13	1
15,750	0	0	...	4½% National Loan, 1973-78					...	...	15,170	7	2
3,100	0	0	...	4¼%„„1975-80				...	...	...	2,961	11	6
1,376,290	0	0	...	5% National Savings Bonds, 1971-81						...	1,355,645	0	11
121,606	0	0	...	6% National Loan, 1967				...	...	...	119,871	14	6
7,590	0	0	...	5½% Exchequer Stock, 1971-74					...	...	7,804	2	1
19,677	0	0	...	5¼% National Development Loan, 1979-84							18,239	2	0
662	8	0	...	6% Exchequer Stock, 1980-85					...	...	629	17	0
500,000	0	0	...	5¼% Exchequer Stock, 1984-89					...	...	497,500	0	0
2,360,000	0	0	...	Ways and Means Advances to Exchequer						...	2,360,000	0	0
1,550,000	0	0	...	Advances to Local Loans Fund under Act
				No. 16 of 1935			...	...	...	...	1,550,000	0	0
84,591	9	8	...	Bank of Ireland Stock				...	...	...	119,013	11	11
10,102	0	0	...	3% Land Bonds			...	...	...	...	7,117	17	3
28,237	0	0	...	3½„„			...	...	...	...	21,316	14	7
278,851	0	0	...	4%„„			...	...	...	...	258,985	15	7
123,218	0	0	...	4½%„„			...	...	...	...	99,135	14	8
26,604	0	0	...	4½% New Land Bonds				...	...	...	23,544	8	10
66,146	0	0	...	4¼% Land Bonds			...	...	...	...	54,732	12	2
74,471	0	0	...	5%„„			...	...	...	...	69,301	9	2
139,745	0	0	...	5¼%„„			...	...	...	...	134,965	7	6
1,483,809	0	0	...	6%„„			...	...	...	...	1,401,826	1	7
110,631	0	0	...	5½%„„			...	...	...	...	105,250	2	5
998	0	0	...	7%„„			...	...	...	...	999	15	6
188,500	0	0	...	Dublin Corporation 2¾% Red. Stock,					1965-75		172,271	14	5
211,721	5	8	...	„			3%	„	1968-78		187,713	7	11
20,000	0	0	...	„			3¼%	„	1963-83		18,397	1	4
290,000	0	0	...	„			3½%	„	1955-80		286,495	4	10
30,659	6	7	...	„			4%	„	1960-85		27,978	7	1
500	0	0	...	„			4¼%	„	1955-77		417	4	0
13,828	10	9	...	„			4½%	„	1955-75		14,326	13	0
76,338	13	0	...	„			5%	„	1968-73		74,546	3	8
797,066	2	6	...	„			5%	„	1974-79		764,585	13	10
271,736	17	5	...	„			4½%	„	1970-75		257,794	16	9
356,145	3	0	...	„			6¼%	„	1975-80		350,791	2	4
3,281	6	11	...	„			4½%	Mortgage (13-12-40)			3,281	6	11
359,832	14	2	...	„			5½%	„	(5-8-60)		359,832	14	2
31,100	0	0	...	Cork Corporation			3%	Stock 1969-79			28,197	1	0
326,170	0	0	...	„			3½%	„	1971-81		315,977	3	9
6,431	13	4	...	„			4%	(1933) Stock 1953-73			5,200	17	7
51,450	0	0	...	„			4%	(1935) „ 1955-75			50,455	12	1
10,600	0	0	...	„			4%	(1937) „ 1957-77			10,502	16	8
28,952	4	8	...	„			5%	„	1970-80		28,263	18	10
22,200	0	0	...	„			3½%	Mortgage	...	...	22,200	0	0
59,735	0	0	...	3% Transport Stock, 1975-85					...	...	73,363	17	9
626,087	0	0	...	4½%„1972-77					...	...	574,888	9	4
135,944	0	0	...	5%„1970-75					...	...	130,551	0	3
9,030	0	0	...	Galway Harbour 4% Guaranteed Red. Stock							8,861	12	3
4,700	0	0	...	Fishguard and Rosslare Railways and
				Harbours 3½% Preference				...	...	...	4,159	4	2
54,450	0	0	...	Irish Sugar Co. Ltd., 4% Guaranteed
				Debenture	...	...	...	...	...	...	54,801	3	1
43,336	13	5	...	Dublin Port and Docks Board 5% Red.
				Stock, 1962-85			...	...	...	...	39,482	2	6
											£12,716,776	8	10

SOCIAL INSURANCE FUND.

Accounts for the year ended 31 March, 1966.

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	...	...	...	...	...	15,956,399	(14,880,067)
Interest on Investments			...	...	...	648,026	(610,854)
Contributions from Voted Moneys				...	...	11,018,000	(9,564,000)
Other Receipts		...	...	...	...	112,043	(416,153)
Total				...	...	27,734,468	(25,471,074)
Payments
Benefits	...	...	...	...	...	25,605,537	(23,557,422)
Administrative Expenses			...	...	...	1,974,801	(1,983,309)
Other Payments		...	...	...	...	28,825	(48,897)
Total				...	...	27,609,163	(25,589,628)
Excess of receipts over payments				...	...	125,305
Excess of payments over receipts				...	...		(118,554)

The amounts drawn in the course of the year from the Vote for Social Welfare totalled £11,018,000 (£9,564,000) but the statutory contribution was subsequently determined at £10,892,695 (£9,682,554). There was thus an overdrawal of £125,305 (£118,554 underdrawn) which with £12,465 overdrawn from the Exchequer at the end of the previous year made a total overdrawal of £137,770 at 31 March, 1966 the adjustment of which will be reflected in subsequent accounts.

The cost of administration of the Fund at £1,974,801 (£1,983,309) represented 7.7% (8.4%) of the total amount of benefits paid.

The balance (at cost price) on the investment account at 31 March, 1966 amounted to £12,717,089 (£12,744,330) of which £12,716,776 (£12,741,637) was held in trustee securities in the name of the Minister for Finance. There was a net loss of £35,702 (£31,085) 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.

17 Feabhra, 1967.

(a) Includes extra-statutory payments amounting to £243 5 6 (Old Age (Contributory) Pension £207 3 0; Widow’s (Contributory) Pension £36 2 6) 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, 1965-66. 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, 1966, was £10,892,694 16 7 (i.e. the balance on Part I of the above account). Allowing for the sum of £12,464 17 10 overdrawn from the Exchequer at 31st March, 1965, the receipt by the Social Insurance Fund of £11,018,000 in 1965-66 accordingly represents an overdraw of £137,770 1 3 at 31st March, 1966, which falls to be adjusted in subsequent accounts.