Committee Reports::Interim and Final Reports of the Committee - Appropriation Accounts 1966 - 1967::27 June, 1968::Appendix


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APPENDIX 9.

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, 1967

Receipts									Payments
PART I
							£	£							£	£
Contributions from Employers and Insured									Benefit:
Persons		..	..	..	..	..	19,279,992		Disability Benefit		..	..	..	..	9,613,218
Less Refunds of Contributions paid in error						..	43,931		Marriage Benefit		..	..	..	..	85,072
								19,236,061	Maternity Allowance		..	..	..	..	160,063
Interest on Securities			..	..	..	..		606,800	Maternity Grant		..	..	..	..	146,225
									Treatment Benefit		..	..	..	..	615,978
Investment Return under Section 21 of the Social									Old Age (contributory) Pension				..	..	8,463,549
Welfare Act, 1950, as amended					..	..		43,819	Unemployment Benefit			..	..	..	5,718,161
									Widow’s (contributory) Pension				..	..	6,334,917
Rent	..	..	..	..	..	..		15,000	Orphan’s (contributory) Allowance					..	43,960
																31,181,143 (a)
Receipts from other countries under Reciprocal									Benefit paid in error		..	..	..	..	12,878
Arrangements		..	..	..	..	..		132,577	Less Amount recovered in respect of Benefit
									paid in error		..	..	..	..	7,810
Balance of Payments over Receipts carried down																5,068
to Part II		..	..	..	..	..		13,403,549
									Payments to other countries under Reciprocal
									Arrangements		..	..	..	..		25,680
									Administration Expenses (section 40 of the
									Social Welfare Act, 1952)			..	..	..		2,218,404
									Other Payments	..	..	..	..	..		7,511
								£33,437,806								£33,437,806

PART II
Balance of Current Account at 31st March, 1966			..	..	1,383,034	Balance brought down from Part I			..	..	..	..	13,403,549
Contribution out of moneys provided by the Oireachtas						Balance of Current Account at 31st March, 1967 (see
under section 39 of the Social Welfare Act, 1952			..	..(b)	13,513,000	Statement III (a))	..	..	..	..	..	..	1,455,685
Amount transferred from Investment Account (section 39
of the Social Welfare Act, 1952)	..	..	..	..	570,000
					15,466,034
Less Interest on Securities (see Part I)		..	..	..	606,800
					£14,859,234								£14,859,234

Note: A sum of £125 being the unrecovered balance of an overpayment of Widow’s Non-Contributory Pension made before 5th January, 1953 (out of the Widows’ and Orphans’ Pensions Fund), has been treated as irrecoverable (Department of Finance Minute F.46/3/54).

An Roinn Leasa Shóisialaigh,	L. Ó hUANACHÁIN,
12Nollaig, 1967	Rúnaí.

SOCIAL INSURANCE FUND

II—Investment Account

An Account of Receipts and Payments in the Year ended 31st March, 1967

Receipts								Payments
							£							£
Balance at 31st March, 1966		..	..	..	..	..	12,717,089	Cost of Securities held at 31st March, 1966				..	..	12,716,776
Cost of Securities returned on realisation				..	..	..	817,754	Amount repaid to Minister for Social Welfare (section 39
								of the Social Welfare Act, 1952)		..	..	..	..	570,000
Profit on sale of Securities		..	..	..	..	..	2,669
								Cost of Securities purchased	..	..	..	..	..	545,217
Interest on Securities	..	..	..	..	..	..	606,800
								Loss on sale of Securities	..	..	..	..	..	76,274
Income Tax refunded	..	..	..	..	..	..	33,111
								Income Tax deducted from Dividends			..	..	..	36,291
Cost of Securities held at 31st March, 1967					..	..	12,444,239
								Balance held by Minister for Finance at 31st March, 1967
								(See Statement III (b))	..	..	..	..	..	12,677,104
							£26,621,662							£26,621,662

T. K. WHITAKER, Rúnai.

An Roinn Airgeadais,

5 Iúil, 1967.

SOCIAL INSURANCE FUND

III.—Statement of Balances at 31st March, 1967

(a) CURRENT ACCOUNT—							£	£
Premises	..	..	..	..	..	..	1,163,616
Furniture and Equipment				..	..	..	57,932
Cash	..	..	..	..	..	..	184,253
								1,405,801
Due from sundry debtors			..	..	..	..		110,236
								1,516,037
Due to sundry creditors			..	..	..	..		60,352
								1,455,685
(b) INVESTMENT ACCOUNT—
Securities at cost as per schedule					..	..	12,444,239
(Market value at 31st March, 1967, £11,172,049)
Cash	..	..	..	..	..	..	232,865
								12,677,104
Balance of Social Insurance Fund				..	..	..		£14,132,789

L. Ó hUANACHÁIN,

Rúnaí.

An Roinn Leasa Shóisialaigh,

12 Nollaig, 1967.

SOCIAL INSURANCE FUND

Investment Account

Securities held by the Minister for Finance at 31st March, 1967

Nominal Value		Security								Cost Price
£										£
6,210	..	3½% Fourth National Loan, 1950-70						..	..	5,388
144,060	..	3% Exchequer Bonds, 1965-70					..	..	..	141,771
3,686	..	3½% Exchequer Bonds, 1965-70					..	..	..	3,565
15,750	..	4½% National Loan, 1973-78					..	..	..	15,170
3,100	..	4½% National Loan, 1975-80					..	..	..	2,962
1,294,190	..	5% National Savings Bonds, 1971-81						..	..	1,274,777
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	..	5¾% Exchequer Stock, 1984-89					..	..	..	497,500
2,160,000	..	Ways and Means Advances to Exchequer						..	..	2,160,000
1,550,000	..	Advances to Local Loans Fund under Act No. 16 of
		1935	..	..	..	..	..	..	..	1,550,000
84,591	..	Bank of Ireland Stock			..	..	..	..	..	119,014
9,383	..	3% Land Bonds			..	..	..	..	..	6,611
27,626	..	3½% Land Bonds			..	..	..	..	..	20,856
268,236	..	4% Land Bonds			..	..	..	..	..	249,127
121,547	..	4½% Land Bonds			..	..	..	..	..	97,791
25,944	..	4½% New Land Bonds				..	..	..	..	22,960
65,846	..	4¾% Land Bonds			..	..	..	..	..	54,485
74,071	..	5% Land Bonds			..	..	..	..	..	68,929
139,135	..	5¾% Land Bonds			..	..	..	..	..	134,376
1,635,348	..	6% Land Bonds			..	..	..	..	..	1,524,359
109,491	..	5½% Land Bonds			..	..	..	..	..	104,166
431,031	..	7% Land Bonds				..	..	..	..	401,630
923	..	7½% Land Bonds			..	..	..	..	..	925
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
797,066	..	Dublin Corporation 5% Redeemable Stock, 1974-79								764,586
271,737	..	Dublin Corporation 4½% Redeemable Stock, 1970-75								257,795
356,145	..	Dublin Corporation 6% Redeemable Stock, 1975-80								350,791
2,682	..	Dublin Corporation 4½% Mortgage (13/12/40)							..	2,682
336,674	..	Dublin Corporation 5½% Mortgage (5/8/60)							..	336,674
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
28,952	..	Cork Corporation 5% Redeemable Stock, 1970-80								28,264
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
135,944	..	5% Transport Stock, 1970-75					..	..	..	130,551
8,780	..	Galway Harbour 4% Guaranteed Redeemable Stock								8,616
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
										£12,444,239

SOCIAL INSURANCE FUND

Accounts for the year ended 31st March, 1967

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	..	..	..	..	..	19,236,061	(15,956,399)
Interest on Investments			..	..	..	665,619	(648,026)
Contributions from Voted Moneys						13,513,000	(11,018,000)
Other Receipts		..	..	..	..	132,577	(112,043)
Total			..	..	..	33,547,257	(27,734,468)
Payments
Benefits	..	..	..	..	..	31,181,143	(25,605,537)
Administrative Expenses			..	..	..	2,218,404	(1,974,801)
Other Payments		..	..	..	..	38,259	(28,825)
Total			..	..	..	33,437,806	(27,609,163)
Excess of receipts over payments			..	..	..	109,451	(125,305)

The amounts drawn in the course of the year from the Vote for Social Welfare totalled £13,513,000 (£11,018,000) but the statutory contribution was subsequently determined at £13,403,549 (£10,892,695). There was thus an overdrawal of £109,451 (£125,305) which with £137,770 overdrawn from the Exchequer at the end of the previous year made a total overdrawal of £247,221 at 31st March, 1967, the adjustment of which will be reflected in subsequent accounts.

The cost of administration of the Fund at £2,218,404 (£1,974,801) represented 7.1% (7.7%) of the total amount of benefits paid.

The balance on the investment account at 31st March, 1967, amounted to £12,677,104 (£12,717,089) of which £12,444,239 (£12,716,776) was held in trustee securities in the name of the Minister for Finance. There was a net loss of £73,605 (£35,702) 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 a result of my audit, that in my opinion these Accounts are correct.

E. F. SUTTLE,

Ard-Reachtaire Cuntas agus Ciste.

1 Eanair, 1968.

(a) Includes extra-statutory payments amounting to £187 (Old Age (contributory) Pension £177; Widow’s (contributory) Pension £10) 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, 1966-67. 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, 1967, was £13,403,549 (i.e. the balance on Part I of the above account). Allowing for the sum of £137,770 overdrawn from the Exchequer at 31st March, 1966, the receipt by the Social Insurance Fund of £13,513,000 in 1966-67 accordingly represents an over draw of £247,221 at 31st March, 1967, which falls to be adjusted in subsequent accounts.