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

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.