Committee Reports::Report - Appropriation Accounts 1967 - 1968::23 July, 1969::Appendix


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APPENDIX 18.

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, 1968

Receipts										Payments
PART I
								£	£							£	£
Contributions from Employers and Insured										Benefit:
Persons		..	..	..	..	..	..	20,787,615		Disability Benefit		..	..	..	..	10,198,060
Less Refunds of Contributions paid in error							..	63,542		Marriage Benefit		..	..	..	..	92,827
									20,724,073	Maternity Allowance		..	..	..	..	186,235
										Maternity Grant		..	..	..	..	148,097
Interest on Securities				..	..	..	..		611,421	Treatment Benefit		..	..	..	..	701,161
										Old Age (contributory) Pension				..	..	8,796,897 (a)
Investment Return under Section 21 of the Social										Unemployment Benefit			..	..	..	5,761,804
Welfare Act, 1950, as amended						..	..		48,835	Widow’s (contributory) Pension				..	..	6,801,155
										Orphan’s (contributory) Allowance				..	..	42,854
Rent	..	..	..	..	..	..	..		15,000								32,729,090
										Benefit paid in error		..	..	..	..	16,862
Receipts from other countries under Reciprocal										Less Amount recovered in respect of Benefit
Arrangements			..	..	..	..	..		162,389	paid in error	..	..	..	..	..	8,960
																	7,902
Balance of Payments over Receipts carried down
to Part II			..	..	..	..	..		13,356,828	Payments to other countries under Reciprocal
										Arrangements		..	..	..	..		34,908
										Administration Expenses (section 40 of the
										Social Welfare Act, 1952)			..	..	..		2,138,873
										Other Payments	..	..	..	..	..		7,773
									£34,918,546								£34,918,546

PART II
Balance of Current Account at 31st										Balance brought down from Part I				..	..	..	13,356,828
March, 1967				..	..	..	..		1,455,685
										Balance of Current Account at 31st March, 1968 (see
Contributions out of moneys provided by the Oireachtas under section 39 of the										Statement III (a)	..	..	..	..	..	..	1,446,436
Social Welfare Act, 1952						..	..		13,219,000 (b)
Amount transferred from Investment Account (section 39 of the Social
Welfare Act, 1952)					..	..	..	740,000
Less Interest on Securities (see Part I)								611,421
									128,579
									£14,803,264								£14,803,264

An Roinn Leasa Shóisialaigh, L. Ó hUNANACHÁIN,

20 Samhain, 1968 Rúnaí.

Report of the Comptroller and Auditor General

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,

23 Nollaig, 1968.

Ard-Reachtaire Cuntas agus Ciste.

SOCIAL INSURANCE FUND

II.—Investment Account

An Account of Receipts and Payments in the Year ended 31st March, 1968

Receipts								Payments
							£							£
Balance at 31st March, 1967		..	..	..	..	..	12,677,105	Cost of Securities held at 31st March, 1967				..	..	12,444,239
Cost of Securities returned on realisation				..	..	..	1,793,695	Amount repaid to Minister for Social Welfare (section 39
								of the Social Welfare Act, 1952)		..	..	..	..	740,000
Profit on sale of Securities		..	..	..	..	..	4,673
								Cost of Securities purchased	..	..	..	..	..	1,742,308
Interest on Securities	..	..	..	..	..	..	611,421
								Loss on sale of Securities	..	..	..	..	..	157,134
Income Tax refunded	..	..	..	..	..	..	52,865
								Income Tax deducted from Dividends			..	..	..	49,686
Cost of Securities held at 31st March, 1968					..	..	12,392,851
								Balance held by Minister for Finance at 31st March, 1968
								(see Statement III (b))	..	..	..	..	..	12,399,243
							£27,532,610							£27,532,610

An Roinn Airgeadais,								T. K. WHITAKER,
28 Meitheamh, 1968.								Rúnaí.

SOCIAL INSURANCE FUND

III.—Statement of Balances at 31st March, 1968

							£	£
(a) CURRENT ACCOUNT—
Premises	..	..	..	..	..	..	1,163,616
Furniture and Equipment				..	..	..	50,159
Cash	..	..	..	..	..	..	163,954
								1,377,729
Due from sundry debtors			..	..	..	..		237,329
								1,615,058
Due to sundry creditors			..	..	..	..		168,622
								1,446,436
(b) INVESTMENT ACCOUNT—
Securities at cost as per schedule					..	..	12,392,851
(Market value at 31st March, 1968, £11,751,183)
Cash	..	..	..	..	..	..	6,392
								12,399,243
Balance of Social Insurance Fund				..	..	..		£13,845,679

L. Ó hUANACHÁIN,

Rúnaí.

An Roinn Leasa Shóisialaigh,

20 Samhain, 1968.

SOCIAL INSURANCE FUND

Investment Account

Securities held by the Minister for Finance at 31st March, 1968

Nominal Value		Security								Cost Price
£										£
6,210	..	3½% Fourth National Loan, 1950-70					..	..	..	5,388
61,060	..	3% Exchequer Bonds, 1965-70					..	..	..	60,090
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
377,790	..	5% National Savings Bonds, 1971-81						..	..	372,123
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
2,395,000	..	Ways and Means Advances to Exchequer						..	..	2,395,000
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
8,983	..	3% Land Bonds		..	..	..	..	..	..	6,329
49,027	..	3½% Land Bonds		..	..	..	..	..	..	33,641
313,959	..	4% Land Bonds		..	..	..	..	..	..	274,867
500,164	..	4½% Land Bonds		..	..	..	..	..	..	353,012
33,521	..	4½% New Land Bonds			..	..	..	..	..	27,961
101,089	..	4¾% Land Bonds		..	..	..	..	..	..	77,914
73,971	..	5% Land Bonds		..	..	..	..	..	..	68,836
137,875	..	5¾% Land Bonds		..	..	..	..	..	..	133,159
1,752,364	..	6% Land Bonds		..	..	..	..	..	..	1,614,699
108,691	..	5½% Land Bonds		..	..	..	..	..	..	103,405
560,960	..	7% Land Bonds		..	..	..	..	..	..	524,101
310,302	..	7½% Land Bonds		..	..	..	..	..	..	311,359
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
2,056	..	Dublin Corporation 4½% Mortgage (13/12/40)							..	2,056
312,223	..	Dublin Corporation 5½% Mortgage (5/8/60)						..	..	312,223
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
59,875	..	3% Transport Stock, 1975-85				..	..	..	..	73,437
626,087	..	4¼% Transport Stock, 1972-77				..	..	..	..	574,888
135,944	..	5% Transport Stock, 1970-76				..	..	..	..	130,551
8,530	..	Galway Harbour 4% Guaranteed Redeemable Stock								8,371
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
										£12,392,851

(a) Includes extra-statutory payments amounting to £136 made on grounds of equity in cases where payments of pension were not obtained within the prescribed period.

(b) This is the amount paid out of Subhead E of the Vote for Social Welfare, 1967-68. 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, 1968, was £13,356,828 (i.e. the balance on Part I of the above account). Allowing for the sum of £247,221 overdrawn from the Exchequer at 31st March, 1967, the receipt by the Social Insurance Fund of £13,219,000 in 1967-68 accordingly represents an overdraw of £109,393 at 31st March, 1968, which falls to be adjusted in subsequent accounts.

APPENDIX 18.

SOCIAL INSURANCE FUND: ACCOUNTS AND REPORT THEREON OF THE COMPTROLLER AND AUDITOR GENERAL

SOCIAL INSURANCE FUND

I.—Current Account

PART I

PART II

Report of the Comptroller and Auditor General

SOCIAL INSURANCE FUND

II.—Investment Account

SOCIAL INSURANCE FUND

III.—Statement of Balances at 31st March, 1968

SOCIAL INSURANCE FUND