Committee Reports::Interim and Final Report - Appropriation Accounts 1967 - 1968::12 November, 1970::Appendix


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APPENDIX 17.

SOCIAL INSURANCE FUND

I.—Current Account

An Account of Receipts and Payments in the Year ended 31 March, 1969

Receipts								Payments
PART I
							£							£	£
Contributions from Employers and Insured								Benefit:
Persons	..	..	..	..	..	..	25,083,506	Disability Benefit		..	..	..	..	11,658,426
								Marriage Benefit	..	..	..	..	..	97,853
Interest on Securities			..	..	..	..	632,505	Maternity Allowance		..	..	..	..	231,250
								Maternity Grant		..	..	..	..	147,220
Investment Return under Section 21 of the Social								Treatment Benefit		..	..	..	..	678,431
Welfare Act, 1950, as amended					..	..	34,467	Old Age (Contributory) Pension				..	..	9,875,746
								Unemployment Benefit		..	..	..	..	7,377,210
Rent	..	..	..	..	..	..	23,098	Widow’s (Contributory) Pension				..	..	7,872,629
								Orphan’s (Contributory) Allowance				..	..	42,280
Receipts from other countries under Reciprocal															37,981,045(a)
Arrangements		..	..	..	..	..	821,383	Payments to other Countries under Reciprocal
								Arrangements	..	..	..	..	..		162,024
Balance of Payments over Receipts carried down
to Part II		..	..	..	..	..	13,771,591	Administration Expenses (Section 40 of the Social
								Welfare Act, 1952)		..	..	..	..		2,215,436
								Other Payments	..	..	..	..	..		8,045
							£40,366,550								£40,366,550

PART II

					£
Balance of Current Account at 31 March, 1968				..	1,446,436	Balance brought down from Part I		..	..	13,771,591
Contributions out of moneys provided by the Oireachtas under Section 39 of the Social						Amount transferred to Investment Account			..	150,000
Welfare Act, 1952	..	..	..	..	14,068,000(b)	Balance of Current Account at 31 March, 1969
						(See Statement III(a))	..	..	..	1,565,340
Amount transferred from Investment Account
(Section 39 of the Social Welfare Act, 1952)				..	605,000
					16,119,436
Less Interest on Securities (see Part I)			..	..	632,505
					£15,486,931					£15,486,931

Roinn Leasa Shóisialaigh,	L. Ó hUANACHÁIN,
3 Feabhra, 1970.	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,
19 Feabhra, 1970.	Árd-Reachtaire Cuntas agus Ciste.

II.—Investment Account

An Account of Receipts and Payments in the year ended 31 March, 1969

Receipts							Payments
						£						£
Balance at 31 March, 1968	..	..	..	..	..	12,399,243	Cost of Securities held at 31 March, 1968			..	..	12,392,851
Amount paid over by Minister for Social Welfare (Section							Amount repaid to Minister for Social Welfare (Section
39 of Act, No. 11 of 1952)		..	..	..	..	150,000	39 of the Social Welfare Act, 1952)		..	..	..	605,000
Cost of Securities returned on realisation				..	..	1,318,712	Cost of Securities purchased	..	..	..	..	1,414,696
Interest on Securities	..	..	..	..	..	632,505	Net loss on sale of Securities	..	..	..	..	83,132
Income Tax Refunded	..	..	..	..	..	65,304	Income Tax deducted from dividends		..	..	..	65,335
Cost of Securities held at 31 March, 1969				..	..	12,488,835	Balance held by Minister for Finance at 31 March, 1969
							(see Statement III(b))	..	..	..	..	12,493,585
						£27,054,599						£27,054,599

An Roinn Airgeadais,	C. H. MURRAY,
17 Meitheamh, 1969.	Rúnaí.

III.—Statement of Balances at 31st March, 1969

(a) CURRENT ACCOUNT—							£	£
Premises		..	..	..	..	..	1,163,616
Furniture and Equipment				..	..	..	42,113
Cash	..	..	..	..	..	..	240,178
Agency Accounts (net)			..	..	..	..	119,433
								1,565,340
(b) INVESTMENT ACCOUNT—
Securities at cost as per schedule (market value
at 31 March, 1969, £11,418,191)					..	..	12,488,835
Cash	..	..	..	..	..	..	4,750
								12,493,585
Balance of Social Insurance Fund					..	..		£14,058,925

L. Ó hUANACHÁIN,

Rúnaí.

An Roinn Leasa Shóisialaigh,

3 Feabrha, 1970.

Investment Account

Securities held by the Minister for Finance at 31st March, 1969

Nominal Value	Security								Cost Price
£									£
6,210	..	3½% Fourth National Loan, 1950-70					..	..	5,380
61,060	..	3% Exchequer Bonds, 1965-70				..	..	..	60,098
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
111,590	..	5% National Savings Bonds, 1971-81					..	..	109,916
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
1,855,000	..	Ways and Means Advances to Exchequer					..	..	1,855,000
1,550,000	..	Advances to Local Loans Fund under Act No. 16
		of 1935	..	..	..	..	..	..	1,550,000
126,887	..	Bank of Ireland Stock		..	..	..	..	..	119,014
8,123	..	3% Land Bonds		..	..	..	..	..	5,723
61,237	..	3½% Land Bonds		..	..	..	..	..	40,429
292,019	..	4% Land Bonds		..	..	..	..	..	241,987
504,643	..	4½% Land Bonds		..	..	..	..	..	350,438
50,445	..	4½% New Land Bonds		..	..	..	..	..	38,967
132,227	..	4¾% Land Bonds		..	..	..	..	..	98,280
85,610	..	5% Land Bonds		..	..	..	..	..	76,726
135,520	..	5¾% Land Bonds		..	..	..	..	..	130,130
1,811,895	..	6% Land Bonds		..	..	..	..	..	1,645,179
93,814	..	5½% Land Bonds		..	..	..	..	..	87,270
632,695	..	7% Land Bonds		..	..	..	..	..	588,627
1,187,376	..	7½% Land Bonds		..	..	..	..	..	1,156,736
1,150	..	8% Land Bonds		..	..	..	..	..	1,146
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
1,401	..	Dublin Corporation 4½% (Mortgage (13/12/40))							1,401
286,409	..	Dublin Corporation 5½% (Mortgage (5/8/60))						..	286,409
31,100	..	Cork Corporation 3% Stock, 1969-79					..	..	28,197
326,170	..	Cork Corporation 3½% Stock, 1971-81					..	..	315,977
6,432	..	Cork Corporation 4% (1933) Stock, 1953-73						..	5,201
51,450	..	Cork Corporation 4% (1935) Stock, 1955-75						..	50,456
10,600	..	Cork Corporation 4% (1937) Stock, 1957-77						..	10,503
28,952	..	Cork Corporation 5% (1930) Stock, 1970-80						..	28,264
14,750	..	Cork Corporation 3½% Mortgage				..	..	..	14,750
59,875	..	3% Transport Stock, 1975-85				..	..	..	73,437
626,087	..	4¼% Transport Stock, 1972-77				..	..	..	574,888
135,944	..	5% Transport Stock, 1970-75				..	..	..	130,551
8,280	..	Galway Harbour 4% Guaranteed Redeemable Stock							8,126
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
£13,204,399									£12,488,835

(a) Includes extra-statutory payments amounting to £533 (Old Age (Contributory) Pension £480: Widow’s (Contributory) Pension £53) 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, 1968-69. 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 31 March, 1969, was £13,771,591 (i.e. the balance on Part I of the above account). Allowing for the sum of £109,393 overdrawn from the Exchequer at 31 March, 1968, the receipt by the Social Insurance Fund of £14,068,000 in 1968-69 accordingly represents an overdraw of £405,802 at 31 March, 1969, which falls to be adjusted in subsequent accounts.