Committee Reports::Interim and Final Report - Appropriation Accounts 1969 - 1970::28 June, 1973::Appendix


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Committee Reports > List of Committees > Dáil > 1973 > Committee of Public Accounts > Interim and Final Report - Appropriation Accounts 1969 - 1970

APPENDIX 39.

SOCIAL INSURANCE FUND

I.—Current Account

An Account of Receipts and Payments in the Year ended 31 March, 1970

Receipts								Payments
								PART I
								£								£	£
Contributions from Employers and Insured Persons								30,120,293	Benefit:
									Disability Benefit		..	..	..	..	..	14,352,957
Interest on Securities			..	..	..	..	..	687,568	Marriage Benefit		..	..	..	..	..	96,827
									Maternity Allowance			..	..	..	..	280,333
Investment Return under Section 21 of the Social									Maternity Grant		..	..	..	..	..	151,446
Welfare Act, 1950, as amended					..	..	..	52,000	Treatment Benefit		..	..	..	..	..	764,314
									Unemployment Benefit			..	..	..	..	8,128,649
Rent	..	..	..	..	..	..	..	19,337	Old Age (contributory) Pension				..	..	..	11,361,799
									Widow’s (contributory) Pension				..	..	..	9,385,916
Receipts from other countries under Reciprocal									Orphans’ (contributory) Allowance					..	..	43,653
Arrangements			..	..	..	..	..	364,688
																	44,565,894
Balance of Payments over Receipts carried down to									Payments to other countries under Reciprocal
Part II		..	..	..	..	..	..	15,917,487	Arrangements	..	..	..	..	..	..		48,529
									Administration Expenses (section 40 of the Social
									Welfare Act, 1952)			..	..	..	..		2,538,623
									Other payments		..	..	..	..	..		8,327
								£47,161,373									£47,161,373
								PART II
Balance of Current Account at 31 March, 1969							..	1,565,340	Balance brought down from Part I				..	..	..		15,917,487
Contributions out of moneys provided by the Oireachtas under section 39 of the Social Welfare									Balance of Current Account at 31 March, 1970 (see Statement III (a))		..	..	..	..	..	1,662,285
Act, 1952		..	..	..	..	..	..	15,562,000(b)
Amount transferred from Investment Account (section 39 of the Social Welfare Act, 1952)						..	..	1,140,000
								18,267,340
Less Interest on Securities (see Part I)						..	..	687,568
								£17,579,772								£17,579,772

An Roinn Leasa Shóisialaigh,

11 Bealtaine, 1971.

L. Ó hUANACHÁIN,

Rúnaí.

II.—Investment Account

An Account of Receipts and Payments in the Year ended 31 March, 1970

Receipts								Payments
							£								£
Balance at 31 March, 1969		..	..	..	..	..	12,493,585	Cost of Securities held at 31 March, 1969				..	..	..	12,488,835
Cost of Securities returned on realisation				..	..	..	1,306,500	Amount repaid to Minister for Social Welfare (section 39 of the
								Social Welfare Act, 1952)		..	..	..	..	..	1,140,000
Interest on Securities	..	..	..	..	..	..	687,568
								Cost of Securities purchased		..	..	..	..	..	50,524
Income Tax Refunded	..	..	..	..	..	..	86,337
								Net loss on sale of Securities		..	..	..	..	..	50,524
Cost of Securities held at 31 March, 1970				..	..	..	11,982,630
								Income Tax deducted from dividends			..	..	..	..	90,748
								Balance held by Minister for Finance at 31 March, 1970 (see
								Statement III (b))	..	..	..	..	..	..	11,986,218
							£26,556,620								£26,556,620

An Roinn Airgeadais,

25 Meitheamh 1970,

C. H. MURRAY

Rúnaí.

III.—Statement of Balances at 31st March, 1970


(a)	CURRENT ACCOUNT								£	£
	Premises		..	..	..	..	..	..	1,163,616
	Furniture and Equipment				..	..	..	..	33,786
	Cash	..	..	..	..	..	..	..	262,212
	Agency Accounts (Net)				..	..	..	..	202,671
										1,662,285
(b)	INVESTMENT ACCOUNT
	Securities at cost as per schedule (market value at 31 March, 1970, £10,070,974)								11,982,630
	Cash	..	..	..	..	..	..	..	3,588
										11,986,218
	Balance of Social Insurance Fund						..	..		£13,648,503

L. Ó hUANACHÁIN

Rúnaí.

An Roinn Leasa Shóisialaigh.

11 Bealtaine, 1971.

Investment Account

Securities held by the Minister for Finance at 31st March, 1970

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				..	..	..	2,961
7,490	..	5% National Savings Bonds, 1971/81					..	..	7,378
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	..	5¼% Exchequer Stock, 1984/89				..	..	..	497,500
860,000	..	Ways and Means Advances to Exchequer					..	..	860,000
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
6,355	..	3% Land Bonds		..	..	..	..	..	4,478
67,202	..	3½% Land Bonds		..	..	..	..	..	43,555
261,579	..	4% Land Bonds		..	..	..	..	..	216,413
399,358	..	4½% Land Bonds		..	..	..	..	..	273,728
60,019	..	4½% New Land Bonds			..	..	..	..	43,845
161,891	..	4¾% Land Bonds		..	..	..	..	..	114,822
89,553	..	5% Land Bonds		..	..	..	..	..	78,999
138,740	..	5¼% Land Bonds		..	..	..	..	..	132,034
1,980,379	..	6% Land Bonds		..	..	..	..	..	1,744,387
96,414	..	5½% Land Bonds		..	..	..	..	..	88,460
719,197	..	7% Land Bonds		..	..	..	..	..	656,131
1,491,210	..	7½% Land Bonds		..	..	..	..	..	1,411,250
303,716	..	8% Land Bonds		..	..	..	..	..	272,201
1,349	..	9½% Land Bonds		..	..	..	..	..	1,343
188,500	..	Dublin Corporation 2¼% 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 3% 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
76,336	..	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
716	..	Dublin Corporation 4½% Mortgage (13/12/40)						..	716
259,156	..	Dublin Corporation 5½% Mortgage (5/8/60)						..	259,156
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 5% (1937) Redeemable Stock,
		1957/77	..	..	..	..	..	..	10,503
28,952	..	Cork Corporation 5% (1930) Redeemable Stock,
		1970/80	..	..	..	..	..	..	28,264
14,750	..	Cork Corporation 3½% Mortgage				..	..	..	14,750
58,875	..	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
7,530	..	Galway Harbour 4% Guaranteed Redeemable Stock							7,390
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
									£11,982,630

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,

Árd-Reachtaire Cuntas agus Ciste

4 Deireadh Fómhair, 1971

(a) Includes extra-statutory payments amounting to £763 (Old Age (Contributory) Pension £270; Widow’s (Contributory) Pension £493) 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, 1969-70. 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, 1970, was £15,917,487 (i.e. the balance on Part I of the above account). Allowing for the sum of £405,802 overdrawn from the Exchequer at 31 March, 1969, the receipt by the Social Insurance Fund of £15,562,000 in 1969-70 accordingly represents an overdraw of £50,315 at 31 March, 1970, which falls to be adjusted in subsequent accounts.

APPENDIX 39.

I.—Current Account

PART I

PART II

II.—Investment Account

III.—Statement of Balances at 31st March, 1970

Investment Account