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

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.