Download Financial Report and Accounts

Total Page:16

File Type:pdf, Size:1020Kb

Download Financial Report and Accounts FINANCIAL REPORT AND ACCOUNTS 2011 States of Jersey FINANCIAL REPORT AND ACCOUNTS 2011 Treasury and Resources Department P.F.C. Ozouf Senator Minister E. Noel Deputy Assistant Minister L. Rowley, MBA, CPFA Treasurer of the States CONTENTS Contents 1 Minister’s Report . 3. 9. .Notes . to the Accounts. 71 2 The Annual Report . .5 . 9.1. Note 1: Statement of Accounting Policies . 71 2.1 Treasurer’s Introduction . .5 9.2 Note 2: Segmental Analysis . 90 2.2 Financial Performance 2011 . .7 9.3 Note 3: Revenue . 92 2.3 Explanation of the Structure of the States of Jersey .8 9.4 Note 4: Expenditure . 93 2.4 The States of Jersey Business and Financial 9.5 Note 5: Employees and States Members . 94 Planning Cycle . .13 9.6 Note 6: Non-Cash Items and other Significant 2.5 Comparison of Results against Approvals . 16 Items included in the (Deficit)/Surplus . 95 2.6 Detailed Financial Analysis . 21 9.7 Note 7: Investment Income . 96 2.7 Summary of Current Position . 30 9.8 Note 8: Other Gains and Losses. .97 2.8 Outline of Key Objectives, Strategies, Challenges and 9.9 Note 9: Tangible Fixed Assets . .98 Opportunities. .35 9.10 Note 10: Loans and Advances. 100 2.9 Governance Structures . 36 9.11 Note 11: Available for Sale investments held 2.10 Corporate Social Responsibility . .41 at Fair Value . 101 9.12 Note 12: Investments held at Fair Value 3 Statement of Responsibilities for the Financial through OCS . .105 Report and Accounts . 44 9.13 Note 13: Stock and Work in Progress . 106 4 Remuneration Report . 45. 9.14 Note 14: Debtors . 106 4.1 Remuneration Policy . .45 9.15 Note 15: Cash and Other Liquid Resources. 108 4.2 Council of Ministers . 45 9.16 Note 16: Creditors falling due within one year. 109 4.3 Accounting Officers . 45 9.17 Note 17: Currency . 110 4.4 Segmental Analysis of Staff . 49 9.18 Note 18: Finance Lease Liabilities . 111 5 Statement on Internal Control for the year ended 9.19 Note 19: Operating Lease Expenses 31 December 2011 . 50 and Commitments . 112 5.1 Scope of responsibility. .50 9.20 Note 20: Derivative Financial Instruments. 113 5.2 The purpose of the system of internal control . .50 9.21 Note 21: Other Significant Liabilities. 115 5.3 Capacity to handle risk . 51 9.22 Note 22: Pension Schemes – Defined Benefit 5.4 The risk and control framework . 51 Schemes . 116 5.5 Review of effectiveness of the system 9.23 Note 23: Provisions. 128 of internal control. .53 9.24 Note 24: Reserves . .129 5.6 Significant internal control issues . 55 9.25 Note 25: Notes to the Cash Flow Statement . 131 5.7 Closing statement . 61 9.26 Note 26: Guarantees not Recognised on the Balance Sheet . .132 6 Introduction to the Accounts . 62. 9.27 Note 27: Third Party Assets . 133 6.1 Changes in Accounting Standards: Adoption of 9.28 Note 28: Capital Commitments . 134 Financial Reporting Standards 23–29. 62 9.29 Note 29: Risk Profile and Financial Instruments. 135 6.2 Explanation of the contents of the Accounts . 64 9.30 Note 30: SOJ Common Investment Fund . .141 7 Auditor’s Report . 66 9.31 Note 31: Contingent Assets and Liabilities . 148 8 Primary Statements . 67. 9.32 Note 32: Pension Schemes – Other schemes . 148 8.1 Consolidated Operating Cost Statement 9.33 Note 33: Losses and Special Payments . 156 for the year ended 31 December 2011 . 67 9.34 Note 34: Gifts. 157 8.2 Consolidated Statement of Total Recognised 9.35 Note 35: Grants . 157 Gains and Losses for the year ended 9.36 Note 36: Related Party Transactions . 160 31 December 2011. .68 9.37 Note 37: Entities within the Group Boundary . 165 8.3 Consolidated Balance Sheet as 9.38 Note 38: Publication and Distribution of at 31 December 2011 . 69 the Financial Report and Accounts . .168 8.4 Consolidated Cash Flow Statement for the year ended 31 December 2011 . 70 1 2 MINISTER’S REPORT 1 Minister’s Report The 2011 Financial Report and Accounts presented here clearly demonstrate the effects of the decisions taken to safeguard public finances and maintain our strong position compared to so many other jurisdictions across the world. The States’ Balance Sheet is strong; the States has fixed assets valued at more than £2 billion coupled with strategic investments in utility companies that are wholly or partly owned by the States and have a book value in excess of £326 million. 2011 was never going to be an easy year for Jersey; it was recognised that every Islander was going to be affected by the tough tax measures we have had to take and sometimes it is difficult to understand why such measures have been taken. These Accounts show that spending is being carefully managed and that the planned levels of savings from the Comprehensive Spending Review are largely being delivered. Though we acknowledge particular difficulties for Education Sport and Culture in achieving their target, Ministers are working together to achieve a satisfactory outcome. In September, good news came when the EU Code of Conduct Group approved the zero/ten tax regime and confirmed that the rollback proposal would remove the harmful element of the States’ regime. The fact that Jersey has secured zero/ten is excellent news for the Island. It brings certainty and stability to the business community and gives Jersey significant advantage over competitors, providing the foundation for growth. Income Tax receipts have exceeded expectations set in the 2011 Budget last Autumn by £29 million. This is primarily a result of an increase in Personal Tax yield due to a larger than expected impact of freezing allowances and a further partial withdrawal of reliefs through 20 means 20, together with lower mortgage interest relief due to exceptionally low interest rates. Work is now underway to calculate how much of that increase will form part of the base figures and continue into future years’ receipts, and this will provide the information necessary for forecasts and future policy decisions. The Taxes Office has improved the States tax collection rate to 99.6%, and as a result the level of write offs (relating largely to the deceased and people who have gone away and cannot be traced) is down from a budgeted £4 million write-off to an actual £1.5 million. The 2011 year ended with an under-spend of £27 million in departments. The approval of these as carry forwards will allow departments to make the best use of these funds. Some departments are applying some of these funds to help bring about long-term efficiency gains and savings. This will help meet the 3 MINISTER’S REPORT Comprehensive Spending Review’s £65 million savings target. This means the States will be able to meet the pressures associated with the downturn in line with the Strategic Plan, without having to find extra funding. The 2011 allocation to Restructuring costs and Central Reserves has not been fully utilised but is to be carried forward to support departments in 2012. This includes £2 million which will be used to fund increases in Income Support costs as a result of increasing unemployment. So what does 2012 hold for the States of Jersey? A new Strategic Plan has been developed by the Council of Ministers focussing on the period 2013–2015. This Strategic Plan has 7 key priorities: • Get people into work • Manage population growth and migration • Reform Health and Social Services • House our community • Promoting Family and Community Values • Reform government and the public service • Develop long term planning. The new Strategic Plan endorses the Resources Principles set in the previous Strategic Plan and builds upon them. I look forward to working with the new Council of Ministers on delivering the priorities within the Strategic Plan and to developing a Medium Term Financial Plan that will directly support Departments in the delivery of those priorities. The States cannot afford to take the pressure off delivering the improvement in financial management that was committed to being delivered. The States has been fortunate in securing Laura Rowley as its Treasurer; she has already made significant improvements across the States and I know she has plans to continue with further strengthening. All that remains is for me to thank all the staff in the Treasury and Resources Department and across the States for their hard work this year. I also extend my thanks to Mike Robinson, Head of Customs and Immigration, and my Assistant Minister, Eddie Noel, for his help and support. Finally I would like to express my gratitude to Malcolm Campbell, the Comptroller of Taxes, who sadly passed away in May 2012. He will be greatly missed and long remembered by all, and my thoughts are with his family at this sad time. Senator Philip Ozouf Date: 28 May 2012 4 THE ANNUAL REPORT TREASURER’S INTRODUCTION 2 The Annual Report 2.1 Treasurer’s Introduction Departments have been managing their budgets tightly during 2011, continuing with their initiatives to deliver current and future savings as part of the Comprehensive Spending Review (CSR) work. This focus continues to help departments to work more efficiently, manage the timing of their expenditure and ensure that resources are directed to the highest priority areas. Departments are being given greater flexibility by the Minister for Treasury and Resources so as to encourage longer term thinking in the management of their overall expenditure. This approach fits in with the central initiative of finding sustainable ways of delivering CSR savings.
Recommended publications
  • “Have You Been Offended?” Holocaust Memory in the Channel Islands at HMD 70
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Apollo “Have you been offended?” Holocaust Memory in the Channel Islands at HMD 70 Dr Gilly Carr, Senior Lecturer in Archaeology, Trumpington Street, St Catharine’s College, Cambridge, CB2 1RL. Email: [email protected] Tel: 07790528424 Affiliation: (University of Cambridge Institute of Continuing Education) Dr Gilly Carr is a Senior Lecturer in Archaeology at the University of Cambridge Institute of Continuing Education. She is also a Fellow and Director of Studies at St Catharine’s College. Gilly works in the field of Heritage Studies and Conflict Archaeology and regularly speaks at international conferences. Her recent publications include Heritage and Memory of War: Responses from small islands (co-edited, Routledge 2015); Legacies of Occupation: Heritage, Memory and Archaeology in the Channel Islands (Springer 2014); and Protest, Defiance and Resistance in the Channel Islands: German Occupation 1940-1945 (co- authored, Bloomsbury Academic 2014). Acknowledgements The author would like to thank Freddie Cohen, Elis Bebb, Sir de Vic Carey and Sir Philip Bailhache for interviews collected during my fieldwork. I would also like to thank the Holocaust Memorial Day committee in Jersey for inviting me to the island to speak at the HMD 70. MS length: 10,573, including endnotes. Revision submitted 27 September 2015: 11,001 words, including endnotes. Disclosure statement: I have no financial interest and will receive no financial benefit arising from this research. “Have you been offended?” Holocaust Memory in the Channel Islands at HMD 70 Abstract The Channel Islands have experienced great difficulty in coming to terms with the Holocaust given the implication of the local authorities in the registration of the islands’ Jewish population during the German occupation.
    [Show full text]
  • Annual Report 2020 21
    Parish of St Helier 2020/21 Annual Report 1. Foreword by the Constable of St Helier I am delighted to offer Parishioners as well as interested Islanders the Parish's first Annual Report. In previous years the Accounts and Budget Report has been provided to ratepayers in July each year and this has covered some of the ground that readers would expect to find in an Annual Report. However, it seems entirely appropriate that an organisation of the size and complexity of our parish should provide a fuller overview of its activities during the past year, and I am grateful to our Chief Executive for taking up this challenge and producing this significant document. The past financial year has been an enormous challenge with the Coronavirus pandemic requiring huge changes in how the Parish delivers its services; this reports shows the tremendous effort that has been made by every member of staff to adapt and in some cases to change their working practices in order to comply with the public health restrictions. I want to express my heartfelt thanks to all of our staff for their flexibility and commitment to getting their jobs done in what have been extremely trying circumstances. Our honorary and voluntary teams have also been invaluable during the past year in supporting parishioners and ensuring the smooth running of parochial life. I should highlight the work carried out by our Honorary Police force, in particular the significant amount of extra work and responsibility taken on by our Centeniers, four of whom managed the responsibility for charging on behalf of the eleven other parishes as well as our own workload.
    [Show full text]
  • States of Jersey Financial Report and Accounts 2010 States of Jersey Treasury and Resources Department
    States of Jersey Financial Report and Accounts 2010 States of Jersey Treasury and Resources Department FINANCIAL REPORT AND ACCOUNTS 2010 Treasury and Resources Department P.F.C. Ozouf Senator Minister J. Refault Connétable Assistant Minister E. Noel Deputy Assistant Minister L. Rowley, MBA, CPFA Treasurer of the States CONTENTS Contents 1. Minister’s Report . .3 9. Notes to the Accounts. .66 2. The Annual Report . .5 9.1. Note 1: Statement of Accounting Policies . 66 2.1. Treasurer’s Introduction . .5 9.2. Note 2. Segmental Analysis . 80 2.2. Financial Performance 2010 . .6 9.3. Note 3: Revenue . 82 2.3. Explanation of the Structure of the States of Jersey .7 9.4. Note 4: Expenditure . 83 2.4. The States of Jersey Business and Financial 9.5. Note 5: Employees and States Members . 84 Planning Cycle . .12 9.6. Note 6: Non-Cash Items and other Significant 2.5. Comparison of Results against Approvals . 13 Items included in the (Deficit)/Surplus . 85 2.6. Detailed Financial Analysis . 19 9.7. Note 7: Finance Costs . 85 2.7. Summary of Current Position . 28 9.8. Note 8: Tangible Fixed Assets . .86 2.8. Outline of Key Objectives and Strategies . 33 9.9. Note 9: Advances . 88 2.9. Key Challenges and Opportunities . 33 9.10. Note 10: Strategic Investments . 89 2.10. Governance Structures . 34 9.11. Note 11: Other Investments . 90 2.11. Corporate Social Responsibility . .40 9.12. Note 12: Stock and Work in Progress . 91 9.13. Note 13: Debtors . .92 3. Statement of Responsibilities for the Financial 9.14.
    [Show full text]
  • Town Crier the Official Parish of St Helier Magazine
    TheSt Helier TOWN CRIER THE OFFICIAL PARISH OF ST HELIER MAGAZINE Jersey Hospice Care’s main entrance at Clarkson House Image courtesy of Karl Taylor Jersey Architecture Week 2013 • St Helier House Bicentenary Celebrations Constable’s Comment • Parish Matters • Jersey Heritage • Historic St Helier Parish Notice Board • Dates for your Diary • St Helier Gazette Delivered by Jersey Post to 19,000 homes and businesses every month. Designed and printed in Jersey by MailMate Publishing working in partnership with the Parish of St Helier. A09454 emagazine.pdf 1 05/06/2013 21:23 CELEBRATING OUR 30TH ANNIVERSARY Not many of you may realise but Hi-Speed Freight Services Limited have been the DHL Jersey Agent since April 1985. We are a locally owned company employing 30 locally qualified staff. We have always tried to maintain a family style of atmosphere with a policy of ‘don’t work for us but with us’ that will hopefully see us through the next 30 years. You may have noticed that our staff proudly wear the DHL uniform and our vehicles are in DHL colours along with livery. To all purposes we are DHL and have the same global procedures to adhere to along with strict processes and time scales. We are the only courier company on the island that has a dedicated aircraft that links via Guernsey and directly into the European DHL network, making overnight connections globally. Not only can we offer door to door import and export courier services to over 220 countries globally but we also cover inter island and local Jersey deliveries.
    [Show full text]
  • Valuing the Heritage of the Channel Islands
    Valuing the Heritage of the Channel Islands Kate Clark Kate Clark Associates Heritage policy, practice & planning Elizabeth Castle, Jersey Valuing the Heritage of the Channel Islands An initial assessment against World Heritage Site criteria and Public Value criteria Kate Clark Kate Clark Associates For Jersey Heritage August 2008. List of Contents Acknowledgements 6 Introduction 7 Summary Recommendations 8 Recommendation One: Do more to capture the value of Jersey’s Heritage Recommendation Two: Explore a World Heritage bid for the Channel Islands Chapter One - Valuing heritage 11 1.1 Gathering data about heritage 1.2 Research into the value of heritage 1.3 Public value Chapter Two – Initial assessment of the heritage of the Channel Islands 19 2.1 Introduction 2.2 Geography and politics 2.3 Brief history 2.4 Historic environment 2.5 Intangible heritage 2.6 Heritage management in the Channel Islands 2.7 Issues Chapter Three – capturing the value of heritage in the Channel Islands 33 3.1 Introduction 3.2 Intrinsic value 3.3 Instrumental benefits 3.4 Institutional values 3.5 Recommendations Chapter Four – A world heritage site bid for the Channel Islands 37 .0 Introduction .1 World heritage designation .2 The UK tentative list .3 The UK policy review .4 A CI nomination? .5 Assessment against World Heritage Criteria .6 Management criteria .7 Recommendations Conclusions 51 Appendix One – Jersey’s fortifications 53 A 1.1 Historic fortifications A 1.2 A brief history of fortification in Jersey A 1.3 Fortification sites A 1.4 Brief for further work Appendix Two – the UK Tentative List 67 Appendix Three – World Heritage Sites that are fortifications 71 Appendix Four – assessment of La Cotte de St Brelade 73 Appendix Five – brief for this project 75 Bibliography 77 5 Acknowledgements This report would not have been possible without the very kind support, enthusiasm, time and hospitality of John Mesch and his colleagues of the Société Jersiase, including Dr John Renouf and John Stratford.
    [Show full text]
  • Occupation of the Channel Islands from Wikipedia, the Free Encyclopedia
    Create account Log in Article Talk Read Edit View history Occupation of the Channel Islands From Wikipedia, the free encyclopedia The Channel Islands were occupied by Nazi Germany for much of World War II, from 30 June 1940 Navigation until the liberation on 9 May 1945. The Bailiwick of Jersey and Bailiwick of Guernsey are two British Main page Crown dependencies in the English Channel, near the coast of Normandy. The Channel Islands were Contents the only part of the British Isles to be invaded and occupied by German forces during the war. Featured content Current events Contents Random article 1 Before occupation Donate to Wikipedia 1.1 Demilitarisation 1.2 Evacuation 1.3 Emergency government Interaction As part of the Atlantic Wall, between 1.4 Invasion 1940 and 1945 the occupying German Help 2 Occupation forces and the Organisation Todt About Wikipedia 2.1 Administration constructed fortifications round the coasts of the Channel Islands such as this Community portal 2.2 Resistance and collaboration observation tower at Battery Moltke, Jersey. Recent changes 2.3 British Government reaction Contact page 2.4 Fortification and construction 2.5 Repressions and deportations 2.5.1 Alderney concentration camps Toolbox 2.6 Representation in London What links here 2.7 Under siege Related changes 3 Liberation and legacy Upload file 3.1 Liberation Special pages 3.2 Aftermath Permanent link 3.3 War crime trials Page information 3.4 Legacy Data item 4 See also Cite this page 5 Notes 6 References Print/export 7 External links Create a book Before occupation [edit] Download as PDF Printable version Demilitarisation [edit] Languages On 11 June 1940, as part of the British war effort in the Battle of France, a long range RAF aerial sortie carried out by Whitley bombers against the Italian cities of Turin and Genoa departed from small airfields in Jersey and Guernsey.
    [Show full text]