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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.
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