Annual Report 2012 - the Jersey Financial Services Commission

Income and Expenditure Accountfor the year ended 31 December 20122012 2011Note £ooo £ooo £ooo £oooRegulatory Income:Regulatory fees 4 (a) 10,487 9,953Registry fees 4 (b) 2,509 2,497Total regulatory income 12,996 12,450Other income:Bank deposit interest received 87 63Total income 13,083 12,513Operating expenses:Salaries, fees, social security and pension contributions 5 9,214 8,612Operating lease expenditure 471 469Other premises costs 296 300Computer systems costs 613 623Legal and professional services 480 174Investigations and litigation 6 745 398Public relations costs 18 12Travel costs 155 223Staff learning and development 207 199Recruitment costs 79 79Other operating expenses 280 292Auditors’ remuneration 15 15Depreciation of tangible fixed assets 7 396 472Loss on disposal of tangible fixed assets - 8Total operating expenses 12,969 11,876Excess of income over expenditure 114 637Accumulated reserve brought forward 7,133 6,496Accumulated reserve carried forward 7,247 7,133Statement of total recognised gains and lossesThere were no recognised gains or losses other than those detailed above.Historical cost equivalentThere is no difference between the net surplus for the year stated above and its historical cost equivalent.Continuing operationsAll the items dealt with in arriving at the net surplus in the income and expenditure account relate tocontinuing operations.The notes on pages 37 to 42 form an integral part of these financial statements.34 | ANNUAL REPORT 2012