Annual Report 2012 - the Jersey Financial Services Commission

Notes to the financial statements for the year ended31 December 20128. Financial instrumentsThe Commission’s accumulated financial reserves are invested in bank deposit accounts. In order to mitigatethe credit risk and the market risk, these deposit accounts are maintained with six different banks.9. Sundry creditors 2012 2011£ooo£oooGeneral expense creditors 470 522Accruals 487 390957 912General expense creditors include pension contributions of £87,000 (2011 - £82,000) still to be remitted tothe schemes at the balance sheet date.Accruals contain an amount of £137,000 (2011 - £152,000) relating to the unexpired portion of the rent freeperiod granted at the time when the Commission took out the lease on its premises.10. Contingent liabilitiesAt the balance sheet date the Commission had no material contingent liabilities.11. Financial commitmentsThe Commission has entered into an agreement through JFSC Property Holdings No.1 Limited (note 12)to lease premises for the Commission’s occupation.2012 2011£ooo£oooThe annual rentals payable under this operating lease are:For a period of more than five years 490 490The rentals payable under this operating lease are subject to periodic review, rebased to market rates.40 | ANNUAL REPORT 2012