FINANCIAL REPORT AND ACCOUNTS 2011 - States Assembly

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THE ANNUAL REPORTEXPLANATION OF THE STRUCTURE OF THE STATES OF JERSEYPUBLIC SECTOR BODIES OUTSIDE OF THE ACCOUNTING BOUNDARYSpecial FundJersey CurrencyNotesJersey CoinageTourismDevelopment FundChannel IslandsLottery (Jersey) FundHousingDevelopment FundCriminal OffencesConfiscation FundDrug TraffickingConfiscation FundCivil Asset RecoveryFundFunctionEstablished under the Public Finances (Jersey) Law 2005, and the Currency Notes (Jersey)Law 1959, the fund holds assets that match the value of Jersey currency notes in circulation.It also produces and issues currency notes, and administers the notes in issue.Established under the Public Finances (Jersey) Law 2005, and the Decimal Currency(Jersey) Law 1971, the fund holds assets that match the value of Jersey coinage incirculation. Produces and issues currency coins, and administers the coins in issue.Makes grants to stimulate investment in the tourism industry and infrastructure in order toimprove Jersey’s competitiveness and sustain the industry as an important pillar of theeconomy.Established by the Gambling (Channel Islands Lottery) (Jersey) Regulations 1975, thefund promotes and conducts public lotteries, the draws for which may be held in Jersey orGuernsey.Established under P74/1999 and P84/1999, the fund assists in meeting the requirements forthe development of social rented and first-time buyer homes by providing development andinterest subsidies.These funds are established under the Proceeds of Crime (Jersey) Law 1999, DrugTrafficking Offences (Jersey) Law 1988, and Civil Asset Recovery (International Cooperation)(Jersey) Law 2007 respectively.These funds hold amounts confiscated under law. Funds are then distributed in accordancewith the relevant legislation.Wholly Owned CompanyThe States of Jersey Development Company (SoJDC) is a wholly owned subsidiary company of the States. Itwas originally incorporated in 1996 as the Waterfront Enterprise Board (WEB), and vested with responsibilityfor the co-ordination and promotion of development in the St Helier Waterfront Area on behalf of the Statesof Jersey. In 2010, the States approved proposition P73/2010, which set out proposals for the restructureof WEB into the SoJDC, clarifying the role of the company and widening the company’s remit to cover alldesignated ‘Regeneration Zones’.2.3.4 Public Sector Bodies outside of the Accounting BoundaryMajor Public Sector Bodies that are outside of the Accounting Boundary (and so not included in theseAccounts) include:ParishesThe Parishes perform various Government functions, including Refuse Collection, Provision of Parksand Gardens and issue of Licenses. Details of the functions of individual parishes can be foundon the Parishes Website.http://www.parish.gov.je/12
THE ANNUAL REPORTTHE STATES OF JERSEY BUSINESS AND FINANCIAL PLANNING CYCLECOMMON INVESTMENT FUNDSocial Security FundsFundSocial Security FundHealth Insurance FundSocial Security (Reserve) FundPurposeThese funds collect Social Security Contributions, and pay related benefitsand any associated expenses. The Reserve fund provides a buffer for thesepayments in the future.Strategic InvestmentsFundJersey Electricity plcJersey New Waterworks CompanyJersey Telecom Group LimitedJersey Post International LimitedPurposeThe States owns controlling investments in these utility companies, butas it does not exert direct control these are accounted for as StrategicInvestments in the Accounts. More information about the valuation of thesecompanies is given in Note 11.Independent BodiesFundIncluding, for example– Jersey Competition Regulation Authority– Jersey Financial Services CommissionPurposeThese bodies mainly provide supervisory and regulatory functions,and are established by legislation to be independent from the Statesof Jersey.2.3.5 Common Investment FundThe States of Jersey – Common Investment Fund (CIF) is only open to States Funds (including Reserves,Separately Constituted (Special) Funds, Trust Funds and Bequest Funds), and allows them to benefitfrom greater investment opportunities and economies of scale. Investments in the CIF and associatedtransactions are included in these Accounts to the extent that they relate to entities within the AccountingBoundary. More details on the operation of the CIF are given in Note 30.2.3.62.4 The States of Jersey Business and Financial Planning CycleThe States approved changes to the Public Finances (Jersey) Law 2005 in July 2011 to introduce longer termfinancial planning and the approval of a three-year Medium Term Financial Plan from 2013.Current ProcessThe current annual financial planning cycle began with the States Strategic Plan 2009–2014 which setout the States’ vision for the next five years including the broad financial framework. Each year an AnnualBusiness Plan then allocated funds to individual departments and capital projects so as to deliver Jersey’sStrategic Aims. The 2012 Business Plan, debated in September 2011, is the last in the current format andapproved revenue and capital expenditure for 2012 and indicative expenditure totals for a further two years.13
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INTRODUCTION TO THE ACCOUNTSCHANGES
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INTRODUCTION TO THE ACCOUNTSEXPLANA
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PRIMARY STATEMENTSCONSOLIDATED OPER
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PRIMARY STATEMENTSCONSOLIDATED BALA
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NOTES TO THE ACCOUNTSNOTE 1: STATEM
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NOTES TO THE ACCOUNTSNOTE 2: SEGMEN
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NOTES TO THE ACCOUNTSNOTE 4: EXPEND
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NOTES TO THE ACCOUNTSNOTE 6: NON-CA
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NOTES TO THE ACCOUNTSNOTE 8: OTHER
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NOTES TO THE ACCOUNTSNOTE 9: TANGIB
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NOTES TO THE ACCOUNTSNOTE 11: AVAIL
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NOTES TO THE ACCOUNTSNOTE 11: AVAIL
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NOTES TO THE ACCOUNTSNOTE 12: INVES
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NOTES TO THE ACCOUNTSNOTE 14: DEBTO
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NOTES TO THE ACCOUNTSNOTE 16: CREDI
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NOTES TO THE ACCOUNTSNOTE 18: FINAN
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NOTES TO THE ACCOUNTSNOTE 20: DERIV
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NOTES TO THE ACCOUNTSNOTE 21: OTHER
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NOTES TO THE ACCOUNTSNOTE 22: PENSI
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NOTES TO THE ACCOUNTSNOTE 24: RESER
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NOTES TO THE ACCOUNTSNOTE 25: NOTES
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NOTES TO THE ACCOUNTSNOTE 27: THIRD
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NOTES TO THE ACCOUNTSNOTE 29: RISK
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NOTES TO THE ACCOUNTSNOTE 30: SOJ C
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NOTES TO THE ACCOUNTSNOTE 34: GIFTS
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NOTES TO THE ACCOUNTSNOTE 35: GRANT
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NOTES TO THE ACCOUNTSNOTE 36: RELAT
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NOTES TO THE ACCOUNTSNOTE 36: RELAT
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NOTES TO THE ACCOUNTSNOTE 37: ENTIT
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States of Jersey TreasuryCyril Le M
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FINANCIAL REPORT AND ACCOUNTS 2011 - States Assembly

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