FINANCIAL REPORT AND ACCOUNTS 2011 - States Assembly

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PRIMARY STATEMENTSCONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2011States of Jersey8.4 Consolidated Cash Flow Statementfor the year ended 31 December 2011Operating ActivitiesNotes 2010 2011£’000 £’000Net Cash (Outflow)/Inflow from Operating Activities 25 (36,333) 4,940Returns on Investment and Servicing of FinanceInvestment Income received 42,608 40,126Interest paid (283) (173)Interest element of Finance Lease payments (1,218) (1,036)Net Cash Inflow from Returns on Investmentsand Servicing of FinanceCapital Expenditure and Financial Investments41,107 38,917Payments to acquire Tangible Fixed Assets (75,834) (71,608)Proceeds from Disposal of Property 13,734 6,847Purchase of Investments (2,165,887) (1,462,961)Proceeds from Disposal of Investments 2,271,998 1,455,156Loans Repaid 2,690 2,853Net Cash Inflow/(Outflow) from Capital Expenditureand Financial InvestmentsManagement of Liquid Resources46,701 (69,713)Net Cash (Outflow)/Inflow from Management of Liquid Resources (33,839) 27,770FinancingCapital Element of Finance Lease Rental Payments (2,862) (3,076)Net Cash Outflow from Financing (2,862) (3,076)Increase/(Decrease) in Cash 25 14,774 (1,162)70
NOTES TO THE ACCOUNTSNOTE 1: STATEMENT OF ACCOUNTING POLICIES9 Notes to the Accounts9.1 Note 1: Statement of Accounting PoliciesAIntroductionA.1 These accounts have been prepared in accordance with the States of Jersey FinancialReporting Manual (JFReM) issued by the Treasurer of the States in order to meet therequirements of the Public Finances (Jersey) Law 2005. The accounting policies containedin the JFReM follow UK Generally Accepted Accounting Principles for companies(UK GAAP) to the extent that it is meaningful and appropriate to the Public Sector in Jersey.The JFReM applicable to the 2011 financial year (excluding comparators) is based on theUK Financial Reporting Manual for the UK financial year ending March 2009.A.2 Where the JFReM permits a choice of accounting policy, the accounting policy which hasbeen judged to be most appropriate to the particular circumstances of the States of Jerseyfor the purpose of giving a true and fair view has been selected. The accounting policieshave been applied consistently in dealing with items considered material in relation to theaccounts.BAccounting ConventionB.1 These accounts have been prepared under the historical cost convention modified toaccount for the revaluation of fixed assets and investments. A summary of the moreimportant accounting policies is set out below.CBasis of ConsolidationC.1 These accounts comprise the consolidation of all entities within the States of Jerseyconsolidation boundary (the ‘group boundary’) as set out in the JFReM. The group boundaryis defined with reference to applicable accounting standards except that the inclusion orexclusion of an entity is based on direct control rather than strategic control. Direct controlis normally evidenced by the States, the Council of Ministers or a Minister exercising inyearcontrol over operating practices, income, expenditure, assets or liabilities of the entity.Therefore the principles of FRS2, FRS9 and FRS5 for the determination of whether entitiesare subsidiary undertakings, associated undertakings or joint ventures are restricted to thefirst principle of direct control. Where this principle is not met and an entity within the groupboundary has an investment in an entity outside the group boundary, this holding is treatedas an investment in the group accounts.71
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financial report and accounts 2011
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MINISTER’S REPORTComprehens
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THE ANNUAL REPORTTREASURER’S INTR
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THE ANNUAL REPORTEXPLANATION OF THE
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THE ANNUAL REPORTTHE STATES OF JERS
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THE ANNUAL REPORTCOMPARISON OF RESU
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THE ANNUAL REPORTCOMPARISON OF RESU
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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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