Accounts

 

REPORT OF THE AUDITORS
TO THE PRINCIPALS OF
LA VINGTAINE DE LA VILLE DE ST HELIER FOR 2002

We have audited the financial statements on pages 2 to 4, which have been prepared under the historical cost convention and the accounting policies set out on page 4.

Respective responsibilities of Procureurs and auditors:

The Procureurs are responsible for the preparation of financial statements which show the general balances of the Vingtaine and its revenue and expenditure for each financial year. The Procureurs are also responsible for keeping proper accounting records and for safeguarding the assets of the Vingtaine and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. It is our responsibility to form an independent opinion, based on our audit, on those financial statements and to report our opinion to you.

Basis of Opinion:

We conducted our audit in accordance with Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Procureurs in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Vingtaine's circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

Opinion:

In our opinion the financial statements give a true and fair view of the state of the Vingtaine's affairs at 31 December 2002 and of its revenue and expenditure for the year then ended.

ALEX PICOT

Chartered Accountants
7 May 2003

Page 1


LA VINGTAINE DE LA VILLE DE ST HELIER
REVENUE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2002

  2002 2001

INCOME
United Kingdom Government
stock interest
Bank deposit interest
Donation re Plaque at Pomme D'or

Less: Previous year's United Kingdom
tax not recoverable

 

Less: EXPENDITURE
Water rates
Insurance
Advertising
Audit and accountancy fee
Bank charges
Maintenance
Commemorative Plaque - Pomme D'or
Commemorative Plaque - Snow Hill
Sundry expenses

 

NET REVENUE FOR THE YEAR
carried to reserves

 

5,148
3,108
   454

 

 

 

97
300
254
180
139
0
454
60
    78

 
 

 

8,710

       0

8,710

 

 

 

 

 
 

1,562

 
£7,148

 

5,148
2,019
       0

 

 

 

164
280
241
170
91
45
0
0
    25

 
 

 

7,167

   669

6,498

 

 

 

 

 
 

1,016

 
£5,482

 
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
 

  2002 2001
Capital profit on investments:
Unrealised appreciation on revaluation
of investments
Net revenue for the year

Total recognised gains and losses

 

 

945
7,148

£8,093

 

617
5,482

£6,099

The notes on page 4 form part of these financial statements
Report of the Auditors - page 1

Page 2


LA VINGTAINE DE LA VILLE DE ST HELIER
BALANCE SHEET AT 31 DECEMBER 2002

  Note 2002 2001

ACCUMULATED FUNDS
Balance at 1 January 2002
Net revenue for the year

Balance at 31 December 2002

INVESTMENT REVALUATION
RESERVE
 
 
 
 
 
 
 
2
 
133,769
7,148
 
 
 
 
140,917 
 
 
12,988 
 
153,905
 
128,287
5,482
 
 
 
 
133,769 
 
 
12,043 
 
145,812
Represented by:

FIXED ASSETS

INVESTMENTS

CURRENT ASSETS
Cash at bank and in hand
Bank interest due

CREDITORS: Amounts falling due
within one year

NET CURRENT ASSETS

Approved by the Procureurs on 1 May 2003.
P F ROUTIER
M J LE BOUTILLIER

 
 3
 
 4

 
 
 
 
 
 
 62,185
  1,644
63,829
 
     199

 
 16,652
 
 73,623
 
 
 
 
 
 
 
 
   63,630
153,905

 
 
 
 
 
 
 55,814
     925
56,739
 
     257

 
 16,652
 
 72,678
 
 
 
 
 
 
 
 
   56,482
145,812

The notes on page 4 form part of these financial statements
Report of the Auditors - page 1

Page 3


LA VINGTAINE DE LA VILLE DE ST HELIER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2002

1 ACCOUNTING POLICIES

1.1 Basis of accounting

The financial statements have been prepared under the historical cost convention, modified by the annual revaluation of investments, and in accordance with accounting principles generally accepted in the Channel Islands.

1.2 Income

Income is accounted for on an accruals basis.

1.3 Fixed assets

Land and buildings are stated in the Balance Sheet at cost.

1.4 Investments

Investments are stated in the financial statements at their market value at the balance sheet date, the unrealised appreciation or depreciation being taken to the investment revaluation reserve.

Investments are valued at the mid market value on the last business day in the financial period.

1.5 Depreciation

As it is the policy of the Vingtaine to improve and restore their properties and keep them continuously in a good state of repair, no provision is made for depreciation.
 

2. INVESTMENT REVALUATION RESERVE
 

 
Balance at 1 January 2002
Unrealised appreciation on revaluation
of investments

Balance at 31 December 2002

3. FIXED ASSETS

Real property at cost:
Regency Arch, Regent Road
Allix's Shipyard, Havre des Pas

 
 
 
 
 
 

2002
£    

6,742
   9,910
£16,652

£    
12,043
 
      945

£12,988

2001
£    

6,742
   9,910
£16,652

4. INVESTMENTS

At market value:

25,000 8½% Treasury Loan 2007
23,000 7¾% Treasury Loan 2012/15
15,500 8% Treasury Loan 2003

 
2002
£    

 
29,448
28,387
15,788
73,623

 
2001
£    

 
28,975
27,478
16,225
72,678

Report of the Auditors - page 1

Page 4


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© 2003 La Vingtaine de la Ville de St Helier