Accounts
 

INDEPENDENT AUDITORS' REPORT
TO THE PRINCIPALS OF
LA VINGTAINE DE LA VILLE DE ST HELIER FOR 2008

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

This report is made solely to the Vingtaine's principals, as a body. Our audit work has been undertaken so that we may state to the principals those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Vingtaine and the principals as a body, for our audit work, for this report, or for the opinions we have formed.

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.

Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland)

We report to you our opinion as to whether the financial statements give a true and fair view. We also report to you if, in our opinion, the Procureurs have not kept proper accounting records or if we have not received all the information and explanations we require for our audit.

Basis of Opinion:

We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) 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.

Qualified opinion arising from disagreement about accounting treatment involved:

Included within the fixed assets are investment properties with a carrying value of £24,152 which have not been revalued. This treatment is not consistent with Statement of Standard Accounting Practice No 19 - Accounting for Investment Properties, which requires that investment properties are carried at their open market value. It has not been practicable to quantify the effect that any such revaluation would have on the related revaluation reserve. Except for this failure to revalue investment properties, in our opinion the financial statements give a true and fair view of the state of the Vingtaine's affairs at 31 December 2008 and of its revenue and expenditure for the year then ended.

ALEX PICOT

Chartered Accountants
25 June 2009

Page 1


LA VINGTAINE DE LA VILLE DE ST HELIER
REVENUE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2008

  2008 2007

INCOME
United Kingdom Government
stock interest
Bank deposit interest


Less: EXPENDITURE
Water rates
Insurance
Advertising
Audit and accountancy fee
Bank charges
Maintenance
Maintenance of Allix's Shipyard
Sundry expenses


NET REVENUE FOR THE YEAR
carried to reserves

 

1,783
3,883

 

 

16
403
254
370
32
0
3,016
     25

 

 

5,666

 

 

 

 

 
 
 

4,116

 £1,550

 

3,908
4,391

 

 

47
401
288
325
68
1,512
2,610
     60

 

 

8,299

 

 

 

 

 
 
 

5,311

 £2,988

 
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
 

  2008 2007
Capital profit on investments:
Unrealised Appreciation / depreciation
on revaluation of investments
Realised profit on sale of investments
Net revenue for the year

Total recognised gains and losses

 

 

988
0
1,550

£2,548

 

-1,738
1,317
2,988

£2,567

The notes on page 4 form part of these financial statements.
Report of the Auditors - Page 2


LA VINGTAINE DE LA VILLE DE ST HELIER
BALANCE SHEET AT 31 DECEMBER 2008

  Note 2008 2007

ACCUMULATED FUNDS
Balance at 1 January 2008
Net revenue for the year

Balance at 31 December 2008

INVESTMENT RESERVE

 
 
 

 

2
 
159,738
1,550
 
 
 
161,288 
 
   6,499 
167,787
 
156,750
2,998
 
 
 
159,738 
 
   5,501 
165,239
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 21 May 2009.
P F ROUTIER
M J LE BOUTILLIER

 
 3
 
 4

 
 
 
 
 
 115,356
   3,879
119,235
 
  3,257

 
 24,152
 
 27,657
 
 
 
 
 
 
 
 
 115,978
167,787

 
 
 
 
 
 113,012
  4,372
117,384
 
  2,956

 
 24,152
 
 26,659
 
 
 
 
 
 
 
 
 114,428
165,239

The notes on page 4 form part of these financial statements.
Report of the Auditors - Page 3


LA VINGTAINE DE LA VILLE DE ST HELIER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008

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, except with regard to the non-compliance with Statement of Standard Accounting Practice No. 19 (Accounting for Investment Properties)(SSAP 19).

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, which is not in compliance with SSAP 19. The standard requires that investment properties are stated at open market value at the balance sheet date. The Procureurs feel that the annual cost of revaluing the investment properties outweighs the benefits to the Vingtaine.

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.

Vingtaine bank notes are included at Procureurs' valuation.
 

2. INVESTMENT RESERVES
 

Balance at 1 January 2008
Unrealised depreciation on revaluation
of investments
Balance at 31 December 2008

3. FIXED ASSETS

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

Investment
revaluation
     £     

2,916
 
   998
3,914

Investment
realisation
     £     

2,585

       0
2,585

2008
£
    

6,742
  17,410
£24,152

 

Total
 
£
    
5,501
 
998
6,499

2007
£
    

6,742
   17,410
£24,152

 

4. INVESTMENTS Cost          Market Value
 

23,000 7¾% Treasury Loan 2012/15
Vingtaine bank notes at Procureurs' valuation

2008
£    

22,720
  1,023
23,743

2008
£    

26,634
  1,023
27,657

2007
£
    
25,636
  1,023
26,659

Report of the Auditors - Page 4


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