Accounts
 

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

We have audited the financial statements of the Vingtaine de la Ville de St. Helier for the year ended 31st December 2010 on pages 2 to 4. These financial statements have been prepared under the accounting policies set out therein.

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 and express an opinion on, the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit opinion

An audit includes obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Vingtaine's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Procureurs; the overall presentation of the financial statements and whether the financial statements give a true and fair view and are properly prepared in accordance with the Vingtaine's accounting policies.

Opinion

In our opinion:

  • the financial statements give a true and fair view of the state of the Vingtaine's affairs as at 31 December 2010 and of its results for the year then ended;
  • the financial statements have been properly prepared in accordance with the Vingtaine's accounting policies.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where our terms of engagement require us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records and returns; or
  • we have not received all the information and explanations we require for our audit.

ALEX PICOT

Chartered Accountants
14 April 2011

Page 1


LA VINGTAINE DE LA VILLE DE ST HELIER
REVENUE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2010

  2010 2009

INCOME
United Kingdom Government
stock interest
Bank deposit interest


Less: EXPENDITURE
Water rates
Insurance
Advertising
Audit and accountancy fee
Bank charges
Maintenance of Allix's Shipyard
Replacement of lighting at Allix's Shipyard
Repairs to mosaic at Allix's Shipyard
Regent Road mural
Sundry expenses



NET (DEFICIT)/REVENUE FOR THE YEAR

carried to reserves

 

1,783
1,122

 

16
303
338
413
25
1,968
2,083
350
681
     25

 

 

2,904

 

 

 

 

 
 

6,202


 
 
 £(3,298)

 

1,783
689

 

32
285
338
391
47
2,893
-
-
-
     25

 

 

2,472

 

 

 

 

 
 

4,011


  
 
£(1,539)

 
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
 

  2010 2009
Capital (loss)/profit on investments:
Unrealised Appreciation / depreciation
on revaluation of investments
Net (loss)/revenue for the year

Total recognised (losses) and gains

 

 

(1,166)
(3,298)

£(4,464)

 

(794)
(1,539)

£(2,333)

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 2010

  Note 2010 2009

ACCUMULATED FUNDS
Balance at 1 January 2010
Net (loss)/revenue for the year

Balance at 31 December 2010
INVESTMENT RESERVE

 
 

 

2
 
159,749
(3,298)
 
 
 
 
156,451 
   4,539 
160,990
 
161,288
(1,539)
 
 
 
 
159,749 
   5,705 
165,454
Represented by:

FIXED ASSETS

INVESTMENTS

CURRENT ASSETS
Cash at bank and in hand
Debtors


CREDITORS:
Amounts falling due
within one year

NET CURRENT ASSETS

P F ROUTIER & M J LE BOUTILLIER Procureurs
11 April 2011


 
 3
 
 4

 
 
 
 
 
 
 112,728
      738
113,466
 
  2,325

 
 24,152
 
 25,697
 
 
 
 
 
 
 
 
 
 111,141
160,990

 
 
 
 
 
 
 116,696
  1,011
117,707
 
  3,268

 
 24,152
 
 26,863
 
 
 
 
 
 
 
 
 
 114,439
165,454

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 2010

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

Real property is 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.

Vingtaine bank notes are included at Procureurs' valuation.
 

2. INVESTMENT RESERVES
 

Balance at 1 January 2010
Unrealised depreciation on revaluation
of investments
Balance at 31 December 2010

3. FIXED ASSETS

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

Investment
revaluation
     £     

3,120
 
 (1,166)
1,954

Investment
realisation
     £     

2,585

       0
2,585

2010
£
    

6,742
  17,410
£24,152

 

Total
 
£
    
5,705
 
(1,166)
4,539

2009
£
    

6,742
   17,410
£24,152

 

4. INVESTMENTS Cost          Market Value
 

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

2010
£    

22,720
  1,023
23,743

2010
£    

24,674
  1,023
25,697

2009
£
    
25,840
  1,023
26,863

Report of the Auditors - Page 4


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