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Government of

Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

States of Jersey financial report and accounts 2013

Produced by the Treasury and Exchequer
Authored by Treasury and Resources and published on 16 May 2014
Prepared internally, no external cost


​​The financial report and accounts 2013 examine the performance of departments, trading operations and funds against previous years and budget approvals.


States Income for 2013 was £636.7 million, compared with £627.7 million in 2012. 

This consisted of revenues gained from taxation such as personal income tax and goods and services tax (£529.3 million), duties on alcohol, cigarettes and fuel, stamp duty and the island rate (£83.3 million) and other income (£24.1 million). 

Total income was less than anticipated in the Budget statement, with stamp duty down by £7.2 million in the year. Income from taxation continued to be in line with the Medium Term Finance Plan at £529 million compared to £535 million.


Departments’ net revenue expenditure during 2013 was £636.2 million. 

Departments ended the year with a total underspend of £22.8 million against budgets. £19.9 million of these approvals have been carried forward into 2014 so that departments can fund projects spanning multiple years and other spending pressures.
In addition, £20.7 million of the contingency amounts allocated by the States to deal with unforeseen pressures were not needed in 2013, and will be carried forward to manage spending pressures in 2014 and beyond.

Investment performance

The majority of the States’ investments are managed through the Common Investment Fund (CIF), which enables States Funds to pool resources and benefit from greater investment opportunities, economies of scale and improve risk management.
The strong performance of the States’ investments in the CIF in 2013 resulted in an increase of £251 million. This is a rate of return of 15.9%, 1.3% above benchmark. Equity returns for the year were exceptionally high at 26.5%, 3.6% above benchmark. The total value of investments held in the CIF stands at £2.4 billion, £2 billion of which relates to funds in the States Accounts.
The return on the Strategic Reserves investments was £92 million, increasing the balance of investments from £651 million to £743 million. The balance in the Social Security (Reserve) Fund increased from £962 million to £1,158 million due to returns of £196 million

Balance sheet management

During the year, States Departments spent £43.2 million on capital projects to develop the fixed assets base, including improvements to social housing and the Island’s infrastructure. The value of States fixed assets is now £3.3 billion.
The Treasury has also operated as an active shareholder for Jersey Post, Jersey Telecoms, Jersey Water, Jersey Electricity and the States of Jersey Development Company.  Together, the four utilities contributed £11 million in dividends to the States in 2013, reducing the need for that funding to be raised by taxes.

Download financial report and accounts 2013 (size 2.9mb)
Download annex to financial report and accounts 2013 (size 4.8mb)
Download summary of financial report and accounts 2013 (size 1.6mb)
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