Skip to main content Skip to accessibility
This website is not compatible with your web browser. You should install a newer browser. If you live in Jersey and need help upgrading call the States of Jersey web team on 440099.
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 2016

Produced by the Treasury and Exchequer
Authored by Treasury and Resources and published on 07 Jun 2017
Prepared internally, no external cost


​The 2016 financial report and accounts have been prepared and audited. 

These consolidated accounts include not only the results against income and expenditure approved by the States Assembly in the Budget and Medium Term Financial Plan but also include the results of the wider States of Jersey group which includes entities such as the Social Security Funds, Andium Homes Limited, the States of Jersey Development Company and Ports of Jersey.

The 2016 accounts show an operating surplus of £38.3 million with general revenue income of £736.8 million and departmental expenditure of £698.5 million.

The highlights are:

Income vs expenditure (consolidated States of Jersey group)

Income exceeded expenditure for the year by £307 million in 2016 compared to expenditure exceeding income by £42 million in 2015. The movement of £349 million between years comprised:

  • an increase in income of £392 million, principally due to investment income and taxation revenue
  • an increase in expenditure of £43 million mainly due to the movement in the valuation of the defined pension debt liability

Income vs expenditure (States Assembly approved)

Before depreciation, there was an operating surplus of over £38 million compared to a deficit of £5 million in 2015. This is the net impact of greater revenue income of £45 million offset by only a slight increase in net revenue expenditure of £1 million in 2016.

After depreciation, there was a broadly balanced position with expenditure exceeding income in 2016 by £2 million compared to a £50 million deficit in 2015.


Total Revenue Income increased by 35% in 2016 to £1.50 billion. This was £392 million higher than 2015 as a result of higher investment returns of £331 million and receipts from income taxation also higher than 2015.

Included in the above, General Revenue Income was £45 million higher than 2015 largely as a result of an increase in income tax receipts and investment returns.


Total Revenue Expenditure of £1.19 billion was incurred during the year. This was an increase of £42 million compared to 2015. This includes a net increase associated with the movement in the valuation of pension past service debts of £52 million and social benefit payments of £9 million offset by decreases in the impairment of assets and losses on disposal as well as a decrease in staff costs.
Departments spent only £1.4 million (0.2%) more than in 2015, recording an underspend against their total available budget of £33.9 million which has been carried forward to fund department and corporate priorities as well as supplement reserves and contingencies.

Strong balance sheet

The balance sheet has grown further in 2016 with an increase in the net asset balance of £373 million to £6.2 billion, largely as a result of investment returns and the revaluation of property and infrastructure. There has also been a £24 million increase in development property held by the States of Jersey Development Company.

Capital projects

Departments spent a total of £41 million on capital projects in 2016, with a further £2.0 million spent by trading operations, £11 million by Andium Homes Limited and £24 million by the States of Jersey Development Company.

Investment performance

The States of Jersey pooled investments have generated an annualised net return of 8.7% over the last 3 years; well above the average level of inflation over the same period of 1.4%. The total return to the States across its reserves in 2016 was £391 million.

The value of our Strategic Investments in utility companies has increased by £3.0 million (0.8%) to £365.9 million.


The balance in the Strategic Reserve increased from £772 million to £820 million over 2016, an increase of £48 million (6.2%). The movement reflects net earnings of £105 million, representing a net performance in excess of 13.5%, offset by transfers out of £57 million.

The transfers from the Fund were approved by the States Assembly: £27 million to fund the annual capital programme, £16 million for redundancies, £5 million for the Economic and Productivity Growth Provision, £5 million towards a working balance in the Consolidated Fund and £4 million related to funding for the Independent Jersey Care Inquiry.

The balances in the four Social Security Funds increased in 2016 to a total value of over £1.75 billion.

Pension liabilities

The Accounts include disclosures in respect of the States’ two main pension funds, the Public Employees Pension Fund (PEPF) and the Jersey Teachers’ Superannuation Fund (JTSF). The schemes operated are recognised as defined contribution schemes and, as such, only the contributions made in each year are recognised in the financial statements.

Download States of Jersey financial report and accounts 2016
Download annex to States of Jersey report and accounts 2016
Back to top
rating button