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Jersey Finance Limited (FOI)

Jersey Finance Limited (FOI)

Produced by the Freedom of Information office
Authored by States of Jersey and published on 13 May 2016.

​Request

Could you please provide:
1

The amount of funding Jersey Finance Limited has received in the last five years, broken down by year?
The amount projected or already allocated for 2016?
Could you provide where the funding came from?
The proportion (in percentage) of how much came from the States of Jersey and from subscription?

2

The location and cost of each of its offices around the world for the current year and in the last five years?
The number of staff they employ and their job titles?
The purpose of each office?

3

A breakdown of how Jersey Finance Limited spends it budget.

4

Its accountability ratings in any internal or external audits since its inception.

Response

The Freedom of Information (Jersey) Law 2011 does not extend to Jersey Finance Limited (JFL) on the basis that it does not fall within the definition of a public authority under that law. 

However, in the spirit of freedom of information we respond to your questions as follows:

1a: the amount of funding Jersey Finance Limited has received in the last five years, broken down by year

2011 funding: on 7 June 2013, the Minister for Treasury and Resources presented to the States a report titled “Organisations receiving grants of over £100,000: 2011 accounts”. 

That report states that the grant made by the States of Jersey to Jersey Finance Limited for the year to 31 December 2011 was £2,626,150. 

A link to the report can be found below. 

Organisations Receiving Grants of Over £100,000: 2011 Accounts on States Assembly website

2012 funding: on 15 October 2014, the Minister for Treasury and Resources presented to the States a report titled “Organisations receiving grants of over £75,000: 2012 accounts”. 

That report states that the grant made by the States of Jersey to Jersey Finance Limited for the year to 31 December 2012 was £3,784,048. 

A link to the report can be found below.  

Organisations Receiving Grants of Over £75,000: 2012 Accounts on States Assembly website

Jersey Finance Limited was provided additional funding in 2012 to deliver a number of additional projects, including work to establish “Jersey’s value to the UK” (link below) and an independent jurisdictional review of Jersey’s financial services industry, by McKinsey & Company, and other projects related to inward investment.

Jersey's value to the UK on Jersey Finance website

2013 funding: on 9 April 2015, the Minister for Treasury and Resources presented to the States of Jersey a report titled “Organisations receiving grants of over £75,000: 2013 accounts”. 

That report states that the grant made by the States of Jersey to Jersey Finance Limited for the year to 31 December 2013 was £4,089,952. 

A link to the report can be found below:

Organisations Receiving Grants of Over £75,000: 2013 Accounts on States Assembly website

2014 funding: on 23 February 2016, the Minister for Treasury and Resources presented to the States a report titled “Organisations receiving grants of over £75,000: 2014 accounts”. 

That report states that the grant made by the States of Jersey to Jersey Finance Limited for the year to 31 December 2014 was £4,961,500. 

A link to the report can be found below. 

Organisations Receiving Grants of Over £75,000: 2014 Accounts on States Assembly website

Growth between 2013 and 2014 includes funding to establish a Saudi and Gulf Co-operation Council (GCC) presence, based on the Jersey Finance Limited business case presented to Ministers on 21 May 2012. 

A link to the Medium Term Financial Plan 2013 to 2015 can be found below; go to pages 68 and 70, specifically note six. 

Medium Term Financial Plan 2013 to 2015

2015 funding: information about the amount of funding Jersey Finance Limited has received in 2015 is due for publication mid-2016. 

Ahead of that publication, the States of Jersey can confirm that the base funding allocated for Jersey Finance Limited for 2015 was £4,870,600.  

Further information concerning allocated funding to Jersey Finance Limited for 2015 can be
found in the States of Jersey Medium Term Financial Plan 2013 to 2015. This shows the additional funding allocations.

Medium Term Financial Plan 2013 to 2015

The total value of Jersey Finance Limited’s membership subscriptions is not disclosed in this response as this information is personal to Jersey Finance Limited (as a private company, registration number 78049) and the Freedom of Information (Jersey) Law 2011 does not extend to Jersey Finance Limited.

1b

The amount projected or already allocated for 2016

Information about the amount of funding Jersey Finance Limited has received in 2016 is due for publication mid-2017. 

Ahead of that publication, we can confirm that the base funding allocated at time of writing for Jersey Finance Limited for 2016 is £4,870,600.

1c

Could you provide where the funding came from

For the years 2012 to 2015, the funding for Jersey Finance Limited was allocated from the Economic Development Department’s budget. 

However, in accordance with the States of Jersey (Transfer of Functions No.8) (Miscellaneous Transfers) (Jersey) Regulations 2015, the funding for Jersey Finance Limited is now allocated from the budget of the Chief Minister’s Department. 

A copy of the Regulations can be found below. 

States of Jersey Regulations 2015 on Jersey Law website

1d

The proportion (in percentage) of how much came from States and from subscriptions

As mentioned above, information concerning Jersey Finance Limited’s membership subscriptions is not disclosed in this response as this information is personal to Jersey Finance Limited (as a private company, registration number 78049) and the Freedom of Information (Jersey) Law 2011 does not extend to Jersey Finance Limited.

2a

The location and cost of each of its offices around the world for the current year and in the last five years

As at April 2016, the location of each of Jersey Finance Limited’s offices around the world is available on their website.

The cost of each of its offices is not disclosed in this response as this information is personal to Jersey Finance Limited (as a private company, registration number 78049) and the Freedom of Information (Jersey) Law 2011 does not extend to Jersey Finance Limited. 

Jersey Finance Limited website

2b

The number of staff they employ and their job titles

Information about the staff employed by Jersey Finance Limited can be found on their website:

Jersey Finance Limited website

2c

The purpose of each office

Jersey office: this is the headquarters of Jersey Finance Limited, which is run as a not-for-profit making organisation, and was incorporated in 2000 to represent and promote Jersey as an international financial centre of excellence.

For further information, refer to its website. 

About Jersey Finance on Jersey Finance Limited website

London office: Jersey has a longstanding partnership with the city of London and is frequently part of the same transaction chain, client relationship and conduit process as the city, facilitating the deployment of mobile international capital, which is vital to the operation of free markets and to the global financial system:

United Kingdom on Jersey Finance Limited website

Hong Kong office and Shanghai office: the first Chinese company registered in Jersey in 1994, since then China’s economy has nearly quadrupled in value. 

To date, one third of the Chinese companies that have listed in London have done so through Jersey. 

Jersey Finance have been actively promoting the opportunities for Jersey’s finance industry in China since November 2005 and opened a representative office in Hong Kong in October 2009. 

China on Jersey Finance Limited website

Dubai office: the Gulf Co-operation Council (GCC) comprises the Gulf States of the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait. 

Jersey Finance has actively focused its business development activities on these countries for over a decade and in 2011 committed to a regional office. 

Gulf Cooperation Council States on Jersey Finance Limited website

Delhi office and Mumbai office: the Indian economy has doubled in the last five years and is now a $2 trillion economy, with Gross Domestic Product (GDP) growth of at least 5% forecast for the coming years. 

Jersey Finance’s business development trips led to Jersey establishing permanent representation in Mumbai and New Delhi in 2011

India on Jersey Finance Limited website 

3

A breakdown of how Jersey Finance Limited spends its budget

This information is not disclosed in this response as this information is personal to Jersey Finance Limited (as a private company, registration number 78049) and the Freedom of Information (Jersey) Law 2011 does not extend to Jersey Finance Limited.  

A breakdown of Jersey Finance Limited’s activities can be found in their 2015 annual review, which is available below. 

Annual Review 2015 on Jersey Finance website

4

Its accountability ratings in any internal or external audit since its inception

A scheduled public authority may refuse a request for information under Article 37 of the Freedom of Information (Jersey) Law 2011:

37 Audit functions

(1) Information is qualified exempt information –
(a) if it is held by a scheduled public authority mentioned in paragraph (2); and
(b) if its disclosure would, or would be likely to, prejudice the exercise of any of the authority’s functions in relation to a matter mentioned in paragraph (2)(a) or (b).

(2) A scheduled public authority referred to in paragraph (1) is a scheduled public authority that has functions in relation to –
(a) the audit of the accounts of another public authority; or
(b) the examination of the economy, efficiency and effectiveness with which another public authority uses its resources in discharging its functions.

(3) Information is also qualified exempt information –
(a) if it is held by the Comptroller and Auditor General; and
(b) if its disclosure would, or would be likely to, prejudice the exercise of any of his or her functions.

In this instance, we are relying on Article 37 of the Freedom of Information (Jersey) Law 2011 as we are satisfied that responding to this question would, or would be likely to, prejudice the exercise of our functions in relation to a matter mentioned in paragraph 2(b) of Article 37 of the said Law.

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