National Trust Annual Report 2011_4.indd

THE NATIONAL TRUST FOR JERSEY
ANNUAL REPORT AND ACCOUNTS FOR 2011
16 New Street December 2011
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Corporate Members for 2011
Alex Picot
Ashburton
Aurum Jewellers
Appleby
Basel Trust Corporation
BDK Architects
Channel Islands Co-operative Society
Deutsche Bank Offshore
F Le Gallais & Sons
Granite Products
Hettich Jewellers
HSBC Bank International
Jersey Electricity
Jersey Water
Kedge Capital
Langlois
Meridian Asset Management
Moore Stephens
NatWest
Nigel Pearce & Son Jewellers
Romerils
Ronez
Samarés Manor
Seymours Hotels of Jersey
Customs & Immigration Service
The Guiton Group
Trident Trust Company
Whitmill Trust Company
Rotary Club de la Manche
UBS
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We are delighted that the Trust continues to receive a wealth of support from our volunteers and we would like
to offer our sincere gratitude to the following people who helped us in 2011:
Carol Adair
Sarah Andrews
Jean Arthur
Daphne Aubert
Chris Aubin
Marie-Louise Backhurst
Ruth Baier-Rolls
Jill Bartholomew
Harry Baudains
Bill Bean
Beaulieu School
Rosemary Bett
Ingrid Bihet
Simon Billot
Mark Blower
Michelle Buckley
Christine Burman
Richard Burman
Bonnie Butel
Rod Bryans
Fabian Carter
Gabriel Carter
Nick Carver
John Clarke
Patrick Clarke
Rosemary Collier
Judy Collins
Ros Connell
Valerie Conway
Mary Cornish
Remi Couriard
Michelle Cuthbert
Sally Dalman
Mike Dearing
John de Carteret
Pam de Gruchy
Stephen de Gruchy
Don Dolbel
Dave Dorgan
Pat Dorgan
Mike Dryden
Jane Edwards
Royan Ellis
Deanna Ewens
Stuart Fell
Frank Falle
Jo Fancourt
Margaret du Feu
Dave Ferey
Andre Ferrari
Olga Finch
Carol Fitzgerald
Friends of the Tone Deaf
Mary Friswell
Mary Gaiger
Antony Gibb
Jane Gilley
Tracey Goodenough
Tony Gouyette
Hilary Grant
Derek Gray
HSBC Volunteers
Liz Haas
Gordon Hall
Sue Hardy
Angelika Harms-Stentiford
Christopher Harris
Sue Harris
Dan Hartigan
Jackie Horne
Roger Horne
Cassie Horton
Mark Howe
Tina Hull
Stella Henley
Tricia Hunter
Heather Ireson
David Isherwood
Yvonne Isherwood
Janet Jenner
Jersey Bat Group
Sara Job
Tricia Kennedy
Jill Keogh
Sue Kerley
Jurat Bob Kerley
Aaron Le Couteur
Laura Le Couteur
Mike Le Couteur
Sue Le Gallais
Deputy Roy Le Herissier
Francois Le Maistre
Jean Le Maistre
Jenny Le Maistre
John Mallett
Sue Le Marquand
Ann Le Mottée
Bob Le Mottée
Peter Le Rossignol
Bob Le Sueur
Richard Le Sueur
Gillian Lenfesty
Marilyn Leonard
David Letto
Sue Lewis
Alexandra Liptrot
Sue Lissenden
John Lord
Sarah Maguire
Sheila Mallet
Maureen Manion
Ruth Mariette
Margo Marsh
William Marsh
David Mashiter
Mac McCready
Neil Molyneux
Julia Meldrum
Kirsten Miller
Greg Morel
Michel Morel
Helen Morton
Neil Mourant
Helen Murphy
Michael Murphy
NT Conservation Volunteers
NT Volunteer Shepherds
Barbara Nelson
Malcolm Newton
Mike Norman
Vincent Obbard
Arthur Parkes
Mary Parslow
Darius Pearce
Derek Pemberton
Richard Perchard
Jean Petre
John Pinel
Kevin Pinglaux
Alcindo Pinto
Richard Pirouet
Emma Quintal
RBC Volunteers
Hilary-Ann Ratazzi
Nanette Renault
Sadie Reynard
Bruno Rioda
Anita Rive
Gina Rive
Ian Rolls
Claire Rondel
Piers Sangan
Colin Smith
Maureen Smith
Janet Snart
Robin Snart
Société Archaeology Dept
Mike Stentiford
Ken Syvret
Paula Thelwell
Bob Tompkins
Jill Tompkins
Mike Touzel
Jenny Underwood
Terry Underwood
Robin Utley
Simon Vianello
Joan Waddington
John Waters
Beverley Wilding
Claudia Williams
Tim Wright
Without such assistance the Trust's work would be severely curtailed, and certain projects would be postponed
indefinitely. It is always difficult to personally thank all the individuals who contribute so positively to the work
of the Trust including with such events as Black Butter, Open Day and The Sunset Concerts, but please be
assured that your help is truly appreciated.
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THE NATIONAL TRUST FOR JERSEY
REPORT OF THE COUNCIL 2011
Your Council is pleased to present the seventy-fifth Annual Report.
We could not have envisaged such recognition in the media at the start of our 75th year by the simple act of
putting a coat of paint on a building. La Caumine à Marie Best, a white icon in the centre of St Ouen's Bay, turned
olive green as a symbol of our campaign, the Green House Project. It was aimed at encouraging householders to
embrace simple, sustainable and often cost-cutting measures to help our environment. These measures have been
adopted by the Trust in our properties particularly at Sous Les Bois which now has sheep wool insulation for
roof lagging, a rainwater harvesting facility and low energy light bulbs. As the custodian of over 2% of the Island
and twenty properties it is the Trust's duty to demonstrate a way to protect and preserve our environment for the
future.
Council
Mike Stentiford MBE, our President of the last three years, stepped down from office after a tenure which has
seen the Trust build into an organisation renowned throughout the Island as a protector of the coastline. Mike
remains the Chairman of the Coastline Campaign. As a highly skilled communicator the Trust's profile has grown
under his stewardship and the Trust thanks him for all that he has helped to achieve. Celia Jeune has taken up
the reins of President and Christopher Harris has taken her place as one of the Vice Presidents. This year Michael
Touzel, who has led the Development Committee for many years, retired from the post but is still on the
committee so that his vast knowledge of the Island's properties is not lost. The committee is now led by Sue
Kerley.
It is with sadness that we report the death of a much
respected botanist and valued member, Joan Banks. A
former member of Council and Lands Committee, Joan
was always extremely supportive and a highly valued
source of expertise on local flora and fauna. She is
greatly missed and the Trust is planning to commemorate
her with an inscription in the Highgrove Florilegium.
Events and Achievements
Your Trust seems to get busier every year and we are
fortunate to be able to achieve so much with a relatively
small workforce and limited resources.
The Green House Project ran throughout the year with
excellent support from the Jersey Evening Post. Each
month a particular pledge was highlighted in order to
demonstrate the easy measures we can all put in place
to create more sustainable homes.
Spring Outing, May 2011
Picture by John Lord
We continued our well supported programme of 'Stepping Out Walks' each month with groups being led by
experts to various parts of the Island and points of special interest. As ever the Trust is very grateful to those
knowledgeable volunteers who act as guides on these occasions.
Our education officer organised 'Bug Safaris', 'Rock Pool Rambles' and the new 'Woodland Wanders' throughout
the school holidays and some weekends. These programmes allow youngsters of all ages to learn more about our
wondrous natural world and our impact upon it.
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One of the imaginative events held to mark our 75th Anniversary was a vintage coach tour of various Trust
properties including Sous Les Bois, Hamptonne Valley and Morel Farm. This culminated in a 1930s style
afternoon tea at St. Lawrence Parish Hall. Members were encouraged to dress in the fashion of the thirties to add
to the feel of the Spring Outing. Past President Ken Syvret guided the party through the country lanes with
snippets of history and legal anecdotes on various properties and land along the way. It proved to be a most
enjoyable and memorable day.
The Annual Dinner, held at the Hotel L'Horizon, was well attended with the guest speaker from English Heritage,
Dr. Simon Thurley, who delivered a thought-provoking and stimulating address.
Due to the exceptionally warm Spring Le Noir Pré blossomed early. The floral count continues to increase year
on year which is very gratifying for the Lands Team which has worked so hard to improve the water levels on
the site. It may have been a sunny Spring but by the time we had our Câtel Fort Sundowner the skies were
threatening and, although the party started outside, it was necessary to scuttle for shelter. However, the Fort's
position allowed for stunning views of the incoming rainclouds!
Open Day in September started bright but the weather deteriorated as the day continued. We were well supported
by numerous volunteers needed for this exercise and we are grateful for our tenants who allowed their homes to
be visited by the many interested Islanders and visitors. Both at Morel Farm and The Elms the 75th Anniversary
theme was celebrated with tea and cakes and demonstrations of farming practices and recycling ideas.
In October the President represented the Trust at a conference held by the International National Trusts
Organisation. Delegates came from all over the world including South Africa, Australia, Canada, USA, Bermuda,
Zanzibar, Poland and the Falkland Islands. It was an excellent way to learn and exchange ideas with Trusts
working under similar financial constraints but often in very different political arenas.
October also brought a bumper apple crop which was duly harvested and prepared for the Black Butter Festival.
To stir the blackening brew at three in the morning on a starlit night was a memorable experience and thanks
must go to Neil, Mac, and Dave for their staying power in the bakehouse, as well as all the volunteer peelers in
the pressoir. Thanks are also extended to Karen Evans for her hard work as the background organiser for such a
successful community activity.
Undoubtedly, the highlight of the Trust's 75th year occurred on Saturday 5th November when the Bailiff,
Michael Birt Q.C. was invited to turn the key on the front door of 16 New Street.
A large crowd of well-wishers walked through the gates into the world of
an early Georgian home resplendent with a Georgian cook serving
syllabub in the kitchen. This project has taken many years to reach this
point and we hope that the members will agree that it was well worth the
considerable effort. The Trust now has a fantastic property in the centre
of St. Helier as well as a wonderful venue for small weddings, soirées
and dinner parties in the elegant drawing room and Victorian club room
on the first floor. It is planned to have the house and its shop regularly
open from April.
The Bailiff opening 16 New Street
Picture by the JEP
Staff
We are pleased to report that the properties team continue to work hard
under the excellent guiding hand of Ernie Le Brun. New Street and Sous
Les Bois were the main focus of activity with The Elms needing running
repairs and Les Côtils Farm filling more of the team's diary near the end
of the year.
The Lands Team, ably directed by Jon Horn, has gained Neil Harvey, a
face the team know well. In the middle of August Will Kirby left us to
pursue a different lifestyle and nearer the end of the year Aimée Reading also left. Land management of so many
different habitats requires many skills and the Trust is very well served by this small but dynamic squad.
As New Street neared completion Chris Addy was taken on as curator. His task has been to source period
furniture, oversee the stocking of the shop and to plan the publicity, information and interactive activities in the
house. He also plans the day-to-day running of the house and its venue hire.
The huge job of co-ordinating the preservation and protection of the Trust's properties as well as researching,
collating and managing policies is in the very able hands of Charles Alluto to whom the Council and members
owe a huge debt. He is unstinting with his time and effort and ably supported by an excellent office team. The
thanks of the Council goes out to all the staff.
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Supporters of the Trust
The Trust is mindful that without the financial and practical
help from major supporters it would be difficult to achieve
such a large range of activities and events. In particular, the
Council is indebted to the Jersey Electricity Company for a
new truck for the Lands Team and for supporting the Green
House Project.
The Royal Bank of Canada Jersey Ltd continues to support the
work at St. Ouen's Pond and Grouville Marsh. The education
programme continues to flourish with the help of HSBC and
again the well-attended Sunset Concerts were made possible
by sponsorship from Ashburton (Jersey) Ltd.
La Ronce, April 2011
Picture by John Lord
This special year was marked with a supplement in the JEP and the cost of this publication was met by Skipton
International. The Co-op, Café Spice, Jersey Tourism, Ash Interiors and F. Le Gallais & Sons amongst others are
also to be thanked for their generous help through the year. The Trust received a generous gift which allowed
for the purchase of the valley below Hamptonne now designated Le Don Sinkins.
Your Trust values highly the work carried out by volunteers throughout the year and it is with sadness that we
note the passing away of Derrick du Feu, who was such a stalwart at both the mill and The Elms. From jam-jar
washing to directing traffic on Open Days, from stuffing envelopes to stirring black butter the National Trust
volunteer is highly prized and appreciated.
Finances
Last year's report highlighted the precariousness of the Trust's financial position and it is sad to report that
nothing has changed in the year. The Trust continues to run at an annual deficit in excess of £250,000 and so is
considering the sale of a long lease on La Ronce which it purchased in 1987, in order to release much needed
cash resources to address the repair backlog on its bequeathed and gifted properties which is currently just under
£3M. The Trust also wishes to adapt some of the outbuildings within its care in order to create self-catering
holiday accommodation as a means of supplementing its income by £60,000-£70,000 per annum. However, such
an initiative will require large sums of money and it is unclear as to how this will be sourced at this present
time.
The teams at The Elms achieve amazing things on a shoestring. The membership can be justly proud of their
results but Council is aware that running at a deficit is not a long term option. There is a pressing need to increase
both income and individual and corporate membership.
Conclusion
During this special year the National Trust for Jersey has continued to enhance its reputation to protect and
preserve what is best of Jersey's open and built environment. No. 16 has made us more visible in Town and
shown the value of old urban buildings and what can be achieved.
The work of protecting our very special coastline continues. Our work with Durrell and the Environment
Department on the 'Birds on the Edge' project is a fine example of collaboration. Plémont continues to yearn for
protection from development. In the Autumn members of Council visited the Guernsey National Trust and were
shown some of their properties. It was a very valuable experience, meeting with like souls. It is envisaged that
we could support each other more fully in years to come.
Although there is much to do and achieve with the few resources available your Council remains optimistic.
Celia Jeune – President
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THE NATIONAL TR
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31st DECEMBER 2011
Notes
INCOME AND EXPENDITURE
Unrestricted
Funds
Restricted
Funds
Total Funds
2011
Total Funds
2010
£
£
£
£
INCOMING RESOURCES
Bequests, donations and sponsorship
12
198,046)
— )
198,046)
265,850)
Investment income
4
117,156)
3,213)
120,369)
116,029)
285,291)
— )
285,291)
298,604)
59,907)
— )
59,907)
50,417)
859)
337)
1,196)
1,146)
661,259)
3,550)
664,809)
732,046)
)
2,474)
(58)
663,733)
3,550)
667,283)
731,988)
Rents receivable
Subscriptions received
Bank deposit interest
TRADING ACTIVITIES
Net Income/(deficit) from Quétivel Mill
Grève de Lecq Barracks and 16 New Street
13
Total Incoming Resources
2,474)
—
RESOURCES USED
Operating expenses
14
736,185)
550)
736,735)
578,167)
Administration expenses
15
188,523)
— )
188,523)
164,971)
924,708)
550)
925,258)
743,138)
(260,975)
3,000)
(257,975)
(11,150)
Realised gain on sale of investments
Unrealised (loss)/gain on revaluation of investments
– )
(190,863)
(190,863)
(5,652)
(6,326)
(11,978)
(5,652)
(197,189)
(202,841)
– )
690,100)
690,100)
NET MOVEMENT IN FUNDS
(451,838)
(8,978)
(460,816)
678,950)
5,799,566)
217,975)
6,017,541)
5,338,591)
£5,347,728)
£208,997)
£5,556,725)
£6,017,541)
Total Resources used
NET (OUTGOING)/INCOMING RESOURCES
FOR THE YEAR
OTHER RECOGNISED GAINS & LOSSES
Balance brought forward at 1st January 2011
Balance carried forward at 31st December 2011
The Notes on pages 10 to 14 form an integral part of these accounts.
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RUST FOR JERSEY
BALANCE SHEET — 31st DECEMBER 2011
2011
2010
Notes
£
4
5
6
4,490,570)
873,957)
29,328)
7
14,022)
67,267)
596,011)
8,316)
41,504)
866,492)
FIXED ASSETS
Investments
Land and buildings
Motor Vehicles & Plant
CURRENT ASSETS
Stocks at cost
Debtors and prepayments
Cash at banks
£
5,393,855)
£
4,824,392)
821,457)
10,859)
677,300)
916,312)
CREDITORS — Amounts falling due
within one year
Sundry creditors
114,430)
130,479)
NET CURRENT ASSETS
562,870)
785,833)
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS — Amounts falling due
after one year
9
NET ASSETS
FUNDS
Unrestricted
Restricted
10
11
£
5,656,708)
5,956,725)
6,442,541)
400,000)
425,000)
£5,556,725)
£6,017,541)
5,347,728)
208,997)
5,799,566)
217,975)
£5,556,725)
£6,017,541)
The Notes on pages 10 to 14 form an integral part of these accounts.
The financial statements were approved and authorised by the Council on 13th March 2012 and signed on their behalf by
Celia Jeune, President
Michael Murphy, Honorary Treasurer
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THE NATIONAL TRUST FOR JERSEY
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st DECEMBER 2011
1. The National Trust for Jersey was founded in 1936 and incorporated by Act of the States of Jersey dated
1st May 1937.
2. ASSETS AND LIABILITIES NOT RECOGNISED IN THE FINANCIAL STATEMENTS
The National Trust for Jersey’s main objective is to permanently preserve and safeguard places of historic interest
and natural beauty for the benefit of the Island. This is mainly achieved through the acquisition of properties either
through donation, bequest or purchase, upon the basis that they will not be sold at any time in the future. As a result
these properties held for preservation are not assets in the normal sense and bring with them a permanent responsibility
for their future care that imposes perpetual financial liabilities, the full extent of which cannot be quantified.
Under Financial Reporting Standard 15, the Trust would be required to capitalise on its balance sheet all tangible
fixed assets, although it does permit this to be applicable only to assets acquired or improvements made after 1st
March 2000 under certain circumstances. The Council of The National Trust For Jersey has considered the position
carefully and has concluded that, in the Trust’s particular circumstances, the application of FRS15 to properties held
for preservation would result in a distorted view of the Trust’s financial position. As stated above these properties are
not “assets” in the normal sense, as any value placed on them would be more than offset by the liability for
maintaining them in perpetuity. The Trust has therefore excluded these properties from the balance sheet. The Trust
acknowledges that this is not in accordance with FRS15 and this departure has been duly noted by the auditors.
3. ACCOUNTING POLICIES
(a) Convention used
The financial statements have been prepared in accordance with generally accepted accounting practice in the
United Kingdom (UK GAAP). The financial statements are prepared under the historical convention as modified
by the annual revaluation of listed investments to market value.
The Financial Statements do not comply with FRS30 ‘Heritage Assets’. The Council does not consider that the
resources required to evaluate and collate the necessary information required to comply with this Standard are
matched by the benefits of compliance.
(b) Subscriptions received
Subscriptions are included for the calendar year to which they relate.
(c) Bequests and donations
Monetary bequests and donations are included in the Statement of Financial Activities when they are received.
As mentioned in Note (f) below, bequests and donations of property are not recorded in these accounts.
(d) Investment income
Dividends are included in these accounts, net of UK and other overseas tax, on the date they are receivable.
(e) Investments
Investments are stated at market value, based on the middle market price ruling at the balance sheet date, and
obtained from the Trust’s Investment Managers.
Realised gains and losses on sales of investments are reflected in the Statement of Financial Activities and then
transferred to the Investment Realisation Reserve in the Balance Sheet.
Unrealised gains and losses at the balance sheet date are reflected in the Statement of Financial Activities and
then transferred to the Investment Revaluation Reserve in the Balance Sheet.
(f) Land and buildings
As explained in Note 2, land and buildings received from benefactors are not recorded in these accounts, while
land and buildings purchased are recorded at cost. A list of properties owned by the Trust, or for which the Trust
is responsible on a “care and maintenance” basis, may be found in the Trust’s handbook.
(g) Capital expenditure
Capital expenditure on the Trust’s heritage property portfolio including the cost of additions and alterations, is
written off in the Statement of Financial Activities in the year that it is incurred.
Expenditure on plant and equipment, and fixtures and fittings costing over £1,000 is capitalised.
(h) Depreciation
No depreciation is provided on freehold property. Depreciation is charged over Motor Vehicles, Plant and
Machinery at 20% on a reducing balance basis over their useful economic lives.
(i) Income tax
No Jersey income tax has been provided as the Trust has been granted exemption from paying tax.
(j) Employees’ retirement fund
The Council has established a discretionary fund for the payment of a gratuity on the retirement of its employees.
At the end of each calendar year a sum of money, which is related to the employee’s salary, is transferred to the
Fund from the Accumulated Fund.
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THE NATIONAL TRUST FOR JERSEY
NOTES TO THE ACCOUNTS (Continued)
4. INVESTMENTS
Market value is based upon the mid-market price at the balance sheet date.
The investment portfolio comprises quoted equities and bonds.
Unrestricted
Restricted
Cost
2011
Market
Value
Income
Cost
2010
Market
Value
Income
£
£
£
£
£
£
1,960,779)
40,665)
£2,001,444)
4,476,399)
14,171)
£4,490,570)
117,156)
3,213)
£120,369)
2,050,891)
97,490)
£2,148,381)
4,769,339)
55,053)
£4,824,392)
112,713)
3,316)
£116,029)
5. LAND AND BUILDINGS
Properties purchased or gifted since the publication of the handbook in 2005 are as follows:
2006
2006
2006
2007
2007
2007
2007
2007
2008
2008
2008
2008
2009
2009
2009
2009
2011
Coastland
Coastland
Farmland
Woodland
Coastland
Woodland
Coastland
Orchard
Farmland
Woodland
Farmland
Heathland
Coastland
Farmland
Meadowland
Woodland
Meadowland
6. MOTOR VEHICLES, PLANT
& MACHINERY
Le Don Anquetil
Field 138
Field 53A
Le Don Nerou
Devil’s Hole
Le Don Lewis
Field 128A
Field 823
Field 714
Le Don Chambers
Le Don Berni
Le Don de la Mare
Le Don Harrison
Le Don Vautier
Fields 699/704/707
Le Don Mourant
Le Don Sinkins
St Ouen
St Mary
Trinity
St Helier
St Mary
Grouville
St Mary
Trinity
St Peter
St Lawrence
Trinity
St Mary
St Martin
St Ouen
St Peter/St Lawrence
Trinity
St Lawrence
Gift
Gift
Purchase
Gift
Gift
Gift
Purchase
Gift
Purchase
Gift
Gift
Gift
Gift
Gift
Purchase
Gift
Purchase
2011
2010
£
£
10,859)
27,721)
(9,252)
£29,328)
13,777)
– )
(2,918)
£10,859)
2011
2010
UNRESTRICTED FUNDS:
Current and interest bearing accounts
£
£
420,661)
723,595)
RESTRICTED FUNDS:
Croad bequest
Tenants’ deposit
Alexandra Settlement
16,045)
25,069)
134,236)
16,008)
25,010)
101,879)
£596,011)
£866,492)
COST
Book value at 1st January 2011
Acquired in year
Less: depreciation
Book Value at 31st December 2011
7. CASH AT BANKS
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THE NATIONAL TRUST FOR JERSEY
NOTES TO THE ACCOUNTS (Continued)
8. BANK LOAN
The Trust has a bank loan totalling £425,000 (2010: £425,000) which is repayable by 3rd March 2018 and bears
interest at a rate which fluctuates with The Royal Bank of Scotland International Ltd base rate and is secured on the
Trust’s freehold property Brook Farm.
9. CREDITORS amount falling due after more than one year
Bank loan (see note No. 8)
10. UNRESTRICTED FUNDS
Balance at 1st January 2011
Net incomings (outgoings) for the year
Movement in unrealised gain (loss)
on investments
Balance at 31st December 2011
2011
2010
£
£
£400,000)
£425,000)
Accumulated
Fund
Investment
Realisation
Reserve
£
1,322,623)
(260,975)
£
1,758,996)
— )
£
2,717,947)
— )
£
5,799,566)
( 260,975)
— )
— ))
(190,863)
(190,863)
£1,061,648)
£1,758,996)
£2,527,084)
£5,347,728)
11. RESTRICTED FUNDS
Croad bequest
Tenants’ deposits
Alexandra Settlement
Investment
Revaluation
Reserve
Total
Fund
Balance at
1/1/11
Movement
in year
Balance at
31/12/11
£
27,029)
12,984)
177,962)
£217,975)
£
(512)
59)
(8,525)
(£8,978)
£
26,517)
13,043)
169,437)
£208,997)
The Croad bequest was made on the condition that it was used to purchase, restore and maintain property.
12. BEQUESTS, DONATIONS AND SPONSORSHIP
2011
£
Bequests and donations have been received from the following
during the year:
In memory of the late Mr and Mrs Charles Le Quesne (La Rosière)
Luigia Pierrina Memorial Trust
Estate of the late Mr Basil George
Estate of the late Mrs I N Dome
Coastline Campaign
The Royal Bank of Canada – Blue Water Project
In memory of the late Mr Richard Sinkins
Jersey Electricity
HSBC Bank International
Sundry donations
)
12
Restricted Funds — Croad bequest
6,250)
35,000)
5,000)
10,000)
35,768)
25,000)
40,000)
17,000)
20,000)
4,028)
£198,046)
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THE NATIONAL TRUST FOR JERSEY
NOTES TO THE ACCOUNTS (Continued)
13. QUÉTIVEL MILL & GRÈVE DE LECQ BARRACKS &
16, NEW STREET
Receipts from admissions
Receipts from sale of goods
Less: Cost of goods sold
2011
£
2010
£
£
1,821)
9,050)
(3,665)
£
1,755)
3,935)
(1,503)
5,385)
2,432)
Expenses
Closing Creditor
7,206)
(4,732)
– )
4,187)
(4,219)
(26)
Net (Deficit) Surplus
£2,474)
(£58)
14. OPERATING EXPENSES
Wages and social security
Coastline Campaign
Property maintenance
Rent, rates and insurance
Transport costs
Retirement contributions
Plant
2011
2010
£
£
280,503)
15,643)
385,870)
21,596)
19,737)
10,092)
3,294)
264,066)
54,812)
210,892)
23,765)
12,414)
10,970)
1,248)
£736,735)
£578,167)
The costs relating to the acquisition, preservation and maintenance of land and property of aesthetic, historic or natural
interest are shown as operating expenses.
15. ADMINISTRATION EXPENSES
Salaries and social security
Bank interest and charges
Printing, stationery, advertising and postage
Retirement contributions
Office expenses
Legal and professional fees
Audit fee
General expenses
2011
2010
£
128,546)
17,140)
7,849)
6,460)
9,903)
9,565)
2,750)
6,310)
£
103,557)
13,212)
9,810)
6,066)
10,314)
10,566)
2,750)
8,696)
£188,523)
£164,971)
4th Proof
13
THE NATIONAL TRUST FOR JERSEY
NOTES TO THE ACCOUNTS (Continued)
16. RESERVES FOR OUR ONGOING FINANCIAL OBLIGATIONS
The key objective of The National Trust for Jersey is to permanently safeguard buildings of historic interest and
areas of natural beauty for the benefit of the Island. Protecting the Island’s heritage for everyone to enjoy requires
substantial financial resources each year.
Our buildings require constant maintenance to keep them in a good standard of repair and our lands need ongoing
management to secure and enhance their ecological value. This is a permanent commitment and with your help
and continuing support we will successfully meet the challenge. We have reviewed our future expenditure for our
properties over the next 10 years and this has identified a backlog of repairs costing approximately £2,890,000.at
today’s prices. In addition there are a large number of unquantified outstanding tasks for our lands, such as dry
stone wall repairs, woodland management and new fencing, which means that the overall backlog figure is much
higher. Given the extent of the tasks facing us and the increasing areas of land and number of properties we are
responsible for, it is likely that in the absence of very substantial donations and unencumbered legacies, the cost
will always outweigh available funding.
RESERVES POLICY
In light of the above pressures, the Trust’s Council has established a number of stretching reserve targets. The
main features of our reserves policy are as follows:
a. Reserves are an inherent part of the Trust’s risk management process. The need for reserves will vary
depending on the Trust’s financial position and our assessment of the risks the Trust faces at a particular time.
b. The need for reserves will be assessed as part of our strategic planning process and annual budgeting process.
c. Reserves exist to provide short-term protection against downward fluctuations in annual revenues or capital
receipts, such as legacies, or to provide long-term strategic financial support.
d. The reserves policy balances the need to build up long-term reserves against the need for short-term
spending on our core purposes.
e. e. The policy aims to build up the Trust’s financial assets over the long-term to provide much needed
investment income for our properties.
The specific unrestricted fund targets we have established are detailed below.
The General Fund
This fund represents the Trust’s working reserve and has been established to help us ensure that we are able to
continue with our obligations in the event of a shortfall in income or a sudden upturn in expenditure. The target set
is equivalent to three months’ annual ordinary income. This amounts to £115,803.
Repair Backlog Reserve
This reserve provides funds to support the capital repair program for the Trust’s historic buildings over a ten year
period. These repairs are considered to be essential for keeping the properties in a good state of repair and for
ensuring that they yield best value in relation to rental income. The fund amounts to £82,770 against a target of
£2,890,000.
Coastline Fund
This reserve provides funds for the acquisition and maintenance of coastline acquired by the Trust since the
Coastline Campaign was established in 2006. The fund amounts to £172,939 and this figure is dependent upon
donations and fund raising events.
Investment Fund
This reserve generates income sufficient to cover approximately 20% of the Trust’s annual expenditure excluding
capital project costs. The capital value of the fund amounts to £4,500,000 and the income is included in the general
investment income.
General Fund Repair Backlog
£
£
Balance as at 31st December 2011
£115,803
£82,770
Target as at 31st December 2011
£115,803
£2,890,000
Balance of unrestricted funds
as at 31st December 2011
14
–
–
Coastline
£
£172,939
£172,939
Investment
£
£4,500,000
£4,500,000
Total Fund
£
£4,871,512
£7,678,742
–
–
£5,347,728
4th Proof
INDEPENDENT REPORT OF THE AUDITORS TO THE MEMBERS OF
THE NATIONAL TRUST FOR JERSEY
We have audited the financial statements of the National Trust for Jersey for the year ended 31 December 2011 on pages
8 to 14. The financial framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards.
This report is made solely of the Trust’s members, as a body. Our audit work has been undertaken so that we might state
to the Trust's members 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 Trust and the Trust's
members as a body, for our audit work, for this report or the the opinions we have formed.
Respective Responsibilities of the Honorary Treasurer and the Auditors
In accordance with the Trust’s rules, the Honorary Treasurer is responsible to the Council for the preparation of the financial
statements. Consequently, the Honorary Treasurer is required to prepare financial statements for each accounting period
which give a true and fair view of the financial affairs of the Trust and of its results for the year. In preparing those financial
statements the Honorary Treasurer is required to:
Select suitable accounting policies and then apply them consistently;
Make judgements and estimates that are reasonable and prudent;
State whether applicable accounting standards have been followed subject to any material departures disclosed and
explained in the accounts;
Keep proper accounting records, which enable the Council to demonstrate that the accounts as prepared are in
accordance with the Trust’s Principal Documents and the Law.
The Council is responsible for the management of the Trust in accordance with its Principal Documents and the Law. The
Council is also responsible for safeguarding the assets of the Trust and 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 applicable law and
International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices
Board’s Ethical Standards on Auditing.
We read the information contained in the annual report and consider whether it is consistent with the audited accounts. We
consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with
the accounts. Our responsibilities do not extend to any information outside the annual report.
Scope of the audit of the financial statements
An audit involves 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 Trust’s circumstances and have been
consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Honorary
Treasurer; and the overall presentation of the financial statements.
Opinion on financial statements
As explained in Note 2 of the financial statements, no value is placed on land and buildings held for preservation. This is
not in accordance with the requirements of Financial Reporting Standard (‘FRS’) No.15 ‘Tangible Fixed Assets’. Note 1(a)
identifies that the financial statements have not been prepared in accordance with FRS 30 ‘Heritage Assets’. Except for the
departures from FRS15 and FRS30, in our opinion the financial statements:
give a true and fair view of the state of affairs of the Trust as at 31 December 2011 and of its statement of financial
activities for the year then ended;
have been properly prepared in accordance with United Kingdom Accounting Standards.
40 Esplanade
St Helier
Jersey
Reads (Audit) Limited
Chartered Accountants.
13th March 2012
Printed by DINGLE & NEL PRINTERS, Jersey
4th Proof
15
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4th Proof