We have audited the financial statements on pages 2 to 4, which have been prepared under the historical cost convention and the accounting policies set out on page 4.

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. It is our responsibility to form an independent opinion, based on our audit, on those financial statements and to report our opinion to you.

Basis of Opinion:

We conducted our audit in accordance with Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Procureurs in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Vingtaine's circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

Opinion:

In our opinion the financial statements give a true and fair view of the state of the Vingtaine's affairs at 31 December 2003 and of its revenue and expenditure for the year then ended.

ALEX PICOT

Chartered Accountants
19th April 2004

Page 1

INCOME
United Kingdom Government
stock interest
Bank deposit interest
Donation re Plaque at Pomme D'or

Less: EXPENDITURE
Water rates
Insurance
Advertising
Audit and accountancy fee
Bank charges
Maintenance
Commemorative Plaque - Pomme D'or
Commemorative Plaque - Snow Hill
Sundry expenses

65
423
88
220
125
36
0
(60)
    60

6,431

  957

 
£5,474

97
300
254
180
139
0
454
60
    78

8,710

1,562

 
£7,148

 
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
 

Total recognised gains and losses

0

(2,693)
5,474

£2,781

0

945
7,148

£8,093

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 2003

ACCUMULATED FUNDS
Balance at 1 January 2003
Net revenue for the year

Balance at 31 December 2003

FIXED ASSETS

INVESTMENTS

CURRENT ASSETS
Cash at bank and in hand
Bank interest due

CREDITORS: Amounts falling due
within one year

NET CURRENT ASSETS

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 2003

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

Land and buildings are 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.

1.5 Depreciation

As it is the policy of the Vingtaine to improve and restore their properties and keep them continuously in a good state of repair, no provision is made for depreciation.
 

2. INVESTMENT REVALUATION RESERVE
 

 
Balance at 1 January 2003
Unrealised depreciation on revaluation
of investments

Balance at 31 December 2003

3. FIXED ASSETS

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

6,742
  17,410
£24,152

£    
12,988
 
(2,693)

£10,295

2002
£    

6,742
   9,910
£16,652

4. INVESTMENTS

At market value:

£25,000 8½% Treasury Loan 2007
£23,000 7¾% Treasury Loan 2012/15
£15,500 8% Treasury Loan 2003

 
2003
£    

 
23,683
22,720
         0
46,403

 
2003
£    

 
28,175
27,255
         0
55,430

 
2002
£    

 
29,448
28,387
15,788
73,623

Report of the Auditors - Page 4