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STATES OF JERSEY
THE LORD PORTSEA GIFT FUND: REPORT FOR 2009 AND 2010
Presented to the States on 17th February 2012 by the Minister for Education, Sport and Culture
STATES GREFFE
2012 Price code: B R.23
THE LORD PORTSEA GIFT FUND ANNUAL REPORT 2009
- Background
In 1957 the late Miss Albina Bertram Falle bequeathed to the States and the Royal Court the sum of £17,000, in accordance with the wishes of her brother, the late Lord Portsea of Portsmouth, for the purpose of establishing a fund –
"to help all young Jersey and Guernsey boys (of Jersey and Guernsey parentage) entering the Royal Navy, Army, Air Force and Civil Services who are in need of financial help".
In 1968 the States, with the approval of the Royal Court, accepted the gift and, 3 years later, by which time the sum concerned had risen to £27,000, the States passed an Act called The Lord Portsea Gift Fund (Jersey) Act 1971 ("the Act of 1971"), which established the rules and conditions for the administration of the Fund. The Act was promulgated on 25th May 1971. The Act provided for the Fund to be administered by a Delegation, and the members of the Delegation met for the first time that same year. The Act of 1971 has been amended twice, most recently in 1997.
The amendments have broadened the scope of the Fund so that it can now provide help to the following – young women as well as young men; persons who have entered or who are about to enter any branch of the armed services, the respective Service Colleges or the Merchant Navy; and persons who have entered, or who are about to enter, the United Kingdom Civil Service or who are, or are about to become, employees of the States of Jersey or Guernsey. Originally there was an upper age limit of 20 years for applicants; this has been increased progressively and is now 30 years. Finally, it is now sufficient if just one of the parents of an applicant is a native of Jersey or Guernsey.
- Administration of the Fund
The Delegation charged to administer the Fund on behalf of the States and the Royal Court comprises 8 members, 4 of whom are serving Jurats appointed by the Superior Number of the Royal Court, and 4 are States members nominated by the Minister for Education, Sport and Culture, who is Chairman ex officio of the Delegation. The quorum for meetings of the Delegation is 5 members, of whom at least 2 must be Jurats and 2 must be representatives of the Education, Sport and Culture Ministry. Following the election for Senators and Deputies in 2008, the representatives of the Education, Sport and Culture Ministry changed. The Minister appointed Deputy A.K.F. Green of St. Helier and Deputy A.T. Dupré of St. Clement to serve on the Delegation, and Deputy Green was appointed Chairman. The Jurat members were unchanged at first. Thus the members of the Delegation during 2009 were –
Deputy A.K.F. Green, M.B.E., of St. Helier , Assistant Minister for Education,
Sport and Culture, Chairman
Jurat P.J. de Veulle, O.B.E.
Jurat J.L. Le Breton
Jurat G.C. Allo (part of year)
Jurat P.J. Morgan
Jurat G.W. Fisher (part of year) Deputy A.T. Dupré of St. Clement Executive Officer: Mrs. J. Bree Honorary Secretary: G.H.C. Coppock.
Jurat Allo ceased to be a member of the Delegation in October, when his term of office as Jurat ended. The Delegation wishes to record its thanks to Jurat Allo for his valuable contribution to the business of the Fund. The Delegation welcomed Jurat Fisher as a new member in place of Jurat Allo.
- Finance
The investment of the Capital Fund is undertaken by the States Treasury and Resources Department, with authority to make such changes in investments as it considers necessary and expedient.
The income of the Fund may be used at the absolute discretion of the Delegation to make grants within the terms of the bequest, as extended by the Acts of the States amending the Act of 1971. Grants made are "absolute and without any conditions".
As at 31st December 2009, the amounts available in the Fund were –
Capital Fund £201,916 Accumulated Fund £102,079 Annual Income £11,989
- Annual Accounts
The accounts of the Delegation's dealings with the Fund for the year ended 31st December 2009, which have been duly audited by the Comptroller and Auditor General, are annexed to this Report.
- Rules and Conditions of the Fund
The rules and conditions with regard to the administration of the Fund may be amended from time to time by the States, on a proposition of the Minister for Education, Sport and Culture, and with the approval of the Royal Court. The Delegation has approved changes to bring the rules and conditions up to date and compatible with the system of ministerial government. The proposed new rules and conditions have been referred to the Royal Court for approval, after which the Minister for Education, Sport and Culture will present them to the States Assembly. It is not possible to say when this process will be completed.
- Grants
Grants were paid to 3 students during 2009, totalling £7,000. Of these, one was to complete a 2 year course of study. The other 2 were single-year payments, one of which was to assist with the purchase of specialist equipment.
LORD PORTSEA GIFT FUND Balance Sheet
as at 31st December 2009
Note
FUNDS EMPLOYED: Capital Account
Accumulated Reserve Account
2009 2008
£ £
201,916 201,916 102,079 97,218
303,995 299,134
REPRESENTED BY:
Investments at cost 1 136,113 136,113 Cash 2 167,882 163,021
303,995 299,134
LORD PORTSEA GIFT FUND Income and Expenditure
for the year ended 31st December 2009
Note 2009 2008
£ £
INCOME
Investment income 11,238 11,237 Bank interest 751 8,516
11,989 19,753
EXPENDITURE
Administration Expenses 3 128 98 Grants and Subsidies Payments 3 7,000 17,000
7,128 17,098 NET INCOME FOR THE YEAR 4,861 2,655
ACCUMULATED RESERVE ACCOUNT
B/fwd 1st January 97,218 94,563 Net Income for the year 4,861 2,655
102,079 97,218
LORD PORTSEA GIFT FUND
Notes to the Financial Statements
for the period 1st January 2009 to 31st December 2009
2009 2008
£ £ £ £
- Investments
Holding Name Market Value Book Cost Market Value Book Cost 145000 7.75% Treasury Loan
20/12/2015 162,908 136,113 167,909 136,113
- Cash
Deposit at BNP Paribas 167,882 163,011 Imprest – 10 167,882 163,021
- Payments
Administration 128 98 Grants and Subsidies Payments 7,000 17,000 7,128 17,098
- Basis of accounting
These accounts have been prepared on a receipts and payments basis.
THE LORD PORTSEA GIFT FUND ANNUAL REPORT 2010
- Background
In 1957 the late Miss Albina Bertram Falle bequeathed to the States and the Royal Court the sum of £17,000, in accordance with the wishes of her brother, the late Lord Portsea of Portsmouth, for the purpose of establishing a fund –
"to help all young Jersey and Guernsey boys (of Jersey and Guernsey parentage) entering the Royal Navy, Army, Air Force and Civil Services who are in need of financial help".
In 1968 the States, with the approval of the Royal Court, accepted the gift and, 3 years later, by which time the sum concerned had risen to £27,000, the States passed an Act called The Lord Portsea Gift Fund (Jersey) Act 1971 ("the Act of 1971"), which established the rules and conditions for the administration of the Fund. The Act was promulgated on 25th May 1971. The Act provided for the Fund to be administered by a Delegation, and the members of the Delegation met for the first time that same year. The Act of 1971 has been amended twice, most recently in 1997.
The amendments have broadened the scope of the Fund so that it can now provide help to the following – young women as well as young men; persons who have entered or who are about to enter any branch of the armed services, the respective Service Colleges or the Merchant Navy; and persons who have entered, or who are about to enter, the United Kingdom Civil Service or who are, or are about to become, employees of the States of Jersey or Guernsey. Originally there was an upper age limit of 20 years for applicants; this has been increased progressively and is now 30 years. Finally, it is now sufficient if just one of the parents of an applicant is a native of Jersey or Guernsey.
- Administration of the Fund
The Delegation charged to administer the Fund on behalf of the States and the Royal Court comprises 8 members, 4 of whom are serving Jurats appointed by the Superior Number of the Royal Court, and 4 are States members nominated by the Minister for Education, Sport and Culture, who is Chairman ex officio of the Delegation. The quorum for meetings of the Delegation is 5 members, of whom at least 2 must be Jurats and 2 must be representatives of the Education, Sport and Culture Ministry. The representatives of the Education, Sport and Culture Ministry are Deputy A.K.F. Green of St. Helier and Deputy A.T. Dupré of St. Clement , and Deputy Green was appointed Chairman. The Jurat members were unchanged from the previous year. Thus the members of the Delegation during 2010 were –
Deputy A.K.F. Green, M.B.E., of St. Helier , Assistant Minister for Education,
Sport and Culture, Chairman
Jurat P.J. de Veulle, O.B.E.
Jurat J.L. Le Breton
Jurat P.J. Morgan
Jurat G.W. Fisher
Deputy A.T. Dupré of St. Clement Executive Officer: Mrs. J. Bree Honorary Secretary: G.H.C. Coppock.
- Finance
The investment of the Capital Fund is undertaken by the States Treasury and Resources Department, with authority to make such changes in investments as it considers necessary and expedient.
The income of the Fund may be used at the absolute discretion of the Delegation to make grants within the terms of the bequest, as extended by the Acts of the States amending the Act of 1971. Grants made are "absolute and without any conditions".
As at 31st December 2010, the amounts available in the fund were –
Capital Fund £201,916 Accumulated Fund £105,559 Annual Income £3,480
- Annual Accounts
The accounts of the Delegation's dealings with the Fund for the year ended 31st December 2010, which have been duly audited by the Comptroller and Auditor General, are annexed to this Report.
- Rules and Conditions of the Fund
The rules and conditions with regard to the administration of the Fund may be amended from time to time by the States, on a proposition of the Minister for Education, Sport and Culture, and with the approval of the Royal Court. Some considerable time ago, the Delegation approved changes to bring the rules and conditions up to date and compatible with the system of ministerial government. The proposed new rules and conditions were referred to the Royal Court for approval, but the Law Officers advised that the rules were not in an appropriate form. Accordingly, the Law Officers will be preparing instructions for the Law Draftsman to produce a new set of rules to give full effect to the purposes of Miss Falle's bequest. The Minister for Education, Sport and Culture will then present the new rules to the States Assembly for approval. The Delegation cannot say when this process will be completed.
- Grants
Grants were paid to 2 students during 2010, totalling £6,000. One was for the first year of a 2 year post-graduate course of study in medicine; the other for the initial year of a diploma in the use of the arts in education and therapy. In addition, the Delegation approved a grant of £2,500 for a medical student to be paid during the academic year 2010/11.
LORD PORTSEA GIFT FUND Balance Sheet as at 31st December 2010
Note 2010 2009
£ £
FUNDS EMPLOYED:
CAPITAL ACCOUNT 201,916 201,916 INCOME ACCOUNT 105,559 102,079
307,475 303,995
REPRESENTED BY:
Investments (at cost) 2 136,113 136,113 Cash 3 171,362 167,882
307,475 303,995
LORD PORTSEA GIFT FUND
Income and Expenditure for the year to 31st December 2010
Note 2010 2009
£ £
INCOME
Loan, Bank and Notional Interest 600 751 Investment Income 11,465 11,238
12,065 11,989
EXPENDITURE
Administration Expenses 74 128 Grants and Subsidies Payments 4 8,500 7,000 Supplies and Services 5 11 –
8,585 7,128 NET INCOME FOR THE YEAR 3,480 4,861
INCOME ACCOUNT
Balance at 1st January 102,079 97,218 Net Income for the Year 3,480 4,861
Balance as at 31st December 105,559 102,079
LORD PORTSEA GIFT FUND
Notes to the Financial Statements for the year to 31st December 2010
Note
- Basis of accounting
These financial statements have been prepared on a receipts and payments basis.
- Investments (at cost) 2010 2009
£ £
Government Bonds 136,113 136,113
Investments are recorded in these financial statements at their book value. The market value as at 31st December 2010: £155,971 (December 2009: £162,907) is shown in this note for information.
- Cash 2010 2009
£ £
BNP Paribas, Jersey – 167,882 Royal Bank of Scotland 71,224 – Banco Santander 100,138 – 171,362 167,882
Cash was transferred from BNP Paribas Jersey to the States of Jersey's cash manager, Royal London Asset Management, in October 2010, which was deposited with Royal Bank of Scotland and Banco Santander as at 31st December 2010.
- Grants and Subsidies Payments 2010 2009
£ £
Grants Paid 8,500 7,000
During the year, grants were made to help young Jersey and Guernsey boys (of Jersey and Guernsey parentage) entering the Royal Navy, Army, Air Force and Civil Services who are in need of financial help.
- Supplies and Services 2010 2009
£ £
Management Fees 11 –
During the year, the Fund paid management fees for cash management services to Royal London Asset Management.