Jersey Competition Regulatory Authority Annual Report 2024

2024 Annual  Report and Accounts

R.71/2025

2nd Floor Salisbury House, 19 Union Street, St Helier, Jersey

Contents

This document sets out the Annual Report and Accounts for the period

1 January to 31 December 2024. It is presented to the Minister for Sustainable Economic Development (the Minister) pursuant to Articles 17 and 18 of the Competition Regulatory Authority Jersey Law 2001.

This document takes account of the Annual Reporting Best Practice Guide published by the Officer of the Comptroller and Auditor General in 2024. Transparency and Excellence in Annual Reporting - Good Practice Guide.pdf

Further information on the work of the Jersey Competition Regulatory Authority is available on the website – www.jcra.je

Message From the Chair The Authority has had increasing responsibilities  alongside the postal and telecommunications

throughout 2024. Much has been accomplished  sectors. Each of the sectors we regulate

in working to achieve our goals in the context  are fundamental to the strength of Jersey's

of a very broad brief and against the backdrop  economy as well as its national and international of a changing economic and political climate.  connectivity. We consider this connectivity and This task has been a challenge in light of difficult  need for infrastructure resilience as fundamental

financial challenges across  and part of our regular watching brief.

We strive to maximise our  Jersey and the Government.  

contribution to Jersey's  We trust the Authority is part of  The Authority aims to provide value to all of citizens, consumers and  the answer to the cost of living  its stakeholders and contribute to Jersey's general economic health. challenges in Jersey and brings  ecosystem. Effective competition is an

real sustainable value to all of  essential driver of consumer benefits and Stephanie Liston our stakeholders. can help Jersey's economy to grow and

thrive. A competitive market is likely to drive The team at the Authority has grown very  lower prices, improved quality and service, effectively under Tim Ringsdore's leadership.  innovation, consumer choice and efficient

The team is now at optimal strength. We always  allocation of resources. We have been working focus on balancing costs with benefit and value  with Government to update the competition

for money. law framework. In February 2024 we held a

competition workshop to provide an expert and We strive to maximise our contribution to  international perspective in relation to merger Jersey's citizens, consumers and general  control, in particular.

economic health. The Authority enforces Jersey  

competition law, and oversees port operations,  

We have also completed a number of market  decreasing traffic in letters and increasing traffic  Jersey is implementing new telecoms security studies in 2024, including a market study into the  in packages (packages are not currently covered  and regulatory laws for ensuring all networks electricity sector. We are also developing a study  by regulation). We are in the process of agreeing  are resilient and secure. The enforcement of

or suite of studies in relation to construction. a new set of quality of service metrics for Jersey  these new laws will be the responsibility of

Post that adapts to the changing postal market  the Authority.

Government has now established and published  and delivers on consumer expectations.

a Ports Policy which we will consider as we  We have a clear focus on good governance focus on development of the harbour, freight  During 2024, in addition to our planned work,  in the interest of continuing to oversee the logistics and securing air routes to the UK and  we have had to respond to an increasing  dynamic sectors and situations that we regularly other regions. A new set of quality of service  number of mergers. In this respect, we note our  address. The Authority recruited a new non- metrics are being developed and resilience is  decision to clear the Sure-Airtel merger subject  executive member in 2024 to join the Board

a central issue going forward. We have  to the Mobile Virtual Network Operator MVNO  in 2025. Our goal was to find a person with completed a project reviewing the Ports  remedy. This remedy has enabled the entry of  excellent executive and business experience Regulatory Framework. Freight logistics will  Co-op into the market and it is a clear example  based in and with a deep knowledge of Jersey. be critical in further reducing inflation and  of how competition policy can help Jersey  We were fortunate to have an exceptionally large increasing competition. businesses to grow. Co-op will be launching its  number of qualified applicants to choose from

mobile services in 2025 and it is already active in  in the process. Upon our recommendation, the We look forward to the Government developing  marketing to consumers in Jersey and Guernsey  Minister has appointed Ed Daubeney to the role. a Post Policy with a view to securing the long  to ensure their launch will be a success. Ed will have attended two Board meetings as an term future of the postal sector in Jersey. The  observer and officially take up his membership in sector has changed dramatically and features  the first quarter of 2025.

The Board is also pleased to have another Board  We believe 2024 has seen significant change in  We were pleased to publish our 2025 apprentice this year - Sebastian Perez who is  Jersey and globally with elections in the UK and  Business Plan on our website.1

Head of the Office of the Chief Executive at the  the US, as well as many other countries. Staying

Government of Jersey. Paul Masterton retires  informed of these political developments and  Finally, we look forward to working with our from the Board after eight years and we are very  their possible effects in Jersey and our portfolio  Government Ministers to understand their grateful for his dedicated service. We will be  of responsibilities will be important. The swiftly  priorities for growth in the context of our sorry to lose the insights and contributions that  changing nature of innovation and development  responsibilities as an independent regulator. Paul has contributed over his years on the Board.  of new technologies internationally – not least  Our focus going forward will continue to be

I am pleased to advise that Ian Walden will  Artificial Intelligence – will also be an important  on delivering value to Jersey consumers, become the Senior Independent member on the  focus for us as we seek to understand how  citizens and businesses and the economy in Board when Paul steps down. these developments will affect competition  all areas under our responsibility. We will also

and the sectors we regulate. We will continue  be encouraging resilience, innovation and Our Board provides support to each other, the  to work closely with Jersey regulators, Ofcom,  investment, in part by providing regulatory executive and the team, in appropriate measure.  the Competition and Markets Authority and  certainty in Jersey.

We keep a risk register which is reviewed and  other international regulators to enhance our

updated at each Board meeting. The Authority  understanding and build bridges to enhance our

has prioritisation principles that are actively  success as a regulator.  Stephanie Liston

referred to when taking on market studies  

and investigations.  

1 The Authority's 2025 Business Plan

CEO Report 2024 has been a year of substantial progress  telecommunications market, demonstrated

and impact for the Authority. Our role as an  the Authority's focus on ensuring consumers independent regulator is to promote competition,  continue to have a good choice of providers and ensure consumer protection, and support  affordable services.

sustainable economic development in the Island.

This year, we have tackled  We have worked with Government on

Our role as an independent  complex challenges across  the introduction of new competition law regulator is to promote  several sectors, reinforcing our  amendments which will provide the Authority competition, ensure consumer  commitment to driving positive  with new powers for mergers and market

protection, and support  outcomes for businesses and  studies. It is our intention to work closely with sustainable economic  residents alike. aalrle s celcetaorrlsy tuonednesrsutroeobdu. s iness responsibilities

development in the Island. We reviewed several significant  

mergers and acquisitions,  Our market studies work included the

Tim Ringsdore ensuring that market consolidation does not  commencement of in-depth reviews of the undermine competition or consumer choice.  electricity market and construction sector,

Decisions like the Sandpiper-Morrisons merger  which will provide essential insights into these review reflect our dedication to maintaining  markets. These studies will be instrumental

a level playing field in vital retail markets,  in identifying any barriers to competition and balancing business growth with the public's  offering actionable recommendations to foster interest. Similarly, the conclusion of the  efficiency and innovation. The electricity study Sure-Airtel merger, with the introduction  was published on 16 January 2025.

of the Co-op as a new entrant in the

In telecommunications, the Authority  Our updated pricing framework for Ports of  There were significant challenges during advanced initiatives to promote high-quality  Jersey operations has laid the groundwork for  the year due to a number of unforeseen

and affordable services. We commenced the  improved service delivery and fairness in user  investigations which resulted in reprioritising Telecommunications Market Review, which will  charges. This was a significant piece of work  our business plan, primarily market studies. provide clear guidance on improving sector  which will allow Ports to invest in the harbour  As a small team, managing a diverse portfolio resilience and competitiveness. We continued  while protecting businesses and consumers from  and prioritising work will continue to be a

to hold our providers to the highest standards  unreasonable price increases. challenge, but one we are confident we can regarding critical infrastructure, ensuring  manage appropriately.

compliance with requirements to ensure  Additionally, our work on postal service  

emergency services are accessible at all times.  regulations ensured continuity and reliability,  As we look forward to 2025, the Authority

A new telecoms security law was introduced  crucial for both local businesses and residents.  remains committed to adapting to evolving

and our team continues to work closely with  Work has commenced on providing guidance  market needs, driving innovation, efficiencies Government regarding the introduction of a new  to Government regarding the future policy for  and delivering tangible benefits to the Island. compliance programme which will ensure the  this sector. On behalf of the Authority, I thank all those who Island is well protected. We completed the JT  have contributed to our efforts and look forward regulatory financial reporting project, which will  These achievements underscore the value  to continuing this vital work in the years ahead. help the Authority determine future wholesale  the Authority delivers to Jersey, safeguarding

pricing models which will continue to enhance  consumer interests, fostering business  

retail competition. We will continue to work with  confidence, and supporting economic growth  Tim Ringsdore operators to ensure the Island has reliable and  and resilience. Our success is rooted in  

secure telecommunications services, which are  collaboration with stakeholders, whose insights  

essential for strong economic growth, along with  and feedback enrich our regulatory decisions.

consumer protection.

Performance Report

This section provides an overview of the  work of the Authority in 2024.

Stephanie Liston Tim Ringsdore Stephanie  Liston (Apr 8, 2025 16:06 GMT+1) Tim Ringsdore (Apr 8, 2025 16:08 GMT+1)

Stephanie Liston Tim Ringsdore

Chair  CEO

8 April 2025 8 April 2025

Performance Report Strategic Aims

1. Strategic Aims Strategic Aim  What Success Looks Like

Protect & Encourage    Enforce competition law effectively – with a key focus to prevent the application of Competition anti-competitive arrangements and the abuse of a dominant position in a market and

to assess mergers to prevent any substantial lessening of competition

As an independent regulator, the Authority has    Encourage competition where appropriate and proportionate – use the market studies ambitious aims to help shape and sustain the Island's  regime to address issues with competition in those markets where change would most

economic future, for the benefit of Jersey consumers,  benefit Islanders

citizens and businesses.

Effective Delivery of    Ensure the effective regulation of specified sectors

Strategic aims: SReugpuelravtiesdioSneocft ors  Encourage continuity and security of supplies of goods and services by enabling

environmental and other best practice

• Protect & Encourage Competition

Safeguard Consumers  Using both competition and regulatory powers, empower consumers to exercise

• Effective Delivery of Supervision of  informed choice and help markets work in the best interest of Jersey as a whole Regulated Sectors  Support and work effectively alongside other Jersey consumer bodies

• Safeguard Consumers

Maintain the Authority's    Build knowledge and capability to meet future requirements and challenges

• Maintain the Authority's Reputation   Reputation & Resilience  Complement and support the work of regulatory and enforcement authorities

& Resilience in Jersey (and beyond) and act as a trusted advisor to Government

In pursuing its strategic aims the Authority takes into consideration its Prioritisation Principles, which guides

the Authority on how to decide what projects to take on. The Authority are also required to have regard to its

Memorandum of Understanding1 (the MoU) with Government, in which it is agreed that independent decision

making is critical in achieving good regulatory and competition outcomes. It also notes the important role for 1o f TthheepMo owUe r bs e a tnwd e  ed nu t ti he es   Aof u t thheo  rAituyt ah no dri t tyh  ein M reinla isti toenr  wto a t se lue pc do amtemdu inni cDa et cioenms bs ee rc 2u 0ri 2ty4, stoe eta u kp ed aa cte cod  uM no t U Government in setting the legislative and general policy framework within which the Authority operates.

Performance Report Strategic Aims

Prioritisation Principles

The Authority has strategic choices to make in deciding which areas to focus its limited  During prioritisation, the Authority will consider the timing and resource resources, funding and the appropriate approach to furthering its aims. requirements of its work programme to ensure that its duties are appropriately

met within the confines of the resources available.

The Authority will make these strategic choices based upon its remit under the various laws that

apply to it, as well as drawing on the intelligence and analysis gathered through its research

and stakeholder engagement. In prioritising the use of its resources, the Authority will take an    Impact on consumers and the wider economy

evidence-based view of the likely contribution to its strategic aims in the long and short term.  Strategic significance and synergy with the Authority's objectives The list of factors to consider under different principles is illustrative and not exhaustive. The    Risks, in respect of a successful outcome and potential detriment

Authority will not apply the principles in a mechanical way. Judgement and reasoned balancing    Resource requirements, including proportionality and implications are required for each case, which necessitates consideration of the principles in the round and  of performing the work

on a case-by-case basis.

In some cases, the Authority has a legal duty to act once certain relevant circumstances arise:  

• On discovery or notification of a breach of a licence condition by a licensee

• Obtaining and reviewing information relating to merger situations

• Conducting regulatory appeals and references in relation to price controls, terms of  licences and other regulatory arrangements under sector specific legislation

• There is a duty to act on receiving a Ministerial direction.

Performance Report Risks Risk Impact Risk Rating Mitigation

Legal & Regulatory

Outdated legislation: risk that outdated  Changes have brought a resource risk in preparation for the new  Amber Recent and upcoming changes to the Telecoms and legislation, legal frameworks or licensing  framework for telecoms security and competition law. Competition Laws have mitigated the risks in these

2. Risks effectively, comply with best practice or

powers may hinder the ability to operate  areas.

In areas where updates have not been made, the risk is that the

respond to new challenges. Authority is unable to fulfil its role effectively. Examples include  The Authority continues to work with Government to

changes needed to the Telecoms and Postal Services Laws. review and update the legal framework.

There are also risks associated with new regulations applying to the  Any changes are managed in a

The Authority operates a risk register that  Authority, such as recent changes to the Public Finance Manual. proportionate way, aiming to minimise

the impact on limited resources.

captures those risks with the potential to  

have a significant adverse impact on the  Stakeholder Relationships

operations of the Authority. The register  Roles & Responsibilities: risk that a lack of  Misunderstanding of the Authority's role leads to unrealistic  Green Increased outreach to Government, businesses and was renewed afresh by the Authority in  udnedliveersryta onfd iitnsg d ouft itehse a Anudt hreosrpityo 'n ss ri ob li elit uie ns d. ermines  eoxpppeocrttuantioitiness owf hwehrea ti ta ccatino na dthdevAauluteh.ority can take, as well as missed  cisopnrsouvmideerds,. ensuring accurate information

July 2024 and February 2025.

There may also be a risk this leads to attempts  Misunderstandings may lead to attempts to influence the Authority's  Amber In addition to the increased outreach, regular

to undermine the Authority's independence. processes and decisions. engagement with Government and the Minister helps The Audit and Risk Committee is  ensure the benefits of independence continues to be appointed by the Authority under Article 7  valued.

of the 2001 Law to assist the Authority in  Resources

discharging its oversight duties, including  Financial and Staff Resources: risk that  As the Authority has grown and its remit increased, there is a risk  Amber The Authority works to ensure that there is an

the management and mitigation of risk. unplanned work stretch resources beyond  that responsibilities will exceed available resource. This has been  appropriate balance between the level of licence fees capacity and reduces focus. increased with the reduction in the level of the grant received for 2025. and the need to ensure that each sector is regulated

effectively.

Each risk is mitigated and monitored on a  Regulated businesses are also under financial pressure.

regular basis. The register is presented to  Ta hsemAa ull tjhuorirsitdyicatlisoon awimithsi ntoaahpipgohilny t c aonmd p reettiatii vn e s mta affr  kine t each meeting of the Authority, and each  for experienced and skilled staff.

Decision contains an assessment of any  Security

associated risks. Cyber Security: risk of a cyber incident  Direct financial loss, disruption of operations, reputational damage,  Amber The Authority has Cyber Essentials

compromising operational data and systems. regulatory and legal consequences. Plus accreditation.

Key risks ordered by theme are in the  Active Case Risks

following table:

At any given time, the Authority will be involved in a number of cases which will each raise different types and levels of risk. These are assessed on a regular basis, with any higher risk issues reported to the Audit and Risk Committee for its attention.

Performance Report 2024 Headlines

7%

3. 2024 Headlines Telecoms Security 33.5%

• Developing the regulatory compliance regime

Competition

• Continuation of support to the Government following the new telecoms security law

• Stakeholder competition advocacy

Percentage of the Authority's time spent on    Continuation of Electricity market study the following sectors:  Commencement of Construction review

• Competition 41%  Working with Government on

• Preliminary investigations carried out

• Mergers & Acquisitions Telecoms Percentage of Time    CMoemrgpeertCitioonnt rLoalw s yammpeonsdiumme nhtesld

• Ports  Continuation of Telecoms Market Review Spent on Each Sector

• Post IImnvpelestmigeantitoanti oinnt oo fermeegruglaetnocryy creapllorting

• Telecoms  fMfaroialmunraeog pceeomrneactnloutrdosef adsntda kceohnosldumeresr -s  5.5%

• Telecoms Security including addressing enquiries

Mergers & Acquisitions

• 6 mergers approved

4%

Post 9%

• Management of stakeholders - including  Ports addressing consumer enquiries

• Major Strategic Review of Postal Services    Major Pricing Framework completed for Air and completed and Directions imposed Sea Operations

• Management of stakeholders - including addressing consumer enquiries

Performance Report Performance Reviews

4. Performance  

Reviews Objectives:

The Authority's objectives are linked to  

our strategic aims. The key activities to  To deliver clear  To demonstrate  To look forward  To safeguard be performed, as published in the 2024  and recognisable  compliance with the  and research future  businesses and Business Plan1, will ensure the Authority  frameworks for  Authority's  developments in  consumers through fulfils these aims. businesses, supported  legal obligations. competition and  the provision of

by effective, resilient,  economic regulation,  advice, information reliable systems  supporting the  and proposals.

of work. productivity and

innovation in the

Jersey economy.

1 See 2024 Business Plan

Performance Report Performance Reviews

Competition

Deterring Anti-Competitive Behaviour

Highlights of the Year Link to Strategic Aims Planned Key Activities & Metrics What Was Achieved Outcome

During 2024, the Authority reviewed Jersey's

merger control thresholds. This included holding  Protect & Encourage  Maintain resilient, reliable systems of work to  A review of all procedures,  Partially met

a symposium which brought together a range  Competition support best practice. Policies and procedures are  processes and guidelines  The review was

reviewed against International Competition Network  has commenced. delayed due to wider of stakeholders to consider what thresholds  (the ICN)standards.1 work commitments but

could work best work for Jersey. The Authority  has now commenced. approved six mergers, three of which were

particularly complex due to the potential significant  Effective Delivery  Carry out investigations into possible breaches  2 preliminary assessments  Met

local impact. The Authority also continued to  of Supervision of  of the Competition Law and address complaints  commenced during 2024.

progress its study of the electricity market and  Regulated Sectors received. Complaints are assessed in line with  1 has been closed,

the Prioritisation Principles. 1 remains ongoing.

commenced a construction sector review. The

Authority's merger decisions ensured consumers

continued to have a good choice of services in  Safeguard Consumers The Authority promotes and supports competitive  2 published editorials focused  Met

markets through the provision of information and  on competition for directors

the Island and competition remained strong. The  guidance for different stakeholder groups. and businesses.

clear recommendations from the electricity study  

10 competition enquiries

focussed on consumers and the future challenges  responded to.

and needs of the Island.

Maintain the Authority's  Government has set out a package of legislative  Worked with Government in  Met Reputation & Resilience reform proposals with updates to mergers and  relation to the amendments

acquisitions, appeals and compliance and other  to the Competition Law. This miscellaneous areas. The Authority will continue  work will continue into 2025.

to work with Government to ensure competition

legislation works for the benefit of Jersey.

1 See International Competition Network website

Preventing Harmful Mergers

Studying Markets

Performance Report Performance Reviews

Link to Strategic Aims Planned Key Activities & Metrics What Was Achieved Outcome

Protect & Encourage  Continue to provide support to  The Ports Policy Framework was formally issued by  Met Air and Sea Port Operations Competition Government on ports policy, this is  Government in January 2024.

to help ensure that this protects and

promotes the interests of all users.

Highlights of the Year

Effective Delivery  Monitor compliance with the Air and  Continued to monitor and review Ports of  Met The Authority is responsible for the economic  of Supervision of  Sea Ports Law and licence conditions  Jersey's compliance with the existing price

Regulated Sectors and investigate potential breaches.  control during the course of 2024, alongside

regulation of the ports sector. This includes the  its wider licence obligations.

airport and harbours owned and operated by

Ports of Jersey Limited. 2024 marked a major  Continued to monitor and publish quarterly monitoring of

the current quality of service regime.

milestone in ports regulation with the issue of the

Final Notice on the pricing framework in November

Met framework came into force from 1 January 2025.  businesses and the public) through

2024. This was a multiyear project and the new  Safeguard Consumers Sofu paiproarnt dwsilel ca o pnotir nt us ee r fvoi rc uess e( rbso th  Creolantteinduteodatior arensdpsoenadpwohrteorep ereraqtuioirnesd. to complaints

The Authority's pricing control decision has meant  review of complaints received,  On Quality of Service regulation, the Authority decided

that Ports of Jersey have a limit on price increases  which may become a compliance  tcoo mcaprlreyt ioount oaf rtehvei epwri coifn gth fisra amreeawsoerkp .a Traht iesl yw,  iall f ete nr s t uh re e  

or enforcement case if appropriate.

for the next 5 years, which will support and protect  This support sits alongside the wider  renewed focus and enable detailed stakeholder feedback

the economy, businesses and consumers. However,  Quality of Service regime applicable  on this key area.

the Authority's decision will allow Ports of Jersey to  to Ports of Jersey, which supports a

develop the harbour and airport infrastructure and  reasonable balance between the price  

and quality of services provided.

gain a reasonable return on this investment.

Maintain the Authority's  Through the provision of an updated  The Pricing Framework was implemented in November  Partially met

Reputation & Resilience 5-year regulatory framework,  2024, with the issuing of a Final Notice confirming the  The review of the commencing January 2025, the  new pricing framework applicable to Ports of Jersey  Quality of Service regime

Authority is supporting the plans,  between 20252030 of RPI1.8%.  was delayed due to wider development and ongoing functions of  work commitments. It will

other businesses and users relying on  commence in 2025.

air and sea port services.

Performance Report Performance Reviews

Postal Services

Highlights of the Year Link to Strategic Aims Planned Key Activities & Metrics What Was Achieved Outcome

The Authority completed its Strategic Review

of Postal Services in March 2024. This was a  Protect & Encourage  The Authority will monitor  Continued to monitor and review compliance with  Met

Competition compliance with the Post Law  Licence Conditions during the course of 2024.

multiyear project and resulted in new Licences  and Licence conditions.  

being issued, alongside the introduction of an  

updated regulatory framework. This framework  Effective Delivery  Implementation of Directions  The Strategic Review of Postal Services was  Met included a refined quality of service regime and  of Supervision of  arising out of the Strategic Review  completed in March 2024 and throughout 2024 the strengthened oversight of postal operators. The  Regulated Sectors of Postal Services. new regulatory framework has been introduced, for

review has developed a new and proportionate  example the strengthened reporting requirements. reporting requirement that focuses on consumer  

quality of service and efficiencies. The Authority  Safeguard Consumers Support users of postal services –  Continued to respond where required to complaints  Met also highlighted the need for a Post policy which it  for example helping address consumer  related to postal services.

and business complaints.

is actively working with the Government of Jersey

to ensure the Island has a long term resilient and

Maintain the Authority's  The strategic review has identified the  Considerations on these and other future  Met reliable post service. Reputation & Resilience need for post policy and amendments  challenges and developments in the postal

to the Postal Services Law. sector are covered in our Reflections on the review

(jcra.je) document.

Performance Report Performance Reviews

Telecommunications

Highlights of the Year

The work programme for 2024 continued to ensure that the current regulatory framework  is enforced, and remained both effective and fit-for-purpose. Workstreams, such as  

the telecoms market review, continued and will help ensure the regulatory framework  continues to promote and support competition in telecoms. An investigation into  emergency call failures was also completed, which concluded with improvements by the  operator. There was also a strong focus on compliance, with 2024 being the first year of  regulatory financial reporting. The new telecoms security law has required a significant  amount of focus from officers, which will continue during 2025.

Telecommunications Licensing

Telecoms Security Link to Strategic Aims Planned Key Activities & Metrics What Was Achieved Outcome

Throughout 2024, the Authority has continued to  Effective Delivery  Compliance: Develop a proportionate and  Assessed compliance requirements and planned for  Met support the Government in the implementation of  of Supervision of  effective compliance regime for Jersey,  development of appropriate regime.

its Telecoms Security framework. Regulated Sectors following Government policy and in line with

UK principles where appropriate.

In September 2024, the underpinning changes to  Designated Vendors: when directed to do  The Authority is preparing to carry out its duties under  Partially met

the Telecommunication Jersey Law 2002 (the  so by Government, the Authority will begin  the updated Telecoms Law, this is not expected to  The Government Telecoms Law) were approved by Ministers. The  monitoring of Designated Vendor compliance. begin before 2026. has not yet made a Authority's planned activities remain aligned with  dtoirDecetsioignnwatiethd rVeesnpdeocrt s.

Government's timeline and its current expectation  

that the framework will be fully operational in  

early 2026. With the ever increasing reliance on  Safeguard Consumers Consult on and in turn issue public policy  Planning and preparation for aligning the  Not met

and guidance supporting telecoms security  Authority consultations with Government's  Further progress telecommunications services for businesses and  to make sure current and future operators  2025 project programme. will be made once

consumers it is essential that the Island has the  understand their obligations as part of these  the Telecoms Market appropriate protection and services remain resilient  changes in regulation. Review and TSF  and reliable. The Authority will ensure it applies the  are complete.

law appropriately and proportionately.

Maintain the Authority's  Review and enhance its security controls in  Provided close support for Government's development  Partially met Reputation & Resilience preparation for active compliance monitoring  of the new telecoms security legislation, vendor  Significant progress

of telecoms security. designation policy and code of practice. and support for Government provided.

The Authority will continue to work closely with  Assessed and planned requirements for internal  The project is Government on the development of telecoms  delivery of the Authority's security controls. continuing into 2025. security legislation, anticipated to be enacted in

early 2024.

Spectrum & Numbering

Performance Report Performance Reviews

2025 Outcomes

At the end of 2024, there were:

• Two competition cases under active review: the construction  sector review was well under way, and the electricity market  study was coming to a close

• In Telecoms, the introduction of security legislation to be  enacted in 2025/6 has led to preparations for the Authority's  new role and responsibilities. This has included an overhaul of  

the website which, as well as providing clearer information and  guidance, has enhanced security.

The 2025 Business Plan1 is focussed on adding value to Jersey consumers,  businesses and the economy through defined outcomes.

1 2025 Business Plan

Performance Report 2025 Outcomes

Competition Postal Services

• Outcome 1    Outcome 1

Increasing awareness of competition policy and issues. By increasing awareness of the  Universal Service Obligation: Jersey Post continues to meet the requirements of the USO, benefits of competition through increased and improved engagement and activities with  in line with policy expectations.

consumers, businesses and Government, the local economy will become more competitive.

• Outcome 2

• Outcome 2  Quality of service: Jersey Post continues to provide services which meet the expectations Development and implementation of best practice. Amendments to the Competition Law  of consumers, the States of Jersey and Government policy.

will bring updated guidance with better alignment with international best practice and a  

recognisable framework for companies looking to do business in and with Jersey.

Telecommunications

• Outcome 3  

Improvements in outcomes for markets subject to study. Competition in markets will    Outcome 1  

improve through the implementation of targeted market studies. Best practice licensing and regulatory framework: A regulatory framework which is in line

with best practice in comparable jurisdictions.

• Outcome 2  

Air and Sea Port Operations Competitive markets: Effective retail competition, allowing consumers the ability to exercise

choice and benefit from fair prices, innovation and new services, and high quality of

• Outcome 1

service standards.

Effective regulatory pricing framework: Fair and efficient prices for port users and incentive  

for Ports of Jersey to efficiently invest in the infrastructure required to provide reliable and    Outcome 3  

resilient services. This will be measured through regular price control compliance monitoring. Resilient and reliable services: Resilient and reliable services maintained through significant

changes which are anticipated in the markets – for example, with the introduction of 5G

• Outcome 2

services and new telecoms security legislation.

Quality of service: Annual reviews ensure air and sea port users and their customers benefit  

from innovative and high-quality services, measured through the on-going assessment of  

Ports of Jersey's performance and customer focussed performance indicators.

Performance Report Resources and Financial Review

Income

5. Resources  T2h0e 2 b3u d £g 2e ,0te 6d 7,  4in 4c 2o m , te o  f so ur  p2 p0 o2 r4 t  pw laa ns n £ e2 d, 0 a6 c3 ti, v11 it2 ies for the year. and Financial  

Review 2024 Budget 2024 Actual

Competition Grant 36% 33%

All of the activities undertaken by the

Authority are separately funded, and by  Merger & Acquisition fees 3% 7% 2024 Income

sector. Cross-subsidisation is not permitted

to ensure that all costs are ring-fenced  Ports licence fees 4% 3%

by sector, and common costs are shared

between sectors. Post licence fees 4% 4%

It is vital that the Authority has a sufficient  Telecoms licence fees 43% 39%

working capital balance. The Authority

updated its Reserves Policy in 2024 to  Telecoms licence application fees 1% 2%

ensure that reserves remain at a level

where the Authority maintains a  Telecoms Security Funding 7% 6% Competition 33% M & A 7% Ports 3% comfortable cashflow. Post 4% Telecoms Applications 2% Other 6%

Other income 2% 6%

As a non-profit making body, the Authority  Telecoms 39% Telecoms Security 6%

may return excess funds or hold the funds

for future work as detailed in the Authority's

business plan. Actual income in total was £2,302,777 2023 £2,361,217) and is

summarised on the next pages.

Government Funding

Competition Telecoms Security

A Funding Agreement between the Minister and the Authority  The Agreement for 2024 to 2026 was signed in September  With new legislation relating to telecoms security enacted in

is in place as an agreed framework, primarily intended to  2023 JCRA Competition Grant Funding Agreement | JCRA.  2024, the Government has continued to provide an annual grant meet the requirements of the Public Finance Manual. The key  However, the grant has not increased since 2022 and the  to enable the Authority to undertake further work on compliance purpose of the grant funding is to: Authority was informed in December of a decrease in funding  requirements and in support of its future duties under the law.

for 2025, which may have a material impact on the 2025

• Administer the Competition Law, seeking to promote  business plan. In 2024, a grant of £150,000 2023 £150,000) was received competition in the supply of goods and services in Jersey from Government to cover the Authority's internal and external In 2024, the grant received was £747,000 2023 £747,000  costs associated with supporting the government's project and

• Investigate possible breaches of the Competition Law

which supported the Authority's rolling programme of market  development of a telecoms security compliance regime. In total,

• Carry out market studies to evaluate whether markets are  studies, and administering the competition law. the cost for all Telecoms Security work was £134,664 2023 working well for Jersey consumers £175,787, with the remaining balance of the grant being carried In total, the cost for all competition law activity in 2024 was  over into 2025.

• Promote and support competitive markets in Jersey

£873,610 2023 £632,093, resulting in a deficit for the year

through the provision of information and guidance

of £126,610 2023: surplus £114,907.

• Assist the Government to develop the

Competition Framework.

Formal meetings between the Minister and Chair take  

place twice a year and these meetings specifically discuss  performance, internal controls and any other relevant  information relating to the effective oversight of public funds.  In 2024, these took place in May and December.

Merger and Acquisition Fees Licence Fees: Ports, Post and Telecoms

Fees are received from businesses making applications for the approval  Sector specific regulation is funded through licence fees paid by licensed of notifiable mergers and acquisitions. The number of applications in  operators in each of the ports, post and telecoms sectors. The licence fees any given year is unpredictable. A merger will not be notified unless the  are calculated based on the forecasted cost of regulating the sector for relevant application fee has been paid in full, which is based on the fair  the year in question. A breakdown of the licence fees charged, the cost of market value of the total consideration received by the seller(s).  regulating the sector, and surplus/(deficit) for year is provided below:

If a Second Detailed Review is required, further fees are payable based on the resources required to conduct the review. During 2024, the income  received amounted to:

2024 £ 2023 £

First Detailed Review Fees 75,000 72,500 Second Detailed Review Fees 87,982 259,453 Cost* 169,965 Deficit)/Surplus** 6,983

330,135

1,818

* Costs include case closing administration and post-merger lessons learned reviews, resulting in costs exceeding income from the  

initial review application fees received  * See section below on application fees, NB 2023: includes £120,000 recognised following the successful application to the 5G spectrum by two operators ** The ring-fenced reserves are utilised to support the Authority when costs exceed income during the period ** The ring-fenced reserves are utilised to support the Authority when costs exceed income during the period

Telecoms Licence Application fees Other Income

Fees are received from businesses making applications for a telecoms  Regulatory Review of Air and Sea Ports

licence, requesting approval of a change of control of a licensee and

surrendering a licence. The number of applications can vary year on year  In 2024, £100,000 was received from the Ports of Jersey to support the Authority's review to

and so can be unpredictable: determine the prices that Ports of Jersey charges for products and services where it has been found

to be dominant. This income was recognised to offset the costs incurred to conduct the review and was separately ring-fenced.

2024 £ 2023 £

Strategic Review of Postal Services

Application Fees - renewals 17,500 17,500

In 2024, the final £4,868 of the £140,000 received from Jersey Post in 2021, to support the Application Fees – new entrants 22,500 -

Authority's review of the postal sector, was recognised 2023 117,732. This income offset Change of Control 15,000 - the costs incurred to conduct the review and was separately ring-fenced.

Total 55,000 17,500

Treasury Deposit Interest

In 2024, £37,467 2023 £34,231) of income was received following the placement of funds in a treasury deposit account for a fixed term throughout the year. This income is allocated to the general reserve.

Expenditure

The expenditure budget for 2024 was £2,405,653 2023 £2,684,479, covering all planned activities

for the year.

2024 Results

Members of the Authority were updated on a regular basis of the expenditure against budget.

At the end of the year, total expenditure was £2,386,408 being £19,245 1%) under budget.

1,200,000 1,000,000 800,000 600,000 400,000 200,000

2024 Expenditure 2024 Expenditure

by Class by Type 0

200,000

Competition M & A Ports Post Telecoms

Income Expenditure Surplus/Deficit)

Competition 37% Telecoms 38% Supplies & Services 3% Board, Salaries & Staff 53% Post 3% Ports 9% Consultancy & Legal 30% Establishment 11%

M & A 7% Telecoms Security 6% Office Premises 3%

Reserves

In line with the reserves policy, the Authority ensures that all regulated operators' reserves and government funding are robustly monitored and remain at a level which the Authority maintains comfortable cashflow. As at 31 December 2024 the reserve balances for competition grant and regulated operators were as follows:

General Reserve

This reserve reflects historic surplus not allocated to a specific sector, and as at  31 December 2024 the Authority had a balance of £178,544 2023 £153,476.

Performance Report Sustainability Update

6. Sustainability Update

Consistent with the Authority's wider vision of healthy and sustainable markets in Jersey, and to help inform public debate, the Authority continued to explore its role in this important area in 2024, in support of the Government's objectives.

It is important to note that the Authority has no formal powers over regulated entities for sustainability.

Performance Report Sustainability Update

Supporting Jersey's Achievement of the Carbon  Environmental

Neutral Roadmap  In 2024 the Authority completed a review2 of sustainable practices in regulated sectors,

with a view to inform public debate and help shape a path towards a more sustainable The Authority's approach to Environmental, Social and Governance is in  and resilient future. The Authority also monitors our internal emissions as below.

line with best practice for an organisation of our type.1 Through our cases,

the Authority also seeks to unlock sustainable development in the island of  Economic

Jersey. The Authority will continue to enable the delivery of Jersey's Carbon

Neutral Roadmap via our day-to-day work where feasible, for instance by  Regulation of port operations, postal services and telecommunications support advising on measures which support the move to a more sustainable transport  responsible corporate governance by licensed entities. Further, our market studies system. The Authority regularly engage with policymakers and an extensive  programme seeks to promote efficiency in production and competitive delivery of range of stakeholders in our regulated sectors. goods and services to Jersey consumers. For example, in the construction sector

review, launched in 2024, the Authority are looking at whether certain markets act as a blocker to the effectiveness and competitiveness of the sector, as well as the health of the supply chain in Jersey.3

Community

The Board continues to regularly receive updates on internal sustainability, wellbeing initiatives (such as Charity Days), and the Authority's role within the community. Our CEO's work as chair of the Sanctuary Trust continued in 2024, while other staff acted as volunteers and trustees.

1 Please note our current approach to recording our sustainability does not align with the Task Force on Climate-related  Financial Disclosures reporting standards (known as TCFD') or more recent standards such as the IFRS1 and IFRS2  because we are not an investor-focused organisation

2 Sustainability in the regulated sectors in Jersey - Short-form report 3 Construction Sector Review - Case Opening Statement

Performance Report Sustainability Update

Organisational monitoring

In 2024 the Authority continued to record our organisational carbon emissions by scope.1 While in 2023 our emissions increased from the independently measured baseline year 2022, the Authority has continued to devise and monitor initiatives to reduce our emissions, such as the installation of energy-saving appliances and encouraging flexible and online working and where possible. Overall, while our Scope 3 emissions (which include business travel) increased, the Authority remains in line  with similar organisations2.  

Through our organisational remit we will further continue to make  

a positive contribution to the economic wellbeing Island Outcome  Indicators.3 The Authority will promote efficient markets and low prices to  consumers through our market studies and regulatory programme, while  supporting the Government in achieving sustainable economic growth.

1 Scopes 1, 2 and 3 are a classification of climate-warming gas emissions. Please see this link for a brief overview Scope 1, 2 and 3  Emissions | MIT Climate Portal

2 Such as Digital Jersey - Annual Report 2023 | Digital Jersey 3 See, for instance, Island Outcome Indicators

Accountability Report

The Accountability Report provides key  

accountability information on the Authority. The Chair and CEO confirm that this annual report and accounts

as a whole is fair, balanced understandable, taking responsibility for the document and the judgements required.

Stephanie Liston Tim Ringsdore Stephanie  Liston (Apr 8, 2025 16:06 GMT+1) Tim Ringsdore (Apr 8, 2025 16:08 GMT+1)

Stephanie Liston Tim Ringsdore

Chair  CEO

8 April 2025 8 April 2025

Accountability Report Corporate Governance Report

1. Corporate  The Board

Governance  TAhseat23010 1DLeacwemrebqeur i2re0s2 4th, ethAeu Athuothriotyr ittoy ccoonmspisrtiseed, oafsaaCmhianiirm, tuhmre, eth Nreoen -MExeemcbuetirvse w Mitehmobneer Cs ha an idr.  Report one Executive Member. The Authority remained quorate at all times.

These are the members of the Authority during 2024

Stephanie Liston Paul Masterton Lara Stoimenova Ian Walden Tim Ringsdore

Chair Senior Independent Member Member Chief Executive

Start date 01/07/2020 Start date 13/02/2017 Start date 07/10/2020 Start date 07/10/2020 Start date 14/09/2021 End date 30/06/20261 End date 12/02/20252 End date 06/10/2027 End date 06/10/20273 End date 01/02/2026

1 In February 2024, Stephanie Liston was reappointed for a further term of two years:  The Authority believes that Members have a wide range of experience which ensures effective Intention to Re-Appoint Chair leadership and control of the Authority.

2 In January 2025, a ministerial decision was passed to appoint Ed Daubeney as a Non-

Executive Member from 1 March 2025 for a period of four years, following the end of Paul

Masterton's appointment: Appointment of Non-Executive Member

3 In August 2024, Ian Walden was reappointed for a further term of three years:  Re-appointment of Non-Executive Member

Accountability Report Corporate Governance Report

The Role of the Chair and the Non-Executive Members  Appointment to the Authority:

includes the following responsibilities: The Law provides that the Chair is appointed by the Minister, as are other Members following

consultation with the Chair. Vacancies which arise are filled through an open and transparent

• Ensuring that the Authority's business is conducted in an  process, consistent with the procedures recommended by the Jersey Appointments Commission. impartial, open and efficient manner and in accordance  Stephanie Liston was appointed as Chair on 1 July 2020. There were no changes to the composition with international best practice of the Authority during 2024.

• Providing advice and guidance in decision-making and on  

the strategic direction of the Authority Board Apprentice:

• Maintaining a close working relationship with the  On 1 August 2024, Sebastian Perez was appointed as a Board Apprentice for a period of one year, Executive, providing support and guidance as required

replacing Sassie Bisson.

• Together with other Members, building and maintaining a  

positive reputation for the Authority so that it commands  

Significant Interests:

the trust and respect of all its stakeholders – the citizens,  

consumers, businesses, and the Government – and in  Whilst no distinction is made between Non-Executive and Executive Members of the Authority in doing so, enhances Jersey's reputation nationally and in  the 2001 Law, the majority of Members are not also officers, employees or agents employed under the international community Article 8 of that Law. They are independent of management and free of any other relationship that

could materially interfere with the exercise of their judgement. All Members have made declarations

• Ensuring that the Authority maintains an appropriate

of interest, and no Member has declared significant company directorships or other interests that level of scrutiny of the operations and governance of the

may have conflicted with their responsibilities. No Member had any other related party interests. organisation, maintaining the Authority's independence.

Meetings:

The Authority meets regularly as a Board. Customarily, there are eight meetings each year with additional meetings when circumstances require it. During 2024, the Authority met formally seven times, with one interim meeting. Meetings were held either in person or via video conference call.

Accountability Report Corporate Governance Report

Committees Remuneration Committee RemCom

The 2001 Law provides that the Authority may  

establish committees whose members may, but  During 2024, the RemCom comprised of the following members: need not be, Members, officers, employees or

agents of the Authority.  Paul Masterton Chair

• Lara Stoimenova

• Ian Walden

The Chair of the Authority is invited to attend at the discretion of the RemCom chair.

Paul Masterton's term of office ended on 12 February 2025 and Ian Walden has been appointed as the new RemCom chair and Ed Daubeney as a member.

The duties of RemCom are to make recommendations to the Minister for non-executive remuneration, and to the Authority on remuneration for the executive and senior management.

RemCom is tasked with the design of remuneration policies and practices to support strategy and promote long-term, sustainable success. Executive remuneration is aligned to the Authority's purpose and values, clearly linked to the successful delivery of the Authority's long-term strategy, enabling the use of discretion to override any formulaic outcomes and to recover and/or withhold sums under appropriate specified circumstances.

The CEO, Tim Ringsdore, provides information and recommendations to the RemCom regarding staff renumeration and employment matters. When determining executive remuneration policy and practices, the RemCom will take into consideration benchmarks, clarity, simplicity, risk mitigation, and alignment to culture.

Accountability Report Corporate Governance Report

Audit and Risk Committee (the ARC

The ARC comprises of the following members:

• Lara Stoimenova Chair

The ARC oversees the financial reporting process to ensure the balance,

• Paul Masterton transparency and integrity of financial information.

The ARC also reviews:

Tim Ringsdore, as CEO, attends meetings in an advisory capacity and    Effectiveness of internal controls

the ARC is supported by Sarah Price , as Company Secretary, and Claire  

Kybett, as Finance Officer.  Compliance with laws and regulations

• Internal audit, including the effectiveness of outsourced internal audit

Paul Masterton's term of office ended on 12 February 2025 and function and adequacy of reports

Ed Daubeney has been appointed as a member.

• External audit, including recommending the appointment and

The key responsibilities of the ARC include maintenance of a robust  assessing the performance of the external auditor

risk management and internal controls framework, financial reporting,    Risk management process, including overseeing the risk register compliance with laws and regulations, and working with the internal and

external auditors.  Application of corporate governance best practice.

Accountability Report Corporate Governance Report

Board and Committee Attendance Board Effectiveness Review: Compliance:

At the end of 2023, the Authority carried out a  Rory Graham, a solicitor admitted in England and Wales, Board Effectiveness Review which considered the  was appointed General Counsel in 2021, with ultimate

Board  Audit & Risk  Remuneration  performance of the Board, the two committees  responsibility for legal and regulatory compliance.

Member Position Meeting Committee Committee and Chair. This process was carried out by the

Company Secretary.

Stephanie  Data Protection:

Liston Chair 7/7 N/A N/A This exercise has provided valuable information on

Sarah Price is the Data Protection Officer for the

the performance and operation of the Authority, and

PMaauslt erton SInedneiopre ndent 7/7 3/3 2/2 identified areas for improvement, which included  Aduurthinogr itthye. Tyhe ea rre r ewpeorret endo tpoe trhseo nJ ae lr sdeayta O inff cicide e onft sth e

recommendations concerning board papers, board

Information Commissioner.

Lara  reviews, cyber security, new technology and diversity.

Stoimenova Member 7/7 3/3 2/2 The process was repeated again at the end of

2024/early 2025.

Ian  Public Finance Manual:

Walden Member 7/7 N/A 2/2

The Authority was designated as a Grant Receiving

Tim  Chief  Company Secretary:  Body' under the terms of the States of Jersey Public Ringsdore Executive 7/7 3/3 N/A Finance Manual during 2024. The Authority remains

Sarah Price was appointed as Company Secretary by  

fully cognisant of its responsibilities as the recipient of the Authority to oversee the maintenance of a high

public funds, in line with the Funding Agreement signed standard of corporate governance and transparency

with Government. This can be found at: Governance

for the organisation. To enable the Authority and its

framework | JCRA. On January 2025, the Public Finance committees to discharge their duties, appropriate and

Manual was revised to include the Authority in the timely briefing papers are distributed in advance of  

category of "States established independent bodies meetings. All Members have access to the Company

or office holders".

Secretary, who is responsible for ensuring procedures,

rules and regulations are followed.

Accountability Report Remuneration and Staff Report

2. Remuneration  Remuneration of Non-Executive Members

and Sta Report AAruttihcoler i5tyo, fa sthwe e2l0l a0s1 rLeaaws opnraobvil de e osu tt h-oaft- tphoec Mke int  ia sn ted r  o st hh ae llr   de ex tp ee rmns ines e  o thc ec a res mio un ne ed r i an t  it oh ne   ore f a Ms eo mna bb el re s  c oo fu tr hs ee  

of carrying out their duties.

Details of the remuneration of Members of the Authority are set out in the following table:

The Authority believes that, within the constraints

of being a public body, it should provide rewards

that will attract and retain the high calibre  Non-Executive Member 2024 £ 2023 £ management and staff necessary to fulfil its

statutory remit and responsibilities.

Stephanie Liston 48,400 45,533 Paul Masterton 24,200 22,833

Lara Stoimenova 24,200 22,767 Ian Walden 22,000 20,767 Total 118,800 111,900

Accountability Report Remuneration and Staff Report

Components of Executive Members' Remuneration

The Executive Members may be both Members and employees of the  Effective from 1 January 2023, the Authority introduced a wellbeing Authority. The Chief Executive receives no fees as a Member of the Authority. package which included the introduction of a non-contributory pension

scheme and an annual subsidy of up to £500 per employee for wellbeing The main components of executive remuneration are salary and other  activity/equipment, both of which are taxable benefits in kind. The benefits. The basic salary for the Executive Member of the Authority is  Employer pension contributions made in relation to the Chief Executive determined by taking into account that individual's responsibility, performance  Office and the wellbeing subsidy are disclosed in the table below.

and experience, together with market trends. Consistent with other salaries,  

the basic salary is reviewed annually by the Remuneration Committee.

In addition to salary, again consistent with all permanent members of staff,  Tim Ringsdore CEO 2024 £ 2023 £ the Executive Member receives certain other benefits, specifically medical

insurance, life insurance and critical illness cover. These benefits are not  Salary 211,126 192,706 disclosed in the table below as they are not taxable benefits in kind.

Employer Pension Contribution and Benefit 21,613 19,033 Total 232,739 211,739

Staff Report

Article 8 of the 2001 Law provides that the Authority may appoint such officers, employees and  agents as it considers necessary for the performance of its functions. Staff costs are accounted for  on a time spent, case-by-case basis, with non-case specific time split on an apportionment basis of  competition 36%, mergers and acquisitions 4%, ports 5%, post 5%, telecoms security 5%  and telecoms 45%. From 2025, the telecoms allocation will be amended to telecoms 43%) and  telecoms security 7%) to reflect the increase in staff time in this sector.

At the end of 2024, in addition to the Chief Executive, the permanent members of the team were:

• Chief Operating Officer  Case Officers x 3

• General Counsel  Finance / Case Officer

• Chief Economist  Office Manager / PA

In addition, one zero hours contractor was employed to support general administration, and two  part time contracted case officers, see Contracts section for detail.

The total salary and pension costs for 2024 were £1,137,287 2023 £976,270. There were no  payments in compensation for loss of office made during the year.

Accountability Report Remuneration and Staff Report

Equality and Diversity Employee Development

The Authority, in line with the Strategic Plans and its published Values,  The Authority is committed to offering all staff equal opportunities in their career, support with their encompasses an excellent balance of local knowledge, gender balance  training and well-being, as well as ensuring an inclusive workplace.

and a diverse team culture.

Achievements by staff include attaining postgraduate certificates in Competition and Regulatory The gender balance for permanent staff can be summarised as follows: Policy, certification in Company Direction, attending leadership and mentoring programmes and

telecommunication courses.

Non-Executive Board Members Team Members Permanent) As a result, the team is motivated and continues to deliver high standards to help shape and sustain

the Island's economic future, for the benefit of Jersey consumers, citizens and businesses.

2024 50% male, 50% female 2024 44% male, 56% female 2023 50% male, 50% female 2023 44% male, 56% female 2022 50% male, 50% female 2022 43% male, 57% female

Due to the size of the organisation the Authority do not believe it is  appropriate to disclose detailed information on the range and levels of  staff renumeration.

Contracts

The Authority employs a small team and together with two part-time contracted case officers, outsources the provision of specialist advice to external consultants where this is more cost effective than a dedicated in-house resource for that particular area.

Consultancy:

In 2024, the cost was £596,638 2023 £821,405, a significant decrease on the prior year as the  Authority have been less reliant on external support.

Legal:

In addition, the Authority required specialist legal advice regarding the second detailed acquisition  review and the telecoms security framework, both of which are separately funded, of £56,515 2023 £172,915. Further specialist advice costing £50,674 was required in 2024 2023 £34,133.

Contracts are awarded following a tender process where appropriate, with significant expenditure  approved by the Authority. All contracts are actively managed by officers.

Accountability Report Accountability Statements

33 Accountability  Members Report for the Financial Statements Statements The Members in office during the year are shown on page 36.

Events During the Year and Subsequent to Year End

There have been no events between the statement of financial position date and the date when the financial statements were authorised for issue that need to be disclosed or recognised in the financial statements.

Independent Auditor

RSM Channel Islands Audit Limited are appointed to act as auditor in accordance with Article 17 of the Competition Regulatory Authority Jersey Law 2001.

Members' Disclosure

As far as the Members are aware, there is no relevant audit information of which the auditor has not been made aware. All reasonable steps have been taken by the Members in order to make themselves aware of any relevant audit information to establish that the auditor is aware of this information.

Accountability Report Remuneration and Staff Report

Members' Responsibilities

The Members are responsible for preparing the Members' Report and the  The Members have elected to prepare the financial statements in accordance with United financial statements in accordance with applicable law and regulations. Kingdom Accounting Standards and applicable law.

The Competition Regulatory Authority Jersey Law 2001 requires Members to  In preparing the financial statements, the Members are required to:

keep proper accounts and proper records in relation to these accounts. The

Members therefore consider themselves responsible for keeping adequate    Select suitable accounting policies and then apply them consistently

accounting records that are sufficient to show and explain the Authority's  

• Make judgments and estimates that are reasonable and prudent

transactions and disclose with reasonable accuracy, at any time, the financial

position of the Authority and which enable them to ensure that these financial    State whether applicable UK Accounting Standards have been followed, subject to statements comply with the Law. They also consider that they are responsible  any material departures disclosed and explained in the financial statements

for safeguarding the assets of the Authority and hence for taking reasonable

• Prepare the financial statements on the going concern basis unless it is

steps for the prevention and detection of fraud and other irregularities.

inappropriate to presume that the Authority will continue in operation.

The Law also requires Members to prepare accounts in respect of each  

financial year, and once audited by auditors appointed by the Comptroller and  The Members confirm that these financial statements comply with these requirements. Auditor General, to submit to the Minister's Department the accounts together

with the auditors' report. The Minister, in turn, must submit the accounts and  

auditor's report thereon to the Government.

Grant Assurance Statement from the  Authority to the Minister

I hereby confirm that the Authority has adhered to the terms and  conditions of the Grant received from the Department for competition law  administration and enforcement. The amount awarded by the Department  during the year ended 31 December 2024 totalled £747,000.

There are appropriate controls in place within the JCRA to ensure that  funds are being spent appropriately and that value for money is being  achieved, and the Grant was used for the purpose intended, which is for  the administration and enforcement of the Competition Jersey Law 2005.

I confirm that the total amount of grant funding used to fund competition  law administration and enforcement during the year ended 31 December  2024 was £873,610. The reserves position at the end of December 2024  was £234,217 of which £93,250 was committed costs associated with  on-going market studies and other competition work which continued  into 2025.

Tim Ringsdore, Chief Executive Officer

Financial Statements

Jersey Competition Regulatory Authority

1. Independent Auditors' Report to the Members of Jersey Competition Regulatory Authority

INDEPENDENT AUDITORS' REPORT TO  Basis for opinion Other information

THE MEMBERS OF JERSEY  COMPETITION

REGULATORY AUTHORITY W(UeKc) o(nISd Au sc t(eUd Ko)'u) ra anudd aitp inp laiccacbolred laanwc. eO wuirt hre Isnpteornnsaibtioilintiaels S utannddear rtdhso soen sAtaundditainr gd  s   TMhees sMaegme  bfreorms athree rCehspaoir,n Csihbileef fEoxr ethceu toivthee'sr Rinefopromrta, tPioenrf,owrmhiacnhc ceo Rmepproisret sa nthde

are further described  in the Auditor's responsibilities for the audit of the nancial  Accountability Report. Our opinion on the nancial statements  does not cover the Opinion statements  section of this report. We are independent  of the Authority in  other information and we do not express  any form of assurance  conclusions thereon.

accordance  with the ethical requirements  that are relevant to our audit of the