Directors' Report

The Directors present their report and the audited consolidated financial statements for the year ended 31 December 2022.

Incorporation

The States of Jersey Development Company Limited (the Company) was incorporated in Jersey, Channel Islands on 21 February 1996, under its original name of Waterfront Enterprise Board Limited.

On 20 June 2011, the Company’s name was changed to The States of Jersey Development Company Limited and thereafter a new Board of Directors was appointed and the Memorandum and Articles of Association were revised.

The Company’s registered business name is Jersey Development Company.

Principal Activities

The principal activity of the Company and its subsidiaries (the Group) is to engage in property investment, property development, car park operations and estate management services.

Every initiative undertaken by the Company is Government-led and the building and property investments are raised on land that has, in most cases, been transferred to the Company by the Government of Jersey.

The Company’s mission is ‘to be the Government of Jersey’s partner for regeneration and strategic property development in order to deliver a sustainable financial, social and environmental contribution to Jersey and its people’.

The Company creates new homes for residents and new Grade A office space for the Island’s premier financial services industry. By investing in direct development, rather than selling land to developers, the Company ensures that returns to taxpayers are improved as well as retaining control over design and quality.

The Company’s projects are also community focused and include high quality open green spaces and landscaped areas for the public to enjoy.

The principal place of business is Jersey, Channel Islands.

Results and Dividends

The results for the year are set out in the Consolidated Statement of Comprehensive Income on page 58. A dividend of £1,230,252 was declared and paid during the year (2021: £259,312) as detailed in note 19.

Directors

The Directors who held office during the year and subsequently were:

Executive Directors

Lee Henry (CEO)

Simon Neal (Deputy CEO)

Non-Executive Directors

Paul Masterton (Chair)

Ann Santry CBE (retired 20 December 2022)

Tom Quigley

Richard Barnes

Nicholas Winsor MBE

Carolyn Dwyer

Belinda Crosby (appointed 22 September 2022)

Company Secretary

The Company Secretary who held until 23 March 2022 was Simon Neal. On 23 March 2022 Simon Neal resigned and Judy Greenwood was appointed as Company Secretary.

Directors’ and officers’ insurance

During the year the Company maintained liability insurance for its directors and officers.

Independent Auditor

BDO Limited was appointed as the auditor on 26 September 2022. A resolution to re-appoint BDO Limited as the auditor will be proposed at the next Annual General Meeting.

Statement of Directors’ Responsibilities

The Directors are responsible for preparing the financial statements in accordance with applicable law and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

The Directors are required by the Companies (Jersey) Law 1991 to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Group, as at the end of the financial year and of the profit or loss of the Group for that year. In preparing these financial statements the Directors are required to:

• Select suitable accounting policies and then apply them consistently;

• Make judgements that are reasonable and prudent;

• State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies (Jersey) Law 1991.

They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors have assessed the Group’s financial stability and liquidity for the period up to 30 June 2024, being not less than 12 months from the date of the financial statements, which consider the Group’s current obligations and commitments. The Group’s financial statements are therefore prepared on a going concern basis. Further details of the Group’s going concern review are provided in note 2.1 of the financial statements. The Directors confirm that they have complied with the above requirements in preparing the financial statements.

So far as the Directors are aware, there is no relevant audit information of which the Company’s auditors are unaware and each director has taken all steps that they ought to have taken, as a director in order to make themself aware of any relevant audit information and to establish that the Company’s auditors are aware of that information. The Directors are of the opinion the Annual Report as a whole provides a true and fair view.

The financial statements are published on www. jerseydevelopment.je which is a website maintained by the Company. The work undertaken by the Independent Auditors does not involve consideration of the maintenance and integrity of the website and, accordingly, the Independent Auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website. Visitors to the website need to be aware that legislation in Jersey governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.

By order of the Board

For and on behalf of

The States of Jersey Development Company Limited, XX XXXXX 2023