Jersey Business Venture Incorporated
2009 Annual Report & Accounts
2009 Annual Report & Accounts
Contents
About Jersey Business Venture 2
Sponsors 3
Year in Numbers 4
Chairman’s report 5
Executive Director’s report 7
Client Comments 10
Accounts for the year ended 31 December 2009 11
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Jersey Business Venture Incorporated
2009 Annual Report & Accounts
About Jersey Business Venture
Jersey Business Venture, 'JBV', provides friendly, professional assistance and advice
to those already in business, or thinking of setting up a new venture. Operating from
our ‘One Stop Shop’ at 33 Gloucester St, St Helier, JBV’s services are confidential,
practical, independent and free. Guidance and literature is available on statutory
requirements and we offer impartial objectivity in evaluating the viability of any new
venture. JBV work to build long-term relationships with businesses, providing
guidance at any stage along the way. With hands on business experience and access
to specialists we are committed to providing the very best tailor made support.
Clients may ‘walk in’ between the hours of 9.00 and 5.00 Monday to Friday, or make
an appointment at any time by telephoning 619222.
JBV is a non-profit organisation which receives a grant from the Economic
Development Department but also relies on contributions from sponsors within the
business community and benefits from strategic, voluntary input from private sector
Board members.
Established in 1994, contacts since that time have grown year on year. During
2009 appointments increased on the previous year by 49% from 319 to 476. In
addition, enquiries remained at similar levels at just over 2,000 a year.
JBV Appointments 2009 / 8
500
450
400
350
300
250
200
150
100
50
0
2009 2008
Appointments
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Jersey Business Venture Incorporated
2009 Annual Report & Accounts
Sponsors
The Board of Management wish to record their thanks to all the individuals,
organisations and companies that either sponsored specific activities, or provided
assistance to JBV throughout the year. These include:-
ECONOMIC DEVELOPMENT DEPARTMENT
HSBC
NatWest
Alex Picot
BDO Alto Ltd
Bestwick Bone & Allbut
CB Richard Ellis
CCV Jersey
Clear Concepts
Close Finance
Direct Input
Foxleigh Knight & Co
Grant Thornton Ltd
Guiton Group Ltd
HLB Jackson Fox
Invesco
Islands Insurance
Jersey Electricity Co Ltd
Jersey Telecom
Le Gallais & Luce
Moore Stephens
PricewaterhouseCoopers
Rosscot Chartered Accountants
Sandpiper CI Ltd
Signtech
Simalls Ltd
Veerleft IT Support Services
Walkers Advocates
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Jersey Business Venture Incorporated
2009 Annual Report & Accounts
2009 in Numbers
2,483 Total Contacts
2,150 New Contacts
476 Total Interviews (49% increase on previous year)
380 Start Up Pack Consultations (in addition to interviews)
333 Repeat Clients
262 New Clients Interviewed
214 Subsequent Interviews held
130 £ Thousand Grant received from the States of Jersey
8 Honorary Board Members
6.75 £ Thousand from private sponsors
2.5 Staff Members
1 Website with 2,790 unique hits and 3,502 total hits
Further detailed statistics are available upon request
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Jersey Business Venture Incorporated
2009 Annual Report & Accounts
Chair’s Statement in respect of the year ended 28 February 2010
By the very fact we can state that the Jersey Business Venture has reached its 25 th year of
operation it shows the success that this model of organisation has achieved in lasting so long,
usually with limited resources.
The independence of the JBV is a key attribute and one that the board is committed to. This
independence both of government and any private sector organisation is a strong factor in the
JBV maintaining its quality of advice, its focus on clients and the overall ethos of the
organisation. Long may it continue!
Unlike last year, I am pleased to report we had no major incidents such as flooding, but that
the normal challenges of providing high quality service to our clients remain.
During the year, the Board were joined by Mark Syvret of Romerils and David Walliker from
HSBC and indeed the state of the Board has never been healthier or more active.
Within the organisation, the staffing has remained stable throughout the year with Lydia and
Amanda providing the frontline financial appraisals, strongly supported by Felicity and aided
by Mikhalia at front of house. A high quality team.
Within the limited budget and resources available, the team continue to excel at providing a
good quality service tailored to the client’s needs and marketing aspects such as the
newsletter continue with great success. Again, undertaken in house at minimal cost.
In December 2009, I decided to take a step backwards from the Chair’s position and I am
delighted to report that Julie Melia has taken up the post with great energy. Accordingly, the
Jersey Business Venture is in very capable hands.
As a result, the Chair Statement is split into two this year.
The JBV and the Board are both fully aware of the financial pressures applying to Jersey. As
such, the JBV is keen to play its part by both maintaining costs and offering to take on more
roles from Jersey Enterprise which are currently outsourced, such as financial appraisals.
Inevitably, this is difficult when an organisation is already operating on thin resources, but
the JBV continues to play its part. Our cost control, efficiency and value for money have
always been key aspects of the organisation.
In the meantime, I will remain on the board and look forward to seeing the JBV prosper in
future years.
Bill Sarre
Chairman
To 14th December 2009 ……. Continued on Page 6
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Jersey Business Venture Incorporated
2009 Annual Report & Accounts
Chair’s Statement continued in respect of the year ended 28
February 2010
My role as Chair has already, in only a short time period, been a challenging one as the long-
brewing conflict between JBV and EDD / Jersey Enterprise came to a head. This has
culminated in the roles and aims of these organisations receiving a long-overdue close
examination.
Whilst this has been the cause of great deal of stress, particularly to JBV's valued staff, it is
hoped that ultimately we will achieve a secure and clear future for JBV at the end of the
process that is likely to dominate the Board's focus for 2010.
Julie Melia
Chair
14th December 2009 to 26th April 2010
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Jersey Business Venture Incorporated
2009 Annual Report & Accounts
Report of the Executive Director for the year ended 28 February
2010
Client demand has continued to rise with a further increase in total contacts compared
to the previous year. There were 476 appointments held (a 49% increase on last year)
and an additional 2,007 enquiries of which 380 clients came into the office to collect
our start up pack, a further 260 came in to clarify points and another 1,367 contacts by
phone or email. This service is provided by the equivalent of 2.5 full time employees.
Over the last year, we have seen more clients requiring help with cash flow issues;
many referred by the Citizens Advice Bureau. The in house expertise of our advisors
has proven to be of real value in these cases, allowing clients to discuss their
individual situations and plan a practical way forward.
With so much job uncertainty around, the need for utmost confidentiality in our
service remains as evident as ever; as people seek help to weigh up their options. As
expected, we have seen an increase in clients setting up businesses as a result of
redundancy, many of whom had never contemplated self employment before. Many
had presumed they were in ‘jobs for life’ and are now unexpectedly having to strike
out on their own for the first time. The need for sensitivity in these cases is
paramount, as redundancy often leads to low self esteem. The advisors at JBV take
time to help these clients plan their next steps & feel confident about their future
again. For some, although the decision to go self employed has been through
necessity rather than choice, it has proven to be the best move they could have made
and many wish they had done it years ago. JBV remain on hand for these clients
every step of the way.
Our newsletter readership continues to grow daily with total subscribers currently
standing at 460. The aim is to provide practical, user friendly information that clients
can apply directly to their business. It is produced in house, at minimum cost,
allowing us to focus on the topical issues we hear from clients day to day.
The break even analysis and assistance with business plans continues to be a key part
of our service. This type of evaluation, at the embryonic stage, remains crucial as
often clients are not aware of all the financial implications of their proposal. By
establishing a target breakeven turnover, clients can evaluate whether their business is
likely to succeed and make an informed decision whether to go ahead or not; or
perhaps adapt their original plan.
The JBV model – as an independent organisation offering free, practical advice to
small local businesses has served the island well for 25 yrs. We remain committed to
this core service which increases in demand year on year.
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Jersey Business Venture Incorporated
2009 Annual Report & Accounts
Executive Directors Report Continued
We continue to contact all clients two months after their initial visit to offer further
assistance and feedback on our service and their comments are detailed on Page 10. I
am delighted to yet again report that we had a 100% response that clients would use
our service again; we also enquire if clients require a follow up appointment in six or
twelve months time, always stressing that we are available at any time on any matter.
This year we additionally contacted all clients seen for appointments between the 18
month period of June 08 and Nov 09 to establish their views on our service. The
following chart shows the Industries of those clients.
JBV Industry June 08 - Nov 09
Agriculture & Fishing
Retail 4%
14%
Building + Trades
18%
IT
4%
Agriculture & Fishing
Finance Building + Trades
6% Catering
Cleaning
Comms
Distribution
Finance
Catering IT
15%
Retail
Cleaning
Distribution Comms 3%
34% 2%
Of the 738 clients seen during that period, 571 (77%) were starting a new venture, 45
were buying an established business and 122 firms were already established over one
year.
Of the survey respondents 85% felt that it was important that JBV remained
independent of government.
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Jersey Business Venture Incorporated
2009 Annual Report & Accounts
Executive Directors Report Continued
Our clients mainly fall into the category of no employees and this was the case with
88% and a further 11% employing less than 5 people. This is representative of local
small firms of which 39% have no employees and 75% of all firms employ less than 5
people. (Latest statistics available in 2007)
JBV Client Employee Numbers June 08 - Nov 09
5-20
1-4 1%
11%
None
88%
5-20 None 1-4
Due to health I am now resigning as Executive Director but will remain on the team as
a part time adviser and look forward to continuing to work with both old and new
clients. The co-ordination and running of JBV will be left in the very capable hands
of Felicity Denton and my particular thanks to her during a difficult year.
I would also like to thank all the Board and staff for their assistance throughout the
year. Their loyalty and commitment to JBV is to be admired.
Lydia Cook
Executive Director 26 April 2010
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Jersey Business Venture Incorporated
2009 Annual Report & Accounts
Client Comments in 2009
(From follow up questionnaires sent 2 months after initial appointment)
‘Extremely professional and approachable service.’
‘The service was delivered swiftly in response to my initial enquiry and was encouraging
and courteous.’
‘Very good information given towards a business plan so as I could open a business
account with a bank.’
‘The lady I saw was amazing, keep up the good work.’
‘I found all the information given very helpful.’
‘Everything I needed to know was explained and / or covered in the starter pack.’
‘Very helpful and gave me confidence.’
‘Pointed me to all the write directions and I am very grateful.’
‘We are so impressed with the help and advice given to us by Amanda. We will be truly
indebted and wouldn't hesitate to recommend this service to anyone.’
‘Every aspect we needed help with was covered.’
‘The meeting was very positive and helpful. Any information we need along the way we
will contact JBV.’
‘Professional and very accommodating.’
‘Very friendly, helpful and encouraging, many thanks!’
‘The help we received was great and dealt with very professionally.’
‘JBV has definitely given me the confidence to go ahead with my business idea.’
‘The information pack given to me at initial meeting really helpful. Thank you.’
‘Very helpful and organised. I will certainly be visiting you again when the business is up
and running.’
‘We did not know the first thing about starting a business, but with your help it made
things clearer. Many thanks.’
‘I would recommend all new businesses to go to JBV.’
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Jersey Business Venture Incorporated
2009 Annual Report & Accounts
Report of the Board of Management for the year ended 31 December
2009
The Board of Management present their report and the audited accounts for the year
ended 31 December 2009.
Incorporation
The association is incorporated in Jersey, Channel Islands.
Board of management’s responsibilities for the accounts
The Board of Management are responsible for preparing accounts which shall be in
accordance with generally accepted accounting principles and show a true and fair
view of the income or deficit of the association for the year and of the state of the
association’s affairs at the end of the year.
In preparing accounts the Board of Management should:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent; and
prepare the accounts on a going concern basis unless it is inappropriate to
presume that the association will continue in operation.
The Board of Management are also responsible for keeping accounting records which
are sufficient to show and explain the association’s transactions and are such as to
disclose with reasonable accuracy, at any time, the financial position of the
association. They are also responsible for safeguarding the assets of the association
and hence for taking reasonable steps for the prevention and detection of fraud and
other irregularities.
The Board of Management are responsible for the maintenance and integrity of the
financial information included on the association’s website.
Principal activities
The income and expenditure account for the year is set out on page 16. The principal
activities of the association are unchanged and are to:-
provide a free advice service for those who either already run or wish to
start up a business;
foster the establishment and growth of new local businesses from within the
community; and
encourage existing businesses to improve their management standards in
order to maintain commercial viability and profitable growth.
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Jersey Business Venture Incorporated
2009 Annual Report & Accounts
Board of Management
The Board of Management of the association were:
Mr Bill Sarre (Resigned as Chair 14 December 09)
Advocate Julie Melia (Appointed as Chair 14 December 09)
Mr Barry Jenkins (Vice Chair)
Ms Lydia Cook (Resigned as Executive Director 26 April 2010)
Mrs Felicity Denton (Appointed as Executive Director 26 April 2010)
Mr David Green
Mr Nigel Hair (Resigned 17 August 2009)
Mr Michael Rothwell
Mr David Warr
Mr Mark Syvret (Appointed 22 June 09)
Mr David Walliker (Appointed 14 December 09)
Members of the Board of Management are eligible for re-election and shall be elected
at the annual general meeting in accordance with the association’s constitution.
Secretary
The secretary of the association at 31 December 2009 was Ms L Cook, who had been
secretary for the whole of the previous year. On 26 April 2010 Ms L Cook resigned as
secretary. Mrs F Denton was appointed secretary on 26 April 2010.
Auditors
A resolution to re-appoint the honorary auditors, Grant Thornton Limited, will be
proposed at the Annual General Meeting.
By order of the board Place of operation:
33 Gloucester St
St. Helier
Jersey
L J Cook, Secretary
26 April 2010
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Jersey Business Venture Incorporated
2009 Annual Report & Accounts
INDEPENDENT AUDITORS' REPORT
to the members of Jersey Business Venture Incorporated
We have audited the financial statements of Jersey Business Venture Incorporated for
the year ended 31 December 2009 which comprise the Balance Sheet, Income and
Expenditure Account, Cash Flow Statement and the related notes. These financial
statements have been prepared under the historical cost convention and the accounting
policies set out therein.
This report is made solely to the association’s members, as a body. Our audit work
has been undertaken so that we might state to the association’s members those matters
we are required to state to them in an auditors’ 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 association and the association’s members as a body, for our audit
work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As described in the Report of the Board of Management, the association's board
members are responsible for the preparation of financial statements in accordance
with applicable Jersey law and United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting Practice).
Our responsibility is to audit the financial statements in accordance with relevant legal
and regulatory requirements and International Standards on Auditing (UK and
Ireland).
We report to you our opinion as to whether the financial statements give a true and
fair view and are properly prepared. We also report to you if, in our opinion, the
Report of the Board of Management is not consistent with the financial statements, if
the association has not kept proper accounting records or if we have not received all
the information and explanations we require for our audit.
We read the Report of the Board of Management and consider the implications for our
report if we become aware of any apparent misstatement within it.
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Jersey Business Venture Incorporated
2009 Annual Report & Accounts
INDEPENDENT AUDITORS' REPORT Continued
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK
and Ireland) 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 directors in the preparation of the financial statements and of whether the
accounting policies are appropriate to the association'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, in accordance with United Kingdom Generally
Accepted Accounting Practice, of the association’s affairs at 31 December
2009 and of its surplus for the year then ended.
And have been properly prepared in accordance with the applicable Law.
Chartered Accountants, Jersey, Channel Islands
Date:
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Jersey Business Venture Incorporated
2009 Annual Report & Accounts
Balance sheet at 31 December 2009
At 31 At 31
December December
Notes 2009 2008
£ £ £ £
Fixed assets
Tangible assets 3 - 8,439
Current assets
Debtors and prepayments 5,105 5,086
Bank and cash 25,642 21,168
30,747 26,254
Creditors: amounts falling due
within one year
Creditors and accruals 4 6,058 12,882
Net current assets 24,689 13,372
Net assets 24,689 21,811
Reserves
Accumulated fund 5 24,689 21,811
The accounts on pages 15 to 20 were approved by the Board of Management on 26
April 2010 and signed on its behalf by:
J Melia
Chair
L Cook
Executive Director
The notes on pages 18 - 20 form part of these accounts.
Auditor’s report page 13 – 14.
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Jersey Business Venture Incorporated
2009 Annual Report & Accounts
Income and expenditure account for the year ended 31 December 2009
Year ended Year ended
31 December 31 December
Notes 2009 2008
Income £ £
States Grant 130,000 108,000
Sponsorships received 6,750 8,500
Bank interest 25 727
Insurance Claim - 4,444
Moving Grant - capital items 6,689 6,689 -
- revenue - 6,689 4,113 10,802
143,464 132,473
Expenditure
Admin and employment costs 104,718 91,851
Rent 19,480 19,480
Heat & Light 1,587 1,263
Insurance 2,359 1,717
Advertising and promotion 368 828
Sundry expenses 3,635 5,455
Moving costs – revenue items - 4,113
Items lost due to Flood - 1,657
Depreciation 8,439 8,551
140,586 134,915
Net income / (deficit) on ordinary
activities before taxation 2,878 (2,442)
Taxation - (201)
Net income / (deficit) for the year 5 2,878 (2,643)
Movements in reserves are set out in note 5.
Continuing operations; all the items dealt with in arriving at the net result for the
year ended 31 December 2009 relate to continuing activities.
The association has no recognised gains or losses other than those included in the net
result above, and therefore no separate statement of recognised gains and losses has
been prepared.
There is no difference between the income on ordinary activities before taxation and
the retained income for the periods stated above, and their historical cost equivalents.
The notes on pages 18– 20 form part of these accounts. Auditor’s report page 13-14.
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Jersey Business Venture Incorporated
2009 Annual Report & Accounts
Cash flow statement for the year ended 31 December 2009
Year Year
Ended 31 Ended 31
December December
2009 2008
£ £
Operating activities
Operating income / (deficit) for the year 2,878 (2,442)
Depreciation 8,439 8,551
(Increase) / Decrease in debtors and prepayments (19) (216)
(Decrease) / Increase in creditors (6,824) (7.926)
Net cash inflow / (outflow) from operating 4,474 (2,033)
activities
Taxation paid - (201)
4,474 (2,234)
Capital expenditure and financial investment
Loss on disposal of fixed assets - 1,657
Payments to acquire tangible fixed assets - (8,327)
Net cash inflow / (outflow) from capital 4,474 (6,670)
expenditure and financial investment
Net cash inflow / (outflow) for the year 4,474 (8,904)
Reconciliation of cash inflow / (outflow) to
change in net funds
Cash inflow / (outflow) for the year 4,474 (8,904)
Net funds at beginning of year 21,168 30,072
Net funds at end of year 25,642 21,168
The notes on pages 18 - 20 form part of these accounts.
Auditor’s report page 13 – 14.
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Jersey Business Venture Incorporated
2009 Annual Report & Accounts
Notes to the accounts 31 December 2009
1. Fundamental accounting policy
The board of management have prepared these accounts on a going concern basis as
the Jersey Business Venture Incorporated is dependent upon continued funding by the
States of Jersey. The management are confident that this support will continue.
2. Principal accounting policies
The accounts are prepared under the historical cost convention and in accordance with
accounting principles generally accepted in the United Kingdom. A summary of the
more important accounting policies is set out below.
Tangible fixed assets
Tangible fixed assets are initially recorded at their purchase price, including any
incidental expenses of acquisition. Depreciation is charged on office equipment on a
straight line basis over an estimated useful life of 2 years (2007:3 years).
Improvements to leasehold premises are depreciated over the agreed terms of tenancy.
Friends of the Jersey Business Venture Incorporated
Income from the friends of the Jersey Business Venture Incorporated is credited to the
income and expenditure account on a receipts basis.
Grant Income
Grant income is credited to the income and expenditure account in the period to which
it relates.
Taxation
With effect from the year 2009 year of assessment the standard rate of tax in Jersey
has changed. For the year ended 31 December 2009 and subsequent periods, the
Association will be taxable at the standard rate of tax of 0%.
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Jersey Business Venture Incorporated
2009 Annual Report & Accounts
Notes to the accounts 31 December 2009 continued
3. Tangible fixed assets
Leasehold Office
Improvements Equipment Total
£ £ £
Cost
At 31 December 2008 8,982 17,934 26,916
Additions - - -
Disposals - - -
At 31 December 2009 8,982 17,934 26,916
Depreciation
At 31 December 2008 5,342 13,135 18,477
Charge for year 3,640 4,799 8,439
Disposals - - -
At 31 December 2009 8,982 17,934 26,916
Net book value
At 31 December 2009 - - -
At 31 December 2008 3,640 4,799 8,439
4. Creditors: amounts falling due
within one year
2009 2008
£ £
Creditors and accruals
Deferred income - 6,689
Sundry creditors 6,058 6,193
6,058 12,882
The deferred income arose following the payment of a grant to the organisation from
the States of Jersey in order to help facilitate the move to and fit out of new premises.
The grant was utilised to purchase office equipment, furnishings and other new items.
The JBV has decided to defer part of the grant in line with the capitalisation and
depreciation policy of the assets acquired in order to recognise the grant over the life
of those assets concerned.
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Jersey Business Venture Incorporated
2009 Annual Report & Accounts
Notes to the accounts 31 December 2009 continued
5. Accumulated fund
2009 2008
£ £
Accumulated fund at beginning of the year 21,811 24,454
Net income / (deficit) for the year 2,878 (2,643)
Accumulated fund at end of the year 24,689 21,811
6. Related party transactions
The Jersey Business Venture receives sponsorship from a number of companies. The
following have a member on the Board of Management:- CB Richard Ellis – Mr Bill
Sarre; HSBC – Mr David Wallaker: Moore Stephens – Mr David Green.
.
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