09 June 2009
COMPTROLLER & AUDITOR GENERAL ISSUES
REPORT ON SPECIAL FUNDS
The Comptroller & Auditor General Chris Swinson OBE., has issued a report on ‘The Lord Portsea Gift Fund’ and other Special Funds.
The Lord Portsea Gift Fund was created from moneys left to the States in memory of Lord Portsea. Its income is used to make grants to young people from Jersey and Guernsey who enter the armed services.
Like many other ‘special funds’, the Lord Portsea Gift Fund is managed by the States.
For many years, the States have not actively managed the investments of these funds; action has not been taken to safeguard their value or maximize their long term income.
The C&AG reports that this state of affairs is unsatisfactory and explains the reasons for the States’ failure.
The report suggests how the States’ management of these funds could be improved.
ENDS
For further information, please contact:
Rozena Newell
T: 629800 / 07797 733553
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