The Isle of Man Government’s Audited Accounts 2020/21 have been published.
Commonly known as the Dark Blue Book, the document presents the financial outturn of the accounting period for the year ended 31 March 2021.
Central Government accounts show an overall surplus of £137.3m compared to a deficit of £221.7m in 2019/20.
The change to a surplus position is primarily due to unrealised gains on investments of £233.8m which have occurred due to a recovery in the stock market. This is in sharp contrast to the previous year which witnessed unrealised losses on investments of £123.5m.
Group accounts include transactions and balances in respect of the two non-revenue funded statutory boards (Manx Utilities Authority and Isle of Man Post Office) in addition to Government-owned companies, namely Radio Manx Limited, Laxey Glen Mills Limited, Isle of Man Film Limited, Isle of Man DOI Film Limited, Isle of Man Steam Packet Group Limited and the Isle of Man Meat Company Ltd.
These accounts showed an overall surplus of £140.7m compared to a deficit of £231.4m in 2019/20.
The change to a surplus position is again primarily due to unrealised gains on investments of £223.5m and gains of £6m on forward contracts, which have occurred as a result of the recovery of the stock market. In 2019/20 Group unrealised losses on investments were £118m and losses on forward contracts were £13.4m.
The 2020/21 accounts are showing a net liability position of £566m, due to an increase in the pension liability which has seen an increase of £1bn to £4.8bn compared to £3.8bn in 2019/20. This increase in liability is the result of actuarial assumptions which may change over time.
The main assumption that has driven this increase is the real discount rate which has decreased from 2019/20. These assumptions can cause volatility in the liability presented, and a similar position was seen in the 2018/19 accounts which then reduced in 2019/20.
The Dark Blue Book can be viewed and downloaded by visiting the Government Accounts page of the Isle of Man Government website.
The Treasury intends to introduce a new-style annual report combining the Light Blue (Detailed Accounts) and Dark Blue (Statutory Accounts) books for the 2022/23 financial year end.
