ECONOMIC DEVELOPMENT, PLANNING, TOURISM AND
LEISURE SERVICES SELECT COMMITTEE – 24 FEBRUARY 2003
ISLE OF WIGHT ECONOMIC PARTNERSHIP –
DIRECTORS REPORT AND ACCOUNTS FOR THE PERIOD ENDING 31 MARCH 2002
HEAD OF SELECT COMMITTEE AND BEST VALUE
SUPPORT
REASON FOR SELECT COMMITTEE CONSIDERATION
Members will recall that as long ago as their last Development Day in
June 2002, the Committee decided that it would scrutinise the financial
standing of the Isle of Wight Partnership.
The audited accounts have recently been made available and can now be
examined by the Committee in accordance with its workplan.
ACTION REQUIRED BY THE SELECT COMMITTEE
The Committee is asked to accept the accounts audited by Ernst
and Young and approved by the Partnership Board on 16 January 2003.
BACKGROUND
The
company’s aim is to stimulate, facilitate and coordinate socio-economic
development activity and regeneration on the Isle of Wight. Due to the company’s failure to secure certain
environment contracts, the company has undergone a considerable restructuring
programme and decided to change it’s name from Isle of Wight Partnership
Limited to Isle of Wight Economic Partnership Limited.
FINANCIAL, LEGAL, CRIME AND DISORDER IMPLICATIONS
The accounts have been audited by Ernst and Young and were approved by
the Partnership Board on 16 January 2003.
The profit and loss account shows losses for the twelve-month period,
ending 31 March 2002, of £34,249.
Members may wish to further scrutinise the details contained within the
accounts. A representative from Isle of
Wight Economic Partnership Ltd will be in attendance to assist with Members’
questions. There are no crime and
disorder implications contained within this report.
APPENDICES ATTACHED
IWEP Ltd Directors Report and Accounts for the period ending 31 March
2002
BACKGROUND PAPERS USED IN THE PREPARATION OF THIS REPORT
Contact Point : Alistair R Drain, Head of Select Committee and
Best Value Support
Telephone: 01983 823801 email: a[email protected]
A R DRAIN
Head of Select Committee and Best Value
Support