PAPER B

 

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

 

Notes of the Economic Development, Planning, Tourism and Leisure Services Select Committee Development Day meeting held on 25 June 2002.

 

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