Isle of Wight Council

Financial Management

Our Accounts

All councils have to prepare a Statement of Accounts. These accounts show our financial performance and details of our finances. These accounts include the Isle of Wight Council Pension Fund. They are prepared in accordance with the Code of Practice on Local Authority Accounting.

The Department for Levelling Up, Housing, and Communities put in place revised regulations that came into force on 31 March 2021. The Accounts and Audit (Amendment) Regulations 2021 extend the statutory audit deadlines for 2020/21 and 2021/22 for all local authorities. The revised regulations specify that the accounts have to be published along with associated documents in draft by 31 July. The final audited version should be published by 30 September. However, a further extension to this deadline has been announced this year as outlined in this letter.

 

You have the right to inspect our accounting records and documents. The Local authority accounts: A guide to your rights, explains the legal position regarding your rights. The guide is provided by the National Audit Office and will be updated with the revised dates in due course.

The documents that we are required to publish can be viewed below:

  • Notice of public rights to inspect the accounts -  this sets out the timescales for the period of inspection and your rights to inspect the accounts. This period of inspection is now closed. Although it is closed, the Council's financial transactions can still be viewed in our transparency web pages.
  • Statement of Accounts - the draft statement of accounts for 2021-22 prior to audit.
  • Narrative Report - provides a summary of the Council's financial position and performance and aims. This document helps to interpret the more detailed Statement of Accounts.
  • Annual Governance Statement (AGS) for 2021-22 - this was presented to the Audit Committee on the 25 July 2022. They resolved that the content of the draft annual governance statement 2021-22 be agreed, in principle, subject to the completion of the audit opinion.
  • Annual audit letter  - this details the findings of the 2020-21 audit. It was presented to the Audit Committee on the 14 March 2022.
  • Completion of audit notice - our S151 Officer creates and publishes this document. This happens when the audit has been completed and their certificate has been issued. The notice for the 2020-21 accounts has not been issued yet. They have not performed the procedures required by the National Audit Offices on the Whole of Government Accounts submission. The guidance for 2020-21 is delayed and has not yet been issued. They are liaising with the council to complete this work as required. 
  • The external audit of the draft Statement of Accounts for the year ended 31 March 2022 is yet to be completed. This delay in publishing audited Statement of Accounts (year ended 31 March 2022) notice confirms the position.

Our transparency web page provides information on details of financial transactions.

Our pensions web page provides information on both pension funds including annual reports.

To view or download previous years versions of the above documents, search our document library.