Financial Management

Our Accounts

All Councils have to prepare a Statement of Accounts. These accounts show the financial performance of the Council and details of its finances. These accounts include the Isle of Wight Council Pension Fund and the Firefighters Pension fund accounts.

These accounts are prepared in accordance with the Code of Practice on Local Authority Accounting. They have to be published along with associated documents in draft by 31 May. The final audited version will be published on 31 July each year. 

Due to the impact of COVID-19, the Government has introduced new legislation. This legislation allowed the 2019-20 draft accounts publication to be delayed to 31 August 2020. The final audited accounts  were published by the 30 November 2020.

Members of the public have the right to inspect the accounting records and documents of the Council. The Local authority accounts: A guide to your rights document, explains the legal position regarding rights of members of the public. This document is provided by the  National Audit Office, 

The documents that the Council is required to publish can be viewed using the links below:

  • Notice of public rights to inspect the accounts -  this details the timescales and rights of members of the public to inspect the accounts. The time period for the 2019-20 accounts has now expired. Notice will be given on this page for the 2020-21 timescale in due course.
  • Statement of Accounts - the final audited statement including the auditors opinion.
  • 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 with Appendix A and Appendix B - these have been approved by Audit Committee.
  • Completion of audit notice - the Council's S151 Officer creates and publishes this document when the audit has been completed.
  • Annual audit letter  - this details the findings of the audit. It was presented to the Council's Audit Committee on the 15th March 2021.

The council's transparency web page provides information on details of financial transactions.

View the pensions web page for information on both pension funds including annual reports.

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