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.

 

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. Under the revised regulations, we must commence the public inspection period on or before the first working day of August.

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 and your rights to inspect the accounts. Official notice will be given on this page for the 2021-22 timescale in due course. 
  • Statement of Accounts - the final audited statement of accounts for 2020-21 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 (AGS) with Appendix A and B for 2020-21 - these have been approved by Audit Committee.
  • Completion of audit notice - our S151 Officer creates and publishes this document when the audit has been completed. The 2020-21 notice will be issued shortly. 
  • Annual audit letter  - this details the findings of the 2020-21 audit and was presented to the Audit Committee on the 14th March 2022..

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.