RE (REGIONAL ENTERPRISE) LIMITED Accounts 2014/15

In the interests of transparency, which it appears that Barnet Council seems to lack. I have published the yearly accounts for the Joint Venture between the London Borough of Barnet and Capita plc.

I have been asking at full council over the past year for profit updates from Re. The Leader of the Council eventually let me know in July that Re had apparently made £2.4m in post tax profit over the last financial year.

My question was:

Cllr Adam Langleben, West Hendon: Further to question 114 at the January council meeting and question 122 at the meeting before and question 92 at the meeting before that, would the Leader tell me yet how much Re has made in profit?

Cllr Richard Cornelius, Leader of Barnet Council: Re has made £2.4m of profit after taxation up to the period Dec 2014 (18 month period), the audited accounts are accessible via Companies House. In the same period Barnet has secured guaranteed savings of £7.3m. Additional benefit to Barnet by way of dividends will be payable on over achievement of guaranteed income (net of recovery of cost in generating this) & on securing business outside of the borough which are projected to happen later in the contract.

As the Council has a 49% stake in this experiment with Capita, one would hope that they would publish this on their own website rather than asking residents to pay the £1 fee to Companies House.

To download the accounts click: Re accounts 2014-2015

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