The Shareholder Committee (Cabinet Committee) convened to approve the minutes from their previous meeting and to adopt the Enterprise Oxfordshire accounts for the 2024/25 financial year. The committee approved both recommendations.

Adoption of Enterprise Oxfordshire Accounts 2024/25

The committee approved the 2024/25 audited accounts for Enterprise Oxfordshire, formerly the Oxfordshire Local Enterprise Partnership (OxLEP). The council became the controlling member of OxLEP on 1 April 2024, following the transfer of Local Enterprise Partnership functions to the council. The Shareholder Committee was then established to provide strategic oversight and make decisions reserved to the sole member of the company, as dictated by the Articles of Association.

The report by the Director of Economy and Place noted that the Enterprise Oxfordshire Board had approved the financial accounts on 27 November 2025. At that meeting, Councillor Dan Levy, Cabinet Member for Finance, Property and Transformation, acting as Board Chair, and Sadie Patamia, Corporate Governance Manager – Enterprise Oxfordshire, were asked to sign the Letters of Comment and Representation.

The filing accounts and draft Letters of Comment and Representation were attached as Annex 1 to the report. According to the report, there were no costs or financial implications associated with the adoption of these accounts.

The accounts showed that Oxfordshire County Council held £18,553 of operating income received on behalf of the company but not yet drawn down at the end of the financial year. Net transactions between OxLEP and Oxfordshire County Council totalled £3.0 million (net inflow), comprising £3.1 million income and £0.1 million in expenditure. As at 31 March 2025, Oxfordshire County Council held earmarked reserves of £0.018 million in respect of OxLEP.

The report also noted that £1,800,000 was drawn by OxLEP from the Science Vale Enterprise Zone^1 Retained Business Rates to support the ongoing operating costs of the company. This was approved and recorded through the formal budget setting process.

Minutes of the Previous Meeting

The minutes of the meeting held on 13 November 2025 were approved as a correct record.