Decision details

To gain Cabinet approval for the final closure arrangements of the Dorset Local Enterprise Partnership (DLEP) including the receiving of legacy funds held by DLEP and the resignation of Cabinet Members from DLEP directorships.

(i)          That in its capacity as a Dorset Local Enterprise Partnership (DLEP) (CIC) company member, Cabinet resolved to ratify the decision to transfer and accept the following residual DLEP funds to Dorset Council.

(a)   £866,951.67 revenue

(b)   £2,498,208.50 capital

(c)   £1,275,000 capital loan repayments due

(ii)         That Cabinet agrees that the Council, in its capacity as a DLEP (CIC) company member, and as Accountable Body for the DLEP, to transfer a sum of £4,640,160.18 to BCP Council as their share of the residual DLEP funds. 

(iii)       That any further accrued interest on the DLEP funds, prior to their transfer, be split equally between Dorset Council and BCP Council.

(iv)       That funds for the benefit of the community, be ringfenced and in accordance with the Objects of the DLEP.

(v)        That received funds be maintained in an appropriate reserve budget to be allocated subject to the council’s financial regulations and in accordance with the received legal advice on compliance with the Community Interest Company Regulations 2025.

(vi)       That the resignation of the Cabinet Member for Finance and Capital Strategy from the DLEP Board, be noted and that officers formally close the DLEP following successful transfer of the above funds and resignation of Board Members.

(vii)      That authority be delegated to the Head of Legal Services to finalise any legal documentation required.

Reason for the decision

The acceptance of the revenue and capital funding for community benefits in the Dorset Council area would help deliver the Council Plan and Economic Growth Strategy and wider economic and social objectives.