New Anglia LEP Investment Appraisal Committee

Wednesday 20th May 2020 Telephone meeting

9am to 9:45am

Via MS Teams

Agenda

No. Item

1. Welcome

Governance

2. Governance paper

Main Agenda

3. Apologies

4. Declarations of Interest

5. Minutes of previous meeting- 25 March 2020

6. Horizon Paper- Confidential

Reporting: Growing Places Fund

7. Growing Places Fund Programme Performance Report

Reporting: Growing Business Fund

8, 8a 8b.

Growing Business Fund Programme Performance Report and appendices

Reporting: Innovative Projects Fund

9. Innovative Projects Fund Programme Performance Report

Items for Approval

10. Growing Places Fund: Covid-19 loan repayment adjustments

Other

11. Any Other Business

Committee Members Cllr David Ellesmere

Ipswich Borough Council

Andrew Proctor Norfolk County Council Sandy Ruddock Scarlett and Mustard Alan Waters Norwich City Council Tim Whitley BT Dominic Keen High Growth Robotics Martin Williams Exec Members Rosanne Wijnberg New Anglia LEP Chris Dashper New Anglia LEP Iain Dunnett New Anglia LEP

Date and time of next meeting: Wednesday 23 June 2020. 9am-9:45am

Venue: Telephone meeting

Page 1 of 2

New Anglia Investment Appraisal Committee

Teleconference

Meeting Minutes (Unconfirmed)

25th March 2020

Present:

Committee Members

Alan Waters (AW) Norwich City Council

Sandy Ruddock (SR) Scarlett and Mustard

David Ellesmere (DE) Ipswich Borough Council

Andrew Proctor (AP) Norfolk County Council

Dominic Keen (DK) High Growth Robotics

Martin Williams (MW) Independent IAC Member

In Attendance

Rosanne Wijnberg (RW) New Anglia LEP

Chris Dashper (CD) New Anglia LEP

Emma Taylor (ET) New Anglia LEP

Tanya Nelson (TN) New Anglia LEP

Helen Wilton (HW) New Anglia LEP

Mike Dowdell (MD) New Anglia LEP

Iain Dunnett (ID) New Anglia LEP

ACTIONS

1 Welcome from the Chair

David Ellesmere welcomed everyone to the meeting.

2 Apologies

Apologies were received from Lindsey Rix and Tim Whitley.

3 Declarations of Interest

David Ellesmere (DE) declared an interest in Item 9, the Wolsey Theatre application. Andrew Proctor (AP) declared an interest in Item 11, the Food Innovation Centre application.

Both committee members left the call for the duration of the discussion of the above items.

4 Minutes of previous meeting (29th January 2020)

The minutes of the previous meeting were approved by the committee.

5 Growing Places Fund Horizon Paper (Confidential)

Iain Dunnett (ID) highlighted key points from the Horizon paper.

6 6a

Growing Places Fund Programme Performance Report and RAG Rating

The monthly GPF report and accompanying appendices were reviewed by the Committee.

Page 2 of 2

7 Growing Business Fund Programme Performance Report and appendices

The Growing Business Fund Performance Report was presented to the meeting.

Chris Dashper (CD) confirmed that future GBF reports will reflect the current business climate. The fund is being reviewed and amended to ensure it is fit for purpose to provide appropriate support to businesses at this time.

11 The Food Innovation Centre – Confidential

It was agreed that item 11 would be addressed first.

AP returned to the call

9 Growing Places Fund: Wolsey Theatre, Ipswich Grant Application

DE left the call.

ID reviewed paper detailing the application for £225k from the Growing Places Fund towards the redesign of the theatre’s immediate environment and upgrading the facilities.

The Committee agreed:

• To offer a maximum grant of £225,000 towards the cost of refurbishment of the New Wolsey Theatrein Ipswich which will be reduced to the amount required to complete the total funding package if alloutstanding funding is secured

DE returned to the call

10 Growing Places Fund: Grant application for St Peters Church, Sudbury

ID presented the application for a grant of £226,000 from the Growing Places Fund to the development of the largest community space in Sudbury, located in the St Peters Church building, for the purposes of tourism, cultural, economic and community use.

The Committee agreed:

• To offer of a grant of £226,000 from the Growing Places Fund to the development of the largestcommunity space in Sudbury, located in the St Peters Church building

12 Innovative Projects Fund – Tender Approval for Culture Drives Growth Project

Tanya Nelson (TN) presented Tender Brief for the Culture Drives Growth project which was awarded £15,000 from the 2019 call of the Innovative Projects Fund subject to the approval of the Consultant Tender Brief by the IAC.

The Committee agreed:

• To approve the Tender Brief for the appointment of consultants for the ‘Culture Drives Growth Project

11 Any Other Business

Date and time of next IAC meeting: Wednesday, 20th May 9-9:45am

Venue: TBC

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New Anglia Local Enterprise Partnership

Investment Appraisal Committee

Wednesday 20th May 2020

Agenda Item 2

Governance Paper: Election of Chair, Vice Chair and annual review of Terms of Reference

Author: Chris Dashper

Summary

This paper serves to:

1) Elect a new Chair and Vice Chair for the Investment Appraisal Committee followingnominations by IAC members. Appointments to be confirmed by LEP Board.

2) To review and adopt the Terms of Reference for the Committee, attached.

Investment Appraisal Committee Terms of Reference

Purpose To ensure allocation of funding is delivered appropriately and in accordance with the Assurance Framework through the mechanism of LEP Programmes - Growing Places Fund, Growing Business Fund, Capital Growth Programme, Growth Through Innovation Fund, EZ Accelerator Fund and the Innovative Projects Fund or other funds as appropriate, and that the funding allocations support the development of schemes that deliver the Economic Strategy.

Functions • Making an assessment as to the long term financial and legal viability of offering

Growing Places Fund loan finance to clients and other. • Making assessments on projects received through Capital Growth Programme, ensuring

value for money, additionality and alignment with the Economic Strategy ambitions and Economic Indicators.

• Consider proposals for co-investment of the Enterprise Accelerator Fund for projects tobe developed on Enterprise Zones, generating a rental return through co-ownership of a suitable built asset.

• Provide scrutiny to the Growth Deal spend profile and agree any reallocation of funds.• Providing a strategic assessment of proposed LEP Programme bidding calls.

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• Providing a final strategic assessment of projects and to make a decision on whichprojects should be approved for funding where the value of the LEP intervention is£500k or less.

• Make a recommendation to the LEP Board to approve or reject each request for fundingreceived exceeding £500K.

• Approve contract variation to funding agreements after initial approval by the committeewithin £500k of the original agreed funding or delivery profile.

• Lead on the development of the LEP Investment Plan making recommendations to theLEP Board in the summer of each year which sets out the framework for LEPProgrammes for the proceeding financial year.

Membership and Appointment The committee will comprise a total of eight members. Seven committee members will be members of the LEP Board- four private sector members, three public sector. A further private sector member will be independent of the LEP Board. The Chair of the Committee will be approved by the LEP Board following election by the IAC members , and a Deputy Chair shall be appointed to chair the Committee in the Chair’s absence or if he/she elects to delegate the chair. Substitutes may only be accepted in exceptional circumstances and only for public sector members at the discretion of the Chair.

Quorum Five members, made up of at least two private sector directors of the LEP Board, at least opublic sector director of the LEP Board and the IAC chair or deputy chair.

Attendance of non-members at meetings Officers from the LEP Executive will attend meetings and present reports and recommendations but will not be entitled to vote. Project applicants will not be entitled to attend meetings unless it is deemed necessary. Meetings of the Investment Appraisal Committee will not be open to observers or other attendees.

Advisers The Growing Business Fund uses independent appraisers to conduct the due diligence on each applicant to the programme. Adviser contracts will be compulsorily reviewed every 3 to 5 years

Declarations of Interest Members should clearly indicate any declaration of interest, either pecuniary, non-pecuniary or local non-pecuniary at the commencement of the meeting. Members should leave the meeting for any item where an interest has been declared and not return until a decision has been reached on the item. Members should not attempt to influence any decision where there is a conflict of interest but may on occasion be asked to provide technical insight to assist other members in their decision making.

Meeting Frequency A meeting will be scheduled to be held before each LEP Board meeting. If no decisions are forthcoming, the meeting can be cancelled. Ad hoc meetings can be scheduled if necessary, both in person and by conference call, particularly to review changes to outstanding projects.

Delegated Authority including limits The committee will have a delegated responsibility from the LEP Board for financial decisions up to £500k. The Investment Appraisal Committee will set the annual budget for the Growing Business Fund for each forthcoming financial year and will agree any variance to the budget during the delivery year should this be necessary. Authority will be delegated for Growing Business Fund (GBF)

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decisions to the GBF panel, which the LEP Board Champion for GBF and member of the IAC attends. The maximum award size under GBF will be £500k. A report will be provided on awards made by the GBF panel for each IAC meeting. Authority is also delegated, through the GBF panel, to the ERDF funded Small Grant Scheme and the Growth Through Innovation schemes. The SGS through, an on-line panel, will report decisions made to the GBF panel and in turn to the IAC. The maximum award under SGS will be £25k. GTI approvals will be reported directly to the IAC. The maximum award under GTI will be £25k.

Reporting procedures The minutes of meetings will be circulated to all members of the IAC and will be published on the LEP website. The IAC will records of decisions made under GBF, incorporating Small Grants Panel decisions to ensure alignment with investment decisions. In addition, records of decisions on the Growth Through Innovation (GTI) scheme and other LEP programmes will be provided to the IAC where IAC delegated authority is used to support decisions made. IAC minutes will be published 10 days after meetings in accordance with LEP governance arrangements. Decisions made by the IAC, GBF panel, Small Grants panel and the Growth Through Innovation panel will be recorded in the LEP’s register of decisions which is published online.

Communications Meeting agendas will be circulated 5 working days before each meeting in accordance with LEP governance arrangements. Agendas will include all appropriate papers required to support any decisions to be made. Additional papers may be circulated by email between meetings as necessary. Key stakeholders such as the Skills Board and the Local Transport Body will be consulted and informed on projects and decisions made. Decisions will be communicated to applicants in advance of minutes being published.

Review The membership of the Investment Appraisal Committee will be reviewed annually. The Committee shall, review its own performance once a year and terms of reference to ensure it is operating at maximum effectiveness and recommend any changes it considers necessary to the LEP Board for approval.

Last Updated: 12 May 2020 

Item 7  ‐ Growing Places Fund Performance Report

Programme Overview ‐ What is the Growing Places Fund?

What is the Overall Programme Status?

Loans positionAmber

Grants positionAmber

Outputs 

achieved

Green

Actual Actual Actual ual/Forecast Forecast Forecast Total

2015/16 2016/17 2017/18 2018/19 2019/20 2020/21

0.000 0.000 2.729 4.415 1.524 4.849

0.000 2.088 1.597 1.031 2.129 5.583 12.427

7.967 4.092 2.790 3.720 3.720 6.646 28.935

‐7.967 ‐3.451 ‐2.701 ‐7.641 ‐2.524 ‐6.546 ‐30.830

0.000 2.729 4.415 1.524 4.849 10.532

What is our contribution to the Economic Strategy?

Actual to date

468 

1,475 

18,703 

112 

27 

   6 

143

149

292

Overall status Purple Red Amber Green Blue

Pipeline At risk Claim stage Live Complete Total 

16 1 4 15 22 58

Change -1 0 1 2 3

Gov Allocation

Spend [Act/Fcst]

Carried forward

What is our financial position?

Financials  (£ millions)

Financial Year

Brought Forward

Repaid

Sector Developments supported

Capital Build projects supported

New jobs created

New homes built

Programme performance to date

Industrial Space created (m2)

New businesses created through provision of premises

What are the next steps?

Review effect of Covid 19 on current loan and grant arrangements.

• Programme duration under Growth Deal funding: 2015 ‐  2021.

• Value: £35m. This is the £35m Growing Places Fund element of the Growth Deal. Completed projects date back to previous funding from 2012.

What is the Project Status?

Current status of all projects.

Total Match (£m)

Match Funding‐Private (£m)

• Invested £22.7 million loan capital in region’s infrastructure, sectors and growth locations. £13 million of grants provided to projects demonstrating 

significant regional or local economic benefit.

See separate update on MSF. Winerack loan subject to review due to Covid 19.

Grants under review with existing projects to understand effect of Covid 19 on project grant drawdown.

• Contribution to the Economic Strategy: The fund has leveraged £143m of public investment and £149m of private investment, created 1475 new jobs, 468 

new homes, created 18,703 square metres of industrial space, provided premises for 112 new businesses to be created, supported 35 capital build projects, 

and 6 sector developments in the private and public sector.

Output delivery on profile.   

Outputs – cumulative from April 2012 to Quarter 1 2020

Match Funding ‐ Public (£m)

Ensure payback returns contribute to LEP finances.

Growing Business Fund Performance Report - March 2020

Programme Overview - What is the Growing Business Fund?

What is the overall Programme Status?

Finance Green

Outputs Green

Delivery Green

What are our key updates?

What is our financial position?

Financials (£ million)

Year 2013 to 2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 Total

Profile Spend (£m) £12.000 £3.536 £3.050 £5.096 £4.121 £2.790 £30.593

Actual Spend (£m) £11.999 £3.001 £3.049 £4.764 £2.533 £25.346

Remaining Spend (£m) £0.001 £0.535 £0.001 £0.331 £1.588 £2.790 £5.246

What is our contribution to the Economic Strategy?

Target Actual to end of March 2020

Monthly Change Shortfall Notes

£4,121,000 £1,735,736 £429,900 £2,385,264£16,484,000 £7,515,086 £2,050,326 £8,968,914

206 99 22 108

£4,121,000 £2,533,429 £0 £1,587,571£16,484,000 £11,541,407 £0 £4,942,593

206 225 22 -19

What is the project status?

Number of Projects

ApprovedGrants

ApprovedPrivate Match

Total Project Costs

Jobs to be Created

3 235,899£ 1,018,543£ 1,254,442£ 58.01 100,000£ 1,654,600£ 1,754,600£ 10.0

130 14,572,909£ 92,603,285£ 107,176,194£ 1564.55 454,000£ 1,902,000£ 2,356,000£ 35.0

17 1,196,486£ 5,954,740£ 7,151,226£ 147.526 2,829,816£ 52,382,892£ 55,212,708£ 386.0

8 666,992£ 3,275,957£ 3,942,949£ 90.05 372,000£ 2,342,138£ 2,714,138£ 45.5

11 753,200£ 3,792,342£ 4,545,542£ 76.01 30,000£ 79,425£ 109,425£ 3.01 100,000£ 232,500£ 345,000£ 10.0

23 2,533,331£ 15,611,382£ 18,144,713£ 269.622 2,145,771£ 11,440,136£ 13,585,907£ 251.0

1 20,000£ 102,191£ 122,191£ 4.01 31,580£ 126,320£ 157,900£ 3.58 502,921£ 3,159,776£ 3,662,697£ 55.52 320,000£ 4,737,413£ 5,057,413£ 32.0

265 £ 26,864,905 £ 200,415,640 £ 227,293,045 3041.1

What are the next steps?

Based on grant approvals, the scheme reached its outputs target for 2019/20 and starts 2020/21 ahead of target.

Despite COVID-19, we still have a healthy pipeline of applications being developed and coming forward for approval .

Launched in April 2013, the Growing Business Fund provides grants for businesses to enable growth, an increase productivity and job creation.

Capital grants between £25,000 and £500,000 are provided at up to 20% of project costs for SMEs, with an enhanced rate for small businesses located in an Assisted Area (until 2021).

Funding for the Growing Business Fund is provided on an annual basis by the LEP's Growth Deal.

The fund is accessed through the New Anglia Growth Hub with Due Diligence undertaken by Finance East and agreed by a GBF panel which meets monthly as required .

Since the autumn there has been an increase in the number of applications coming forward, these are now being progressed quite quickly to panel.

Value of grants approvedValue of private sector match approvedNumber of New Jobs to be Created

Value of grants claimed

J - Information and Communication

Private sector match funding drawn down

B - Mining and Quarrying

F - ConstructionG - Wholesale and retail trade; repair of motor vehicles and motorcyclesH - Transportation and Storage

The following table shows grants approved by sector since the start of the programme in 2013/14

Number of New Jobs Created

Sector

Participant SMEs of the Scale Up New Anglia programme are being offered a range of support including applications to GBF (where appropriate).

This is still the LEP flagship grant scheme attracting interest: despite COVID-19, we are seeing confidence is some businesses submitting grant applications

The slow down seen at the end of 2019 has continued to pick up, however, some applicants are struggling to find match funding, as the economy slows down.

At the end of 2019/20 we spent £2.533 million of the £4.121 million allocation, which included the adional funds given to the Fund.

Outputs April 2019 to March 2020

The LEP is working with delivery partners, to ensure that the scheme can be accessed by businesses to facilitate growth during the current COVID-19 Pandemic.

We are working with Finance East and other partners to implement the new State Aid Regulations, to enable GBF to support as many businesses as possible.

K - Financial and Insurance Activities

S - Other Service Activities

I - Accommodation and Food Service Activities

Total

N - Administrative and Support Service Activities

L - Real Estate ActivitiesM - Professional, Scientific and Technical Activities

P - EducationQ - Human Health and Social Work ActivitiesR - Arts, Entertainment and Recreation

C - ManufacturingE - Water supply, sewerage, waste management and remediation activities

Q1‐19/20 Q2‐19/20 Q3‐19/20 Q4‐19/20

Quarterly Forecast £1.030 £1.030 £1.030 £1.030

Quarterly Spend £0.963 £0.631 £0.554 £0.386

Variance £0.067 £0.399 £0.476 £0.645

0

1

2

2019/2020 Expenditure Profile

Date Approved

Business Name Grant Awarded Private MatchTotal Project

CostJobs to be

CreatedDescription of Support Given

Apr-19 Anglian Plant Ltd £170,000 £681,915 £851,915 8 Capital grant to support business growthMay-19 Portable Space Ltd (2) £78,378 £313,513 £391,891 5 Capital grant to support business growthMay-19 Goldwell Manufacturing Services Ltd £40,000 £96,200 £136,200 2 Capital grant to support business growthMay-19 Belle Coachworks Ltd (4) £36,000 £85,151 £121,151 5 Capital grant to support business growthMay-19 HBD Europe Ltd (2) £52,388 £341,133 £393,521 6 Capital grant to support business growthJul-19 Bendart Limited £42,500 £99,495 £141,995 4 Capital grant to support business growthJul-19 Cater Cunningham Ltd (Creative Displays (UK) Ltd (2) £40,000 £162,821 £202,821 4 Capital grant to support business growthJul-19 Hugh Crane Cleaning Equioment Ltd £56,369 £507,327 £563,696 5 Capital grant to support business growthJul-19 Anglia Indoor Karting (Ipswich) Ltd £40,000 £126,060 £166,060 2 Capital grant to support business growthAug-19 William Moorfoot Ltd £50,000 £283,067 £333,067 2.5 Capital grant to support business growthAug-19 Timber Frame Management Ltd £35,662 £142,649 £178,311 2 Capital grant to support business growthSep-19 Musks Limited £71,469 £285,876 £357,345 4 Capital grant to support business growthSep-19 Edmondson Hall (Moved from SGS approvals) £25,000 £371,148 £396,148 0 Capital grant to support business growthOct-19 Hollinger Print Ltd £57,000 £228,000 £285,000 3 Capital grant to support business growthOct-19 Equipmake Ltd £121,997 £487,988 £609,985 7 Capital grant to support business growthOct-19 Richmond Defence Systems Ltd £70,000 £282,500 £352,500 4 Capital grant to support business growthNov-19 Plastech Industries Ltd £56,500 £226,046 £282,546 3 Capital grant to support business growthNov-19 LiMAR Oil Tools (UK) Ltd £70,690 £450,271 £520,961 5 Capital grant to support business growthFeb-20 Focus Trovex LLP £73,400 £293,600 £367,000 5 Capital grant to support business growthFeb-20 Condimentum (increase to earlier award Nov-18) £118,483 £0 £0 0 Capital grant to support business growthMar-20 Dance and Dean Limited £60,000 £440,000 £500,000 3.0 Capital grant to support business growthMar-20 Crafted Media Ltd £35,500 £254,726 £290,226 2.0 Capital grant to support business growthMar-20 Goldstar Metal Traders Ltd GSMT £180,000 £728,000 £908,000 9.0 Capital grant to support business growthMar-20 Dale Sheetmetal Ltd £154,400 £627,600 £782,000 8.0 Capital grant to support business growth

£1,735,736 £7,515,086 £9,132,339 98.5

New Anglia LEPGrowing Business Fund

Grant Approvals 1st April 2019 to 31st March 2020

Date Approved

Business NameGrant

AwardedPrivate Match

Total Project

Cost

Jobs to be

CreatedDescription of Support Given

Apr-19 DXB Pumps & Power Ltd. £16,845 £67,385 £84,230 1.0 Capital investment to support business growthApr-19 Bradleys (Stowmarket) Ltd. (2) £17,919 £71,679 £89,598 0.0 Capital investment to support business growthApr-19 Praxis42 Ltd. £6,362 £25,449 £31,811 4.0 Capital investment to support business growthApr-19 Edmondson Hall £25,000 £371,148 £396,148 0.0 Capital investment to support business growthApr-19 The Penny Bun Bakehouse Ltd. £7,203 £16,807 £24,010 0.0 Capital investment to support business growthApr-19 Criterion Ices Ltd. £19,515 £78,064 £97,579 2.0 Capital investment to support business growthApr-19 Fruitful Media Ltd. £8,805 £35,222 £44,027 7.0 Capital investment to support business growthApr-19 Tosier Chocolate Ltd. £2,724 £10,900 £13,624 1.0 Capital investment to support business growth

May-19 Apex Print & Promotion Ltd. £9,930 £39,720 £49,650 2.0 Capital investment to support business growthMay-19 Pastonacre Ltd £4,305 £17,224 £21,529 1.0 Capital investment to support business growthMay-19 Donald Utting & Sons Ltd (2) £24,973 £99,892 £124,865 0.0 Capital investment to support business growthMay-19 Safety Devices International Ltd £5,600 £22,400 £28,000 0.0 Capital investment to support business growthMay-19 A J Laminated Beams Ltd £5,500 £22,000 £27,500 0.0 Capital investment to support business growthMay-19 P J Lee Hire & Sales Ltd £6,600 £26,400 £33,000 2.0 Capital investment to support business growthMay-19 Newton Automotive Ltd (2) £16,160 £64,640 £80,800 1.0 Capital investment to support business growthJun-19 Timberwolf Ltd £18,275 £73,100 £91,375 0.0 Capital investment to support business growthJun-19 CapTrac Ltd £25,000 £101,844 £126,844 0.0 Capital investment to support business growthJun-19 Yum Yum Tree Fudge Ltd £10,905 £43,620 £54,525 0.0 Capital investment to support business growthJun-19 N-Ergise Ltd £25,000 £64,285 £89,285 1.0 Capital investment to support business growthJun-19 Emkay Plastics Ltd £14,453 £57,814 £72,267 0.0 Capital investment to support business growthJun-19 Vinyl Installation Ltd £7,200 £16,800 £24,000 0.0 Capital investment to support business growthJun-19 C.S. (Computer Services) Ltd. £1,749 £6,996 £8,745 0.0 Capital investment to support business growthJul-19 The Space Burston £9,313 £52,775 £62,088 2.0 Capital investment to support business growthJul-19 Clenshaw Minns Ltd £21,740 £86,963 £108,703 1.0 Capital investment to support business growthJul-19 Able Cleaning & Hygiene Supplies £1,113 £4,455 £5,568 0.0 Capital investment to support business growthJul-19 Sabrefix (UK) Limited £4,260 £17,040 £21,300 3.0 Capital investment to support business growthJul-19 E Rand & Sons Limited £4,247 £16,991 £21,238 0.0 Capital & Revenue investment to support business growth

Aug-19 EGM Products Ltd £12,575 £50,304 £62,879 2.0 Capital investment to support business growthAug-19 Saw Media Limited £1,611 £6,447 £8,058 1.0 Capital investment to support business growthAug-19 ASBT Holdings Ltd £6,188 £24,754 £30,942 3.0 Capital investment to support business growthAug-19 Intelligent Resource Management Ltd £3,000 £12,000 £15,000 0.0 Capital investment to support business growthAug-19 Suffolk Yacht Harbour Ltd £2,919 £11,678 £14,597 0.0 Capital investment to support business growthAug-19 Twyfords To You Limited £12,545 £50,182 £62,727 1.0 Capital investment to support business growthSep-19 Finn Geotherm UK Ltd £4,550 £18,200 £22,750 0.0 Capital investment to support business growthSep-19 Lexhag Ltd £9,972 £39,888 £49,860 0.0 Capital & Revenue investment to support business growthSep-19 Stephen Green & Associates Limited £9,973 £39,892 £49,865 1.0 Capital investment to support business growthSep-19 Display Products Ltd £22,500 £52,500 £75,000 6.0 Capital investment to support business growthSep-19 Mio Conferencing Limited £9,105 £36,420 £45,525 1.0 Capital & Revenue investment to support business growthSep-19 Edmondson Hall -£25,000 -£371,148 -£396,148 0.0 Moved from SGS to GBFOct-19 The Rainbird Partnership Ltd 3,668 14,673 18,341 1.0 Capital & Revenue investment to support business growthOct-19 WBC (Norfolk) Ltd 5,048 20,195 25,243 1.0 Capital investment to support business growthOct-19 Steele Media Ltd 25,000 155,000 180,000 1.0 Capital & Revenue investment to support business growthOct-19 SSAF Window Films Ltd 3,490 13,961 17,451 0.0 Capital investment to support business growthOct-19 Revolution Fitness Academy Ltd 8,007 32,029 40,036 2.0 Capital investment to support business growthOct-19 Tom Soper Photography 2,191 8,766 10,957 0.0 Capital investment to support business growthOct-19 Surftech Surfaces Ltd 12,210 48,840 61,050 2.0 Capital investment to support business growthNov-19 Re Form Sports Fitness Ltd 13,078 52,314 65,392 2.0 Capital investment to support business growthNov-19 David Holliday Limited 2,820 11,280 14,100 0.0 Capital investment to support business growthNov-19 Creative Image Management Ltd. 10,260 41,040 51,300 0.0 Capital investment to support business growthNov-19 Big House Holiday Rentals Ltd. 4,800 19,200 24,000 0.0 Capital investment to support business growthNov-19 H. Smith & Sons (Honingham) Limited 8,133 32,533 40,666 0.0 Capital investment to support business growthDec-19 F.W. Frost (Engineers) Ltd. 15,097 60,389 75,486 0.0 Capital investment to support business growthDec-19 Image Display & Graphics Ltd 12,332 49,328 61,660 1.0 Capital investment to support business growthDec-19 DLH Autorecyclers Limited (2) 6,670 26,680 33,350 0.0 Capital investment to support business growthDec-19 J&A Garner - Godwick Hall 25,000 102,459 127,459 1.0 Capital investment to support business growthDec-19 Cross Media Print and Digital Solutions 25,000 204,979 229,979 1.0 Capital investment to support business growthDec-19 Thompson Packaging Limited 8,939 35,760 44,699 1.0 Capital investment to support business growthDec-19 DaRo Fibre Products Ltd 8,077 32,308 40,385 6.0 Capital investment to support business growthDec-19 Hoseflex Ltd. 3,288 13,152 16,440 0.0 Capital & Revenue investment to support business growthJan-20 Tills Innovations Limited 2,120 8,480 10,600 0.0 Revenue investmnet to support business growthJan-20 Suffolk Yoga 14,943 34,869 49,812 0.0 Capital investment to support business growthJan-20 Distinct Marketing Ltd 2,735 10,943 13,678 0.0 Capital & Revenue investment to support business growthJan-20 The Suffolk Distillery Ltd 7,261 29,045 36,306 0.0 Capital investment to support business growthJan-20 Kiki Ltd. 22,962 91,851 114,813 1.0 Capital investment to support business growthFeb-20 Pruce Newman Pipework Limited 4,845 19,380 24,225 0.0 Revenue investmnet to support business growthFeb-20 Flexion Global Ltd 25,000 106,833 131,833 9.0 Capital investment to support business growthFeb-20 Humber Doucy Brewery Ltd 5,113 20,455 25,568 1.0 Capital investment to support business growthFeb-20 Co-Dunkall Ltd (2) 15,000 60,000 75,000 1.0 Capital investment to support business growthFeb-20 The Light Aircraft Co Ltd 16,991 67,966 84,957 1.0 Capital investment to support business growthFeb-20 A1 Coffee Limited 4,382 17,528 21,910 0.0 Capital investment to support business growthFeb-20 Prominent PR Ltd 1,825 7,303 9,128 0.0 Capital & Revenue investment to support business growthFeb-20 Glideline Ltd 12,810 29,890 42,700 8.0 Capital investment to support business growthMar-20 Wrought Iron & Brass Co Ltd (2) 6,040 24,160 30,200 1.0 Capital & Revenue investment to support business growthMar-20 Warren Services Ltd (3) 24,775 99,104 123,879 0.0 Capital investment to support business growthMar-20 Thomson Sawmills Ltd 23,100 92,400 115,500 0.0 Capital investment to support business growthMar-20 International Export Supplies Limited 25,000 101,500 126,500 5.0 Capital investment to support business growth

£808,644 £3,279,323 £4,087,967 89.0

Small Grant Scheme Approvals (April 2019 - March 2020)

SGS Grants Approved Apr19‐Mar20

Innovative Projects Fund - 2018 Projects CallProgramme Overview - What is the Innovative Projects Fund

What is the Overall Programme Status?

Overall: Green

Delivery: Green

Spend: Amber

Outputs: Green

What are our Key Updates?

What is our Financial Position?

Forecast Actual Forecast Actual Forecast

2019/20 2019/20 2020/21 2020/21 2021/22

0.000 0.400 0.400 0.1850.540 0.540 0.000 0.000 0.0000.170 0.140 0.215 0.009 0.1850.170 0.000 0.215 0.205 0.1850.369 0.400 0.185 0.185 0.000

What is our contribution to the Economic Strategy?Quarter/ year: 4 (Jan -Mar) 2020

Actual to dateProgramme Target to 2021

0 650 59

10 600 12

25 940 490 41

Number of part time jobs created 4 0

What is the Project Delivery Status?

What are the Next Steps?

Building Supply Chains - NCC: This full grant award has now been paid to this project. The project has been suspended during the COVID Restrictions. A meeting is scheduled with the Programmes Caseworker on 19th May 2020. The project has so far, provided 25 businesses with at least 10 hours of support each. Public match funding of £5,298.39 and private match funding of £20,220.35 has been spent to date. The Ipswich Cornhill Action Plan- Ipswich Central: A claim of £23,712.05 was submitted late for Quarter 3 and a further claim of £2,032.95 was paid in Quarter 4. This project has been completed. The project attracted £57,391.41 in Public Match Funding and £34,301.74 in Private Match funding. It created 62 new events in the Cornhill, increased dwell time by 9.75% and created a 27.75% increase in visits to the area.

Norfolk & Suffolk Offshore Wind Competitiveness Positioning Programme - GYBC: The project has been delayed somewhat pending the appointment of SCC's Business Development Manager and the Offshore Wind Marketing Manager. These posts have since been filled (February 2020) The project has incurred some expenditure via Offshore Wind / promotional events. The Programmes Caseworker has requested an update and expectsthis following the lifting of COVID restrictions.

Fit for Nuclear - SCC: This project has now met the conditions of the IAC's Innovative Projects Fund Offer. £118,000 has been approved. The project will now be led by West Suffolk College. The project will commence ASAP after receipt of a signed Offer Letter.

On 11th March 2020, the Innovative Projects Fund Panel considered all 38 applications from the 2019 Innovative Projects Fund Call. 18 projects were approved, and 4 projects were deferred for potential underspend from the 2019 programme (pending further development). £1,472,372 of the 2019 call of the Innovative Projects Fund has been awarded. A PPR will be available from Quarter 2.

Growing the Year-Round Economy - Visit East of England: This project made a second claim for £17,534.65. The project received sponsorship of £25,000 from Greater Anglia. Two data stewards and administrator are now facilitated in an office with the Affinity Agency who are developing the website. This gives them instant access to developers and client manager and help speed their work. The accommodation booking API is now functional and VEE is working with partners ‘Staylists’ to encourage more accommodation venues to sign up.

The Catapult - The Catapult Network: The Catapult - The Catapult Network: The new post holder, Andy Holyland based at Orbis Energy in Lowestoft started on 1st January 2020. A claim of £7,043.59 has been paid and private match of £7,043.59 has been recorded.

Creating Creative Capital - NUA: This project was re-approved by the IAC in October 2019. The project has submitted a signed offer letter and has claimed £20,000 to kick start the project. This project is being paid in stages. The next payment of £70,000 is expected to be paid in April 2021.

The Programmes Case Worker for the IPF Programme is working with Project Leaders of the 2018 project call to ensure claims and associated monitoring reports are received for Quarter 1 of 2020/21.

The Innovative Projects Fund is a revenue grant programme that provides funding towards innovative projects to support the delivery of the themes and activities identified in the Economic and Local Industrial Strategies. The first call of the Innovative Projects Fund was made in October 2018 with a remit to facilitate innovative projects supporting economic growth and the delivery of the Economic Strategy utilising revenue from the Enterprise Zone Pot C.

Number of businesses created

Outputs – cumulative from April 1st 2019 to 31st March 2020 (Quarter 4)

Financial Year

Number of Direct Full-Time Jobs Created High Value Jobs created

CommittedCarried forward

Financials (£ million)

Brought ForwardLEP AllocationSpend [Act/Fcst]

Number of Jobs Safeguarded

7 out of the 7 projects have Offer Letters. Awaiting receipt of a signed Offer Letter from West Suffolk College for the Fit for Nuclear Project.

Number of Businesses Supported (at least 12 hrs of support)Number of LearnersNumber of businesses created

•There are 7 projects under the 2018 call of the Innovative Projects Fund with a combined allocation and commitment of £539,531. •The value of claims for the first year (2019/20) was 140,001.53. •Profiled Spend to the end of 2019/20 Quarter 4 was £170,460.55. Actual Spend to the end of Quarter 4 was £140,001.53. An underspend of £30,459.02. •Since the end of the financial year a further £9,076.54 has been spent. This now brings actual spend to date for the IPF to £149,077.69 •Local Authority match funding of £62,689.80 has been recorded. Private Match Funding of £86,565.68 has been recorded. Total match funding of £149,255.48 has been recorded up

until the end of April 2020. •To date, 4 part time jobs have been created, 10 jobs have been safeguarded and 25 businesses have been supported.

7 out of 7 projects are now in their delivery phase. The Ipswich Cornhill Project has been completed.

Profiled Spend to the end of 2019/20 Quarter 4 was £170,460.55. Actual Spend to the end of Quarter 4 was £140,001.53. An underspend of £30,459.02.

No accumulated outputs were forecast by the end of Quarter 4.

 ‐

 100,000.00

 200,000.00

 300,000.00

 400,000.00

 500,000.00

 600,000.00

2019/20 Q1‐20/21 Q2‐20/21 Q3‐20/21 Q4‐20/21 2021/2022

Innovative Project Fund Allocation

Axis Title

2020/21 Expenditure

Qtrly Forecast Qtrly Claims Available IPF

1 

New Anglia Local Enterprise Partnership

Investment Appraisal Committee

May 20th, 2020.

Agenda Item 10

Winerack - LEP Loan Arrangements

Author: Iain Dunnett

Summary

Homes England have provided a £17m loan to the Winerack development in Ipswich, alongside a £5m loan from the LEP. Homes England have taken a lead role in managing the finances of this development over the 2 years of construction.

This paper provides an early indication to the LEPs Investment Appraisal Committee that Homes England are currently considering a request for a variation on the loan arrangements by the developers of the Winerack.

Recommendation

The committee are recommended to note that Homes England are considering a variation on this loan and that the proposal will be bought to the LEPs Investment Appraisal Committee for its consideration as soon as definitive variation arrangements are identified.

Homes England are likely to accommodate an extension of the period over which the Homes England and LEP loans are repaid. This is an ongoing negotiation with the developer and a verbal update will be provided to the Investment Appraisal Committee at the meeting.

Background

Loan arrangements with Homes England - The LEP is in a pari passu arrangementwith Homes England. The LEP is being repaid at the same rate and simultaneously asrepayments are made to Homes England, the repayment profile allows the LEP to berepaid before Homes England are repaid.

Homes England have provided the larger proportion of the loan commitment to thisdevelopment and have taken a lead role in managing the finances.

Covid 19 - The current Covid 19 situation will slow the pace of sales of residential andcommercial units in the construction sector in general, and this is the case for theWinerack.

2 

Key Financial Background

LEP loan value and repayment – Original loan value was £5,472,722 including interest at a rate of 6%. The existing repayment profile would see the LEP loan paid off by September of 2020.

Sales linked to repayment - 150 residential units were constructed as part of the development and 70 units have been sold as of mid-April 2020.The repayment profile assumes a sales figure of 6 residential units sold per month, a figure agreed by Homes England and the developer. This sales figure has been slowed by Covid 19 with effectively 6 sales occurring throughout the 2-month period from mid-March to mid-May.

Timeline – The Homes England Credit Committee is likely to consider a loan variation proposal by mid-May. The proposal will be bought to the LEPs Investment Appraisal Committee for its consideration as soon as definitive variation arrangements are identified by Homes England.

Recommendation The committee are recommended to note that Homes England are considering a variation on this loan and that the proposal will be bought to the LEPs Investment Appraisal Committee for its consideration as soon as definitive variation arrangements are identified. Homes England are likely to accommodate an extension of the period over which the Homes England and LEP loans are repaid. This is an ongoing negotiation with the developer and a verbal update will be provided to the Investment Appraisal Committee at the meeting.