NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

COMPANY INFORMATION

DIRECTORS

Mr D Field - Chair

Mrs S Ruddock

Dr T Whitley

Mr S Oliver

Mr W Nunn (appointed 4 June 2018, resigned 16 May 2019)

Mr M Hicks (appointed 24 May 2018)

Mr J Reynolds

Ms J Wheeler

Mr A Proctor

Dr N Savvas

Prof D Richardson

Mr D Keen

Mrs L Rix

Mr D Ellesmere

Mr A Waters

Mr J Griffiths

Mr C Noble (resigned 24 May 2018)

Mr C Jordan (resigned 18 April 2018)

Mr P Joyner (appointed 27 February 2019)

Ms C Cullens (appointed 27 February 2019)

REGISTERED NUMBER

07685830

REGISTERED OFFICE

Mills & Reeve LLP

1 St James Court, Whitefriars

Norwich

Norfolk

NR3 1RU

INDEPENDENT AUDITORS

Price Bailey LLP

Chartered Accountants & Statutory Auditors

Anglia House, 6 Central Avenue

St Andrews Business Park

Thorpe St Andrew

Norwich

Norfolk

NR7 0HR

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2019

New Anglia Local Enterprise Partnership (LEP), is a partnership of business, local authority and education

leaders, collaborating to grow the area’s economy, create jobs and improve productivity.

Aims and Objectives

The core goal of the LEP is to enable businesses to grow, innovate and seek new opportunities, increase

productivity and support inclusive growth in Norfolk and Suffolk.

During the period, it has continued to invest in key projects and provide support to the region's businesses.

Since the launch of the Economic Strategy for Norfolk and Suffolk in autumn 2017, the focus has been on

delivering on its ambitions and key themes for local growth: Our Offer to the World, Driving Inclusion and Skills

and Driving Business Growth and Productivity.

One of the ways to deliver and facilitate growth is through the Growth Deal programme, totalling £290million

since 2014. The funding supports projects and programmes that will boost skills, drive innovation, provide

targeted business support and improve transport and infrastructure.

Core Programmes and Projects

In March 2019, the LEP Board agreed the recommendations to award £14.5million of capital investments

through the Growth Deal. The projects will receive funding over the next two financial years to help meet the

ambitions set in the Economic Strategy. For example, £6.5million will be invested in the University of Suffolk’s

new ICT research and training centre and £6.1million will be awarded to City College Norwich for a Digi-Tech

Factory. This will enable students, apprentices and businesses to increase their digital capability.

Work has started on The Hold in Ipswich which will become the new home for the majority of Suffolk’s unique

archival collection as well as a state-of-the-art public facility and teaching space for the University of Suffolk. The

project was awarded £250,000 through the LEP’s Growing Places Fund.

Funding was awarded to important infrastructure projects such as Great Yarmouth flood defences and A140

improvements at Eye and Hempnall. The LEP has also awarded a loan to develop a new business park, bringing

new jobs and businesses to Stowmarket. All loans issued by the LEP carry a degree of risk, which is mitigated by

appropriate due diligence and regular monitoring.

For the first time the LEP has launched a revenue fund - the Innovative Projects Fund - with a total value of

£500,000 to invest in projects which will support economic growth.

The LEP executive team has worked closely with economic development officers from the county councils,

Department for International Trade and the chambers of commerce on strengthening inter-regional and

international trading relations, including with the South West and the Netherlands through trade missions and

Memoranda of Understanding.

The LEP's business support programmes and flagship Growth Hub continue to offer free and impartial advice,

helping hundreds of firms to grow, develop and innovate. At the year end 7,460 businesses had accessed the

service since its launch in 2014.

A significant milestone was the naming of Norfolk and Suffolk as the UK’s leading centre for offshore wind with

the launch of a new industry cluster. The Norfolk and Suffolk Offshore Wind Cluster brings together the biggest

names in the industry, including Scottish Power Renewables and Vattenfall together with the area’s ports, local

authorities, business groups and educational institutions.

The cluster will help create thousands of new jobs and unlock investment in the local area from the opportunities

in the whole sector. This was a direct result following the LEP’s engagement with Government officials involving

them in plans for the sector.

Page 1

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2019

The LEP's Enterprise Zone sites deliver space for businesses to grow. To date, the zone is home to 115

companies and has helped to create 3,964 jobs.

Performance and Financial Overview

LEP projects are monitored against a series of key performance indicators (KPIs). These include performance

against spend and the delivery of agreed outputs. Each programme reports against KPIs in a performance report

which can be found on the LEP’s website.

The LEP’s internal KPIs cover finances and performance against the LEP’s delivery plan. Full details of

measures of KPI's are published in minutes on the LEP's website www.newanglia.co.uk.

KPIs include financial and output performance against annual targets for our key projects including Growth Deal,

Enterprise Zone and Growth Programme.

Each member of the LEP team has its own individual objectives which form part of the LEP’s overall delivery

plan. This year the LEP introduced the Working Well initiative to support the team’s health and wellbeing.

The LEP's reserves increased in this financial year. This is largely due to Growth Deal funding received from

Government and is committed to specific projects. This funding will be made available to those projects during

the next financial year. The LEP has been awarded a total of £290million by Government to deliver the Growth

Deal over a six-year period. The funding profile varies from year to year. In 2018-19 the annual allocation was

£34.6million, in 2019-20 it will be £24.6million leaving £47.4million for the year 2020-21.

For the first time the defined benefit pension scheme liability has been brought onto the balance sheet. This

covers two members of the team who were subject to TUPE at the formation of the LEP. Other employees are

members of the LEP’s defined contribution scheme.

The LEP constantly reviews the performance of its investments and makes provisions against loans and

investment where appropriate. During the current financial year due to concerns about recoverability provisions

have been made against £500,000 of loans in New Anglia LEP and £120,000 against investments in New Anglia

Capital.

The majority of the LEP's funding is secured from Government, both core funding and project funding. Other

funding is secured from the European Union, from business rates generated on the LEP’s Enterprise Zone sites

and through contributions from local authority partners.

A principal risk is the Government withholding this funding, which has materialised in the case of two other LEPs.

New Anglia LEP mitigates this risk by ensuring all funding is utilised in compliance with Government rules and its

governance and processes are "best in class".

In its annual review with Government, the LEP’s governance, strategy and delivery were all rated as good.

Political and Economic Climate

A further risk identified is the political uncertainty caused by the change in Prime Minister and Government

ministers with the potential for changes in Government policy.

We are mitigating this risk by working with LEP colleagues across the country to demonstrate the value LEPs

bring in supporting economic growth.

Finally, the UK’s departure from the EU poses both short term economic risks to the area as well as changing

the landscape for funding.

Page 2

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2019

New Anglia Capital (NAC) is a wholly owned subsidiary of New Anglia Local Enterprise Partnership.

New Anglia LEP has established a co-investment fund to be managed by NAC to make risk-capital co-

investments alongside entrepreneurs in high growth-potential companies based in Norfolk and Suffolk.

The principle aims of NAC include:

•

Establishing a network of business entrepreneurs and angel investors to provide a pool of risk-capital and

business finance that can support start-ups, innovative business ideas and high growth companies.

•

Identifying and providing a pipeline of investment opportunities for risk-capital investment, co-investing

with angel investors and entrepreneurs that meet the company criteria, including creating new jobs.

•

Investment opportunities should also promote the wider objectives of New Anglia LEP e.g. support for

sectors including engineering, life sciences, agri-tech, health, energy, ICT and digital tech.

Risks to New Anglia Capital include identifying and maintaining an effective level of investors in the region and

the risk of failure of individual companies in which NAC has an equity share.

This report was approved by the board on 3 September 2019 and signed on its behalf.

Mr D Field - Chair

Director & Chair

Page 3

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2019

The directors present their report and the financial statements for the year ended 31 March 2019.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the

consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the

directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom

Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting

Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company

law the directors must not approve the financial statements unless they are satisfied that they give a true and fair

view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:



select suitable accounting policies for the Group's financial statements and then apply them consistently;



make judgments and accounting estimates that are reasonable and prudent;



state whether applicable UK Accounting Standards have been followed, subject to any material departures

disclosed and explained in the financial statements;



prepare the financial statements on the going concern basis unless it is inappropriate to presume that the

Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain

the Company's transactions and disclose with reasonable accuracy at any time the financial position of the

Company and the Group and to enable them to ensure that the financial statements comply with the Companies

Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for

taking reasonable steps for the prevention and detection of fraud and other irregularities.

RESULTS AND DIVIDENDS

The surplus for the year, after taxation, amounted to £11,845,510 (2018 - £15,543,147).

The majority of the surplus is growth deal funding allocated to projects and will be used in the financial year

2019/20 as grant payments.

DIRECTORS

The directors who served during the year were:

Mr D Field - Chair

Mrs S Ruddock

Dr T Whitley

Mr S Oliver

Mr W Nunn (appointed 4 June 2018, resigned 16 May 2019)

Mr M Hicks (appointed 24 May 2018)

Mr J Reynolds

Ms J Wheeler

Mr A Proctor

Dr N Savvas

Prof D Richardson

Mr D Keen

Page 4

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2019

Mrs L Rix

Mr D Ellesmere

Mr A Waters

Mr J Griffiths

Mr C Noble (resigned 24 May 2018)

Mr C Jordan (resigned 18 April 2018)

Mr P Joyner (appointed 27 February 2019)

Ms C Cullens (appointed 27 February 2019

FUTURE DEVELOPMENTS

During 2018 the government undertook its own review of LEPs and published recommendations. New Anglia

has implemented in full the recommendations of this review.

The 2019 Local Assurance Framework brings New Anglia LEP’s governance in line with the National Local

Growth Assurance Framework and the recommendations of the LEP review.

Two additional private sector LEP Board members have been recruited as part of this implementation.

Our Articles of Association have been updated to reflect these changes and adopted by the members.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:



so far as the director is aware, there is no relevant audit information of which the Company and the

Group's auditors are unaware, and



the director has taken all the steps that ought to have been taken as a director in order to be aware of any

relevant audit information and to establish that the Company and the Group's auditors are aware of that

information.

AUDITORS

The auditors, Price Bailey LLP, will be proposed for reappointment in accordance with section 485 of the

Companies Act 2006.

This report was approved by the board on 3 September 2019 and signed on its behalf.

Mr D Field - Chair

Director

Page 5

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEW ANGLIA LOCAL ENTERPRISE

PARTNERSHIP LIMITED

OPINION

We have audited the financial statements of New Anglia Local Enterprise Partnership Limited (the 'parent

Company') and its subsidiaries (the 'Group') for the year ended 31 March 2019, which comprise the Group

Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash

Flows and the related notes, including a summary of significant accounting policies. The financial reporting

framework that has been applied in their preparation is applicable law and United Kingdom Accounting

Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK

and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:



give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March

2019 and of the Group's profit for the year then ended;



have been properly prepared in accordance with United Kingdom Generally Accepted Accounting

Practice; and



have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable

law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit

of the financial statements section of our report. We are independent of the Group in accordance with the ethical

requirements that are relevant to our audit of the financial statements in the United Kingdom, including the

Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in

accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and

appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to

report to you where:



the directors' use of the going concern basis of accounting in the preparation of the financial statements is

not appropriate; or



the directors have not disclosed in the financial statements any identified material uncertainties that may

cast significant doubt about the Group's or the parent Company's ability to continue to adopt the going

concern basis of accounting for a period of at least twelve months from the date when the financial

statements are authorised for issue.

OTHER INFORMATION

The directors are responsible for the other information. The other information comprises the information included

in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the

financial statements does not cover the other information and, except to the extent otherwise explicitly stated in

our report, we do not express any form of assurance conclusion thereon.

Page 6

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEW ANGLIA LOCAL ENTERPRISE

PARTNERSHIP LIMITED (CONTINUED)

In connection with our audit of the financial statements, our responsibility is to read the other information and, in

doing so, consider whether the other information is materially inconsistent with the financial statements or our

knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material

inconsistencies or apparent material misstatements, we are required to determine whether there is a material

misstatement in the financial statements or a material misstatement of the other information. If, based on the

work we have performed, we conclude that there is a material misstatement of this other information, we are

required to report that fact.

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:



the information given in the Group Strategic Report and the Directors' Report for the financial year for

which the financial statements are prepared is consistent with the financial statements; and



the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable

legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the Group and the parent Company and its environment

obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report

or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006

requires us to report to you if, in our opinion:



adequate accounting records have not been kept by the parent Company, or returns adequate for our

audit have not been received from branches not visited by us; or



the parent Company financial statements are not in agreement with the accounting records and returns; or



certain disclosures of directors' remuneration specified by law are not made; or



we have not received all the information and explanations we require for our audit.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the Directors' Responsibilities Statement on page 4, the directors are responsible for

the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such

internal control as the directors determine is necessary to enable the preparation of financial statements that are

free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and the parent

Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and

using the going concern basis of accounting unless the directors either intend to liquidate the Group or the

parent Company or to cease operations, or have no realistic alternative but to do so.

Page 7

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEW ANGLIA LOCAL ENTERPRISE

PARTNERSHIP LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free

from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our

opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in

accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise

from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be

expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial

Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our

Auditors' Report.

USE OF OUR REPORT

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members

those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest

extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the

Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Aaron Widdows ACA FCCA (Senior Statutory Auditor)

for and on behalf of

Price Bailey LLP

Chartered Accountants

Statutory Auditors

Anglia House, 6 Central Avenue

St Andrews Business Park

Thorpe St Andrew

Norwich

Norfolk

NR7 0HR

26 September 2019

Page 8

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2019

Designated

Project

Operational

Funding

Activity

Total

2019

Note

2019

2018

Operational income

1,882,461

1,379,015

Grant and project income

37,183,542

42,774,342

_________

37,183,542

1,882,461

39,066,003

44,153,357

Grants issued

(23,343,151)

(26,382,074)

Impairment of investments

(620,000)

_________

Gross surplus

13,220,391

1,882,461

15,102,852

17,771,283

Administrative expenses

(1,727,707)

(1,855,503)

(3,583,210)

(2,654,549)

_________

Operating surplus

11,467,872

26,958

11,494,830

15,116,734

Interest receivable

447,553

4,532

452,085

433,753

Net finance costs

(2,000)

_________

Surplus on ordinary activities

before taxation

11,915,425

29,490

11,944,915

15,550,487

Taxation

(55,356)

(861)

(56,217)

(7,341)

_________

Surplus for the financial year

11,884,881

28,629

11,913,510

15,543,146

Actuarial loss on defined

benefit pension scheme

(68,000)

_________

Total Comprehensive Income

for the year

11,884,881

(39,371)

11,845,510

15,543,146

Retained earnings at the

start of the year

41,846,112

544,490

42,390,602

26,847,456

_________

Retained earnings at the

end of the year

53,730,993

505,119

54,236,112

42,390,602

All of the activities of the group are classed as continuing.

The notes on pages 13 to 34 form part of these financial statements.

Page 9

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

REGISTERED NUMBER: 07685830

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2019

2019

2018

Note

FIXED ASSETS

Tangible assets

45,339

25,642

Investments

14,007,925

11,048,314

14,053,264

11,073,956

CURRENT ASSETS

Debtors: amounts falling due within one year

2,595,382

3,281,016

Cash at bank and in hand

38,445,893

28,401,612

41,041,275

31,682,628

Creditors: amounts falling due within one

year

(685,427)

(365,982)

NET CURRENT ASSETS

40,355,848

31,316,646

TOTAL ASSETS LESS CURRENT

LIABILITIES

54,409,112

42,390,602

PROVISIONS FOR LIABILITIES

NET ASSETS EXCLUDING PENSION

LIABILITY

54,409,112

42,390,602

Pension liability

(173,000)

NET ASSETS

54,236,112

42,390,602

CAPITAL AND RESERVES

Other reserves

53,557,993

41,846,112

Profit and loss account

678,119

544,490

MEMBER FUNDS

54,236,112

42,390,602

The financial statements were approved and authorised for issue by the board and were signed on its behalf on

3 September 2019.

Mr D Field - Chair

Director

The notes on pages 13 to 34 form part of these financial statements.

Page 10

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

REGISTERED NUMBER: 07685830

COMPANY BALANCE SHEET

AS AT 31 MARCH 2019

2019

2018

Note

FIXED ASSETS

Tangible assets

45,339

25,642

Investments

12,001,092

9,482,226

12,046,431

9,507,868

CURRENT ASSETS

Debtors: amounts falling due within one year

4,577,407

4,819,312

Cash at bank and in hand

38,445,893

28,401,612

43,023,300

33,220,924

Creditors: amounts falling due within one

year

(685,427)

(362,998)

NET CURRENT ASSETS

42,337,873

32,857,926

54,384,304

42,365,794

Pension liability

(173,000)

NET ASSETS

54,211,304

42,365,794

CAPITAL AND RESERVES

Other reserves

53,533,185

41,821,304

Profit and loss account carried forward

678,119

544,490

MEMBERS FUNDS

54,211,304

42,365,794

The financial statements were approved and authorised for issue by the board and were signed on its behalf on

3 September 2019.

Mr D Field - Chair

Director

The notes on pages 13 to 34 form part of these financial statements.

Page 11

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2019

2019

2018

CASH FLOWS FROM OPERATING ACTIVITIES

Surplus for the financial year

11,913,510

15,543,147

ADJUSTMENTS FOR:

Depreciation of tangible assets

18,674

14,807

Impairment of investments

620,000

Interest received

(452,085)

(433,753)

Taxation charge

56,389

7,341

Decrease/(increase) in debtors

558,389

(993,858)

Increase/(decrease) in creditors

270,397

(60,727)

Increase in net pension liability

105,000

Corporation tax (paid)/received

(7,341)

28,889

NET CASH GENERATED FROM OPERATING ACTIVITIES

13,082,933

14,105,846

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets

(38,371)

(15,544)

Loans issued

(6,549,870)

(1,639,477)

Loans repaid

3,681,004

1,597,000

Purchase of unlisted and other investments

(710,745)

(443,000)

Interest received

579,330

433,753

NET CASH FROM INVESTING ACTIVITIES

(3,038,652)

(67,268)

INCREASE IN CASH AND CASH EQUIVALENTS

10,044,281

14,038,578

Cash and cash equivalents at beginning of year

28,401,612

14,363,034

CASH AND CASH EQUIVALENTS AT THE END OF YEAR

38,445,893

28,401,612

CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand

38,445,893

28,401,612

38,445,893

28,401,612

The notes on pages 13 to 34 form part of these financial statements.

Page 12

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

GENERAL INFORMATION

New Anglia Local Enterprise Partnership Limited is a private company limited by guarantee and is

incorporated in England. The address of the registered office is Mills & Reeve LLP, 1 St James Court,

Norwich, Norfolk, NR3 1RU. The address of the trading office is Centrum, Norwich Research Park,

Norwich, Norfolk, NR4 7UG. The nature of the company operations and its principal activities are set out

in the strategic report.

The only subsidiary within the Group is New Anglia Capital Ltd. This is included within the consolidation.

New Anglia Capital Ltd is a private company limited by guarantee and is incorporated in England. The

address of the registered and trading offices is the same as the parent company.

ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise

specified within these accounting policies and in accordance with Financial Reporting Standard 102,

the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the

Companies Act 2006.

The financial statements are presented in Sterling which is the functional currency of the Group. They

are rounded to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain

critical accounting estimates. It also requires Group management to exercise judgment in applying

the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies

Act 2006 and has not presented its own Statement of Comprehensive Income in these financial

statements.

Due to the nature of the Company's activities, the directors consider that it would be inappropriate to

preset the Statement of Comprehensive Income in either of the standard formats recognised by the

Companies Act 2006. The format adopted has been selected as it presents the categories of income

and expenditure more accurately for readers of the financial statements.

The following principal accounting policies have been applied:

2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries

("the Group") as if they form a single entity. Intercompany transactions and balances between group

companies are therefore eliminated in full.

Page 13

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

ACCOUNTING POLICIES (CONTINUED)

2.3

REVENUE RECOGNITION

Income arising in the year is analysed into either Operational Activity or Designated Project Funding.

Operational Activity includes income received to cover the day to day core funding requirements of

the LEP such as administration costs and staff remuneration. It also includes income to fund certain

projects undertaken directly by the LEP. Designated Project Funding includes income received for

specific projects which are then distributed by the LEP to third parties. They are generally funds

provided by Government or other agencies. Costs directly attributable to designated projects are

charged against this income and shown as an expense. Where the LEP incurs costs which may be

partly attributable to Operational Activity and partly to designated projects then the Board allocate

such expenditure based on a fair and reasonable assessment of the time and cost expended on

each project.

Government grants are accounted for under the performance model as permitted by Financial

Reporting Standard 102. Government grants are recognised to the extent that it is probable that the

economic benefits will flow to the Company and the revenue can be reliably measured.

Other funding is recognised to the extent that it is probable that the economic benefits will flow to the

Company and the revenue can be reliably measured.

2.4

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive

Income on a straight line basis over the lease term.

2.5

INTEREST INCOME

Interest income is recognised in the Consolidated Statement of Comprehensive Income using the

effective interest method.

2.6

FINANCE COSTS

Finance costs are charged to the Consolidated Statement of Comprehensive Income over the term of

the debt using the effective interest method so that the amount charged is at a constant rate on the

carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated

capital instrument.

2.7

PENSIONS

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a

pension plan under which the Group pays fixed contributions into a separate entity. Once the

contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the Consolidated Statement of Comprehensive

Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance

Sheet. The assets of the plan are held separately from the Group in independently administered

funds.

Page 14

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

ACCOUNTING POLICIES (CONTINUED)

2.7

PENSIONS (continued)

Defined benefit pension plan

The Group provides retirement benefits for certain employees through the Norfolk Pension Fund, a

defined benefit pension plan. A defined benefit plan defines the pension benefit that the employee will

receive on retirement, usually dependent upon several factors including but not limited to age, length

of service and remuneration.

The liability recognised in the Balance Sheet in respect of the defined benefit plan is the present

value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan

assets at the balance sheet date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the

company engages independent actuaries to calculate the obligation. The present value is determined

by discounting the estimated future payments using market yields on high quality corporate bonds

that are denominated in sterling and that have terms approximating to the estimated period of the

future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in

accordance with the Group's policy for similarly held assets. This includes the use of appropriate

valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial

assumptions are charged or credited to other comprehensive income. These amounts together with

the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of

net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where

included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined

benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a

'finance expense'.

2.8

TAXATION

Tax is recognised in the Consolidated Statement of Comprehensive Income, except that a charge

attributable to an item of income and expense recognised as other comprehensive income or to an

item recognised directly in equity is also recognised in other comprehensive income or directly in

equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been

enacted or substantively enacted by the balance sheet date in the countries where the Company and

the Group operate and generate income.

Page 15

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

ACCOUNTING POLICIES (CONTINUED)

2.8

TAXATION (continued)

The Company operates as a not-for-profit entity, and receives direct financial support from

constituent local authorities in addition to grants from Government. It does not carry out a trade for

tax purposes. As a result, the net surplus arising from these activities is non-trading and is exempt

from corporation tax. The Company is liable to corporation tax on bank interest and other investment

income.

2.9

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated

depreciation and any accumulated impairment losses. Historical cost includes expenditure that is

directly attributable to bringing the asset to the location and condition necessary for it to be capable of

operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their

estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office improvements

- 16.67% straight line

Equipment

- 20 - 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted

prospectively if appropriate, or if there is an indication of a significant change since the last reporting

date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount

and are recognised in the Consolidated Statement of Comprehensive Income.

2.10 IMPAIRMENT OF FIXED ASSETS AND GOODWILL

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to

determine whether there is any indication that the assets are impaired. Where there is any indication

that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the

asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount

by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the

higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of

assessing impairment, assets are grouped at the lowest levels for which there are separately

identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed

at each balance sheet date to assess whether there is any indication that the impairment losses

recognised in prior periods may no longer exist or may have decreased.

Page 16

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

ACCOUNTING POLICIES (CONTINUED)

2.11 VALUATION OF INVESTMENTS

Investments in unlisted companies are inititally measured at cost, and subsequently stated at cost

less impairment.

Once an impairment loss has been identified for an asset measured at cost less impairment, its

amount is measured as the difference between the asset’s carrying amount and the amount for which

the asset could be sold at the reporting date. This amount is then recognised in the Consolidated

Statement of Comprehensive Income.

2.12 DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are

measured initially at fair value, net of transaction costs, and are measured subsequently at amortised

cost using the effective interest method, less any impairment.

2.13 CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank

loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at

amortised cost using the effective interest method.

2.14 CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions and Suffolk County

Council repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly

liquid investments that mature in no more than three months from the date of acquisition and that are

readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank

overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.15 PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Group a legal or constructive

obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate

can be made of the amount of the obligation.

Provisions are charged as an expense to the Consolidated Statement of Comprehensive Income in

the year that the Group becomes aware of the obligation, and are measured at the best estimate at

the Balance Sheet date of the expenditure required to settle the obligation, taking into account

relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

2.16 FINANCIAL INSTRUMENTS

The Group only enters into basic financial instrument transactions that result in the recognition of

financial assets and liabilities like trade and other debtors and creditors, loans from banks and other

third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each

Page 17

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

ACCOUNTING POLICIES (CONTINUED)

2.16 FINANCIAL INSTRUMENTS (continued)

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an

impairment loss is recognised in the Consolidated Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the

difference between an asset's carrying amount and best estimate of the recoverable amount, which is

an approximation of the amount that the Group would receive for the asset if it were to be sold at the

balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when

there is an enforceable right to set off the recognised amounts and there is an intention to settle on a

net basis or to realise the asset and settle the liability simultaneously.

JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION

UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and

assumptions that affect the amounts reported. These estimates and judgements are continually reviewed

and are based on experience and other factors, including expectations of future events that are believed

to be reasonable under the circumstances.

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of

applying the entity's accounting policies and that have the most significant effect on the amounts

recognised in the financial statements are as follows:

Impairment of investments

At the end of each reporting period, the Group assess whether there is objective evidence of impairment

of any financial assets that are measured at cost or amortised cost. If there is objective evidence of

impairment, the entity shall recognise an impairment loss in the Consolidated Statement of

Comprehensive Income immediately.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where

appropriate. The actual lives of the assets and residual values are assessed annually and may vary

depending on a number of factors. In re-assessing asset lives, factors such as technological innovation,

product life cycles and maintenance programmes are taken into account. Residual value assessments

consider issues such as future market conditions, the remaining life of the asset and projected disposal

values.

Page 18

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

JUDGMENTS IN APPLYING ACCOUNTING POLICIES (CONTINUED)

Pensions

The liability recognised in the balance sheet in respect of the group's retirement benefit obligations

represents the liabilties of the group's defined benefit pension scheme after deduction of the fair value of

the related assets. The schemes' liabilties are derived by estimating the ultimate cost of benefits payable

by the scheme and reflecting the discounted value of the proportion accrued by the year end in the

balance sheet. In order to arrive at these estimates, a number of key financial and non-financial

assumptions are made by management, changes to which could have a material impact upon the net

deficit and also the net cost recognised in the profit and loss account. The principle assumptions relate to

the rate of inflation, mortality and the discount rate. The assumed rate of inflation is important because this

affects the rate at which salaries grow and therefore the size of the pension that employees receive upon

retirement. Over the longer term, rates of inflation can vary significantly.

The overall benefits payable by the scheme will also depend upon the length of time that members of the

schemes live for; the longer they remain alive, the higher the cost of the pension benefits to be met by the

scheme. Assumptions are made regarding the expected lifetime of the schemes' members, based upon

recent national experience. However, given the rates of advance in medical science, it is uncertain

whether these assumptions will prove to be accurate in practice.

The rate used to discount the resulting cash flows is equivalent to the market yield at the statement of

financial position date on UK government securities with a similar duration to the schemes liabilities. This

rate is potentially subject to significant variation. The net cost recognised in the profit and loss account is

also affected by the return on the schemes' assets. The impact of the pension estimates on the group's

accounts can be seen in note 16.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely

equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that

have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities

within the next financial year are as follows:

•

Recoverability of the loans issued as investments.

•

Depreciation and estimation of the residual value of the asset at the end of its useful economic life.

•

Defined benefit pension scheme liability.

INCOME

Income arises from:

2019

2018

Grants

39,066,003

44,153,358

The whole of the income is attributable to the principal activity of the group wholly undertaken in the

United Kingdom.

Page 19

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

OPERATING SURPLUS

The operating surplus is stated after charging:

2019

2018

Operating lease rentals

77,638

60,700

Impairment of investments

620,000

Depreciation of tangible fixed assets

18,674

14,807

EMPLOYEES

Staff costs were as follows:

Group

Company

2019

2018

2019

2018

Wages and salaries

1,957,258

1,331,391

1,921,812

1,331,391

Social security costs

202,285

142,315

202,285

142,315

Defined benefit scheme service cost

103,000

Pension contributions

139,235

88,955

139,235

88,955

2,401,778

1,562,661

2,366,332

1,562,661

The directors do not receieve any emoluments.

The total remuneration payable in respect of

7 (2018: 6) key management personnel amounted to

£517,116 (2018: £389,764)

The average monthly number of employees during the year was as follows:

2019

2018

No.

Leadership Team

Project Delivery Team

Administrative Team

Page 20

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

10.

FIXED ASSET INVESTMENTS (CONTINUED)

Company

Loans

COST OR VALUATION

At 1 April 2018

9,482,226

Additions

6,549,870

Loans repaid

(3,531,004)

At 31 March 2019

12,501,092

IMPAIRMENT

Charge for the period

500,000

At 31 March 2019

500,000

NET BOOK VALUE

At 31 March 2019

12,001,092

At 31 March 2018

9,482,226

11.

DEBTORS

Group

Company

2019

2018

2019

2018

Trade debtors

217,439

207,374

217,439

207,374

Amounts owed by group undertakings

1,982,024

1,566,088

Other debtors

1,209,926

1,592,337

1,209,926

1,564,545

Prepayments and accrued income

1,168,017

1,481,305

1,168,018

1,481,305

2,595,382

3,281,016

4,577,407

4,819,312

Page 26

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

12.

CREDITORS: Amounts falling due within one year

Group

Company

2019

2018

2019

2018

Trade creditors

135,604

35,139

135,604

35,139

Corporation tax

56,389

7,341

56,389

7,341

Other taxation and social security

61,354

40,746

61,354

40,746

Other creditors

20,850

11,789

20,850

11,789

Accruals and deferred income

411,230

270,967

411,230

267,983

685,427

365,982

685,427

362,998

13.

FINANCIAL INSTRUMENTS

Group

Company

2019

2018

2019

2018

FINANCIAL ASSETS

Financial assets measured at amortised cost

53,716,422

41,135,721

51,709,589

39,569,633

FINANCIAL LIABILITIES

Financial liabilities measured at amortised

cost

(228,310)

(106,343)

(228,310)

(106,343)

Financial assets measured at amortised cost comprise equity investments, loans, accrued income, trade

debtors, other debtors and cash at bank.

Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals.

14.

COMPANY STATUS

The company is a private company limited by guarantee and consequently does not have share capital.

Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the

company in the event of liquidation.

Page 27

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

15.

RESERVES

Other reserves represent amounts received and held for specific long term projects as follows:

Surplus /

(Deficit)

transferred

from Income

Balance

and

Balance

brought

Expenditure

carried

forward

Account

forward

GROUP

Profit and Loss Account

544,490

133,629

678,119

Growing Places Capital Infrastructure

22,411,760

169,134

22,580,894

Programmes Administration

1,218,503

598,437

1,816,940

Projects Revenue Allocation

375,317

(100,940)

274,377

Enterprise Zone

911,214

69,079

980,293

Local Transport Body Reserves

31,993

Redundancy Reserve

12,309

Growing Places Other Capital Allocation

3,073,481

(1,000,000)

2,073,481

New Anglia Capital

1,887,932

820,880

2,708,812

Growth Deal

11,368,857

11,052,228

22,421,085

Growing Business Fund

554,746

(223,937)

330,809

Innovative Projects

500,000

Defined Benefit Pension Reserve

(173,000)

42,390,602

11,845,510

54,236,112

Page 28

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

15.

RESERVES (CONTINUED)

Surplus /

(Deficit)

transferred

from Income

Balance

and

Balance

brought

Expenditure

carried

forward

Account

forward

COMPANY

Profit and Loss Account

544,490

133,629

678,119

Growing Places Capital Infrastructure

22,411,760

169,134

22,580,894

Programmes Administration

1,218,503

598,437

1,816,940

Projects Revenue Allocation

375,317

(100,940)

274,377

Enterprise Zone

911,214

69,079

980,293

Local Transport Body Reserves

31,993

Redundancy Reserve

12,309

Growing Places Other Capital Allocation

3,073,481

(1,000,000)

2,073,481

New Anglia Capital

1,863,124

820,880

2,684,004

Growth Deal

11,368,857

11,052,228

22,421,085

Growing Business Fund

554,746

(223,937)

330,809

Innovative Projects

500,000

Defined Benefit Pension Reserve

(173,000)

42,365,794

11,845,510

54,211,304

Page 29

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

15.

RESERVES (CONTINUED)

The movement on Other Reserves is an overall surplus, this reflects grant income received in excess of

the grants distributed from grant reserves during the year.

The Growing Places Capital represent funding received from HM Government for the purposes of

providing financial support for infrastructure projects.

Of this balance approximately £3.3 million is scheduled to be advanced to committed projects during the

next financial year. This is in addition to the £12.5 million which is currently advanced to existing projects.

Projects Revenue Allocation is funding from the Growing Places fund set aside to fund a range of

economic development projects.

Programme Administration is part of the funding within Growing Places and Growth Deal to run the

programmes.

New Anglia Capital Fund has been established by New Anglia LEP with repaid funding from its Growing

Places Fund. These funds are managed by its subsidiary company, New Anglia Capital and are co-

invested with private investors to support start-ups with innovative ideas in high growth companies.

The Redundancy Reserve relates to monies received from sponsoring authorities on the transfer of the

company's employees under Transfer of Undertakings Protection Employment regulations to fund any

potential future redundancy expenditure in respect of those employees.

Growth Deal reserve is part of the LEP's agreed Growth Deal programme from government and is

committed to specific projects. This funding will be advanced to those projects during the next financial

year.

The Growing Business Fund is a mechanism for providing financial support to businesses in Norfolk and

Suffolk. Spending decisions for the fund rest with a panel independent to the LEP. The reserve funding

has been allocated and will be used during the next financial year.

The Innovative Projects Fund is a revenue based fund and is generated from the LEP’s Enterprise

Zones. The fund will prioritise projects which accelerate the LEP's growth of ambition, themes, sectors

and key growth locations in the Economic Strategy.

The Enterprise Zones consist of 16 identified sites and working with nine local authority partners

encourage businesses and inward investment to locate on the Enterprise Sites, encouraging innovation

and higher skilled jobs, target support to help small businesses to grow.

Local Transport Body Income is funding allocated by HM Government to support the Norfolk and Suffolk

Local Transport Body.

The Defined Benefit Pension reserve represents the Group's net liability position in relation to its defined

benefit pension scheme as at the year end (see note 16).

Page 30

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

16.

PENSION COMMITMENTS

The Group operates a Defined Contribution Pension scheme. The assets of the scheme are held

seperately from the Group in an independently administered fund. The pension cost charge represents

contributions payable by the Group to the fund and amounted to

£116,631

(2018:

£88,955).

Contributions totalling £20,827 (2018: £11,766) were payable to the fund at the balance sheet date.

The Group also operates a Defined Benefit Pension Scheme.

A full actuarial valuation of the defined benefit scheme was carried out at 31 March 2019 by a qualified

indepedent actuary. Contributions to the scheme are made by the group based on the advise of the

actuary with the aim of making good the deficit over the remaining working life of the employees.

Reconciliation of present value of plan liabilities:

2019

2018

RECONCILIATION OF PRESENT VALUE OF PLAN LIABILITIES

Current service cost

47,000

Interest income

(23,000)

Interest cost

25,000

Actuarial loss

68,000

Past service cost

56,000

AT THE END OF THE YEAR

173,000

2019

2018

Composition of plan liabilities:

Schemes wholly funded

173,000

Page 31

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

16.

PENSION COMMITMENTS (CONTINUED)

The amounts recognised in profit or loss are as follows:

2019

2018

Included in administrative expenses:

Staff pension current service costs (DB)

47,000

Staff pension past service costs (DB)

56,000

103,000

Included in other finance costs

Other interest - on defined benefit liability

25,000

Interest income on pension scheme assets

(23,000)

Net interest cost

2,000

Reconciliation of fair value of plan liabilities were as follow:

2019

2018

Opening defined benefit obligation

904,000

Current service cost

47,000

Interest cost

25,000

Contributions by scheme participants

12,000

Actuarial gains and (losses)

96,000

CLOSING DEFINED BENEFIT OBLIGATION

1,084,000

Reconciliation of fair value of plan assets were as follows:

2019

2018

Opening fair value of scheme assets

848,000

Interest income on plan assets

23,000

Actuarial gains and (losses)

28,000

Contributions by scheme participants

12,000

911,000

Page 32

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

16.

PENSION COMMITMENTS (CONTINUED)

2019

2018

Analysis of actuarial loss recognised in Other Comprehensive Income

Actual return less interest income included in net interest income

28,000

Changes in assumptions underlying the present value of the scheme

liabilities

(96,000)

(68,000)

Principal actuarial assumptions at the Balance Sheet date:

2019

2018

Discount rate

2.5

2.7

Future salary increases

2.7

2.6

Future pension increases

2.4

2.3

Mortality rates:

Years

- for a male aged 65 now

22.1

- at 65 for a male aged 45 now

24.1

- for a female aged 65 now

24.4

- at 65 for a female member aged 45 now

26.4

This is the first year that a formal actuarial valuation of the pension scheme has been performed. Since

the liability in the prior year was immaterial, a formal valuation as at 31 March 2018 has not been

performed, and hence comparatives have not been stated. The opening liability has been treated as an

expense in the current year.

Page 33

NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

17.

COMMITMENTS UNDER OPERATING LEASES

At 31 March 2019 the Group had future minimum lease payments under non-cancellable operating

leases as follows:

Group

Company

2019

2018

2019

2018

Not later than 1 year

40,878

Later than 1 year and not later than 5 years

53,142

94,021

53,142

94,021

94,020

134,899

94,020

134,899

18.

RELATED PARTY TRANSACTIONS

During the year, the company incurred rental and room hire costs from Anglia Innovation Partnership LLP

(AIP), a partnership in which Prof D Richardson has an interest by virtue of being the Vice Chancellor of

the University of East Anglia, a partner of AIP. The total amount of costs incurred were £91,757 (2018:

£61,416). At 31 March 2019 the company owed AIP £148 (2018: £nil).

During the year, the company incurred rental costs from Ardencrest Limited, a company which is a wholly

owned subsidiary of East of England Co-Operative Society. Mr D Field is joint Chief Executive Office of

East of England Co-Operative Society Limited. The total amount of costs incurred were £17,305 (2018:

£10,158). At 31 March 2019 the company owed Ardencrest Limited £nil (2018: £nil).

During the year, the company incurred legal costs from Birketts LLP, a firm in which Jeanette Wheeler is

a partner. The total amount of costs incurred were £4,814 (2018: £nil). At 31 March 2019 the company

owed Birketts LLP £nil (2018: £nil).

19.

POST BALANCE SHEET EVENTS

Since the balance sheet date, the company has received £24.6m from Central Government in respect of

the LEP's agreed Growth Deal programme for the financial year 2019/20.

Page 34