COMPANY REGISTRATION NUMBER: 07685830
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Financial statements
31 March 2018
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Financial statements
Year ended 31 March 2018
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of cash flows
12
Notes to the financial statements
13
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Officers and professional advisers
The board of directors
Mr D Field - Chair
Ms J Wheeler
Mr S Oliver
Prof T Whitley
Mrs L Rix
Mr J Griffiths
Dr N Savvas
Mr D Ellesmere
Mr A Proctor
Prof D Richardson
Mr D Keen
Mrs S Ruddock
Mr J Reynolds
Mr M Hicks
Mr W Nunn
Mr A Waters
Registered office
Mills & Reeve LLP
1 St James Court
Norwich
Norfolk
NR3 1RU
Auditor
Lovewell Blake LLP
Chartered Accountants & statutory auditor
Excelsior House
9 Quay View Business Park
Barnards Way
Lowestoft
NR32 2HD
- 1 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Strategic report
Year ended 31 March 2018
New Anglia Local Enterprise Partnership continues drive economic growth across Norfolk and Suffolk,
investing in key projects and supporting the region's businesses.
New Anglia LEP, with local authority and business partners, launched the new Economic Strategy for
Norfolk and Suffolk in autumn 2017, highlighting the key themes for local growth - Our Offer to the World,
Driving Inclusion and Skills and Driving Business Growth and Productivity.
The LEP's Local Growth Fund with Government - totalling £290million since 2014 - is being used to support
projects and programmes which will boost skills, drive innovation, provide targeted business support and
improve transport and infrastructure. Projects funded through the Growth Deal are already benefiting the
area, including the new Broadland Northway road to the north of Norwich, the Bury St Edmunds relief road
and the flagship International Aviation Academy Norwich, which is delivering industry-leading training in
aviation careers.
The LEP's business support programmes continue to offer free and impartial advice, helping firms to grow,
develop and innovate. The level of business support awarded by the LEP through its business grants has
passed £20million, created over 2,200 jobs and attracted more than £96million in private investment.
The LEP's Enterprise Zone sites deliver space for businesses to grow. The ten-site Space to Innovate Zone
celebrated its second anniversary in spring 2018 and is already delivering on its targets. To date, the zone
is home to 56 companies, employing 247 people.
Investments through the Growing Places Fund, which provides loans to kick-start development projects, are
helping to transform the area, with projects like the Winerack on Ipswich Waterfront and the Norwich Castle
Keep showcasing the range of investments being made, from unlocking development sites to supporting
historically-important cultural tourism attractions.
LEP projects are each monitored against a series of KPIs, with their progress rag rated.
Throughout the year, the LEP continues to look to the future. Work with local authorities and businesses on
the delivery and implementation plans for the Economic Strategy continues and collaborative working has
also enhanced the recent developed of the East Integrated Transport Strategy and a Local Energy East
Strategy.
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 advanced to those projects
during the next financial year.
The majority of the LEP's funding is secured from Government, both core funding and project funding. 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 a deep dive review carried out by the Government in February 2018, New Anglia LEP's governance was
rated as outstanding in all six areas inspected.
- 2 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Strategic report (continued)
Year ended 31 March 2018
This report was approved by the board of directors on 6 September 2018 and signed on behalf of the board
by:
Mr D Field - Chair
Director
Registered office:
Mills & Reeve LLP
1 St James Court
Norwich
Norfolk
NR3 1RU
- 3 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Directors' report
Year ended 31 March 2018
The directors present their report and the financial statements of
the
group
for
the
year
ended
31 March 2018.
Directors
The directors who served the company during the year were as follows:
Mr D Field - Chair
Ms J Wheeler
Mr C Noble
Mr C Jordan
Mr S Oliver
Prof T Whitley
Mrs L Rix
Mr J Griffiths
Mr M Goodall
Ms D Tanner OBE
Dr N Savvas
Mr D Ellesmere
Mr A Proctor
Prof D Richardson
Mr D Keen
Mrs S Ruddock
Mr J Reynolds
Mr M Pendlington
Mr A Waters
Mr D Keen was appointed as a director on 19 July 2017.
Mrs S Ruddock was appointed as a director on 19 July 2017.
Mr J Reynolds was appointed as a director on 17 January 2018.
Mr M Hicks was appointed as a director on 24 May 2018.
Mr W Nunn was appointed as a director on 4 June 2018.
Mr M Goodall retired as a director on 21 June 2017.
Ms D Tanner OBE retired as a director on 21 June 2017.
Mr M Pendlington retired as a director on 20 September 2017.
Mr C Noble retired as a director on 24 May 2018.
It is with regret that the directors report that Mr C Jordan passed away on 9 June 2018.
Events after the end of the reporting period
Particulars of events after the reporting date are detailed in note 22 to the financial statements.
Reserves policy
The majority of the LEP's reserves are designated for specific projects. In addition the LEP aims to achieve
a level of general reserves sufficient to enable it to cover core operational expenditure and certain
programme costs which are reimbursed at a later date when those programmes have sufficient funds.
Disclosure of information in the strategic report
The company has prepared a strategic report in accordance with section 414C of the Companies Act 2006.
- 4 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Directors' report (continued)
Year ended 31 March 2018
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the 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 United Kingdom Generally
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and the profit or loss of the group for that
period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the company 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 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 hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
so far as they are aware, there is no relevant audit information of which the group and the company's
auditor is unaware; and
they have taken all steps that they ought to have taken as a director to make themselves aware of any
relevant audit information and to establish that the group and the company's auditor is aware of that
information.
This report was approved by the board of directors on 6 September 2018 and signed on behalf of the board
by:
Mr D Field - Chair
Director
Registered office:
Mills & Reeve LLP
1 St James Court
Norwich
Norfolk
NR3 1RU
- 5 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Independent auditor's report to the members of New Anglia Local Enterprise
Partnership Limited
Year ended 31 March 2018
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 2018 which comprise the
consolidated statement of comprehensive income, company statement of comprehensive income,
consolidated statement of financial position, company statement of financial position, consolidated
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 FRS 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
2018 and of the group's surplus for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice;
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 auditor's
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 UK, including the FRC’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.
- 6 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Independent auditor's report to the members of New Anglia Local Enterprise
Partnership Limited (continued)
Year ended 31 March 2018
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 auditor’s 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.
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.
Opinions 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 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 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 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.
- 7 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Independent auditor's report to the members of New Anglia Local Enterprise
Partnership Limited (continued)
Year ended 31 March 2018
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
Auditor's 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 auditor’s 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
of our auditor’s 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 auditor's 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.
Paul Briddon FCA BSc (Senior Statutory Auditor)
For and on behalf of
Lovewell Blake LLP
Chartered Accountants & statutory auditor
Excelsior House
9 Quay View Business Park
Barnards Way
Lowestoft
NR32 2HD
- 8 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Consolidated statement of comprehensive income
Year ended 31 March 2018
Designated
Project
Operational
Funding
Activity
Total
Total
2018
2018
2018
2017
£
£
Note
£
£
Operational income
-
1,379,015
6
1,379,015
#
986,328
Grant and project income
42,774,342
-
6
42,774,342
#
39,395,189
42,774,342
1,379,015
44,153,357
#
40,381,517
Grants issued
(26,382,074)
-
(26,382,074)
#
(37,422,327)
(26,382,074)
-
(26,382,074)
(37,422,327)
Gross surplus
16,392,268
1,379,015
17,771,283
#
2,959,190
Administrative expenses
(1,470,329)
(1,184,220)
(2,654,549)
#
(2,090,768)
Operating surplus
14,921,939
194,795
7
15,116,734
#
868,422
Interest receivable
431,299
2,454
433,753
#
222,176
Surplus on ordinary activities before
taxation
15,353,238
197,249
15,550,487
#
1,090,598
Taxation
(6,875)
(466)
11
(7,341)
#
(25,048)
Surplus for the financial year
15,346,363
196,783
15,543,146
#
1,065,550
Retained earnings at the start of the year
26,499,749
347,707
26,847,456
#
25,781,906
Retained earnings at the end of the year
41,846,112
544,490
42,390,602
#
26,847,456
All of the activities of the group are classed as continuing.
The notes on pages 12 to 23 form part of these financial statements.
- 9 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Consolidated statement of financial position
31 March 2018
2018
2017
Note
£
£
Fixed assets
Tangible assets
12
25,642
24,905
Investments
13
11,048,314
9,965,837
11,073,956
9,990,742
Current assets
Debtors
14
3,281,016
2,287,159
Investments
16
-
597,000
Cash at bank and in hand
15
28,401,612
14,363,034
31,682,628
17,247,193
Creditors: Amounts falling due within one year
17
(365,982)
(390,479)
Net current assets
31,316,646
16,856,714
Total assets less current liabilities
42,390,602
26,847,456
Net assets
42,390,602
26,847,456
Capital and reserves
Other reserves, including the fair value reserve
20
41,846,112
26,499,749
Income and expenditure account
20
544,490
347,707
Members funds
42,390,602
26,847,456
These financial statements were approved by the
board of directors and
authorised for issue on
6
September 2018, and are signed on behalf of the board by:
Mr D Field - Chair
Director
Company registration number: 07685830
The notes on pages 13 to 23 form part of these financial statements.
- 10 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Company statement of financial position
31 March 2018
2018
2017
Note
£
£
Fixed assets
Tangible assets
12
25,642
24,905
Investments
13
9,482,226
8,842,749
9,507,868
8,867,654
Current assets
Debtors
14
4,819,312
3,384,439
Investments
16
-
597,000
Cash at bank and in hand
15
28,401,612
14,363,034
33,220,924
18,344,473
Creditors: Amounts falling due within one year
17
(362,998)
(389,479)
Net current assets
32,857,926
17,954,994
Total assets less current liabilities
42,365,794
26,822,648
Net assets
42,365,794
26,822,648
Capital and reserves
Other reserves, including the fair value reserve
20
41,821,304
26,474,941
Income and expenditure account
20
544,490
347,707
Members funds
42,365,794
26,822,648
These financial statements were approved by the
board of directors and
authorised for issue on
6
September 2018, and are signed on behalf of the board by:
Mr D Field - Chair
Director
Company registration number: 07685830
The notes on pages 13 to 23 form part of these financial statements.
- 11 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Consolidated statement of cash flows
Year ended 31 March 2018
2018
2017
£
£
Cash flows from operating activities
Surplus for the financial year
15,543,146
1,065,550
Adjustments for:
Depreciation of tangible assets
14,807
11,958
Other interest receivable and similar income
(433,753)
(222,176)
Tax on surplus on ordinary activities
7,341
25,048
Accrued (income)/expenses
(12,234)
189,818
Changes in:
Trade and other debtors
(993,857)
(1,653,602)
Trade and other creditors
9,282
(2,930)
Cash generated from operations
14,134,732
(586,334)
Interest received
433,753
222,176
Tax paid
(28,889)
(8,964)
Net cash from/(used in) operating activities
14,539,596
(373,122)
Cash flows from investing activities
Purchase of tangible assets
(15,544)
(9,302)
Cash advances and loans granted
(1,639,477)
(693,368)
Purchases of other investments
(443,000)
(868,000)
Proceeds from sale of other investments
1,597,000
670,000
Net cash used in investing activities
(501,021)
(900,670)
Net increase/(decrease) in cash and cash equivalents
14,038,575
(1,273,792)
Cash and cash equivalents at beginning of year
14,363,034
15,636,826
Cash and cash equivalents at end of year
28,401,609
14,363,034
The notes on pages 13 to 23 form part of these financial statements.
- 12 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Notes to the financial statements
Year ended 31 March 2018
1.
General information
New Anglia Local Enterprise Partnership Limited is a company limiited by guarantee and is
incorporated in England. the address of its registered office is 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's operations and its principal activities are set out in the
strategic report on page 2.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting
Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Consolidation
The consolidated financial statements incorporate the accounts of New Anglia Local Enterprise
Partnership Limited and its subsidiary company, New Anglia Capital Limited, made up to 31 March
2018. Although the subsidiary company is limited by guarantee and has no share capital, the directors
consider it appropriate to consolidate on the grounds that it is under the control of the parent.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006
and has not included its individual statement of comprehensive income.
Comparatives for New Anglia Capital Limited have been incorporated into the comparative year
figures where appropriate.
- 13 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2018
3.
Accounting policies (continued)
Judgements 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:
• 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.
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:
• Depreciation and the estimation of the residual value of the asset at the end of its useful
economic life.
• Recoverability of the loans issued as investments.
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.
- 14 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2018
3.
Accounting policies (continued)
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the
reporting period. Tax is recognised in the Income and expenditure account, except to the extent that it
relates to items recognised in other comprehensive income or directly in equity. In this case, tax is
recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable surplus for the current and past periods. Current tax is measured
at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted
or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax
losses and other deferred tax assets are recognised to the extent that it is probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is
measured using the tax rates and laws that have been enacted or substantively enacted by the
reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated
depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at
the fair value at the date of revaluation less any subsequent accumulated depreciation and
subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value,
over the useful economic life of that asset as follows:
Office improvements
-
16.67% straight line
Equipment
-
20% - 33.33% Straight Line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any
accumulated impairment losses.
- 15 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2018
3.
Accounting policies (continued)
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement
constitutes a financing transaction, where it is recognised at the present value of the future payments
discounted at a market rate of interest for a similar debt instrument.
Such assets are subsequently carried at amortised cost using the effective interest method. Debt
instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of
impairment at the end of each reporting date. If there is objective evidence of impairment, an
impairment loss is recognised in profit or loss immediately.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset
expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are
transferred to another party or (c) control of the asset has been transferred to another party who has
the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional
restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual
obligation is discharged, cancelled or expires.
Pension plans
During the year, employees of the company accrued benefits under a defined benefit pension
scheme. The scheme is operated by local government and includes their own employees. As such it is
not possible to identify the company's share of the underlying assets and liabilities held within the
scheme on a consistent and reasonable basis. The scheme has therefore been accounted for as a
defined contribution scheme in accordance with FRS 102.
The company also operates a defined contribution scheme. The assets of the scheme are held
separately from those of the company. The annual contributions payable are charged to the Income
and expenditure account.
4.
Company limited by guarantee
The company is limited by guarantee and accordingly does not have share capital. Every member of
the company undertakes to contribute such amounts as may be required not exceeding £1 to the
assets of the company in the event of it being wound up while he or she is a member, or within one
year after he or she ceases to be a member.
5.
Income
Income arises from:
2018
2017
£
£
Grants
44,153,357
40,381,517
- 16 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2018
5.
Income (continued)
The whole of the income is attributable to the principal activity of the group wholly undertaken in the
United Kingdom.
6.
Operating surplus
Operating surplus or deficit is stated after charging:
2018
2017
£
£
Depreciation of tangible assets
14,807
11,958
7.
Auditor's remuneration
2018
2017
£
£
Fees payable for the audit of the financial statements
8,950
6,162
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
12,853
14,517
8.
Staff costs
The average number of persons employed by the group during the year, including the directors,
amounted to:
2018
2017
No.
No.
Directors
16
16
Delivery team
35
30
51
46
The aggregate payroll costs incurred during the year, relating to the above, were:
2018
2017
£
£
Wages and salaries
1,331,391
1,057,164
Social security costs
142,315
109,205
Other pension costs
88,955
112,985
1,562,661
1,279,354
The directors do not receive any emoluments.
The total compensation payable in respect of 6 (2017: 5) key management personnel amounted to
£389,764 (2017: £319,902).
- 17 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2018
9.
Other interest receivable and similar income
2018
2017
£
£
Interest on loans and receivables
433,753
222,176
10.
Tax on surplus on ordinary activities
Major components of tax expense
2018
2017
£
£
Current tax:
UK current tax expense
7,341
25,048
Tax on surplus on ordinary activities
7,341
25,048
Reconciliation of tax expense
The tax assessed on the surplus on ordinary activities for the year is lower than (2017: lower than) the
standard rate of corporation tax in the UK of 19% (2017: 20%).
The differences are explained below:-
2018
2017
£
£
Surplus on ordinary activities before taxation
15,550,487
1,090,598
Surplus on ordinary activities by rate of tax
264,292
218,120
Effect of income not taxable
(256,951)
(193,072)
Tax on surplus
7,341
25,048
11.
Surplus for the year of the parent company
The surplus for the financial year of the parent company was £15,543,146 (2017: £1,065,550) of
which, £12.7m is growth deal funding allocated to projects and will be used in the financial year
2018/19 as grant payments as detailed in note 20.
- 18 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2018
12.
Tangible assets
Group and company
Land and
buildings
Equipment
Total
£
£
£
Cost
At 1 April 2017
6,312
66,473
72,785
Additions
-
15,544
15,544
Disposals
-
(14,590)
(14,590)
At 31 March 2018
6,312
67,427
73,739
Depreciation
At 1 April 2017
1,578
46,302
47,880
Charge for the year
1,052
13,755
14,807
Disposals
-
(14,590)
(14,590)
At 31 March 2018
2,630
45,467
48,097
Carrying amount
At 31 March 2018
3,682
21,960
25,642
At 31 March 2017
4,734
20,171
24,905
13.
Investments
Group
Investments
other than
loans
Loans
Total
£
£
£
Cost
At 1 April 2017
973,088
8,992,749
9,965,837
Additions
443,000
1,639,477
2,082,477
Disposals
-
(1,000,000)
(1,000,000)
At 31 March 2018
1,416,088
9,632,226
11,048,314
Impairment
At 1 April 2017 and 31 March 2018
-
-
-
Carrying amount
At 31 March 2018
1,416,088
9,632,226
11,048,314
At 31 March 2017
973,088
8,992,749
9,965,837
Company
Loans
£
Cost
At 1 April 2017
8,842,749
Additions
1,639,477
Disposals
(1,000,000)
At 31 March 2018
9,482,226
Impairment
At 1 April 2017 and 31 March 2018
-
- 19 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2018
13.
Investments (continued)
Company
Loans
£
Carrying amount
At 31 March 2018
9,482,226
At 31 March 2017
8,842,749
This relates to the company's interests in long term loans advanced under the Growing Places Fund
for qualifying projects.
All loan disposals represent repayment of loans due in the year.
14.
Debtors
Group
Company
2018
2017
2018
2017
£
£
£
£
Trade debtors
207,374
116,792
207,374
116,792
Prepayments and accrued income
1,481,305
786,029
1,481,305
786,029
Other debtors
1,592,337
1,384,338
3,130,633
2,481,618
3,281,016
2,287,159
4,819,312
3,384,439
15.
Cash at bank and in hand
Group and Company
2018
2017
£
£
Current account
212,147
66,289
Accountable Body funds
27,063,789
13,240,239
Deposit account
784,412
217,408
Deposit account (notice)
339,295
837,075
Current account (ERDF)
1,839
1,906
Cash in hand
130
117
28,401,612
14,363,034
The Accountable Body funds are held on deposit on behalf of the Company by Suffolk County
Council. These funds are attributable to the Growing Places, Projects Revenue Allocation,
Programmes Administration and Growth Deal with expenditure planned in future years.
16.
Investments
Group
Company
2018
2017
2018
2017
£
£
£
£
Investments
-
597,000
-
597,000
- 20 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2018
17.
Creditors: Amounts falling due within one year
Group
Company
2018
2017
2018
2017
£
£
£
£
Trade creditors
35,139
47,779
35,139
47,779
Accruals and deferred income
270,967
283,198
267,983
282,198
Corporation tax
7,341
28,889
7,341
28,889
Social security and other taxes
40,746
22,740
40,746
22,740
Other creditors
11,789
7,873
11,789
7,873
365,982
390,479
362,998
389,479
18.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was
£50,909 (2017: £30,911).
Defined benefit plans
The amount recognised in the Income and expenditure account as an expense in relation to defined
benefit plans was £38,046 (2017: £78,294).
19.
Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial assets that are debt instruments measured at amortised cost
Group
2018
2017
£
£
Financial assets that are debt instruments measured at amortised cost
3,128,132
3,260,079
Financial liabilities measured at amortised cost
Group
2018
2017
£
£
Financial liabilities measured at amortised cost
355,657
389,479
- 21 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2018
Reserves
20.
Other reserves represent amounts received and held for specific long term projects as follows:
Surplus/ (deficit)
Balance
transferred from
Balance
brought
Income and
carried
forward Expenditure Account
forward
£
£
£
Group
Income and expenditure account
347,707
196,783
544,490
Growing Places Capital Infrastructure
20,042,674
2,369,086
22,411,760
Growing Places Other Capital Allocation
3,073,481
-
3,073,481
Projects Revenue Allocation
473,082
(97,765)
375,317
Programmes Administration
665,250
553,253
1,218,503
New Anglia Capital Fund
1,954,282
(66,350)
1,887,932
Enterprise Zone
236,323
674,891
911,214
Local Transport Body Reserves
31,993
-
31,993
Redundancy Reserve
22,664
(10,355)
12,309
Growth Deal
-
11,368,857
11,368,857
Growing Business Fund
-
554,746
554,746
26,847,456
15,543,146
42,390,602
Company
Income and expenditure account
347,707
196,783
544,490
Growing Places Capital Infrastructure
20,042,674
2,369,086
22,411,760
Growing Places Other Capital Allocation
3,073,481
-
3,073,481
Projects Revenue Allocation
473,082
(97,765)
375,317
Programmes Administration
665,250
553,253
1,218,503
New Anglia Capital Fund
1,929,474
(66,350)
1,863,124
Enterprise Zone
236,323
674,891
911,214
Local Transport Body Reserves
31,993
-
31,993
Redundancy Reserve
22,664
(10,355)
12,309
Growth Deal
-
11,368,857
11,368,857
Growing Business Fund
-
554,746
554,746
26,822,648
15,543,146
42,365,794
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 £6.8 million is scheduled to be advanced to committed projects during
the next financial year. This is in addition to the £9.5 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.
- 22 -
New Anglia Local Enterprise Partnership Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2018
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.
21.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2018
2017
2018
2017
£
£
£
£
Not later than 1 year
40,878
54,102
40,878
54,102
Later than 1 year and not later than 5
years
168,232
168,232
168,232
168,232
209,110
222,334
209,110
222,334
22.
Events after the end of the reporting period
Since the balance sheet date, the company has received £35m from Central Government in respect of
the LEP's agreed Growth Deal programme for the financial year 2018/19.
23.
Related party transactions
Company
During the year, the company incurred rental and room hire costs from Norwich Research Partners
LLP, a partnership in which Prof D Richardson has an interest. The total amount of costs incurred
were £61,416 (2017: £57,251). At 31 March 2018 the company owed Norwich Research Partners LLP
£Nil (2017: £1,130).
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 Limited. Mr D Field is joint Chief
Executive Office of East of England Co-Operative Society Limited. The total amount of costs incurred
were £10,158 (2017: £11,123). At 31 March 2018 the company owed Ardencrest Limited £Nil (2017:
£1,791).
- 23 -
