New Anglia Investment Appraisal Committee
Meeting Minutes (Confirmed)
18TH April 2018
Present:
Committee Members
Lindsey Rix (LR)
Aviva
Cllr David Ellesmere (DE)
Ipswich Borough Council
Tim Whitley
BT
Dominic Keen (DK)
High Growth Robotics
In Attendance
Iain Dunnett (ID)
New Anglia LEP
Keith Spanton (KS)
New Anglia LEP
Chris Dashper (CD)
New Anglia LEP
Tracie Ashford (TA)
New Anglia LEP
Actions from meeting 18.04.18
Horizon Projects Table
New headings detailing funding, drawdown, forecast and a RAG rating to be included and
ID
for the table to be transferred to excel.
Speculative Investment Paper
CD to make the amendments as discussed and re circulate to the Investment Appraisal
CD
Committee before the next meeting.
1
Welcome from the Chair
Lindsey Rix (LR) welcomed everyone to the meeting.
2
Apologies
Apologies were received from Sandy Ruddock, Alan Waters and John Griffiths.
3
Declarations of Interest
Full declarations of interest can be found at http://www.newanglia.co.uk/about-us/the-board/ .
Declarations relevant to this meeting: NONE
4
Minutes of the last meeting
The committee agreed the minutes were a true account from the last meeting on 21.03.18.
Actions from last meeting updated as follows:
Capital Growth Programme Verbal Update
CD/ID to review Cultural Projects - to be completed as part of the Growth Deal appraisal of
deferred projects - Ongoing.
CD to oversee review of Growth Deal projects in May - Ongoing.
Minutes from last meeting
All attendees to be listed on the agenda - Completed.
Minutes from last meeting
Horizon information to be visible at the beginning of the meeting papers in future -
Completed.
Stowmarket Atex Confidential
ID to send the committee further information on land value, draw down and cash flow for
committee consideration and recommendation to board - Completed.
5
Horizon Projects Table - Confidential
Iain Dunnett (ID) took the majority of the paper as read and reviewed the key points of the
paper.
Lindsey Rix (LR) stated this was a good start to the development of the table.
Page 1 of 3
Tim Whitley (TW) noted the absence of some data and ID explained this was only for the
current financial year.
LR would like the table to be converted into Excel with running totals and further headings of
Approved Funding, Current drawdown, drawdown forecast with these spread across the
years to 2021, RAG status to be included.
The Committee agreed
 To note the content of the paper.
 That new headings detailing funding, drawdown, forecast and a RAG rating to be
ID
included and for the table to be transferred to Excel for the next meeting.
6
Speculative Investment Paper
Chris Dashper (CD) took the majority of the paper as read and highlighted the key areas.
TW asked what sum of money this would relate to and CD explained £500,000 - £1,000,000
and that all the other factors would need to be considered.
TW said that previous awards of funding had enabled removal of a barrier for example some
additional infrastructure or enabling and he would like to see that captured in the paper.
LR agreed and also mentioned the link to the Economic Strategy and that the explicit
rationale would need to be detailed.
David Ellesmere (DE) explained the paper highlighted we were treating residential and
commercial applications the same and there should be a different criteria, DE also
highlighted the need for the match funding to be clear as would build confidence in lending.
LR said a set of return on investment guidelines were required.
LR was concerned about the capacity within the team for these types of projects with limited
resources available.
DE questioned how much it costs for the LEP to set up a speculative loan and noted that
loans would have to be priced accordingly.
LR asked for CD to amend the paper in line with the discussions and re-circulate before the
next meeting of the IAC.
The committee agreed
 To note the content of the paper.
 For CD to make the amendments as discussed and re circulate to the Investment
CD
Appraisal Committee before the next meeting.
7
West Suffolk College Engineering and Technology Centre
CD took the majority of the paper as read and reviewed the keys points of the paper
LR asked if anything had dramatically changed from the original paper and CD said there
could be some over-run costs which the LEP would not be covering- these costs were
unknown until full access to the building had been secured.
Dominic Keen (DK) asked when they would start educating students CD confirmed next
academic year.
DE asked if the LEP had ever considered owning the building and CD said that they had not
at the time but that was a potential for other non-grant aided projects.
The committee agreed
 To note the content of the paper
 For CD to present the committee recommendation at the LEP board meeting on the
CD
23rd May 2018 for the release of the remaining £3m to West Suffolk College
Engineering and Technology Centre
8
Draft Capital Growth Programme Call - Confidential Appendices
CD took the majority of the paper as read and highlighted this was an introductory paper
and reviewed the key points.
TW asked what proportion of the remaining funding was left to allocate, CD explained it
would use up the majority of the £9m 2017 call fund and some projects may qualify for a
Growing Places Fund grant, CD also explained there would still be an Autumn call for the
Page 2 of 3
remainder of the Growth Deal funding and all projects not funded now could be considered
again as part of that round.
The Committee Agreed
 To note the content of the paper.
 That the paper would come back to the Committee in May for approval and
recommendation to the May LEP board meeting
Other
14
Any Other Business
Cash Deposits - Confidential Paper circulated at meeting
Keith Spanton provided an update on the receipt from government of the Growth Deal funds
for 18/19 and where the funding would be deposited until drawn down by the approved
projects
The Committee Agreed
 To note the content of the paper
 That the funds be deposited as recommended in the paper
Next Meeting
Wednesday 23rd May 2018, 9am - 9.45am.
Co-op Education Centre, 11 Fore St, Ipswich IP4 1JW
Page 3 of 3