New Anglia LEP Investment Appraisal Committee
Wednesday 29th January 2020
9.00am - 9.45am
Liftshare Office, 4 Duke St, Norwich NR3 3AJ, Norfolk
Agenda
No.
Item
1
Welcome
2
Apologies
3
Declarations of Interest
4
Minutes of previous meeting held on 27th November 2019 - Confidential
5
Horizon Paper - Confidential
Reporting - Growing Business Fund
6
Growing Business Fund Performance Report
6.1
Growing Business Fund approvals
6.2
Small Grant Scheme approvals
7
Innovative Projects Fund Performance Report
Items for discussion
8
Growing Places Fund Grant Application: L’Arche Confidential
9
Growing Places Fund Loan: Hempnall Housing - Confidential
10.
Growing Places Fund: Introductory Paper, One Farm- Confidential
Other
11
Any Other Business
1
Committee Members
Lindsey Rix
Aviva
Cllr David Ellesmere
Ipswich Borough Council
Andrew Proctor
Norfolk County Council
Sandy Ruddock
Scarlett and Mustard
Alan Waters
Norwich City Council
Tim Whitley
BT
Dominic Keen
High Growth Robotics
Martin Williams
Exec Members
Rosanne Wijnberg
New Anglia LEP
Chris Dashper
New Anglia LEP
Iain Dunnett
New Anglia LEP
Tanya Nelson
New Anglia LEP
Date and time of next IAC meeting: Wednesday, 26 February 9-9:45am
Venue: Gallery Three, Ipswich Town Hall, Cornhill, Ipswich, IP1 1DH;
2
New Anglia Investment Appraisal Committee
Meeting Minutes (Unconfirmed)
27 November 2019
Present:
Committee Members
Alan Waters (AW)
Norwich City Council
Sandy Ruddock (SR)
Scarlett and Mustard
David Ellesmere (DE)
Ipswich Borough Council
Andrew Proctor (AP)
Norfolk County Council
Dominic Keen (DK)
High Growth Robotics
Tim Whitley (TW)
BT
In Attendance
Rosanne Wijnberg (RW)
New Anglia LEP
Chris Dashper (CD)
New Anglia LEP
Iain Dunnett (ID)
New Anglia LEP
ACTIONS
Circulate date for additional IAC meeting in December to accommodate at least 2 further projects for
review by the committee: CD
1
Welcome from the Chair
David Ellesmere welcomed everyone to the meeting.
2
Apologies
Apologies were received from Lindsey Rix and Martin Williams
3
Declarations of Interest
None
4
Minutes of previous meeting (30 October 2019)
The minutes of the previous meeting were approved by the committee.
5
Growing Places Fund Horizon Paper (Confidential)
Iain Dunnett (ID) took the Horizon paper as read.
The Committee had no questions on the content.
An additional telephone meeting would be scheduled in December to accommodate at least 2 further
projects on the pipeline.
Action: Circulate date for additional IAC meeting in December to accommodate at least 2 further projects
for review by the committee: CD
6
Growing Business Fund Programme Performance Report
6.1
Growing Business Fund Project approvals
6.2
Small Grant Scheme project approvals
The monthly GBF report and accompanying appendices were reviewed by the Committee with no
questions.
Page 1 of 2
7
Growing Places Fund Loan: Confidential
Iain Dunnett presented an updated paper on the project.
Subject to confirmation of affordable housing/social rent figure and efforts to achieve parity of charge with
the bank then a repayable, interest bearing loan offer of £750k was confirmed by the committee.
8
Growing Places Fund Grant Request- Confidential
Iain Dunnett presented a paper on a request for funding towards capital costs.
The Committee agreed to support the request for a grant of £250k, subject to match funding. Grant to be
paid in arrears on evidence of expenditure.
9
Growing Places Fund Grant Request: Confidential
Chris Dashper presented a paper on a request for funding from GPF.
The Committee agreed to support the request for a grant of £100k, subject to the applicant securing the
match funding required to deliver the development phase of the project.
10
Growing Places Fund Grant Request: Confidential
Iain Dunnett presented a paper on a request for funding towards capital costs.
The IAC agreed to support the request for a grant of £50k, to be paid in arrears on evidence of
expenditure.
11
Lessons Learned discussion: Confidential
Chris Dashper provided a lesson’s learned paper on an investment project.
The Committee noted the contents of the report.
12
Any Other Business
None
Page 2 of 2
Growing Business Fund Performance Report - December 2019
Programme Overview - What is the Growing Business Fund?
Launched in April 2013, the Growing Business Fund provides grants for businesses to enable growth, an increase productivity and job creation.
Capital grants between £25,000 and £500,000 are provided at up to 20% of project costs for SMEs, with an enhanced rate for small businesses located in an Assisted Area (until 2021).
Funding for the Growing Business Fund is provided on an annual basis by the LEP's Growth Deal.
The fund is accessed through the New Anglia Growth Hub with Due Diligence undertaken by Finance East and agreed by the monthly GBF panel meetings as required .
What is the overall Programme Status?
Finance
Amber
Over the summer we have seen reduced interest, and applications are taking longer to develop and bring to panel.
Outputs
Amber
Based on recent grant applications, reduced spend and pipeline, the scheme will possibly underperform against the current targets for the year 2019/20.
Delivery
Green
We now have a healthy pipeline of applications, current projects and historic approvals which will help to ensure that the fund performs well.
What are our key updates?
Participant SMEs of the Scale Up New Anglia programme are being offered a range of support including applications to GBF (where appropriate).
This is still the LEP flagship grant scheme with many enquiries, however, perhaps due to Brexit we are seeing requests for funding for smaller less ambitious projects actually submitted.
Due to a slowing down the number and value of applications to panel is reducing, three in October totalling £250,000 and two November £127,000.
Of our 2019/20
£4.121m budget, 16 applications, £1.686m is existing commitment from 2018/19; of which £128,000 (2 applications) are still to be claimed and 2 applications have withdrawn.
What is our financial position?
Financials (£ million)
Year
2013 to 2016
2016/2017
2017/2018
2018/2019
2019/2020
2020/2021
Total
Profile Spend (£m)
£12.000
£3.536
£3.050
£5.096
£4.121
£2.790
£30.593
Actual Spend (£m)
£11.999
£3.001
£3.049
£4.764
£2.148
£24.961
Remaining Spend (£m)
£0.001
£0.535
£0.001
£0.331
£1.973
£2.790
£5.631
2019/2020 Expenditure Profile
2
1
0
Q1-18/19
Q2-18/19
Q3-18/19
Q4-18/19
Quarterly Forecast
£1.030
£1.030
£1.030
£1.030
Quarterly Spend
£0.963
£0.631
£0.554
£0.000
Variance
£0.067
£0.399
£0.476
£1.030
What is our contribution to the Economic Strategy?
Actual to end of
Outputs April 2019 to March 2020
Target
Monthly Change
Shortfall
Notes
November 2019
Value of grants approved
£4,121,000
£1,113,953
£0
£3,007,047
Value of private sector match approved
£16,484,000
£5,171,160
£0
£11,312,840
Number of New Jobs to be Created
206
72
0
135
Value of grants claimed
£4,121,000
£2,147,829
£304,866
£1,973,171
Private sector match funding drawn down
£16,484,000
£9,239,081
£1,503,861
£7,244,919
Number of New Jobs Created
206
165
5
41
What is the project status?
The following table shows grants approved by sector since the start of the programme in 2013/14
Number of
Projects
Grants
Private
Total Project
Jobs to be
Sector
Approved
Approved
Match
Costs
Created
A - Agriculture, Forestry and Fishing
3
£
235,899
£
1,018,543
£
1,254,442
58.0
B - Mining and Quarrying
1
£
100,000
£
1,654,600
£
1,754,600
10.0
C - Manufacturing
129
£
14,300,026
£
92,094,168
£
106,394,194
1556.5
E - Water supply, sewerage, waste management and remediation activities
4
£
274,000
£
1,174,000
£
1,448,000
26.0
F - Construction
16
£
1,136,486
£
5,514,740
£
6,651,226
144.5
G - Wholesale and retail trade; repair of motor vehicles and motorcycles
26
£
2,829,816
£
52,382,892
£
55,212,708
386.0
H - Transportation and Storage
8
£
666,992
£
3,275,957
£
3,942,949
90.0
I - Accommodation and Food Service Activities
5
£
372,000
£
2,342,138
£
2,714,138
45.5
J - Information and Communication
10
£
717,700
£
3,537,616
£
4,255,316
74.0
K - Financial and Insurance Activities
1
£
30,000
£
79,425
£
109,425
3.0
L - Real Estate Activities
1
£
100,000
£
232,500
£
345,000
10.0
M - Professional, Scientific and Technical Activities
22
£
2,459,931
£
15,317,782
£
17,777,713
264.6
N - Administrative and Support Service Activities
22
£
2,145,771
£
11,440,136
£
13,585,907
251.0
P - Education
1
£
20,000
£
102,191
£
122,191
4.0
Q - Human Health and Social Work Activities
1
£
31,580
£
126,320
£
157,900
3.5
R - Arts, Entertainment and Recreation
8
£
502,921
£
3,159,776
£
3,662,697
55.5
S - Other Service Activities
2
£
320,000
£
4,737,413
£
5,057,413
32.0
Total
260
£
26,243,122
£
198,190,197
£
224,445,819
3014.1
What are the next steps?
The LEP is working with delivery partners, to ensure that the scheme has a greater focus on business growth and productivity.
As part of the marketing Action Plan a number of case studies have been commissioned and the growth hub website revamped, plus new literature and banners for launching in January 2020.
11
New Anglia LEP
Growing Business Fund
Grant Approvals 1st April 2019 to 31st March 2020
Date
Total Project Jobs to be
Business Name
Grant Awarded Private Match
Approved
Cost
CreatedDescription of Support Given
Apr-19
Anglian Plant Ltd
£170,000
£681,915
£851,915
8 Capital grant to support business growth
May-19
Portable Space Ltd (2)
£78,378
£313,513
£391,891
5 Capital grant to support business growth
May-19
Goldwell Manufacturing Services Ltd
£40,000
£96,200
£136,200
2 Capital grant to support business growth
May-19
Belle Coachworks Ltd (4)
£36,000
£85,151
£121,151
5 Capital grant to support business growth
May-19
HBD Europe Ltd (2)
£52,388
£341,133
£393,521
6 Capital grant to support business growth
Jul-19
Bendart Limited
£42,500
£99,495
£141,995
4 Capital grant to support business growth
Jul-19
Fathom
£40,000
£162,821
£202,821
4 Capital grant to support business growth
Jul-19
Hugh Crane Cleaning Equioment Ltd
£56,369
£507,327
£563,696
5 Capital grant to support business growth
Jul-19
Anglia Indoor Karting (Ipswich) Ltd
£40,000
£126,060
£166,060
2 Capital grant to support business growth
Aug-19
William Moorfoot Ltd
£50,000
£283,067
£333,067
2.5 Capital grant to support business growth
Aug-19
Timber Frame Management Ltd
£35,662
£142,649
£178,311
2 Capital grant to support business growth
Sep-19
Musks Limited
£71,469
£285,876
£357,345
4 Capital grant to support business growth
Sep-19
Edmondson Hall (Moved from SGS approvals)
£25,000
£371,148
£396,148
0 Capital grant to support business growth
Oct-19
Hollinger Print Ltd
£57,000
£228,000
£285,000
3 Capital grant to support business growth
Oct-19
Equipmake Ltd
£121,997
£487,988
£609,985
7 Capital grant to support business growth
Oct-19
Richmond Defence Systems Ltd
£70,000
£282,500
£352,500
4 Capital grant to support business growth
Nov-19
Plastech Industries Ltd
£56,500
£226,046
£282,546
3 Capital grant to support business growth
Nov-19
LiMAR Oil Tools (UK) Ltd
£70,690
£450,271
£520,961
5 Capital grant to support business growth
£1,113,953
£5,171,160
£6,285,113
71.5
12
Small Grant Scheme Approvals (April 2019 - March 2020)
Total
Jobs to
Date
Grant
Private
Business Name
Project
be
Description of Support Given
Approved
Awarded
Match
Cost
Created
Apr-19
DXB Pumps & Power Ltd.
£16,845
£67,385
£84,230
1.0
Capital investment to support business growth
Apr-19
Bradleys (Stowmarket) Ltd. (2)
£17,919
£71,679
£89,598
0.0
Capital investment to support business growth
Apr-19
Praxis42 Ltd.
£6,362
£25,449
£31,811
4.0
Capital investment to support business growth
Apr-19
Edmondson Hall
£25,000
£371,148
£396,148
0.0
Capital investment to support business growth
Apr-19
The Penny Bun Bakehouse Ltd.
£7,203
£16,807
£24,010
0.0
Capital investment to support business growth
Apr-19
Criterion Ices Ltd.
£19,515
£78,064
£97,579
2.0
Capital investment to support business growth
Apr-19
Fruitful Media Ltd.
£8,805
£35,222
£44,027
7.0
Capital investment to support business growth
Apr-19
Tosier Chocolate Ltd.
£2,724
£10,900
£13,624
1.0
Capital investment to support business growth
May-19
Apex Print & Promotion Ltd.
£9,930
£39,720
£49,650
2.0
Capital investment to support business growth
May-19
Pastonacre Ltd
£4,305
£17,224
£21,529
1.0
Capital investment to support business growth
May-19
Donald Utting & Sons Ltd (2)
£24,973
£99,892
£124,865
0.0
Capital investment to support business growth
May-19
Safety Devices International Ltd
£5,600
£22,400
£28,000
0.0
Capital investment to support business growth
May-19
A J Laminated Beams Ltd
£5,500
£22,000
£27,500
0.0
Capital investment to support business growth
May-19
P J Lee Hire & Sales Ltd
£6,600
£26,400
£33,000
2.0
Capital investment to support business growth
May-19
Newton Automotive Ltd (2)
£16,160
£64,640
£80,800
1.0
Capital investment to support business growth
Jun-19
Timberwolf Ltd
£18,275
£73,100
£91,375
0.0
Capital investment to support business growth
Jun-19
CapTrac Ltd
£25,000
£101,844
£126,844
0.0
Capital investment to support business growth
Jun-19
Yum Yum Tree Fudge Ltd
£10,905
£43,620
£54,525
0.0
Capital investment to support business growth
Jun-19
N-Ergise Ltd
£25,000
£64,285
£89,285
1.0
Capital investment to support business growth
Jun-19
Emkay Plastics Ltd
£14,453
£57,814
£72,267
0.0
Capital investment to support business growth
Jun-19
Vinyl Installation Ltd
£7,200
£16,800
£24,000
0.0
Capital investment to support business growth
Jun-19
C.S. (Computer Services) Ltd.
£1,749
£6,996
£8,745
0.0
Capital investment to support business growth
Jul-19
The Space Burston
£9,313
£52,775
£62,088
2.0
Capital investment to support business growth
Jul-19
Clenshaw Minns Ltd
£21,740
£86,963
£108,703
1.0
Capital investment to support business growth
Jul-19
Able Cleaning & Hygiene Supplies
£1,113
£4,455
£5,568
0.0
Capital investment to support business growth
Jul-19
Sabrefix (UK) Limited
£4,260
£17,040
£21,300
3.0
Capital investment to support business growth
Jul-19
E Rand & Sons Limited
£4,247
£16,991
£21,238
0.0
Capital & Revenue investment to support business growth
Aug-19
EGM Products Ltd
£12,575
£50,304
£62,879
2.0
Capital investment to support business growth
Aug-19
Saw Media Limited
£1,611
£6,447
£8,058
1.0
Capital investment to support business growth
Aug-19
ASBT Holdings Ltd
£6,188
£24,754
£30,942
3.0
Capital investment to support business growth
Aug-19
Intelligent Resource Management Ltd
£3,000
£12,000
£15,000
0.0
Capital investment to support business growth
Aug-19
Suffolk Yacht Harbour Ltd
£2,919
£11,678
£14,597
0.0
Capital investment to support business growth
Aug-19
Twyfords To You Limited
£12,545
£50,182
£62,727
1.0
Capital investment to support business growth
Sep-19
Finn Geotherm UK Ltd
£4,550
£18,200
£22,750
0.0
Capital investment to support business growth
Sep-19
Lexhag Ltd
£9,972
£39,888
£49,860
0.0
Capital & Revenue investment to support business growth
Sep-19
Stephen Green & Associates Limited
£9,973
£39,892
£49,865
1.0
Capital investment to support business growth
Sep-19
Display Products Ltd
£22,500
£52,500
£75,000
6.0
Capital investment to support business growth
Sep-19
Mio Conferencing Limited
£9,105
£36,420
£45,525
1.0
Capital & Revenue investment to support business growth
Sep-19
Edmondson Hall
-£25,000
-£371,148
-£396,148
0.0
Moved from SGS to GBF
Oct-19
The Rainbird Partnership Ltd
3,668
14,673
18,341
1.0
Capital & Revenue investment to support business growth
Oct-19
WBC (Norfolk) Ltd
5,048
20,195
25,243
1.0
Capital investment to support business growth
Oct-19
Steele Media Ltd
25,000
155,000
180,000
1.0
Capital & Revenue investment to support business growth
Oct-19
SSAF Window Films Ltd
3,490
13,961
17,451
0.0
Capital investment to support business growth
Oct-19
Revolution Fitness Academy Ltd
8,007
32,029
40,036
2.0
Capital investment to support business growth
Oct-19
Tom Soper Photography
2,191
8,766
10,957
0.0
Capital investment to support business growth
Oct-19
Surftech Surfaces Ltd
12,210
48,840
61,050
2.0
Capital investment to support business growth
Nov-19
Re Form Sports Fitness Ltd
13,078
52,314
65,392
2.0
Capital investment to support business growth
Nov-19
David Holliday Limited
2,820
11,280
14,100
0.0
Capital investment to support business growth
Nov-19
Creative Image Management Ltd.
10,260
41,040
51,300
0.0
Capital investment to support business growth
Nov-19
Big House Holiday Rentals Ltd.
4,800
19,200
24,000
0.0
Capital investment to support business growth
Nov-19
H. Smith & Sons (Honingham) Limited
8,133
32,533
40,666
0.0
Capital investment to support business growth
£489,339
£1,932,561
£2,421,900
52.0
SGS Grants Approv3d Apr19-Mar201
Innovative Projects Fund - 2018 Projects Call
Programme Overview - What is the Innovative Projects Fund
The Innovative Projects Fund is a revenue grant programme that provides funding towards innovative projects to support the delivery of the themes and activities identified in the
Economic and Industrial Strategies. The first call of the Innovative Projects Fund was made in October 2018 with a remit to facilitate innovative projects supporting economic growth
and the delivery of the Economic Strategy utilising revenue from the Enterprise Zone Pot C.
What is the Overall Programme Status?
6 out of the 7 projects have signed Offer Letters. All 6 projects with signed Offer Letters are now in the delivery phase and in the process of
Overall:
Green
claiming their allocations.
5 of the 7 projects have been delayed in starting their projects due to meeting Offer Letter conditions and delays in staff appointments. All
Delivery:
Green
projects are now delivering within approved re-profiled timeframes.
Spend:
Amber
Total forecast spend by the end of Quarter 2 was £85,682, Actual spend is £43,781.
Outputs:
Green
No accumulated outputs were forecast by the end of quarter 2.
What are our Key Updates?
•Since quarter one all projects except Building Supply Chain Skills Capacity and the Cornhill project re-profiled their expenditure.
•Norwich University of Arts’ Connecting Creative Capital was re-approved at the October 2019 IAC. £100,000 was approved.
•Suffolk County Council’s Fit for Nuclear project has now met the conditions of the IAC's offer of funding. £118,000 has been approved. The project will now be led by West Suffolk
College. The project will commence ASAP after receipt of a signed Offer Letter.
•There are now 7 projects under the 2018 call of the Innovative Projects Fund with a combined allocation and commitment of £539,531.
•The value of claims for Quarter 2 is: £37,200.62
•Accumulated claims /spend for the IPF to date is £43,781
•A claim of £32,499.45 is pending for Quarter 2.
•Local Authority match funding of £47,579.05 has been recorded.
•Private Match Funding of £28,287.89 has been recorded.
•1 part time job has been created, 10 jobs have been safeguarded and 6 businesses have been supported.
What is our Financial Position?
Financials (£ million)
Forecast
Actual
Forecast
Forecast
Financial Year
2019/20
2019/20
2020/21
2021/22
Brought Forward
0.000
0.308
0.129
LEP Allocation
0.540
0.000
0.000
Spend [Act/Fcst]
0.231
0.044
0.179
0.129
Committed
0.231
0.188
0.179
0.129
Carried forward
0.308
0.308
0.129
0.000
2019/20 Expenditure
600,000.00
500,000.00
400,000.00
300,000.00
200,000.00
100,000.00
-
Q1-19/20
Q2-19/20
Q3-19/20
Q4-19/20
20/21
21/22
Axis Title
Qtrly Forecast
Qtrly Claims
Available IPF
What is our contribution to the Economic Strategy?
Quarter/ year:
2 (Jul - Sept) 2019
Forecast to
Outputs - cumulative from April 1st to 30th September 2019 (Quarter 2)
Actual to date
Pending
2022
Number of Direct Full-Time Jobs Created
0
65
High Value Jobs created
0
59
Number of Jobs Safeguarded
10
60
Number of businesses created
0
12
Number of Businesses Supported (at least 12 hrs of support)
6
94
Number of Learners
0
49
Number of businesses created
0
41
Number of part time jobs created
1
3
0
What is the Project Delivery Status?
Building Supply Chains - NCC: This project made a combined claim for quarters 1 and 2 totalling £19,526. NCC in partnership with Vattenfall and the Chambers of Commerce have
held 3 Supply Chain workshops for local business. The project has provided 6 businesses with at least 10 hours of support each. Public match funding of £4,793 and private match
funding of £14,732 has been spent. Expenditure of £17,000 is expected within the next quarter.
The Ipswich Cornhill Action Plan- Ipswich Central: A claim of £17,675 was made for Quarter 2. A claim of £12,000 is forecast for Quarter 3. Twelve new events were approved
and delivered through collaboration between Ipswich Borough Council and Ipswich Central. The project created the equivalent of 1 part time job. Private match funding of £13,555 has
been spent.
Growing the Year-Round Economy - Visit East of England: This project made a combined claim for quarters 1 and 2 totalling £32,499.49. Payment from New Anglia LEP is
pending awaiting the receipt of defrayal evidence. Accommodation and event ticketing has been now built into the website, VEE is now linking with Greater Anglia, Stenna Line and
other transport providers. VEE will now start promoting the new website to the public, promoting the free listings to businesses and services, and building the business and consumer
mailing lists.
The Catapult - The Catapult Network: The project has been delayed pending the appointment of the Innovation Manager for the ORE Catapult. The new post holder, based at Orbis
Energy in Lowestoft will begin on 1st January 2020.
Norfolk & Suffolk Offshore Wind Competitiveness Positioning Programme - GYBC: The project has been delayed somewhat pending the appointment of SCC's Business
Development Manager and the Offshore Wind Marketing Manager. The project has incurred some expenditure via Offshore Wind / promotional events.
Fit for Nuclear - SCC: This project has now met the conditions of the IAC's Innovative Projects Fund Offer. £118,000 has been approved. The project will now be led by West Suffolk
College. The project will commence ASAP after receipt of a signed Offer Letter.
Creating Creative Capital - NUA: This project was re-approved by the IAC in October 2019. The project has submitted a signed offer letter and will start ASAP.
What are the Next Steps?
A 2019/20 Call of the IPF Programme, with a budget of £1.5million, closed on 20th December 2019. 37 applications were received with a total ask of £3,095,196. The applications
have a total projects value of £6,790,048. The applications are now with the externally appointed appraisal consultants. A report highlighting the recommendations for the approval
and rejection of projects will be made available for the IPF Panel on 11th March 2020.
The Programmes Case Worker for the IPF Programme is working with Project Leaders to ensure claims and associated monitoring reports are received for quarter 3.
15