New Anglia LEP Investment Appraisal Committee
Wednesday 21st October 2020
Teams Meeting
9am to 9:45am
Agenda
No.
Item
1.
Welcome
Main Agenda
2.
Apologies
3.
Declarations of Interest
4a,
Minutes of previous meetings - 23 September 2020 and 5 October 2020
4b.
(additional meeting)
5
Horizon Paper and GPF repayments - Confidential
Reporting- Growing Places Fund
6,
Growing Places Fund Programme Performance Report and project RAG rating -
6a
confidential
Reporting: Growing Business Fund
7,
Growing Business Fund Programme Performance Report and SGS/GTI
7a
appendices
7b.
Items for Approval
8,
Growing Places Fund loan request - Snack Creations - Confidential. Including
8a,
confidential appendices
8b
Growing Places Fund additional grant request- Saxmundham Creative
9.
Enterprises - Confidential
Other
10.
Any Other Business
Committee Members
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
Kathy Atkinson
Kettle Foods
Martin Williams
Williams Business Advisory
Exec Members
Rosanne Wijnberg
New Anglia LEP
Chris Dashper
New Anglia LEP
Iain Dunnett
New Anglia LEP
Date and time of next meeting: Wednesday 25 November 2020. 9am-9:45am
Venue: Teams Meeting
New Anglia Investment Appraisal Committee
Meeting Minutes (Unconfirmed)
23rd September 2020
Present:
Committee Members
David Ellesmere (DE)
Ipswich Borough Council
Andrew Proctor (AP)
Norfolk County Council
Dominic Keen (DK)
High Growth Robotics
Sandy Ruddock
Scarlett & Mustard
C-J Green (CJG)
Brave Goose
Alan Waters (AW)
Norwich City Council
Martin Williams (MW)
Independent IAC Member
In Attendance
Kathy Atkinson (KA)
Kettle Foods
Rosanne Wijnberg (RW)
New Anglia LEP
Chris Dashper (CD)
New Anglia LEP
Helen Wilton (HW)
New Anglia LEP
Iain Dunnett (ID)
New Anglia LEP
ACTIONS
Growing Places Fund - Investment Opportunity and business plan
To receive the financial due diligence report from Grant Thornton
ID
1
Welcome from the Chair
David Ellesmere (DE) welcomed everyone to the meeting.
2
Apologies
Apologies were received from Tim Whitley.
3
Declarations of Interest
Andrew Proctor (AP) declared an interest in Item 9, the Growing Placed Fund Investment, as it refers to
Norfolk County Council. It was agreed that this would be addressed last.
4
Minutes of previous meeting (26th August 2020)
The minutes of the previous meeting were approved by the committee.
5
Growing Places Fund Horizon Paper (Confidential)
Iain Dunnett (ID) highlighted key points from the Horizon paper.
The Committee agreed:
• To note the content of the reports
6
Growing Business Fund Programme Performance Report and SGS/GTI appendices
Chris Dashper (CD) reviewed the Project Performance Reports included in the meeting papers and noted
that that interest in the GBF was now picking up.
The Committee agreed:
• To note the content of the report
Page 1 of 2
7
Innovative Projects Fund Programme Performance Report
CD confirmed that TCHC’s VG Incubator has submitted its first claim and that claims for the remaining 10
projects are expected anytime between now and mid-October.
The Committee agreed:
• To note the content of the report
Resilience and Recovery Fund Programme Performance Report and project approvals
8
appendix
CD confirmed that 1-2 applications continue to be received every day and a full paper will go to the LEP
board in October.
The Committee agreed:
• To note the content of the report
9
Growing Places Fund - Investment Opportunity and business plan - Confidential
This item was addressed last on the agenda.
AP left the meeting
10
Growing Places Fund- L’Arche supplemental grant request - Confidential
11
Hydrogen East feasibility study- Confidential
12. AOB
None
Page 2 of 2
Item 6 - Growing Places Fund Performance Report
Programme Overview - What is the Growing Places Fund?
• Programme duration under Growth Deal funding: 2015 - 2021.
• Value: £35m. This is the £35m Growing Places Fund element of the Growth Deal. Completed projects date back to previous funding from 2012.
• Invested £22.7 million loan capital in region’s infrastructure, sectors and growth locations. £13 million of grants provided to projects demonstrating significant regional
or local economic benefit.
• Contribution to the Economic Strategy: The fund has leveraged £143m of public investment and £149m of private investment, created 1475 new jobs, 468 new homes,
created 18,703 square metres of industrial space, provided premises for 112 new businesses to be created, supported 45 capital investment projects, and 6 sector
developments in the private and public sector.
What is the Overall Programme Status?
Green
Loans position
Winerack repayments have now exceeded £2 million.
Red
Grants position
Grants under review with existing projects to understand effect of Covid 19 and likely knock on of drawdown from 20/21 to 21/22.
Outputs
Amber
Output delivery under review.
achieved
What is our financial position?
Financials (£ millions)
Actual
Actual
Actual
Actual
Actual
Forecast
Forecast
Total
Financial Year
2015/16
2016/17
2017/18
2018/19
2019/20
2020/21
2021/22
Brought Forward
0.000
0.000
2.729
4.415
1.524
4.849
10.788
Repaid
0.000
2.088
1.597
1.031
2.129
5.838
2.575
15.257
Gov Allocation
7.967
4.092
2.790
3.720
3.720
6.646
0.000
28.935
Spend [Act/Fcst]
-7.967
-3.451
-2.701
-7.641
-2.524
-6.546
0.000
-30.830
Carried forward
0.000
2.729
4.415
1.524
4.849
10.788
13.362
13.362
What is our contribution to the Economic Strategy?
Programme performance to date
Outputs - cumulative from April 2012 to Quarter 2 2020
Actual to date
New homes built
468
New jobs created
1,749
Industrial Space created (m2)
18,157
New businesses created through provision of premises
112
Capital Build projects supported
27
Sector Developments supported
6
Match Funding - Public (£m)
121
Match Funding-Private (£m)
136
Total Match (£m)
278
What is the Project Status?
Current status of all projects.
Overall
Purple
Red
Amber
Green
Blue
status
Pipeline
At risk
Claim stage
Live
Complete
Total
8
2
7
9
25
51
Change
4
1
-2
-1
1
What are the next steps?
Continue to review effect of Covid 19 on current loan and grant arrangements.
Ensure payback returns contribute to LEP finances.
Growing Business Fund Performance Report - August 2020
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 a GBF panel which meets monthly as required .
What is the overall Programme Status?
Finance
Green
Since the autumn there has been an increase in the number of applications coming forward, these are now being progressed slowly to panel.
Outputs
Green
Based on grant approvals, the scheme started 2020/21 ahead of target.
Delivery
Green
Pipeline is greater than the funding remaining uncommitted .There was no panel meeting in August
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 attracting interest: despite COVID-19, we are seeing confidence in that some businesses submitting grant applications.
We have seen some of the businesses cancel their plans due to Covid-19 and withdraw their applications, however as many are still proceeding especially those of a medium size
At the end of 2019/20 we transferred £1m and the £331k underspend into the 2019/20 Growing Places Fund. Until the end of August we have paid out grants totaling £1,471,010.
What is our financial position?
Financials (£ million)
Year
2013 to 2016
2016/2017
2017/2018
2018/2019
2019/2020
2020/2021
Total
Profile Spend (£m)
£12.000
£3.536
£3.050
£5.096
£4.121
£2.790
£30.593
Actual Spend (£m)
£11.999
£3.001
£3.049
£4.764
£2.533
£0.724
£26.070
Remaining Spend (£m)
£0.001
£0.535
£0.001
£0.331
£1.588
£2.066
£4.522
2019/2020 Expenditure Profile
2
1
0
Q1-19/20
Q2-19/20
Q3-19/20
Q4-19/20
Quarterly Forecast
£0.698
£0.698
£0.698
£0.698
Quarterly Spend
£0.678
£0.046
£0.000
£0.000
Variance
£0.019
£0.652
£0.698
£0.698
What is our contribution to the Economic Strategy?
Actual to end of
Outputs April 2020 to March 2021
Target
Monthly Change
Shortfall
Notes
March 2021
Value of grants approved
£1,759,771
£885,109
£0
£874,662
Value of private sector match approved
£7,039,084
£6,697,529
£0
£341,555
Number of New Jobs to be Created
88
51
0
37
Value of grants claimed
£2,790,000
£723,800
£10,000
£2,066,200
Private sector match funding drawn down
£11,160,000
£5,108,589
£40,000
£6,051,411
Number of New Jobs Created
140
11
2
129
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
132
£
14,774,919
£
93,432,600
£
108,207,519
1579.5
E - Water supply, sewerage, waste management and remediation activities
5
£
454,000
£
1,902,000
£
2,356,000
35.0
F - Construction
18
£
1,581,386
£
9,418,963
£
11,000,349
167.5
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
9
£
915,801
£
5,224,238
£
6,151,230
103.0
I - Accommodation and Food Service Activities
5
£
372,000
£
2,342,138
£
2,714,138
45.5
J - Information and Communication
11
£
753,200
£
3,792,342
£
4,545,542
76.0
K - Financial and Insurance Activities
1
£
30,000
£
79,425
£
109,425
3.0
L - Real Estate Activities
23
£
2,533,331
£
15,611,382
£
18,144,713
269.6
M - Professional, Scientific and Technical Activities
1
£
20,000
£
102,191
£
122,191
4.0
N - Administrative and Support Service Activities
1
£
31,580
£
126,320
£
157,900
3.5
P - Education
8
£
502,921
£
3,159,776
£
3,662,697
55.5
Q - Human Health and Social Work Activities
2
£
320,000
£
4,737,413
£
5,057,413
32.0
R - Arts, Entertainment and Recreation
23
£
2,195,161
£
11,884,655
£
14,079,816
254.0
S - Other Service Activities
1
£
100,000
£
232,500
£
345,000
10.0
Total
270
27,750,014
207,101,978
234,875,683
3,092.1
What are the next steps?
The LEP is working with delivery partners, to ensure that the scheme can be accessed by businesses to facilitate growth during the current COVID-19 Pandemic.
As we are nearing the end of the fund, we are closely monitoring the applications that are submitted to ensure they can complete on time, 31st March 2021
New Anglia LEP
Growing Business Fund
Grant Approvals 1st April 2020 to 31st March 2021
Date
Total Project Jobs to be
Business Name
Grant Awarded Private Match
Approved
Cost
CreatedDescription of Support Given
Apr-20
£0
May-20
A J Hodgson and Sons
£82,010
£328,040
£410,050
7.0
May-20
Mid Anglian Enterprise Agency Ltd (MENTA)
£49,390
£444,519
£493,909
3.0
May-20
Crowland Cranes Ltd
£384,900
£3,464,223
£3,849,123
20.0
Jun-20
Primo Manufacturing Ltd
£120,000
£501,275
£621,275
8
Jul-20
Freight Force Distribution Ltd
£248,809
£1,959,472
£2,208,281
13
Aug-20
£0
Aug-20
£0
Sep-20
£0
Sep-20
£0
Oct-20
£0
Oct-20
£0
Oct-20
£0
Nov-20
£0
Nov-20
£0
Feb-21
£0
Feb-21
£0
Mar-21
£0
Mar-21
£0
Mar-21
£0
Mar-21
£0
£885,109
£6,697,529
£7,582,638
51.0
Small Grant Scheme Approvals (April 2020 - March 2021)
Total
Jobs to
Date
Grant
Private
Business Name
Project
be
Description of Support Given
Approved
Awarded
Match
Cost
Created
Apr-20 Genesis Sporthomes Ltd
10,272
41,088
51,360
2 Capital investment to support business growth
Apr-20 James White Drinks Ltd (2)
24,434
97,736
122,170
1 Capital & Revenue investment to support business growth
Apr-20 Frugalpac Ltd
13,427
53,712
67,139
13 Capital investment to support business growth
Apr-20 Xcell Misting Ltd
7,200
28,800
36,000
1 Capital investment to support business growth
May-20 Gnaw Chocolate Ltd (2)
4,508
18,033
22,541
5 Capital investment to support business growth
Electrical Installation and Appliance
May-20
1 Capital investment to support business growth
Testing (UK) Ltd
5,538
22,152
27,690
May-20 ASAP Branding Ltd.
5,120
20,480
25,600
0 Capital & Revenue investment to support business growth
Jun-20 CMI Print Services Ltd
13,389
31,242
44,631
0 Capital investment to support business growth
Jun-20 Smart Offices Ltd
9,000
36,000
45,000
0 Capital investment to support business growth
Jun-20 Total Site Services
4,575
18,300
22,875
1 Capital investment to support business growth
Jun-20 Lifeline24 Ltd
4,297
17,190
21,487
0 Capital investment to support business growth
Jun-20 Spa Pavilion Ltd
24,360
97,440
121,800
0 Capital investment to support business growth
Jun-20 Brief Media Ltd.
3,900
20,000
23,900
1 Capital investment to support business growth
Jun-20 WhataHoot Ltd.
24,044
96,176
120,220
2 Capital investment to support business growth
Jun-20 Rob Samrook Photography
1,026
4,098
5,124
0 Capital investment to support business growth
Jul-20 Norfolk Bluebell Wood Ltd
£2,440
9,760
12,200
0 Capital investment to support business growth
Jul-20 Tosier Chocolate Ltd (2)
£6,742
26,968
33,710
1 Capital investment to support business growth
Jul-20 Newmans Cleaning Services Ltd
£3,000
12,000
15,000
0 Capital investment to support business growth
Aug-20 Gutter Force Ltd (2)
3,578
14,312
17,890
1 Capital investment to support business growth
Aug-20 Jake Austin Window Cleaning Services
4,565
18,260
22,825
1 Capital investment to support business growth
£175,415
£683,748
£859,163
30
SGS Grants Approved Apr20-Mar21