New Anglia LEP Investment Appraisal Committee
Wednesday 23rd September 2020
Teams Meeting
9am to 9:45am
Agenda
No.
Item
1.
Welcome
Main Agenda
2.
Apologies
3.
Declarations of Interest
4.
Minutes of previous meeting - 26th August 2020
5,
Horizon Paper and GPF repayments - Confidential
5a
Reporting: Growing Business Fund
6,
Growing Business Fund Programme Performance Report and SGS/GTI
6a
appendices
6b.
Reporting: Innovative Projects Fund
7.
Innovative Projects Fund Programme Performance Report
Reporting: Resilience and Recovery Fund
8,
Resilience and Recovery Fund Programme Performance Report and project
8a
approvals appendix
Items for Approval
9.
Growing Places Fund - Investment Opportunity and business plan- Confidential
9a
10.
Growing Places Fund- L’Arche supplemental grant request- Confidential
11.
Hydrogen East feasibility study- Confidential
Other
12.
Any Other Business
1
Committee Members
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
C-J Green
Brave Goose
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 21st October 2020. 9am-9:45am
Venue: Teams Meeting
2
New Anglia Investment Appraisal Committee
Meeting Minutes (Unconfirmed)
26th August 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
Martin Williams (MW)
Independent IAC Member
In Attendance
Chris Starkie (CS)
New Anglia LEP
Chris Dashper (CD)
New Anglia LEP
Helen Wilton (HW)
New Anglia LEP
Iain Dunnett (ID)
New Anglia LEP
ACTIONS
ACTION: A presentation to the IAC on the vertical farm project to be scheduled - ID/HW
1
Welcome from the Chair
David Ellesmere (DE) welcomed everyone to the meeting.
2
Apologies
Apologies were received from Tim Whitley, Alan Waters and Rosanne Wijnberg.
3
Declarations of Interest
DE declared an interest on Item 8, the Wolsey Theatre Grant Request and Item 9, the Ipswich Cornhill
Grant amendment.
Andrew Proctor (AP) declared an interest in Item 7, the Growing Places Fund investment.
4
Minutes of previous meeting (21st July 2020)
The minutes of the previous meeting were approved by the committee.
As per the action from the last meeting Iain Dunnett (ID) confirmed that the loan end date on the
Winerack was 30th May 2021.
5
Growing Places Fund Horizon Paper (Confidential)
ID highlighted key points from the Horizon paper.
The Committee agreed:
• To note the content of the report
Page 1 of 3
6
LGF - Food Innovation Centre Update - Confidential
7
Growing Places Fund: Investment Opportunity - Confidential
This item was addressed last on the agenda.
AP left the meeting.
The Committee agreed:
• To note the content of the report
8
Growing Places Fund: Wolsey Theatre Additional Grant Request - Confidential
DE left the meeting
The Committee agreed:
• To note the content of the report
Innovative Projects Fund (2019): Ipswich Cornhill Grant Agreement Amendment -
9
Confidential
DE returned to the meeting
10
Local Growth Fund Reapportionment: NCC Transport Packages
CD presented a paper requesting reapportionment of Local Growth Fund be made to existing NCC
Transport Packages as the allocated Growth Deal Funding will not be spent by the March 2021 deadline.
The reapportionment is as follows:
1. Transfer of £1,150,000 from the Great Yarmouth Transport Package to the Great Yarmouth Third
River Crossing.
2. Transfer of £100,000 from the Great Yarmouth Rail Station Interchange Package to the Great
Yarmouth Third River Crossing.
3. Transfer of £302,000 from the Thetford Transport Package to the Great Yarmouth Third River
Crossing.
CS noted that all the original projects had been agreed back in 2015 and had largely been delivered.
The Committee agreed:
• To note the content of the report
Page 2 of 3
• To approve the reapportionment of NCC transport packages as details above
11
Any Other Business
None
Page 3 of 3
Growing Business Fund Performance Report - July 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
Despite COVID-19, we still have a healthy pipeline of applications being developed and coming forward for approval .
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 July we have paid out grants totaling £713,800.
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
£0.714
£26.060
Remaining Spend (£m)
£0.001
£0.535
£0.001
£0.331
£1.588
£2.076
£4.532
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
£0.036
£0.000
£0.000
Variance
£0.019
£0.662
£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
£248,809
£874,662
Value of private sector match approved
£7,039,084
£6,697,529
£1,959,472
£341,555
Number of New Jobs to be Created
88
51
13
37
Value of grants claimed
£2,790,000
£713,800
£35,500
£2,076,200
Private sector match funding drawn down
£11,160,000
£5,068,589
£254,726
£6,091,411
Number of New Jobs Created
140
9
2
131
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
11
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
Description of Support Given
Approved
Cost
Created
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
12
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 Local 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?
Overall:
Green
7 out of the 7 projects have Offer Letters.
Delivery:
Green
7 out of 7 projects are now in their delivery phase. The Ipswich Cornhill Project has been completed.
Spend:
Green
Profiled Spend to the end of 2020/21 Quarter 2 is £197,352. Actual Spend to date is £201,040.
Outputs:
Green
No accumulated outputs are forecast by the end of Quarter 2.
What are our Key Updates?
•There are 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 the first year (2019/20) was 140,001.15.
•Profiled Spend to the end of Quarter 2 2020/21 is £197,352. Actual Spend to date is 201,040. Over achieving by £3,688.
•£61,038 has been claimed so far in this financial year, bringing the total spend to date to £168,617.
•Local Authority match funding of £139k and Private match funding of £106k has been recorded.
What is our Financial Position?
Financials (£ million)
Forecast
Actual
Forecast
Actual
Actual
Actual
Actual
Forecast
Financial Year
2019/20
2019/20
2020/21
Q1-20/21
Q2-20/21
Q3-20/21
Q4-20/21
2021/22
Brought Forward
0.000
0.400
0.400
0.391
0.203
LEP Allocation
0.540
0.540
0.000
0.000
0.000
0.000
Spend [Act/Fcst]
0.170
0.140
0.197
0.009
0.052
0.203
Committed
0.170
0.000
0.197
0.188
0.136
0.203
Carried forward
0.369
0.400
0.203
0.391
0.339
0.000
2020/21 Expenditure
600,000.00
500,000.00
400,000.00
300,000.00
200,000.00
100,000.00
-
2019/20
Q1-20/21
Q2-20/21
Q3-20/21
Q4-20/21
2021/2022
Axis Title
Qtrly Forecast
Qtrly Claims
Available IPF
What is our contribution to the Economic Strategy?
Quarter/ year:
4 (Jan -Mar) 2020
Programme Target
Outputs - cumulative from April 1st 2019 to 31st March 2020 (Quarter 4)
Actual to date
to 2021
Number of Direct Full-Time Jobs Created
1
65
High Value Jobs created
1
59
Number of Jobs Safeguarded
10
60
Number of businesses created
0
12
Number of Businesses Supported (at least 12 hrs of support)
25
94
Number of Learners
0
49
Number of businesses created
0
41
Number of part time jobs created
4
0
What is the Project Delivery Status?
Building Supply Chains - NCC: This full grant award has now been paid to this project. The project has been suspended during the COVID Restrictions and delay of the offshore
Vattenfall development. A meeting is to be arranged with the LEP Sector Team to assist the BSCS Project. The project has so far, provided 25 businesses with at least 10 hours of
support each. Public match funding of £5,298.39 and private match funding of £20,220.35 has been spent to date.
The Ipswich Cornhill Action Plan- Ipswich Central: A claim of £23,712.05 was submitted late for Quarter 3 and a further claim of £2,032.95 was paid in Quarter 4. This project has
been completed. The project attracted £57,391.41 in Public Match Funding and £34,301.74 in Private Match funding. It created 62 new events in the Cornhill, increased dwell time by
9.75% and created a 27.75% increase in visits to the area.
Growing the Year-Round Economy - Visit East of England: This project made a third claim for £12,644. A 4th claim is imminent. Two data stewards and administrator are now
facilitated in an office with the Affinity Agency who are developing the website. This gives them instant access to developers and client manager and help speed their work. The
accommodation booking API is now functional and VEE is working with partners ‘Staylists’ to encourage more accommodation venues to sign up.
The Catapult - The Catapult Network: The Catapult - The Catapult Network: The new post holder, Andy Holyland based at Orbis Energy in Lowestoft started on 1st January 2020. 2
claims have been paid to date totalling £13,939. The same total of Private Match has been recorded.
Norfolk & Suffolk Offshore Wind Competitiveness Positioning Programme - GYBC: A first claim has been received evidencing total expenditure of £108,437. £32,422 has been
paid to GYBC. The claim highights Local Authority match funding of £27,499 and other public match of (Pot B)
£48,514.
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 has started and a project claim has been made totalling £2,074.
Creating Creative Capital - NUA: This project was re-approved by the IAC in October 2019. The project has submitted a signed offer letter and has claimed £20,000 to kick start the
project. This project is being paid in stages. The next payment of £70,000 is expected to be paid in April 2021. A monitoring report has been recieved for the first quarter.
What are the Next Steps?
The Programmes Case Worker for the IPF Programme is working with Project Leaders of the 2018 project call to ensure claims and associated monitoring reports are received for
Quarter 2 of 2020/21.
15
Innovative Projects Fund - 2019 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 Local Industrial Strategies. The second call of the Innovative Projects Fund was made in October 2019 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?
Overall:
Green
11 out of the 18 projects have Offer Letters. 4 are currently with SCC and 3 projects have yet to return their re-profiles.
Delivery:
Green
11 out of 18 projects are now in their delivery phase.
Spend:
Amber
Profiled Spend to the end of Quarter 2 (2020/21) is £216,828.52. Actual Spend to date is £15,674
Outputs:
Green
No accumulated outputs are forecast by the end of Quarter 2.
What are our Key Updates?
•18 projects have a combined allocation of £1,522,372.
•11 projects now have their Grant Offer Letters and have commenced.
•£15,674 has been claimed so far in this financial year.
•Private match funding of £10,450 has been recorded.
What is our Financial Position?
Financials (£ million)
Forecast
Forecast
Actual
Forecast
Actual
Forecast
Actual
Financial Year
2020/21
Q1-20/21
Q2-20/21
Q3-20/21
Q3-20/21
Q4-20/21
Q4-20/21
Brought Forward
LEP Allocation
1.522
1.522
1.522
Spend [Act/Fcst]
0.000
0.217
0.016
Committed
1.522
0.217
0.20
Carried forward
1.522
1.306
Expenditure
2,000,000.00
1,500,000.00
1,000,000.00
500,000.00
-
Q1-20/21
Q2-20/21
Q3-20/21
Q4-20/21
2021/2022
Axis Title
Qtrly Forecast
Qtrly Claims
Available IPF
What is our contribution to the Economic Strategy?
Quarter/ year:
2 (Jul - Sept) 2020
Programme
Outputs - cumulative from April 1st 2019 to 31st March 2020 (Quarter 4)
Actual to date
Target to 2022
Number of Direct Full-Time Jobs Created
1
High Value Jobs created
Number of Jobs Safeguarded
Number of businesses created
Number of Businesses Supported (at least 12 hrs of support)
Number of Learners
Number of businesses created
Number of part time jobs created
1
What is the Project Delivery Status?
TCHC’s VG Incubator has submitted its first claim. 1 new FTE job and 1 PTE job have been created. 15 learners have joined the Programme.
•Claims for the remaining 10 projects (with Offer Letters) are expected anytime between now and mid-October.
•A further 4 projects are awaiting their Offer Letters from SCC.
What are the Next Steps?
The Programmes Case Worker for the IPF Programme is working with Project Leaders of the 2019 project call to ensure claims and associated monitoring reports are received for
Quarter 2 of 2020/21.
16
Business Resilience and Recovery Programme
Programme Overview - What is the Business Resilience and Recovery Programme.
The Business Resilience and Recovery Scheme provides support to businesses in Norfolk and Suffolk that have been affected by the Covid-19 Coronavirus and are looking at ways to
recover and strengthen their business performance. Companies applying under the scheme can apply for a 50% grant towards capital costs involved in initial resilience and future
recovery of their business. A grant of £25,000 up to a maximum of £50,000 is available to support projects.
What is the Overall Programme Status?
The Business Resilience and Recovery scheme has supported 65 businesses to date. Momentum in the enquiries and associated
Overall:
Green
applications has continued. There are a further 6 applications in the system (at Due Diligence stage or with the Panel) and the Growth Hub has
reported another 42 applications in the pipeline..
Expenditure is required by the end of the financial year. All applications are appraised on the applicant's ability to deliver the projects by the end
Delivery:
Green
of the current financial year. At present all projects are set to deliver by the end of the current calendar year.
£2,475,720 has been awarded to projects, representing 70.73% of the programme budget. £1,030,056 has been paid out to 50 businesses (4
Spend:
Green
of which have had their final payments).
£2,475,720 has been awarded to 65 businesses. The has enabled 65 businesses and their associated supply chains to start the journey to
Outputs:
Green
recover from the consequnces of COVID-19 restrictions. 44 FTEs have been created and 1576 FTEs have been safeguarded.
What are our Key Updates?
•The Business Resilience and Recovery Scheme was launched on Monday 4th May and the scheme has proved popular with several enquiries already being handled, developed and
progressed through the Growth Hub.
•65 businesses have been supported, the most recent being TM Services Audio & Visual Ltd, awarded 27,531.
•Total R&R grant value awarded to date is £2,475,720 with a total projects value of £6,051,812. Private match of £3,576,541 has been committed. £1,030,056 has been paid out to
50 businesses.
•Investment in these 65 businesses will create 44 FTEs and safeguard 1576
•Of the 65 businesses supported, 38 are in Norfolk (£1,409,740) and 27 are in Suffolk (£1,065,981).
What is our Financial Position?
Actual (cumulative
Financials (£ million)
Forecast
Actual
figure)
Financial Year
2020/21
Qtr 1 2020/21
Qtr 2 2021/22
Brought Forward
0
0
LEP Allocation
£3,500,000.00
£3,500,000.00
£2,709,864.00
Spend [Act/Fcst]
£3,500,000.00
£290,639.00
£1,030,056.00
Committed
£3,500,000.00
£499,497.00
£1,445,664.00
Carried forward
£3,500,000.00
£2,709,864.00
£1,024,280.00
Business Resilience and Recovery Programme
£4,000,000.00
£3,000,000.00
£2,000,000.00
£1,000,000.00
£0.00
Q1-20/21
Q2-20/21
Q3-20/21
Q4-20/21
Axis Title
Qtrly awarded
Qtrly Claims
R&R Allocated
What is our contribution to the Economic Strategy?
Quarter/ year:
Outputs - cumulative from April 1st to 31st December 2020
Actual Qtr 1
Actual Qtr 2
Actual Qtr 3
Actual Qtr 4
Total
Number of Direct Full-Time Jobs Created
10
34
44
Number of Direct Full-Time Jobs Safeguarded
706
870
1576
Private Match (£)
£1,221,274.00
£2,355,267.00
£3,576,541.00
Public Match (£)
£0.00
£0.00
£0.00
Commercial Floor Space (SqM)
TBC
TBC
What is the Project Delivery Status?
See Appendix 1
What are the Next Steps?
Qtr 2 - The Growth Hub will continue to signpost, develop and progress R&R applications to the LEPs Due Diligence Team. Regular Team meetings are held to review processes and
suggest improvements to the scheme and its wider dissemination and take up.
17
18