New Anglia Investment Appraisal Committee

Meeting Minutes (Unconfirmed)

26^th 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

Welcome from the Chair

David Ellesmere (DE) welcomed everyone to the meeting.

Apologies

Apologies were received from Tim Whitley, Alan Waters and Rosanne Wijnberg.

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.

Minutes of previous meeting (21^st 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 30^th May 2021.

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

LGF - Food Innovation Centre Update - Confidential

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

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 -

Confidential

DE returned to the meeting

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

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

Q1-19/20

Q2-19/20

Q3-19/20

Q4-19/20

Quarterly Forecast

£0.698

Quarterly Spend

£0.678

£0.036

£0.000

Variance

£0.019

£0.662

£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

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

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

Match

Costs

Created

A- Agriculture, Forestry and Fishing

235,899

1,018,543

1,254,442

58.0

B - Mining and Quarrying

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

454,000

1,902,000

2,356,000

35.0

F - Construction

1,581,386

9,418,963

11,000,349

167.5

G - Wholesale and retail trade; repair of motor vehicles and motorcycles

2,829,816

52,382,892

55,212,708

386.0

H - Transportation and Storage

915,801

5,224,238

6,151,230

103.0

I - Accommodation and Food Service Activities

372,000

2,342,138

2,714,138

45.5

J - Information and Communication

753,200

3,792,342

4,545,542

76.0

K - Financial and Insurance Activities

30,000

79,425

109,425

3.0

L - Real Estate Activities

2,533,331

15,611,382

18,144,713

269.6

M - Professional, Scientific and Technical Activities

20,000

102,191

122,191

4.0

N - Administrative and Support Service Activities

31,580

126,320

157,900

3.5

P - Education

502,921

3,159,776

3,662,697

55.5

Q - Human Health and Social Work Activities

320,000

4,737,413

5,057,413

32.0

R - Arts, Entertainment and Recreation

2,195,161

11,884,655

14,079,816

254.0

S - Other Service Activities

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

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

Forecast

Financial Year

2019/20

2020/21

Q1-20/21

Q2-20/21

Q3-20/21

Q4-20/21

2021/22

Brought Forward

0.000

0.400

0.391

0.203

LEP Allocation

0.540

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

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

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.

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

Actual

Forecast

Actual

Forecast

Actual

Financial Year

2020/21

Q1-20/21

Q2-20/21

Q3-20/21

Q4-20/21

Brought Forward

LEP Allocation

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

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

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.

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

LEP Allocation

£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

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

Commercial Floor Space (SqM)

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.