New Anglia Local Enterprise Partnership
Investment Appraisal Committee
Wednesday 25th May 2022
TEAMS Meeting
9am to 9:45am
Agenda
No. Item
1. Welcome
Main Agenda
2. Apologies
3. Declarations of Interest
4. Minutes of previous meeting – 23 March 2022
5. Horizon Paper and GPF repayments – Confidential
Reporting: Growing Places Fund
6, 6a Growing Places Fund Programme Performance Report and Confidential RAG
appendix
Reporting: Growing Business Fund
7.
7 a-c
Growing Business Fund Programme Performance Report and GBF, SGS and GTI
grant award appendices
7d. Growing Business Fund - Grants by district supported by Growth Deal -
Confidential
Items for Discussion
8. Growing Places Fund: Ipswich Malthouse Loan extension request - Confidential
9. GBF Clawback report - Confidential
10. Verbal update: Business Net Zero Efficiency Grant Scheme
Other
11. 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
Dominic Keen High Growth Robotics
Kathy Atkinson Kettle Foods Ltd
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 22 June 2022. 9am-9:45am
Venue: TEAMS Meeting
2
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New Anglia Investment Appraisal Committee
Confidential Meeting Minutes (Unconfirmed)
23rd March 2022
Present:
Committee Members
David Ellesmere (DE) Ipswich Borough Council
Dominic Keen (DK) High G
r
owth Robotics
A
ndrew Proctor (AP) Norfolk County Council
A
lan Waters (AW) Norwich City Council
Sandy Ruddock (SR) Scarlett & Mustard
In Attendance
Rosanne Wijnberg (RW) New Anglia LEP
Melanie Richardson (MR) New Anglia LEP
Iain Dunnett (ID) New
A
nglia LEP
Helen Wilton (HW) New
A
nglia LEP
ACTIONS
Suffolk Inclusive Growth Investment Fund- Round 5 projects for approval Confidential
To circulate details of the projects with IAC recommendations to all IAC members for agreement to
delegate to decision
1 Welcome from the Chair
David Ellesmere (DE) welcomed everyone to the meeting.
2 Apologies
Apologies were received from Martin Williams.
3 Declarations of Interest
None.
4 Minutes of previous meetings
The minutes of the meeting held on 23rd February 2022 were agreed as accurate.
5 Horizon Paper and GPF Repayments – Confidential
The Committee agreed:
To note the content of the report
6a-e IPF Calls 1 & 2 Programme Performance Report and IPF 2 project RAG rating appendix
CD reviewed the progress of the projects noting that another 3-4 are expected to be paid by the end of the
3
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month. There are no time constraints on the spend therefore the project will continue until the funds are
exhausted.
The Committee agreed:
To note the content of the report
7 Suffolk Inclusive Growth Investment Fund- Round 5 projects for approval Confidential
The Committee agreed:
To note the content of the report
8 AOB
4
Item‐GrowingPlacesFundPerformanceReport
ProgrammeOverview‐WhatistheGrowingPlacesFund?
WhatistheOverallProgrammeStatus?
Loansposition Red
Grantsposition Amber
Outputs
achieved
Amber
Actual Actual Actual Actual Actual Actual Actual Total
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
0.000 0.000 2.729 4.415 1.524 4.849 8.965
0.000 2.088 1.597 1.031 2.129 2.530 3.688 13.062
7.967 4.092 2.790 3.720 3.720 6.646 0.000 28.935
‐7.967 ‐3.451 ‐2.701 ‐7.641 ‐2.524 ‐5.060 ‐2.306 ‐31.650
0.000 2.729 4.415 1.524 4.849 8.965 10.347 10.347
WhatisourcontributiontotheEconomicStrategy?
Actualtodate
468
1,960
36,137
116
47
6
152
155
307
O
vera
ll
status
Purple Red Amber Green Blue
Pipeline Atrisk Claimstage Live Complete Total
322338
48
Change -2 -1 -1 -1 3
DevelopnewpipelineofprojectstowardscontinuedGPFfundingprovisionbasedonreplenishingofGPFfromrecycledloans.
GovAllocation
Spend[Act/Fcst]
Carriedforward
Whatisourfinancialposition?
Financials(£millions)
FinancialYear
BroughtForward
Repaid
SectorDevelopmentssupported
CapitalBuildprojectssupported
Newjobscreated
Newhomesbuilt
Programmeperformancetodate
IndustrialSpacecreated(m2)
Newbusinessescreatedthroughprovisionofpremises
EnsureloanfinancepaybackreturnscontributetorecyclableLEPfinances.
RedesignGPFloanandgrantpackage,consideredbyLEPBoardinMay22.
•ProgrammedurationunderGrowthDealfunding:2015‐2022.
•Value:£40m.Thisisthe£40mGrowingPlacesFundelementoftheGrowthDeal.Completedprojectsdatebacktopreviousfundingfrom2012.
Whatarethenextsteps?
WhatistheProjectStatus?
Currentstatusofallprojects.
TotalMatch(£m)
MatchFunding‐Private(£m)
•Invested£28.5millionloancapitalinregion’sbusiness,infrastructure,sectorsandgrowthlocations.£13.5millionofgrantsprovidedtoprojectsdemonstrating
significantregionalorlocalsocio‐economicbenefits,andleverageonnationalfundingsources.
Winerackcapitalrepaid,interestsubordinatebehindHomesEnglandcapital.Malthouseawaitingsalebeforerepayment.
Grantsdrawdownearlyin22/23likely.
•ContributiontotheEconomicStrategy:Thefundhasleveragedalmost£307millionoffunding intotalincluding£152mofpublicinvestmentand£155mofprivate
investment,created1960newjobs,468newhomes,created36,137squaremetresofindustrialspace,providedpremisesfor116newbusinessestobecreated,supported
47capitalinvestmentprojects,and6sectordevelopmentsintheprivateandpublicsector.
Outputdeliveryontarget.
Outputs–cumulativefromApril2012toQuarter42021
MatchFunding‐Public(£m)
8
Growing Business Fund Performance Report - 31 March 2022
Programme Overview - What is the Growing Business Fund?
What is the overall Programme Status?
Finance Green
Outputs Green
Delivery Green
What are our key updates?
The LEP has used its freedoms and flexibilities to move the unallocated spend to other grant schemes resulting in a zero end of project balance.
What is our financial position?
Financials (£ million)
Year 2013 to 2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 Total
Profile Spend (£m) £12.000 £3.536 £3.050 £5.096 £4.121 £2.790 £3.939 £34.532
Actual Spend (£m) £11.999 £3.001 £3.049 £4.764 £2.533 £2.815 £3.428 £31.590
Remaining Spend (£m) £0.001 £0.535 £0.001 £0.331 £1.588 -£0.025 £0.511 £0.511
What is our contribution to the Economic Strategy?
Target
A
ctual to end of
March 2022 Monthly Change Shortfall Notes
£4,043,814 £2,554,725 £0 £1,489,089
£16,175,256 £25,287,107 £0 -£9,111,851
200 194.5 0.0 6
£3,939,883 £3,428,255 £180,996 £511,628
£8,600,000 £31,861,965 £668,320 -£23,261,965
107 246.0 7.0 -139
What is the project status?
Number of
Projects
Approved
Grants
Approved
Private
Match
Total Project
Costs
Jobs to be
Created
3 £235,899 £1,018,543 £1,254,442 58.0
1 £100,000 £1,654,600 £1,754,600 10.0
160 £18,102,048 £124,463,940 £142,565,988 1834.5
6 £520,000 £2,166,000 £2,686,000 38.5
25 £2,453,199 £14,748,790 £17,201,989 251.5
30 £3,170,677 £55,251,088 £58,421,765 406.5
10 £1,002,601 £6,016,625 £7,019,226 114.0
5 £372,000 £2,342,138 £2,714,138 45.5
11 £753,200 £3,792,342 £4,545,542 76.0
1 £30,000 £79,425 £109,425 3.0
1 £100,000 £232,500 £345,000 10.0
27 £3,261,866 £21,097,193 £24,359,059 317.6
20 £1,660,100 £9,434,097 £11,094,197 200.0
1 £20,000 £102,191 £122,191 4.0
1 £31,580 £126,320 £157,900 3.5
8 £502,921 £3,159,776 £3,662,697 55.5
2 £320,000 £4,737,413 £5,057,413 32.0
312 £32,636,091 £250,422,981 £283,071,572 3,460.1
What are the next steps?
Since its inception the Growing Business Fund has created 2,572 jobs and this year a further 90 full time jobs to be created
Pipeline is now complete
Launched in April 2013, the Growing Business Fund provides grants for businesses to enable growth, an increase productivity and job creation.
Capital grants are available between £25,000 and £250,000 are provided at up to 20% of project costs for SMEs.
Funding for the Growing Business Fund is provided on an annual basis by the LEP, this year we began with £2.15m, and has been further topped up to £3,939,883
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 .
This financial year the scheme has defrayed to date £2,578,246 and there is a commitment of £1,361,637
This PPR represents the final report on the Growing Business Fund, now closed to new applicants. The balance of funding remaining at the end of 2021/22 year was managed through
LEP sub programmes under Growth Deal freedom and flexibilities arrangements
Value of grants approved
Value of private sector match approved
Number of New Jobs to be Created
Value of grants claimed
J - Information and Communication
Private sector match funding drawn down
B - Mining and Quarrying
F - Construction
G - Wholesale and retail trade; repair of motor vehicles and motorcycles
H - Transportation and Storage
The following table shows grants approved by sector since the start of the programme in 2013/14
Number of New Jobs Created
Sector
A - Agriculture, Forestry and Fishing
Despite COVID-19, this was still the LEP flagship grant scheme and continued to attract interest until the final days before the grant closed to any new applications. .
Any pipeline of interested businesses have been referred to other grant opportunities provided either by the LEP or partners.
The GBF panel approved their last 4 applications during January 2022; the chairman had been in position throughout the duration of the Grant our thanks go to Mike Burrows
Outputs April 2021 to March 2022
GBF remained successful to the very end, it was still the main growth grant available to businesses in Suffolk and Norfolk.
As the scheme has now closed, the LEP is working with SCC and other partners to monitor the impact of the scheme.
K - Financial and Insurance Activities
S - Other Service Activities
I - Accommodation and Food Service Activities
Total
N - Administrative and Support Service Activities
L - Real Estate Activities
M - Professional, Scientific and Technical Activities
P - Education
Q - Human Health and Social Work Activities
R - Arts, Entertainment and Recreation
C - Manufacturing
E - Water supply, sewerage, waste management and remediation activities
Q1‐21/22 Q2‐21/22 Q3‐21/22 Q4‐21/22
QuarterlyForecast £0.702 £0.705 £1.405 £0.605
QuarterlySpend £0.702 £0.668 £1.209 £0.850
Variance £0.000 £0.037 £0.196 ‐£0.245
‐1
0
1
2
2021/2022ExpenditureProfile
12
Approval
Date
Company Name
Grant
Awarded
Business Size Reason for Support
Apr-21 No approvals in April
May-21
Flexion Global Ltd £194,700 Small Capital investment to support business growth
May-21
Two Magpies Food Company Ltd £44,000 Small Capital investment to support business growth
May-21
Broadland Radiators & Heat Exchangers Ltd £25,800 Small Capital investment to support business growth
Jun-21
The Essentials Company £28,369 Small Capital investment to support business growth
Jun-21
Weco Engineering Ltd £60,000 Small Capital investment to support business growth
Jun-21
Albert Bartlett Ltd £500,000 Large Capital investment to support business growth
Jul-21
Mirus Aircraft Seating Ltd (3) £250,000 Small Capital investment to support business growth
Jul-21
Lockwood Packaging Ltd (2) £96,300 Small Capital investment to support business growth
Aug-21
No approvals in August
Sep-21
Advanced Engineering (UK) Ltd (2) £109,200 Small Capital investment to support business growth
Sep-21
Eurowork Space Ltd £79,866 Small Capital investment to support business growth
Sep-21
Universal Control Equipment Ltd £40,000 Medium Capital investment to support business growth
Oct-21
Thompson Packaging Ltd £208,727 Small Capital investment to support business growth
Nov-21
DXB Pump and Power Ltd £102,261 Small Capital investment to support business growth
Nov-21
Skar Precision Mouldings Limited £220,000 Medium Capital investment to support business growth
Nov-21 New Form Construction Ltd £120,000 Small Capital investment to support business growth
Dec-21 Harford Attachments £28,283 Small Capital investment to support business growth
Dec-21 Dunnella Ltd £38,568 Small Capital investment to support business growth
Dec-21 Creative Image Management Ltd £54,200 Small Capital investment to support business growth
Dec-21 Gnaw Chocolate Ltd £91,400 Small Capital investment to support business growth
Dec-21 Laser Patterns Ltd £120,000 Small Capital investment to support business growth
Jan-22 TBI Manufacturing Ltd 30,000 Medium Capital investment to support business growth
Jan-22 The Food Company (UK) Ltd 45,988 Small Capital investment to support business growth
Jan-22 Harris Cranes Ltd 19,000 Small Capital investment to support business growth
Jan-22 Pegasus Profiles Ltd 39,127 Medium Capital investment to support business growth
Feb-22 No approvals in February
Total for Growing Business Fund £2,545,789
New Anglia LEP
Growing Business Fund
Grant Approvals - April 2021 to March 2022
13
Date
Approved
Company Name
Grant
Awarded
Business
Size
Reason for Support
Apr-22 SM Cosmetic Clinic £3,909 Micro Capital investment to support business growth
Apr-22 Firstgrade Recycling Systems Ltd £3,625 Small Capital investment to support business growth
Apr-22 Thompsons Food Service Ltd £25,000 Small Capital investment to support business growth
Apr-22 Suzanah Dobson (The Leaf Press) £1,066 Micro Capital investment to support business growth
Total for Small Grant Scheme £33,600
Small Grant Scheme
Grant Approvals April 2022 to March 2023
14
Approval
Date
Company Name
Grant
Awarded
Business
Size
Reason for Support
Apr-22 High Street Safari Limited £12,825 Micro Revenue investment to support R&D or Innovation
Total for Growth Through innovation £12,825
New Anglia LEP
Growth Through Innovation
Grant Approvals - April 2022 to March 2023
15
