Registered number: 07685830
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(A Company Limited by Guarantee)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
With offices in
Bishop’s Stortford Cambridge Ely
London City London Mayfair Norwich Sawston
A member of IAPA
a global association of separately owned and independently
managed accountancy firms
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
COMPANY INFORMATION
Directors Mrs CJ Green
(
Chair
)
Mr D Ellesmere
(
resi
g
ned 23 Ma
y
2023
)
Mrs C Cullens
Mr J Giffiths
(
resi
g
ned 1 June 2023
)
Mr M Hicks
Mr P Jo
y
ne
r
Mr D Keen
Ms K Davies
appointed 30 March 2023
)
Mr S Olive
r
Mrs C Peas
g
ood
(
resi
g
ned 27 Jul
y
2022
)
Mr A Procto
r
(
resi
g
ned 9 Ma
y
2023
)
Mr J Re
y
nolds
Mrs S Ruddock
Mr A Waters
(
resi
g
ned 18 Ma
y
2023
)
Prof H Lan
g
ton
Cllr S Dark
Mr P Brad
y
(
appointed 1 April 2023
)
Ms J Wheele
r
(
resi
g
ned 1 April 2023
)
Mr D Pomfret
(
appointed 31 Januar
y
2023
)
Mrs K Atkinson
Mrs V Gillespie (appointed 28 July 2022, resigned 31 January 2023)
Ms K Mason Billig (appointed 9 May 2023)
Mr M Stonard (appointed 18 May 2023)
Mr N Mcdonald (appointed 23 May 2023)
Mr A Mellen (appointed 1 June 2023)
Re
g
istered numbe
r
07685830
Re
g
istered office Mills & Reeve LLP
1 St James Court
Whitefriars
Norwich
Norfolk
NR3 1RU
Independent auditors Price Baile
y
LLP
Chartered Accountants & Statutor
y
Auditors
A
n
g
lia House, 6 Central Avenue
St Andrews Business Park
Thorpe St Andre
w
Norwich
Norfolk
NR7 0HR
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
CONTENTS
Page
Group Strategic Report 1 - 4
Directors' Report 5 - 8
Independent Auditors' Report 9 - 12
Consolidated Statement of Comprehensive Income 13
Consolidated Balance Sheet 14
Company Balance Sheet 15
Consolidated Statement of Cash Flows 16
Consolidated Analysis of Net Debt 17
Notes to the Financial Statements 18 - 38
The following
pa
g
es do not form part of the statutor
y
financial statements:
Company Detailed Profit and Loss Account and Summaries 39 - 42
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
Introduction
New Anglia Local Enterprise Partnership (LEP) brings together business, local authority and education leaders,
collaborating to grow the area’s economy, create jobs and improve productivity.
Aims and objectives
The LEP’s primary role remains to support private sector growth, and our USP remains our ability to convene
partners in the private, public, third and education sectors. This enables us to identify key issues facing
businesses, develop solutions, secure funding and investment from the public and private sectors and advocate
on behalf of the area.
Since being established over ten years ago, LEPs have been responsible for delivering economic growth in the
regions. A review of LEPs was announced in the 2021 budget to make sure LEPs have a clear mandate for
supporting and representing businesses. This review has recently concluded and a plan to integrate LEPs more
closely with democratic institutions has been announced. For New Anglia LEP this future role forms part of the
devolution negotiations over county deals taking place independently between Norfolk and Suffolk County
Councils with Government.
LEPs will be supported as they are currently constituted for the 2023-24 financial year. Whilst uncertainty exists
as to the timeline of these county deal negotiations, our working assumption is that the functions of New Anglia
LEP will be integrated into Norfolk and Suffolk councils after April 2024.
Pa
g
e 1
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
GROUP STRATEGIC REPORT
(
CONTINUED
)
FOR THE YEAR ENDED 31 MARCH 2023
Core pro
g
rammes and pro
j
ects
Amid rising costs and other financial pressures, the LEP continued to see high demand for its grant and
business support schemes. The Small Grant Scheme awarded £1.5m to support 122 projects, while the Growth
Through Innovation Fund awarded £2.3m to 154 businesses. The Business Transition to Net Zero grant scheme
awarded almost £300k to eight projects and the £15k in consultation to 10 businesses. A total of almost £230k
was paid out to 22 companies in Road To Net Zero grants and £47k in consultancy provided to 46 businesses.
New Anglia Growth Hub continues to provide a free and impartial service to businesses, particularly SMEs. In
2022-23, it supported 1,141 businesses and provided 5,275 hours of support.
Several of the projects supported by our Growing Places Fund were officially opened during 2022-23. These
included the Broadland Food Innovation Centre at the Food Enterprise Park near Norwich, the reopening of
Gainsborough’s House in Sudbury following a major redevelopment scheme, and a stunning new exhibition
space at the Food Museum in Stowmarket.
The rewards of our Growth Deal with Government continued to be seen across the year with the opening by
HRH The Princess Royal of the new Cefas (Centre for the Environment, Fisheries and Aquaculture Science)
headquarters in Lowestoft. This new £16m facility secures a long-term future for Cefas in Lowestoft bringing
employment, training opportunities, and wider economic benefits. At Snetterton Business Park on the A11 in
Norfolk, a new primary electricity substation was completed. The new substation will significantly increase the
electricity capacity and making it easier for businesses to locate and grow. In Ipswich, the new Tech Campus at
Suffolk New College was officially opened,
Meanwhile, work started on the £21.4m Operations and Maintenance Campus at Great Yarmouth, which the
LEP supported through the Government’s Getting Building Fund. Commissioned by Norfolk County Council, the
project is a collaboration with Great Yarmouth Borough Council and the LEP which seeks to capitalise on the
well-established offshore renewables sector off the east coast and the Enterprise Zone that covers sites in Great
Yarmouth and Lowestoft.
Work to develop Norfolk and Suffolk’s key sectors carries on through our industry councils for agri-food,
ICT/digital and all energy and our inward investment team promotes these and other areas of our economy to
businesses in the UK and the rest of the world.
We had a busy and productive year in terms of supporting businesses and innovation in the region. Connected
Innovation, a programme led by the LEP, links together 24 innovation hubs, universities, research institutes and
business clusters across Norfolk and Suffolk. In March, the LEP held a Connected Innovation Conference at
Adastral Park near Ipswich where the 2022-23 Innovation Prospectus and a new Space Cluster for the region
were officially launched. George Freeman, Minster of State at the Department for Science, Innovation &
Technology, gave the keynote address and representatives from Innovate UK, the Satellite Applications
Catapult, BT, UK Space Agency, Tech East and other organisations also contributed to the event. Building on
our area’s extensive communications & IT, and marine science space technology expertise, 2022-23 saw the
LEP secure £163,000 from the UK Space Agency for the development of the cluster.
Skills and labour force remains a pressing issue for businesses and the LEP is doing all it can to support sectors
which are struggling to recruit. Through DfE funding, the LEP launched its own programme of Skills Bootcamps
in September 2022 and has already supported over 300 learners gain new skills to aid them gain employment or
promotion within their current job. We have now secured a further £1.4m of DfE funding and over the next year
our aim is to provide skills to at least another 320 learners through more than 20 programmes. Our Enterprise
Advisor Network was rebranded as the New Anglia Careers Hub and continues to help schools and colleges to
improve their careers and enterprise activities and to engage with the world of work.
Expansion took place at several of our Enterprise Zone sites during 2022-23 as demand for industrial and other
commercial premises increased. Construction got underway on the Trebor Developments scheme at Eastern
Gateway and around 350 jobs are expected to be created as a result of the large new industrial and logistics
units there. A new Lidl supermarket was built at Futura Park in Suffolk and opened towards the end of the year
and progress was also made on road infrastructure at Gateway 14 in Stowmarket.
Pa
g
e 2
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
GROUP STRATEGIC REPORT
(
CONTINUED
)
FOR THE YEAR ENDED 31 MARCH 2023
Performance and financial overview
LEP projects are monitored against a series of key performance indicators (KPIs). These include performance
against spend and the delivery of agreed outputs.
The LEP Board reviews the scheduled programme performance reports (PPRs) at each meeting, which detail
the progress each programme has made against these KPIs.
The LEP’s internal KPIs cover finances and performance against the LEP’s delivery plan.
Each year the LEP is subject to an Annual Performance Review (APR) by Government which assesses LEP
performance across three themes of Governance, Delivery and Strategic impact. The performance assessment
for the 2022/23 APR confirmed the LEP had met the requirements for governance and strategic impact.
Concerns were expressed around delivery as the LEP still has a proportion of its Getting Building Fund award
remaining and is forecasting to carry overspend into 2023/24. Key indicators that were met include LEP
compliance against the Local Assurance Framework, publishing a governance assurance statement on the
status of governance and transparency and collaborating with partners to maximise economic benefits for local
business from Freeport East, Sizewell C and offshore wind developments.
Each member of the LEP team has their own individual objectives which form part of the LEP’s overall delivery
plan. The LEP’s Working Well initiative continues to support the team’s health and wellbeing.
The financial position of the LEP has changed from incurring a £24,949k deficit in the year to 31 March 2022 to
achieving a £3,577k surplus in the year to 31 March 2023.
We have used Freedoms and Flexibilities to advance monies to Growth Deal and Getting Building Fund
contractually committed projects. We continue to monitor these projects until all claim and monitoring information
is received and project outputs are achieved, in accordance with the individual Grant Offer Letters. In some
cases, outputs will not be achieved until a number of years after the full grant for the project has been drawn
down.
The majority of the LEP's funding is secured from Government, both core funding and project funding. Other
funding is secured from the European Union, from business rates generated on the LEP’s Enterprise Zone sites
and through contributions from local authority partners.
Political and economic climate
The UK Government finances remain under pressure, with a focus on cost reduction, which means there is likely
to be less funding across all Government departments. The LEP’s core funding has been reduced from £375k in
2022-23 to £250k for this coming year and local authorities and other partners are facing similar cost pressures.
County Deals provide additional funding for economic growth, but this will not be available, in the main, until the
Directly Elected Leaders are in place.
Following the district and borough council elections in May there were three changes to LEP board membership.
In addition, two new board members were appointed as a result of retirements.
The reorganisation of Government departments will have an impact on the work of the LEP – new energy and
science & technology departments and the merger of Business and Trade. Some short-term disruption is likely
but there are potential opportunities for closer collaboration with all three departments, particularly with the new
Science & Technology department which covers innovation.
The LEP is continuing to deliver a full programme of activities and programmes to support businesses over the
coming 12 months, with its functions likely to transfer in spring 2024.
Pa
g
e 3
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
GROUP STRATEGIC REPORT
(
CONTINUED
)
FOR THE YEAR ENDED 31 MARCH 2023
Business confidence generally remains relatively fragile. The UK economy has performed poorly over the past
year, albeit avoiding a technical recession, with the coming year expected to be similarly tough. High inflation and
labour shortages are the key drivers which have impacted on business confidence. Added to this, in many
sectors, cash reserves held by businesses were used up during the pandemic. Post- Brexit trade barriers are
also adding to difficulties for some businesses both exporting and importing goods.
New concerns for our key sectors include incentives from the US and EU to attract clean energy investment. All
of this adds up to difficulties in businesses planning and then making investment decisions. The record number
of enquiries received by the Growth Hub and evidence from other sources suggests businesses are requiring
support more than ever, and that although many businesses do wish to invest and can see opportunities, they
need financial support.
New An
g
lia Capital Ltd
New Anglia Capital Ltd (NAC) is a wholly owned subsidiary of New Anglia Local Enterprise Partnership. New
Anglia LEP has established a co-investment fund to be managed by NAC to make risk-capital co-investments
alongside entrepreneurs in high growth-potential companies based in Norfolk and Suffolk.
The principle aims of NAC include:
Establishing a network of business entrepreneurs and angel investors to provide a pool of risk-capital and
business finance that can support start-ups, innovative business ideas and high growth companies.
Identifying and providing a pipeline of investment opportunities for risk-capital investment, co-investing
with angel investors and entrepreneurs that meet the company criteria, including creating new jobs.
Investment opportunities should also promote the wider objectives of New Anglia LEP e.g. support for
sectors including engineering, life sciences, agri-tech, health, energy, ICT and digital tech.
Risks to New Anglia Capital include identifying and maintaining an effective level of investors in the region and
the risk of failure of individual companies in which NAC has an equity share.
This report was approved b
y
the board on and si
g
ned on its behal
f
.
Mrs CJ Green
(
Chair
)
Director
Pa
g
e 4
01 Dec 202301 Dec 2023
C J Green (Dec 1, 2023, 7:39pm)
Cj Green
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present thei
r
report and the financial statements for the
y
ea
r
ended 31 March 2023.
Directors' responsibilities statement
The directors are responsible for preparing the Group Strate
g
ic Report, the Directors' Report and the
consolidated financial statements in accordance with applicable law and re
g
ulations.
Compan
y
la
w
requires the directors to prepare financial statements for each financial
y
ea
r
. Under that law the
directors have elected to prepare the financial statements in accordance with applicable law and United Kin
g
dom
A
ccountin
g
Standards
(
United Kin
g
dom Generall
y
Accepted Accountin
g
Practice
)
, includin
g
Financial Reportin
g
Standard 102 ‘The Financial Reportin
g
Standard applicable in the UK and Republic of Ireland'. Under compan
y
law the directors must not approve the financial statements unless the
y
are satisfied that the
y
g
ive a true and fair
view of the state of affairs of the Compan
y
and the Group and of the profit or loss of the Group for that period.
In preparin
g
these financial statements, the directors are required to:
y select suitable accounting policies for the Group's financial statements and then apply them consistently;
y make
j
udgments and accounting estimates that are reasonable and prudent;
y state whether applicable UK Accounting Standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
y prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
Group will continue in business.
The
directors are responsible for keeping adequate accountin
g
records that are sufficient to show and explain
the Compan
y
's transactions and disclose with reasonable accuracy at any time the financial position of the
Compan
y
and the Group and to enable them to ensure that the financial statements compl
y
with the Companies
A
ct 2006. The
y
are also responsible for safeguarding the assets of the Compan
y
and the Group and hence for
taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results
The profit for the
y
ea
r
, after taxation, amounted to £3,955,760
(
2022 - loss £24,701,459
)
.
Pa
g
e 5
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
DIRECTORS' REPORT
(
CONTINUED
)
FOR THE YEAR ENDED 31 MARCH 2023
Directors
The directors who served during the
y
ea
r
were:
Mrs CJ Green
(
Chair
)
Mr D Ellesmere
(
resi
g
ned 23 Ma
y
2023
)
Mrs C Cullens
Mr J Giffiths
(
resi
g
ned 1 June 2023
)
Mr M Hicks
Mr P Jo
y
ne
r
Mr D Keen
Ms K Davies
appointed 30 March 2023
)
Mr S Olive
Mrs C Peas
g
ood
(
resi
g
ned 27 Jul
y
2022
)
Mr A Procto
r
(
resi
g
ned 9 Ma
y
2023
)
Mr J Re
y
nolds
Mrs S Ruddock
Mr A Waters
(
resi
g
ned 18 Ma
y
2023
)
Prof H Lan
g
ton
Cllr S Dark
Ms J Wheele
r
(
resi
g
ned 1 April 2023
)
Mr D Pomfret
appointed 31 Januar
y
2023
)
Mrs K Atkinson
Mrs V Gillespie
(
appointed 28 Jul
y
2022, resi
g
ned 31 Januar
y
2023
)
Ms K Mason Billin
g
(
appointed 9 Ma
y
2023
)
Mr M Stonard (appointed 18 May 2023)
Mr N Mcdonald (appointed 23 May 2023)
Pa
g
e 6