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
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
DIRECTORS' REPORT
(
CONTINUED
)
FOR THE YEAR ENDED 31 MARCH 2023
Future developments
During 23/24 we will need to develop a transition plan for sign-off by the LEP board to enable integration during
the 24/25 financial year. This will enable the functions, funding and personnel of the LEP to be integrated into the
new county deal structures being developed by our county councils.
Our board will have a key role to play articulating the role of the business and education voice in the new
structures, and ensuring the priorities of the LEP and its work are able to continue under the new structures. The
transition plan will need to ensure the assets of the LEP are protected and utilised, as intended, to support the
growth of the local economy.
We have agreed three ongoing delivery priorities for 2023-24 which are set out in our recently published
Business Plan:
Business support and innovation
Business support and innovation is at the heart of the work of the LEP, and like this year will be focused on the
Growth Hub and related grant programmes we are proposing to deliver. These are: Small Grants Scheme,
Growth Through Innovation, Business Transition to Road Zero and Growing Places Fund. Our activity will also
extend to the Innovation Board and the Connected Innovation programme, our industry councils and sector
groups. The new space cluster activity will be an important strand of new work with a new cluster manager now
in post. Work around clean growth will be focused on providing support to businesses on the road to net zero, we
will also undertake a project focused on the decarbonisation of the agri-food sector.
Skills and the labour force
Skills and labour force remains a really pressing issue for businesses. While our Skills Advisory Panel has been
integrated into the broader Local Skills Improvement Plan (LSIP), we have some clear priorities for the year.
These are to deliver Skills Bootcamps, to continue our Enterprise Adviser Network and to provide support to the
development and implementation of the LSIP. We will continue to support the Skills Hub, the joint skills resource
run by the two county councils and the LEP. Our industry councils and sector groups will continue to prioritise
skills, linking into the LSIP and our own activity and our industry and sector group chairs will prioritise skills at
future meetings.
Supporting place
Central to the place priority will again be the development of our Enterprise Zones, with further development
projects in the pipeline, and the continued work of Invest Norfolk and Suffolk, run jointly with the county councils.
We will continue our commitment to Freeport East, with an agreement in place ensuring we are remunerated for
our ongoing support. Where capacity allows, we will continue to support town deal boards and work with our
district and borough colleagues on local priorities. We will also support nationally significant projects where we
can add value and where resources permit.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
y so far as
the directo
r
is aware, there is no relevant audit information of which the Company and the
Group's auditors are unaware, and
y
the directo
r
has taken all the steps that ought to have been taken as a directo
r
in order to be aware of any
relevant audit information and to establish that the Company and the Group's auditors are aware of that
information.
Post balance sheet events
Clawback of grant totalling £1.5m was received from Ipswich Borough Council in respect of Ipswich Creative
Hub. This has been adjusted within the financial statements to 31 March 2023. There have been no other
significant events affecting the Group since the year end.
Pa
g
e 7
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
DIRECTORS' REPORT
(
CONTINUED
)
FOR THE YEAR ENDED 31 MARCH 2023
Auditors
The auditors, Price Baile
y
LLP, will be proposed for reappointment in accordance with section 485 of the
Companies Act 2006.
This report was approved by the board on and signed on its behalf.
Mrs CJ Green
(
Chair
)
Director
Pa
g
e 8
01 Dec 2023
C J Green (Dec 1, 2023, 7:39pm)
Cj Green
C J Green (Dec 1, 2023, 7:39pm)
Cj Green
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEW ANGLIA LOCAL ENTERPRISE
PARTNERSHIP LIMITED
Opinion
We have audited the financial statements of New An
g
lia Local Enterprise Partnership Limited
(
the 'parent
Compan
y
'
)
and its subsidiaries
(
the 'Group'
)
for the
y
ea
r
ended 31 March 2023, which comprise the Group
Statement of Comprehensive Income, the Group and Compan
y
Balance Sheets, the Group Statement of Cash
Flows and the related notes, includin
g
a summar
y
of si
g
nificant accountin
g
policies. The financial reportin
g
framework that has been applied in their preparation is applicable la
w
and United Kin
g
dom Accountin
g
Standards, includin
g
Financial Reportin
g
Standard 102 ‘The Financial Reportin
g
Standard applicable in the U
K
and Republic of Ireland'
(
United Kin
g
dom Generall
y
Accepted Accountin
g
Practice
)
.
In ou
r
opinion the financial statements:
y give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March
2023 and of the Group's profit for the yea
r
then ended;
y have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and
y have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted ou
r
audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable
law. Ou
r
responsibilities under those standards are further described in the
A
uditors' responsibilities for the audit
of the financial statements section of ou
r
report. We are independent of the Group in accordance with the ethical
requirements that are relevant to
ou
r
audit of the financial statements in the United Kingdom, including the
Financial Reporting Council's Ethical Standard
and we have fulfilled ou
r
other ethical responsibilities in
accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for ou
r
opinion.
Emphasis of matter - financial statements prepared on a basis other than
g
oin
g
concern
We draw attention to Note 2.3 to the financial statements which explains that as a result of Central Government’s
future strategy for all Local Enterprise Partnerships, the directors intend to transition the activities of the
Company into one or other or both of Norfolk and Suffolk County Councils. On this basis the Directors do not
consider the Company to be a going concern. No material adjustments arose as a result of ceasing to apply the
going concern basis, due to the planned orderly transition of activities and transfer of the assets and liabilities at
their carrying amounts.
Our opinion is not modified in respect of this matter.
Pa
g
e 9
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEW ANGLIA LOCAL ENTERPRISE
PARTNERSHIP LIMITED
(
CONTINUED
)
Other information
The other information comprises the information included in the
A
nnual Report other than the financial
statements and ou
r
A
uditors' Report thereon. The directors are responsible for the other information contained
within the
A
nnual Report. Ou
r
opinion on the financial statements does not cover the other information and,
except to the extent otherwise explicitl
y
stated in our report, we do not express any form of assurance conclusion
thereon. Ou
r
responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or ou
r
knowledge obtained in the course of the
audit, or otherwise appears to be materially misstated. If
we identify such material inconsistencies or apparent
material misstatements,
we are required to determine whether this gives rise to a material misstatement in the
financial statements themselves. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed b
y
the Companies Act 2006
In ou
r
opinion, based on the work undertaken in the course of the audit:
y the information given in the Group Strategic Report and the Directors' Report for the financial yea
r
for
which the financial statements are prepared is consistent with the financial statements; and
y the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable
legal requirements.
Matters on which we are required to report b
y
exception
In the light of the knowledge and understanding of the Group and the parent Compan
y
and its environment
obtained in the course of the audit, we have not identified material misstatements in the Group Strate
g
ic Report
or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006
requires us to report to you if, in ou
r
opinion:
y adequate accounting records have not been kept by the parent Company, or returns adequate for ou
r
audit have not been received from branches not visited by us; or
y the parent Company financial statements are not in agreement with the accounting records and returns; or
y certain disclosures of directors' remuneration specified by law are not made; or
y
we have not received all the information and explanations we require for ou
r
audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair
view, and for such internal control as the directors determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group's and the parent
Compan
y
's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors either intend to liquidate the Group or the
parent Compan
y
or to cease operations, or have no realistic alternative but to do so.
Pa
g
e 10
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEW ANGLIA LOCAL ENTERPRISE
PARTNERSHIP LIMITED
(
CONTINUED
)
Auditors' responsibilities for the audit of the financial statements
Ou
r
objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an
A
uditors' Report that includes ou
r
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these
Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
in line with ou
r
responsibilities, outlined above, to detect material misstatements in respect of irregularities,
including fraud. Fraud risks include, but are not limited to, the risk that those charged with governance could
manipulate the financial statements to report desired results through posting journals, manipulating the point at
which revenue is recorded on sales around the year end, or through manipulation of estimates. The extent to
which
ou
r
procedures are capable of detecting irregularities, including fraud is detailed below:
• We made enquiries with management, and reviewed legal expenses, to identify potential instances of non-
compliance with laws and regulations.
• We reviewed systems and procedures to identify potential areas of management override risk. In particular, we
carried out testing of journal entries and other adjustments for appropriateness, and evaluated the business
rationale of significant transactions to identify large or unusual transactions. We reviewed key authorisaition
procedures and decision making processes for any unusual or one-off transactions.
• We reviewed minutes of Director meetings, agreeing the financial statement disclosures to underlying
supporting documentation, and made enquiries of management including those responsible for the key
regulations. We have reviewed the procedures in place for reporting of issues arising to the Board.
• We reviewed a sample of grant and administrative expenditure to ensure costs are correctly allocated within
the Statement of Comprehensive Income, and reflect valid expenditure approved by the board.
We performed the procedures set out above after gaining an understanding of the legal and regulatory
framework applicable to the Company and the industry in which it operates, and after considering the risk of acts
by the Company contrary to applicable laws and regulations including fraud. We obtained this understanding
from discussions with those charged with governance, who did not make the engagement team aware of any
non-compliance with laws and regulations or instances of fraud throughout the year or since the year end.
We focused on laws and regulations that could give rise to a material misstatement in the financial statements,
including, but not limited to, the National Local Growth Assurance Framework, the Companies Act 2006, General
Data Protection Regulations, employment law and tax legislation.
We also enquired with those charged with governance as to how they ensure the Company complies with the
applicable legal & regulatory framework. The Company is subject to an annual Performance Review by officials
from the Department for Levelling Up, Housing & Communities, during which scrutiny is applied to Governance,
Delivery and Strategic Impact & Integration. Furthermore, the Directors hold regular Board meetings amongst
specialist sub-committees, to review compliance with key laws & regulations.
Following detailed team briefings, the Responsible Individual has assessed that the audit engagement team
collectively has the appropriate competence and capabilities to identify or recognise non-compliance with
applicable laws and regulations.
Pa
g
e 11
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEW ANGLIA LOCAL ENTERPRISE
PARTNERSHIP LIMITED (CONTINUED)
Nonetheless, because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities,
including those leading to a material misstatement in the financial statements or non-compliance with regulation.
This risk increases the more that compliance with a law or regulation is removed from the events and
transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-
compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud
involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of
our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our
Auditors' Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members
those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest
extent permitted by law, we
do not accept or assume responsibility to anyone other than the Company and the
Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Aaron Widdows ACA FCCA (Senior Statutory Auditor)
for and on behalf of
Price Bailey LLP
Chartered Accountants
Statutory Auditors
Anglia House, 6 Central
Avenue St Andrews Business
Park Thorpe St Andrew
Norwich
Norfolk
NR7 0HR
Date: 07 December 2023
Page 12
Designated
Project
Funding 2023
Operational
A
ctivity
2023
Note
Total
2023
As restated
Total
2022
££ £ £
Operational income - 1,959,549 1,959,549 2,448,781
Grant and project income 9,064,571 - 9,064,571 20,220,533
9,064,571 1,959,549 4 11,024,120 22,669,314
Grants issued (1,430,570) - (1,430,570) (41,619,555)
Impairment of investments (400,000) (400,000) (316,650)
Gross surplus / (deficit) 7,634,001 1,559,549 9,193,550 (19,266,891)
Administrative expenses (4,492,094) (1,629,627) (6,121,721) (5,936,944)
Operating surplus / (deficit) 3,141,907 (70,078) 5 3,071,829 (25,203,835)
Interest receivable 1,063,712 12,766 8 1,076,478 274,018
Net finance costs - (9,000) 9 (9,000) (10,000)
Exceptional item (582,440) - 11 (582,440) -
Surplus / (deficit) on ordinary
activities before taxation 3,623,179 (66,312) 3,556,867 (24,939,817)
Taxation 19,892 - 10 19,892 (9,642)
Surplus / (deficit) for
the financial year
3,643,071 (66,312) 3,576,759 (24,949,459)
Actuarial gain on defined
benefit pension scheme - 379,000 18 379,000 248,000
Total Comprehensive Income
/ (loss) for the year 3,643,071 312,688 3,955,759 (24,701,459)
Restated reserves at the
start of the year 48,069,908 1,163,629 17 49,233,537 73,934,996
Reserves at the
end of the year 51,712,979 1,476,318 17 53,189,297 49,233,537
All of the activities of the group are classed as continuing.
The notes on pages 18 to 38 form part of these financial statements.
(A Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
WĂŐĞϭϯ
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
REGISTERED NUMBER: 07685830
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023
A
s restated
2023 2022
Note £ £
Fixed assets
Tan
g
ible assets 12 12,258 17,924
Investments 13 19,952,137 14,535,810
19,964,395 14,553,734
Current assets
Debtors: amounts fallin
g
due within one
y
ea
r
14 4,679,575 5,046,586
Cash at bank and in hand 29,755,021 31,074,433
34,434,596 36,121,019
Creditors: amounts fallin
g
due within one
y
ea
r
16
(
1,209,694
)
(
1,138,216
)
Net current assets 33,224,902 34,982,803
Total assets less current liabilities
53,189,297 49,536,537
Provisions for liabilities
Net assets excludin
g
pension
liabilit
y
/asset 53,189,297 49,536,537
Pension asset/
(
liabilit
y)
18 -
(
303,000
)
Net assets 53,189,297 49,233,537
Capital and reserves
Other reserves 17 51,712,979 48,069,908
Retained earnin
g
s 1,476,318 1,163,629
53,189,297 49,233,537
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
Mrs CJ Green
(
Chair
)
Director
The notes on pa
g
es 18 to 38 form part of these financial statements.
Pa
g
e 14
01 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
)
REGISTERED NUMBER: 07685830
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
A
s restated
2023 2022
Note £ £
Fixed assets
Tan
g
ible assets 12 12,258 17,924
Investments 13 17,238,866 11,752,172
17,251,124 11,770,096
Current assets
Debtors: amounts fallin
g
due within one
y
ea
r
14 7,361,038 7,799,666
Cash at bank and in hand 29,755,021 31,074,433
37,116,059 38,874,099
Creditors: amounts fallin
g
due within one
y
ea
r
16
(
1,202,694
)
(
1,132,466
)
Net current assets 35,913,365 37,741,633
Total assets less current liabilities
53,164,489 49,511,729
Net assets excludin
g
pension
liabilit
y
/asset 53,164,489 49,511,729
Pension asset/
(
liabilit
y)
18 -
(
303,000
)
Net assets 53,164,489 49,208,729
Capital and reserves
Other reserves 17 50,996,329 47,753,258
Retained earnin
g
s 2,168,160 1,455,471
53,164,489 49,208,729
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
Mrs CJ Green
(
Chair
)
Director
The notes on pa
g
es 18 to 38 form part of these financial statements.
Pa
g
e 15
01 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
)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
A
s restated
2023 2022
££
Cash flows from operatin
g
activities
Profit/
(
loss
)
for the financial
y
ea
r
3,576,759
(
24,948,963
)
Ad
j
ustments for:
Depreciation of tan
g
ible assets 10,345 20,494
Interest received
(
1,076,478
)
(
274,019
)
Taxation char
g
e
(
19,892
)
9,642
Decrease/
(
increase
)
in debtors 367,011
(
993,519
)
Increase in creditors 101,022 144,402
Increase in net pension assets/liabs 76,000 64,000
Corporation tax
(
paid
)
(
9,652
)
(
66,915
)
Net cash
g
enerated from operatin
g
activities 3,025,115
(
26,044,878
)
Cash flows from investin
g
activities
Purchase of tan
g
ible fixed assets
(
4,679
)
(
9,684
)
A
ssociates loans repaid 695,724 4,051,940
Purchase of unlisted and other investments
(
6,512,050
)
(
6,377,625
)
Impairment of investments 400,000 316,650
Interest received 1,076,478 274,019
Net cash from investin
g
activities
(
4,344,527
)
(
1,744,700
)
Net
(
decrease
)
in cash and cash equivalents
(
1,319,412
)
(
27,789,578
)
Cash and cash equivalents at be
g
innin
g
of
y
ea
r
31,074,433 58,864,011
Cash and cash equivalents at the end of yea
r
29,755,021 31,074,433
Cash and cash equivalents at the end of
y
ear comprise:
Cash at bank and in hand 29,755,021 31,074,433
29,755,021 31,074,433
The notes on pa
g
es 18 to 38 form part of these financial statements.
Pa
g
e 16
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023
A
t 1 April
2022 Cash flows
A
t 31 March
2023
£££
Cash at bank and in hand 31,074,433
(
1,319,412
)
29,755,021
31,074,433 (1,319,412) 29,755,021
The notes on pa
g
es 18 to 38 form part of these financial statements.
Pa
g
e 17
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
1.
General information
New Anglia Local Enterprise Partnership Limited is a private company limited by guarantee and is
incorporated in England. The address of the registered office is Mills & Reeve LLP, 1 St James Court,
Whitefriars, Norwich, Norfolk NR3 1RU. The address of the trading office is Centrum, Norwich Research
Park, Norwich, Norfolk, NR4 7UG. The nature of the company operations and its principal activities are set
out in the strategic report.
The only subsidiary within the Group is New Anglia Capital Ltd. This is included within the consolidation.
New Anglia Capital Ltd is a private company limited by guarantee and is incorporated in England. The
address of the registered and trading offices is the same as the parent company
2.
Accountin
g
policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise
specified within these accounting policies and in accordance with
Financial Reportin
g
Standard 102,
the Financial Reportin
g
Standard applicable in the UK and the Republic of Ireland and the
Companies Act 2006.
The financial statements are presented in Sterling, rounded to the nearest £1, which is the functional
currency of the Group.
The preparation of financial statements in compliance with FRS 102 requires the use of certain
critical accounting estimates. It also requires Group management to exercise
j
ud
g
ment in applying
the Group's accountin
g
policies (see note 3).
The
Compan
y
has taken advantage of the exemption allowed under section 408 of the Companies
A
ct 2006 and has not presented its own Statement of Comprehensive Income in these financial
statements.
Due to the nature of the Company's activities, the directors consider that it would be inappropriate to
present the Statement of Comprehensive Income in either of the standard formats recognised by the
Companies Act 2006. The format adopted has been selected as it presents the categories of income
and expenditure more accurately for readers of the financial statements.
The following principal accountin
g
policies have been applied:
2.2 Basis of consolidation
The consolidated financial statements present the results of the Compan
y
and its own subsidiaries
("the Group") as if they form a single entity. Intercompany transactions and balances between group
companies are therefore eliminated in full.
Pa
g
e 18
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.
Accountin
g
policies
(
continued
)
2.3 Goin
g
concern
A review of LEPs was announced in the 2021 budget. The focus was on business support,
innovation, skills, net zero, inward investment and trade and the LEP’s wider strategic influence. The
review also looked at LEP structures. The review has concluded and a plan to integrate LEPs more
closely with democratic institutions was 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 and the Company has
funding confirmed for this period. However, future plans for any periods after April 2024 is not
possible and the directors consider it is more likely than not that the LEP will cease to exist in its
current form after April 2024 when the Company will commence a transition plan from the existing
structure. Consequently, the board considers that the Company does not remain a going concern.
Whilst the Company does not remain a going concern, because there will be an orderly transition
from the Company to one or other or both County Councils, the directors continue to prepare the
financial statements under FRS102.
2.4 Revenue
Income arising in the year is analysed into either Operational Activity or Designated Project Funding.
Operational Activity includes income received to cover the day to day core funding requirements of
the LEP such as administration costs and staff remuneration. It also includes income to fund certain
projects undertaken directly by the LEP. Designated Project Funding includes income received for
specific projects which are then distributed by the LEP to third parties. They are generally funds
provided by Government or other agencies. Costs directly attributable to designated projects are
charged against this income and shown as an expense. Where the LEP incurs costs which may be
partly attributable to Operational Activity and partly to designated projects then the Board allocate
such expenditure based on a fair and reasonable assessment of the time and cost expended on
each project.
Government grants are accounted for under the performance model as permitted by Financial
Reporting Standard 102. Government grants are recognised to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be reliably measured. Under the
performance model, income is recognised once performance-related conditions have been met by
New Anglia LEP.
Other funding is recognised to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured.
2.5 Operatin
g
leases: the Group as lessee
Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive
Income on a straight-line basis over the lease term.
2.6 Interest income
Interest income is recognised in the Consolidated Statement of Comprehensive Income using the
effective interest method.
Pa
g
e 19
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.
Accountin
g
policies
(
continued
)
2.7 Pensions
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a
pension plan under which the Group pays fixed contributions into a separate entity. Once the
contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated Statement of Comprehensive
Income when they fall due. Amounts not paid are shown in accruals as a liability in the
Balance
Sheet. The assets of the plan are held separately from the Group in independently administered
funds.
Defined benefit pension plan
The Group operates a defined benefit plan for certain employees. A defined benefit plan defines the
pension benefit that the employee will receive on retirement, usually dependent upon several factors
including but not limited to age, length of service and remuneration. A defined benefit plan is a
pension plan that is not a defined contribution plan.
The liability recognised in the
Balance Sheet in respect of the defined benefit plan is the present
value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan
assets at the balance sheet date (if any) out of which the obligations are to be settled.
The defined benefit obligation is calculated using the projected unit credit method.
A
nnuall
y
the
compan
y
en
g
a
g
es independent actuaries to calculate the obli
g
ation. The present value is determined
by discounting the estimated future payments using market yields on high quality corporate bonds
that are denominated in
sterlin
g
and that have terms approximating to the estimated period of the
future payments ('discount rate').
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in
accordance with the Group's policy for similarly held assets. This includes the use of appropriate
valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial
assumptions are charged or credited to other comprehensive income. These amounts together with
the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of
net defined benefit liability'.
The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where
included in the cost of an asset, comprises:
a) the increase in net pension benefit liability arising from employee service during the period; and
b) the cost of plan introductions, benefit changes, curtailments and settlements.
The net interest cost is calculated by applying the discount rate to the net balance of the defined
benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a
'finance expense'.
Pa
g
e 20
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.
Accountin
g
policies
(
continued
)
2.8 Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense
recognised as other comprehensive income or to an item recognised directly in equity is also
recognised in other comprehensive income or directly in equity respectively.
The current Corporation tax charge is calculated on the basis of tax rates and laws that have been
enacted or substantively enacted by the
balance sheet date in the countries where the Compan
y
and
the Group operate and
g
enerate income.
The Company operates as a not-for-profit entity, and receives direct financial support from
constituent local authorities in addition to grants from Government. It does not carry out a trade for
tax purposes. As a result, the net surplus arising from these activities is non-trading and is exempt
from corporation tax. The Company is liable to corporation tax on bank interest and other investment
income.
2.9 Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Group but are
presented separately due to their size or incidence.
2.10 Tan
g
ible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated
depreciation and any accumulated impairment losses. Historical cost includes expenditure that is
directly attributable to bringing the asset to the location and condition necessary for it to be capable of
operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their
estimated useful lives,
usin
g
the strai
g
ht-line method.
Depreciation is provided on the followin
g
basis:
Fixtures and fittin
g
s - 16.67%
Office equipment - 20% - 33%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted
prospectively if appropriate, or if there is an indication of a significant change since the last reporting
date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount
and are recognised in profit or loss.
Pa
g
e 21
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.
Accountin
g
policies
(
continued
)

2.11 Impairment of fixed assets
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to
determine whether there is any indication that the assets are impaired. Where there is any indication
that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the
asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount
by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the
higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash flows (CGUs).
Non-financial assets that have been previously impaired are reviewed at each balance sheet date to
assess whether there is any indication that the impairment losses recognised in prior periods may no
longer exist or may have decreased.
2.12 Valuation of investments
There are three types of investments included in the financial statements
Loans made to third parties measured at cost less accumulated impairment (Company only).
Investments in joint capital projects alongside a public sector lead partner, measured at cost less
accumulated impairment (Company only).
Investments in subsidiaries which are measured at cost less accumulated impairment.
Once an impairment loss has been identified for an asset measured at cost less impairment, its
amount is measured as the difference between the asset's carrying amount and the amount for which
the asset could be sold at the reporting date. This amount is then recognised in the Consolidated
Statement of Comprehensive Income.
2.13 Debtors
Short-term debtors are measured at transaction price, less any impairment.
2.14 Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions and Suffolk County
Council which are repayable without penalty on notice of not more than 24 hours. Cash equivalents
are highly liquid investments that mature in no more than three months from the date of acquisition
and that are readily convertible to known amounts of cash with insignificant risk of change in value.
2.15 Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank
loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at
amortised cost using the effective interest method.
Pa
g
e 22
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.
Accountin
g
policies
(
continued
)
2.16 Provisions for liabilities
Provisions are made where an event has taken place that gives the Group a legal or constructive
obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate
can be made of the amount of the obligation.
Provisions are charged as an expense to Consolidated Statement of Comprehensive Income in the
year that the
Group becomes aware of the obligation, and are measured at the best estimate at the
balance sheet date of the expenditure required to settle the obligation, taking into account relevant
risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the
Balance Sheet.
2.17 Financial instruments
The Group only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an
impairment loss is recognised in the Consolidated Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference
between an asset's carrying amount and the present value of estimated cash flows discounted at the
asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate
for measuring any impairment loss is the current effective interest rate determined under the
contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an asset's carrying amount and best estimate of the recoverable amount, which is
an approximation of the amount that the Group would receive for the asset if it were to be sold at the
balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the
Balance Sheet when
there is an enforceable right to set off the recognised amounts and there is an intention to settle on a
net basis or to realise the asset and settle the liability simultaneously.
Pa
g
e 23
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
3.
Jud
g
ments in appl
y
in
g
accountin
g
policies and ke
y
sources of estimation uncertaint
y
The preparation of the financial statements requires management to make judgments, estimates and
assumptions that affect the amounts reported. These estimates and judgments are continually reviewed
and are based on experience and other factors, including expectations of future events that are believed
to be reasonable under the circumstances.
Significant judgments
The judgments (apart from those involving estimations) that management has made in the process of
applying the entity's accounting policies and that have the most significant effect on the amounts
recognised in the financial statements are as follows:
Impairment of investments
At the end of each reporting period, the Group assess whether there is objective evidence of impairment
of any financial assets that are measured at cost or amortised cost. If there is objective evidence of
impairment, the entity shall recognise an impairment loss in the Consolidated Statement of
Comprehensive Income immediately (note 13).
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely
equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities
within the next financial year are as follows:
Defined benefit pension scheme
The asset/(liability) recognised in the balance sheet in respect of the group's retirement benefit obligations
represents the assets/(liabilities) of the group's defined benefit pension scheme after deduction of the fair
value of the related assets. The schemes' assets/(liabilities) are derived by estimating the ultimate cost of
benefits payable by the scheme and reflecting the discounted value of the proportion accrued by the year
end in the balance sheet. In order to arrive at these estimates, a number of key financial and non-financial
assumptions are made by management, changes to which could have a material impact upon the net
deficit and also the net cost recognised in the profit and loss account. The principle assumptions relate to
the rate of inflation, mortality and the discount rate. The assumed rate of inflation is important because this
affects the rate at which salaries grow and therefore the size of the pension that employees receive upon
retirement. Over the longer term, rates of inflation can vary significantly.
The overall benefits payable by the scheme will also depend upon the length of time that members of the
schemes live for; the longer they remain alive, the higher the cost of the pension benefits to be met by the
scheme. Assumptions are made regarding the expected lifetime of the schemes' members, based upon
recent national experience. However, given the rates of advance in medical science, it is uncertain
whether these assumptions will prove to be accurate in practice.
The rate used to discount the resulting cash flows is equivalent to the market yield at the statement of
financial position date on UK government securities with a similar duration to the schemes liabilities. This
rate is potentially subject to significant variation. The net cost recognised in the profit and loss account is
also affected by the return on the schemes' assets. The impact of the pension estimates on the group’s
accounts can be seen in note 18.
The scheme is in surplus at the year-end. The Directors have not recognised this as an asset on the basis
that the Company is not expected to be able to recover the surplus whether it be through reduced future
contributions or through refunds from the plan. As a result, the year end amount recognised on the
balance sheet is £Nil (2022: liability of £303,000).
Pa
g
e 24
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
4.
Turnove
r
Income arises from:
2023 2022
££
Grants 8,804,870 20,748,741
Enterprize Zone income 2,219,250 1,920,573
11,024,120 22,669,314
The above income is wholly attributable to the principal activity of the group which is undertaken within
the United Kin
g
dom.
5.
Operatin
g
surplus/
(
deficit
)
The operatin
g
surplus/
(
deficit
)
is stated after char
g
in
g
:
2023 2022
££
Defined benefit pension scheme 67,000 54,000
Depreciation of tan
g
ible fixed assets 10,345 20,495
Other operatin
g
lease rentals 65,171 69,392
Defined contribution pension scheme 114,437
122,665
6. Auditors' remuneration
During the
y
ea
r
, the Group obtained the following services from the Compan
y
's auditors and thei
r
associates:
2023 2022
££
Fees pa
y
able to the Compan
y
's auditors and their associates for the audit
of the consolidated and parent Compan
y
's financial statements 14,675 12,700
Fees pa
y
able to the Compan
y
's auditors and their associates in respect of:
Taxation compliance services 1,350 1,200
Preparation of the financial statements 3,325
3,500
Pa
g
e 25
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
7.
Emplo
y
ees
Staff costs were as follows:
Group Group Compan
y
Compan
y
2023 2022 2023 2022
££££
Wa
g
es and salaries 1,937,169 2,169,208 1,937,169 2,169,208
Social securit
y
costs 222,859 233,220 222,859 233,220
Cost of defined benefit scheme 67,000 54,000 67,000 54,000
Cost of defined contribution scheme 114,437 122,665 114,437 122,665
2,341,465 2,579,093 2,341,465 2,579,093
The average monthl
y
number of emplo
y
ees during the
y
ea
r
was as follows:
2023 2022
No. No.
Leadership Team 5 6
Pro
j
ect Deliver
y
Team 41 44
A
dministrative Team 5 6
51 56
8. Interest receivable
2023 2022
££
Bank and other interest receivable - 502
Investment interest receivable 1,076,478 273,517
1,076,478 274,019
9. Net finance costs
2023 2022
££
Interest income on pension scheme assets 35,000 24,000
Net interest on net defined benefit liabilit
y
(
44,000
)
(
34,000
)
(9,000) (10,000)
Pa
g
e 26
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
10.
Taxation
2023 2022
££
Corporation tax
Current tax on profits for the
y
ea
r
(
19,892
)
9,642
Total current tax
(19,892) 9,642
Taxation on (loss)/profit on ordinary activities (19,892) 9,642
Factors affectin
g
tax char
g
e for the
y
ea
r
The tax assessed for the
y
ea
r
is lower than
(
2022 - hi
g
her than
)
the standard rate of corporation tax in
the UK o
f
19%
(
2022 - 19%
)
. The differences are explained below:
2023 2022
££
Profit/(loss) on ordinary activities before tax 3,556,867
(26,546,218)
Profit/
(
loss
)
on ordinar
y
activities multiplied b
y
standard rate of corporation
tax in the UK of 19%
(
2022 - 19%
)
675,805
(
5,043,781
)
Effects of:
Non-taxable
(
expenditure
)
/income
(
585,063
)
5,053,423
Other tax char
g
e
(
relief
)
on exceptional items
(
110,634
)
-
Total tax charge for the yea
r
(19,892) 9,642
Factors that ma
y
affect future tax char
g
es
Changes to the UK corporation tax rates were substantively enacted as part of the 2023 budget on 21
March 2023. This included an increase to the main rate from 19% to 25% from 1 April 2023. The
Company will be taxed at 25% unless its taxable profits are sufficiently low enough to qualify for a lower
rate of tax, the lowest being 19%.
Pa
g
e 27
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
11.
Exceptional items
2023 2022
££
A
mount provided for a
g
ainst interest income 582,440 -
582,440 -
12. Tan
g
ible fixed assets
Group and Compan
y
Fixtures and
fittin
g
s
Office
equipment Total
£££
Cost or valuation
A
t 1 April 2022 6,312 116,371 122,683
A
dditions - 4,679 4,679
Disposals
(
6,312
)
(
1,089
)
(
7,401
)
A
t 31 March 2023 - 119,961 119,961
Depreciation
A
t 1 April 2022 6,312 98,447 104,759
Char
g
e for the
y
ear on owned assets - 10,345 10,345
Disposals
(
6,312
)
(
1,089
)
(
7,401
)
A
t 31 March 2023 - 107,703 107,703
Net book value
At 31 March 2023 -
12,258 12,258
At 31 March 2022 - 17,924 17,924
Pa
g
e 28
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
13.
Fixed asset investments
Group
Loans
Othe
r
investments Total
£££
Cost or valuation
A
t 1 April 2022 3,772,064 11,080,396 14,852,460
A
dditions 4,576,018 1,936,033 6,512,051
Disposals
(
695,724
)
-
(
695,724
)
Transfers intra
g
roup
(
273,492
)
273,492 -
A
t 31 March 2023 7,378,866 13,289,921 20,668,787
Impairment
A
t 1 April 2022 - 316,650 316,650
Char
g
e for the period - 400,000 400,000
A
t 31 March 2023 - 716,650 716,650
Net book value
At 31 March 2023 7,378,866
12,573,271 19,952,137
At 31 March 2022 3,772,064 10,763,746 14,535,810
Pa
g
e 29
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
13.
Fixed asset investments
(
continued
)
Compan
y
Loans
Othe
r
investments Total
£££
Cost or valuation
A
t 1 April 2022 3,772,064 7,980,108 11,752,172
A
dditions 4,576,018 1,606,400 6,182,418
Disposals
(
695,724
)
-
(
695,724
)
Transfers intra
g
roup
(
273,492
)
273,492 -
A
t 31 March 2023 7,378,866 9,860,000 17,238,866
Net book value
At 31 March 2023 7,378,866
9,860,000 17,238,866
At 31 March 2022 3,772,064 7,980,108 11,752,172
14. Debtors
Group Group
A
s restated
Compan
y
Compan
y
A
s restated
2023 2022 2023 2022
££££
Trade debtors 213,763 144,306 213,763 144,306
A
mounts owed b
y
g
roup undertakin
g
s - - 2,713,271 2,783,639
Other debtors 1,997,129 1,726,500 1,965,321 1,695,941
Prepa
y
ments and accrued income 2,468,683 3,175,780 2,468,683 3,175,780
4,679,575 5,046,586 7,361,038 7,799,666
15. Prior
y
ear ad
j
ustment
In the prior year, the company issued an advance payment of £1,606,400 which was classified as 'grants
issued'. The prior year restatement is to reclassify the advance payment from 'grants issued' to debtor due
within 1 year within the comparative figures in these financial statements. In 2023, the debtor has been
reversed and the company has made an investment of the same value (see note 12).
Pa
g
e 30
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
16.
Creditors: Amounts fallin
g
due within one
y
ea
r
Group Group Compan
y
Compan
y
2023 2022 2023 2022
££££
Trade creditors 232,703 143,178 232,703 143,178
Corporation tax - 9,642 - 9,642
Other taxation and social securit
y
50,537 57,694 50,537 57,694
Other creditors 24,484 20,056 24,484 20,056
A
ccruals and deferred income 901,970 907,646 894,970 901,896
1,209,694 1,138,216 1,202,694 1,132,466
17. Reserves
Reserves represent amounts received and held for specific long term projects as follows:
Balance
brou
g
ht
forward
(
as
restated
)
Surplus
/
(
deficit
)
in
y
ea
r
Balance
carried
forward
£££
GROUP
Retained earnin
g
s - NALEP 1,758,471 409,689 2,168,160
Growin
g
Places Capital Infrastructure 23,909,353
(
2,827,905
)
21,081,448
Growin
g
Places - 2,398,257 2,398,257
Growth Deal 8,596,119 972,831 9,568,951
New An
g
lia Capital Fund 2,465,268
(
90,639
)
2,374,629
Growin
g
Business Fund 25,190 233,951 259,141
Pro
g
rammes Administration 3,359,942 332,568 3,692,510
Growin
g
Places Other Capital Allocation 2,073,481 - 2,073,481
Enterprize Zone 3,699,620 1,217,510 4,917,130
Innovative Pro
j
ects Fund 613,471
(
269,921
)
343,550
Pro
j
ects Revenue Allocation 235,663 - 235,663
Retained earnin
g
s - NAC
(
291,842
)
(
400,000
)
(
691,842
)
Redundanc
y
Reserve 12,309 - 12,309
Local Transport Bod
y
Reserves
(
5,873
)
-
(
5,873
)
Gettin
g
Buildin
g
Fund 3,085,365 1,500,000 4,585,365
Business Resilience & Recover
y
Scheme - 7,196 7,196
Skills Bootcamp reserve - 169,222 169,222
Defined Benefit Pension
(
303,000
)
303,000 -
49,233,537 3,955,759 53,189,297
Pa
g
e 31
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Reserves
(
continued
)
Balance
brou
g
ht
forward
(
as
restated
)
Surplus
/
(
deficit
)
in
y
ea
r
Balance
carried
forward
£££
COMPANY
Retained earnin
g
s 1,758,471 409,689 2,168,160
Growin
g
Places Capital Infrastructure 23,909,353
(
2,827,905
)
21,081,448
Growin
g
Places - 2,398,257 2,398,257
Growth Deal 8,596,119 972,831 9,568,951
New An
g
lia Capital Fund 2,148,618
(
490,639
)
1,657,979
Growin
g
Business Fund 25,190 233,951 259,141
Pro
g
rammes Administration 3,359,942 332,568 3,692,510
Growin
g
Places Other Capital Allocation 2,073,481 - 2,073,481
Enterprize Zone 3,699,620 1,217,510 4,917,130
Innovative Pro
j
ects Fund 613,471
(
269,921
)
343,550
Pro
j
ects Revenue Allocation 235,663 - 235,663
Redundanc
y
Reserve 12,309 - 12,309
Local Transport Bod
y
Reserves
(
5,873
)
-
(
5,873
)
Gettin
g
Buildin
g
Fund 3,085,365 1,500,000 4,585,365
Business Resilience & Recover
y
Scheme - 7,196 7,196
Skills Bootcamp reserve - 169,222 169,222
Defined Benefit Pension
(
303,000
)
303,000 -
49,208,729 3,955,759 53,164,489
Pa
g
e 32
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Reserves
The movement on Retained earnings is an overall surplus, this reflects grant income received in excess of
the grants distributed from grant reserves during the year.
The three Growing Places reserves represent funding from HM Government for the purposes of providing
financial support for Infrastructure projects and other projects demonstrating significant regional or local
economic benefit.
Projects Revenue Allocation is funding from the Growing Places fund set aside to fund a range of
economic development projects.
Growth Deal reserve is part of the LEP’s agreed Growth Deal programme from government and is
committed to specific projects.
New Anglia Capital Fund has been established by New Anglia LEP with repaid funding from its Growing
Places Fund. These funds are managed by its subsidiary company, New Anglia Capital and are co-
invested with private investors to support start-ups with innovative ideas in high growth companies.
The Growing Business Fund is a mechanism for providing financial support to businesses in Norfolk and
Suffolk. Spending decisions for the fund rest with a panel independent to the LEP. The reserve funding
has been used during the year.
Programme Administration is part of the funding within Growing Places and Growth Deal to run the
programmes.
The Enterprise Zones consist of 16 identified sites and working with nine local authority partners
encourage businesses and inward investment to locate on the Enterprise Sites, encouraging innovation
and higher skilled jobs, target support to help small businesses to grow.
The Innovative Projects Fund is a revenue based fund and is generated from the LEP’s Enterprise Zones.
The fund will prioritise projects which accelerate the LEP's growth of ambition, themes, sectors and key
growth locations in the Economic Strategy.
The Redundancy Reserve relates to monies received from sponsoring authorities on the transfer of the
company's employees under Transfer of Undertakings Protection Employment regulations to fund any
potential future redundancy expenditure in respect of those employees.
Local Transport Body Income is funding allocated by HM Government to support the Norfolk and Suffolk
Local Transport Body.
The Getting Building Fund reserve represents funding from HM Government in respect of a portfolio of
projects in key sectors including tourism, food production, health and social care and energy. These funds
have been drawn down in the year.
The Business Resilience and Recovery Scheme has been established by New Anglia LEP to provide
funding to support businesses in the New Anglia region in their longer term recovery from the coronavirus
pandemic.
The Skills Bootcamp reserve represents funding from the Department for Education to support individuals
to develop skills and fulfil their potential through sector specific skills training. There is a broad range of
subject areas for learners and the programme will be targeted at those areas in the region where there are
known skills shortages.
The Defined Benefit Pension reserve represents the Group's net liability position in relation to its defined
benefit pension scheme as at the year end (see note 18).
Pa
g
e 33
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
18.
Pension commitments
The Group operates a Definied Contribution Pension Scheme. The assets of the scheme are held
separately from the Group in an independently administered fund. The pension cost charge represents
contributions payable by the Group to the fund and amounted to £114,437 (2022: £122,665). Contributions
totalling £19,132 (2022: £20,056) were payable to the fund at the balance sheet date.
The Group operates a Defined Benefit Pension Scheme.
A full actuarial valuation of the defined benefit scheme was carried out at 31 March 2023 by a qualified
independent actuary. Contributions to the scheme are made by the group based on the advice of the
actuary, with the aim of making good the deficit over the remaining working life of the employees.
Contributions to the scheme are made by the Group based on the advice from the actuary with the aim of
making good the deficit over the remaining life.
Although the report provided by the actuary presents a defined benefit asset of £256,000, no asset has
been recognised in the 2023 financial statements as the fund is not expected to generate a reduction or
refund of contributions. The adjustment of £256,000 has been reflected in the actuarial gain figure.
Reconciliation of present value of plan liabilities:
2023 2022
££
A
t the be
g
innin
g
of the
y
ea
r
1,557,000 1,602,000
Current service cost 67,000 73,000
Contributions b
y
emplo
y
ees 16,000 14,000
Interest cost 44,000 34,000
A
ctuarial
(g
ains
)
/losses
(
423,000
)
(
166,000
)
At the end of the yea
r
1,261,000 1,557,000
Reconciliation of present value of plan assets:
2023 2022
££
A
t the be
g
innin
g
of the
y
ea
r
1,254,000 1,134,000
Interest income 35,000 24,000
A
ctuarial
g
ains/losses
(
61,000
)
66,000
Contributions 33,000 30,000
At the end of the yea
r
1,261,000 1,254,000
Pa
g
e 34
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
18.
Pension commitments
(
continued
)
2023 2022
££
Present value of plan assets 1,261,000 1,254,000
Present value of plan liabilities
(
1,261,000
)
(
1,557,000
)
Net pension scheme asset / (liability) - (303,000)
The amounts reco
g
nised in profit or loss are as follows:
2023 2022
££
Current service cost
(
67,000
)
(
73,000
)
Interest on obli
g
ation
(
44,000
)
(
34,000
)
Interest income on plan assets 35,000 24,000
Past service cost - 19,000
Total
(76,000) (64,000)
The cumulative amount of actuarial gains and losses recognised in the Consolidated Statement o
f
Comprehensive Income was £635,000
(
2022 - £248,000
)
.
Pa
g
e 35
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
18.
Pension commitments
(
continued
)
Principal actuarial assumptions at the balance sheet date
(
expressed as wei
g
hted avera
g
es
)
:
2023 2022
%%
Discount rate
4.75 2.75
Future salar
y
increases
3.65 3.9
Future pension increases
2.95 3.2
Mortalit
y
rates
- for a male a
g
ed 65 no
w
21.6 21.7
- at 65 for a male a
g
ed 45 no
w
24.2 22.9
- for a female a
g
ed 65 no
w
24.3 24.1
- at 65 for a female member aged 45 no
w
25.9 26
Major categories of plan assets as a percentage of total plan assets:
2023 2022
Equit
y
49% 50%
Bonds 36% 30%
Propert
y
12% 19%
Cash 3% 1%
19.
Commitments under operatin
g
leases
At 31 March 2023 the Group and the Compan
y
had future minimum lease payments due under non-
cancellable operating leases for each of the following periods:
Group Group Compan
y
Compan
y
2023 2022 2023 2022
££££
Not later than 1
y
ea
r
25,691 23,449 25,691 23,449
Later than 1
y
ear and not later than 5
y
ears 4,282 - 4,282 -
29,973 23,449 29,973 23,449
Pa
g
e 36
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
20.
Compan
y
status
The company is a private company limited by guarantee and consequently does not have share capital.
Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the
company in the event of liquidation.
21.
Related part
y
transactions
During the financial year the following related party transactions took place:
Grants of £31,977 (2022: £78,826) were awarded to the University of Suffolk from New Anglia LEP
(NALEP). A director of the University of Suffolk is also a director of the Company. The balance due at the
year end to the University of Suffolk was £3,974 (2022: £5,080).
Contributions of £356,381 (2022: £407,701) were awarded to NALEP from West Suffolk District Council.
A rates refund of £48 was also awarded to NALEP from the Council (2022: £nil). Furthermore, rental
payments of £nil (2022: £5,213) were paid to West Suffolk Council by NALEP. A director of West Suffolk
Council is also a director of the Company. No balance was outstanding at the year end (2022: £Nil).
Contributions of £108,956 (2022: £214,173) were awarded to NALEP from Norfolk County Council.
Purchases of £98,589 (2022: £89,004) were paid to Norfolk County Council and Norse Group by NALEP.
A director of Norfolk County Council and Norse Group is also a director of the Company. At the year end,
the balance due from Norfolk County Council was £4,313 (2022: £113) and the balance due to Norfolk
County Council is £104,423 (2022: £22,250). The balance due to Norse Group at the year end is £120
(2022: £114).
Contributions of £188,960 (2022: £263,400) were awarded to NALEP from Suffolk County Council and
Mid Suffolk District Council. Grants of £30,875 (2022: £13,550) were awarded to Suffolk County Council
and Mid Suffolk District Council. A director of Suffolk County Council and Mid Suffolk District Council is
also a director of the Company. At the year end, the balance due from Suffolk County Council is £Nil
(2022: £17,390). At the year end, the balance due from Mid Suffolk District Council is £108,514 (2022:
£90,678).
Contributions of £7,600 (2022: £7,500) were awarded to NALEP from Norwich City Council. Furthermore,
£115 (2022: £290) was paid to Norfolk Pension Fund. Grants of £24,665 (2022: £Nil) were awarded to
National Centre for Writing by NALEP. A director of Norwich City Council and of the Norfolk Pension
Fund, and a Trustee of the National Centre for Writing, is also a director of the Company. No balance
was outstanding at the year end (2022: £Nil) from Norwich City Council or Norfolk Pension Fund.
Contributions of £nil (2022: £69,470) were awarded to NALEP from Breckland District Council. A director
of Breckland District Council is also a director of the Company. At the year end, a balance of £Nil was
due to/from Breckland District Council (2022: £10,518).
Contributions of £834,051 (2022: £23,966) were awarded to NALEP from Ipswich Borough Council.
Payment of £45 (2022: £nil) for an event was made to Ipswich Borough Council. A director of Ipswich
Borough Council is also a director of the Company. At the year end, £18,000 was due from Ipswich
Borough Council (2022: £Nil).
Pa
g
e 37
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
.
Related part
y
transactions
(
continued
)
Grants of £152,893 (2022: £29,924) were paid to Norfolk Chamber of Commerce and UEA Consulting by
NALEP. A director of the Norfolk Chamber of Commerce and UEA Consulting is also a director of the
Company. No balance was outstanding at the year end (2022: £Nil).
Contributions of £154,911 (2022: £nil) were awarded to NALEP from the Borough Council of King’s Lynn &
West Norfolk and Norfolk County Council. Payment of £99,450 (2022: £nil) which included events, grants
and salary costs was made to the Borough Council of King’s Lynn & West Norfolk and Norfolk County
Council. A director of the Borough Council of King’s Lynn & West Norfolk and Norfolk County Council is
also a director of the Company. A balance of £Nil (2022: £5,707) was due from the Borough Council of
King’s Lynn & West Norfolk at the year end.
A payment of £23,500 (2022: £nil) was made to Hydrogen East in respect of a feasibility study. A director
of Hydrogen East is also a director of the Company. No balance was outstanding at the year end (2022:
£Nil).
A payment of £397 (2022: £nil) was made to Suffolk New College in respect of events. A director of
Suffolk New College was also a director of the Company (now deceased). No balance was outstanding at
the year end (2022: £Nil).
A payment of £517 (2022: £nil) was made to EOC Enterprises for events. A director of EOC Enterprises is
also a director of the Company. No balance was outstanding at the year end (2022: £Nil).
Key Management personnel include all directors across the group who together have authority and
responsibility for planning directing and controlling activities of the group. The total compensation paid to
key management personnel was £583,981 (2022: £537,076) payable in respect to 6 (2022: 6) key
management personnel. Expenses of £725 (2022: £1,400) were paid to 1 Director (2022: 2 Directors).
22.
Post balance sheet events
The company holds a £2.5m investment in OneFarm Limited. On 12 October 2023, OneFarm Limited
entered into administration as a result of events after 31 March 2023, and subsequently, New Anglia Local
Enterprise Partnership are not expecting to receive any repayment on this investment.
Pa
g
e 38
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
COMPANY DETAILED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
2023 2022
££
Turnove
r
11,024,120 22,669,314
Grants issued
(
1,522,459
)
(
41,718,778
)
Gross profit/
(
loss
)
9,501,661
(
19,049,464
)
Less: overheads
A
dministration expenses
(
6,429,832
)
(
6,153,876
)
Exceptional item
(
582,440
)
-
Operatin
g
profit/
(
loss
)
2,489,389
(
25,203,340
)
Interest receivable 1,076,478 274,019
Net finance costs
(
9,000
)
(
10,000
)
Tax on profit/
(
loss
)
on ordinar
y
activities 19,892
(
9,642
)
Profit/(Loss) for the yea
r
3,576,759 (24,948,963)
Pa
g
e 39
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
SCHEDULE TO THE DETAILED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
2023 2022
££
Turnove
r
Grants 8,804,870 20,748,741
Enterprize Zone Income 2,219,250 1,920,573
11,024,120 22,669,314
2023 2022
££
Grants issued
Grants issued 1,522,459 41,718,778
1,522,459 41,718,778
Pa
g
e 40
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
SCHEDULE TO THE DETAILED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
2023 2022
££
Administration expenses
Staff salaries 1,937,169 2,169,208
Staff national insurance 222,859 233,220
Staff pension costs - defined contribution schemes 114,437 122,665
Staff pension current service costs
(
DB
)
67,000 73,000
Staff pension past service costs
(
DB
)
-
(
19,000
)
Staff trainin
g
6,040 21,656
Motor runnin
g
costs 1,782 -
Entertainment 6,438 2,348
Hotels, travel and subsistence 37,211 17,085
Consultanc
y
425,056 596,217
Printin
g
and stationer
y
2,831 3,586
Telephone and fax 16,195 20,134
Computer costs 187,325 258,309
General office expenses 6,951 28,163
A
dvertisin
g
and promotion 105,177 78,842
Trade subscriptions 14,063 22,426
Le
g
al and professional 70,147 87,394
A
uditors' remuneration 10,900 10,475
A
ccountanc
y
fees 6,325 6,280
Equipment leasin
g
(
operational
)
2,854 1,533
Bank char
g
es 153 249
Difference on forei
g
n exchan
g
e
(
8,553
)
-
Sundr
y
expenses 4,274 2,987
Rent - non-operatin
g
leases 11,312 7,100
Rent - operatin
g
leases 62,317 67,859
Rates 4,159 9,180
Li
g
ht and heat 1,738 1,562
Cleanin
g
1,204 1,170
Insurances 2,349 2,339
Repairs and maintenance 8,477 688
Sundr
y
establishment expenses -
(
1,362
)
Depreciation - office equipment 10,345 20,494
Pro
j
ects 2,411,346 1,769,594
Irrecoverable VAT 279,951 221,825
A
mounts provided for a
g
ainst investments 400,000 316,650
6,429,832 6,153,876
Pa
g
e 41
NEW ANGLIA LOCAL ENTERPRISE PARTNERSHIP LIMITED
(
A Compan
y
Limited b
y
Guarantee
)
SCHEDULE TO THE DETAILED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
2023 2022
££
Exceptional item
A
mount provided for a
g
ainst interest income 582,440 -
582,440 -
2023 2022
££
Interest receivable
Bank interest receivable 1,076,478 273,517
A
ssociates interest receivable - 502
1,076,478 274,019
2023 2022
££
Other finance income
Interest income on pension scheme assets 35,000 24,000
Interest on pension scheme liabilities
(
44,000
)
(
34,000
)
(9,000) (10,000)
Pa
g
e 42