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Annual Report and Financial Statements 2018/19 Annual Report and Financial Statements 2018/19

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Annual Report and Financial Statements 2018/19 Annual Report and Financial Statements 2018/19 Annual report and financial statements 2018/19 Annual report and financial statements 2018/19 Officers and professional advisers Directors Carol Bell Non-Executive Director Gareth Bullock Chair Roger Jeynes Non-Executive Director Giles Thorley Chief Executive Margaret Llewellyn OBE Non-Executive Director Huw Morgan Non-Executive David Staziker Senior Independent Director Chief Financial Officer (appointed 1 April 2018) Iraj Amiri Non-Executive Director Company Secretary Judi Oates Registered office Bankers Auditors Unit J Barclays Bank Plc Deloitte LLP Yale Business Village PO Box 69 5 Callaghan Square Ellice Way Queen Street Cardiff Wrexham Cardiff CF10 5BT LL13 7YL 2 ANNUAL REPORT AND FINANCIAL STATEMENTS 2018/19 Contents Introduction 3 Risk management framework 82 Mission, Vision, Values, Goals 5 Risk culture 83 Five year target 6 Risk tolerance 84 Chair's statement 7 Principal risks 85 Chief Executive's report 9 Lines of defence model 93 Performance highlights 11 Responsible business 95 Our year 13 Business model 15 Governance 102 Investment Director's report 17 Governance section 103 Directors' report 104 Investments and other services 19 Directors' biographies 105 Starting a business 21 Corporate Governance statement 112 Growing a business 25 Audit and Risk Committee report 114 Fast-track loans 37 Remuneration Committee Report 119 Developing a tech venture 39 Nomination Committee Report 121 Buying a business 47 Other committees 122 Financing a property development 51 Angels Invest Wales 53 Financial statements 123 Economic Intelligence Wales 55 Independent auditor's report 125 Help to Buy – Wales 57 Consolidated income statement 139 FW Capital 59 Consolidated statement of comprehensive income 140 Funds, people and relationships 63 Consolidated statement of changes in equity 141 Funds 65 Consolidated balance sheet 142 People 66 Consolidated cash flow statement 144 Relationships 67 Notes to the consolidated Working together with financial statements 145 Welsh Government 68 Company balance sheet 201 Company statement Financial and risk management 69 of changes in equity 202 Chief Financial Officer's report 71 Notes to the company Risk management financial statements 203 and internal control 80 Appendix A to the annual report and financial statements 211 CONTENTS 3 4 ANNUAL REPORT AND FINANCIAL STATEMENTS 2018/19 INTRODUCTION We believe that for Wales to prosper, our businesses need to prosper. When our businesses thrive, they create a higher number of better quality jobs. The people they employ strengthen our communities. When Welsh businesses are strong, Wales is strong. Our purpose is to make it easier for businesses to get the finance they need to start up, strengthen and grow. introduction 5 Mission To unlock potential in the economy of Wales by increasing the provision of sustainable, effective finance in the market. Vision To be a unique resource for Wales, creating long-term value and enhancing a dynamic, competitive Welsh economy. Values Open | Responsible | Partnership Goals Become the cornerstone organisation for delivery of public sector financial instruments, supporting micro to medium businesses in Wales and increasing the supply of finance. Deliver key policy objectives by achieving performance targets and providing investment management and support services across the whole of Welsh Government. Promote economic development through an adaptable delivery model that is responsive to market needs whilst providing value for money for public funds. 6 ANNUAL REPORT AND FINANCIAL STATEMENTS 2018/19 Five year targets 20,000 jobs 1,400 businesses supported £ Minimum £80m p.a. £1bn direct investment economic impact Minimum 1:1.15 private sector investment INTRODUCTION 7 Chair's statement The Development Bank lent The Development Bank or invested £80m in over 350 uses that capital to create Welsh companies, leveraging funds targeted at specific an additional £126m of private sectors or regions, each sector capital, resulting in with tailored investment the creation or safeguarding criteria designed to produce of 3,748 jobs. Over the last the outcomes agreed with five years the Development government and informed by Bank, through its own funds the Economic Action Plan. and the private capital it has leveraged, has invested A good example of this £720m in Welsh enterprises. approach has been the Gareth Bullock residential property sector Chair Just 18 months ago the Welsh where two dedicated funds Government endowed the fill the void created by the Development Bank with almost complete withdrawal £233m of investment capital of conventional commercial "I am delighted to deploy into the micro to bank funding for smaller to report on the medium enterprise sector, the housebuilding schemes. Development Bank heart of the Welsh economy. These have allowed small of Wales’ activities local house builders to flourish and much needed for its first full year In this financial year we homes to be built where received a further £197m, of operation. Our people want to live. In a new tangible evidence of the Chief Executive, Giles fund we will also be tackling Welsh Government’s the constrained supply of Thorley, and his team continuing commitment commercial property and have again done a to support small in another those impaired Welsh businesses. remarkable job in or difficult sites which need building momentum some remediation before With this backing and the commercial developers and achieving our private sector capital we can consider them for new operating targets." leverage we realistically projects. This, I hope, gives a expect to invest a total sense of the strategic sectoral of about £1bn into the approach the Development Welsh economy over Bank and the Government's the next five years. take together, all aligned The capital we receive is the to the Government’s result of detailed discussion economic priorities. and planning with relevant I am also pleased to report government departments that Economic Intelligence identifying areas of the Wales (EIW) commenced its economy where strategic, publication of reports which long-term funding can over time aim to create a overcome obstacles and body of objective insights and unlock significant benefits. clarity about specific sectors of the Welsh economy. 8 ANNUAL REPORT AND FINANCIAL STATEMENTS 2018/19 These in turn can inform fundraise into the £25m It is vital that the policy and action. EIW Wales Management Development Bank builds publishes quarterly Succession Fund. We are a foundation of capability statistical reports on the grateful to Clwyd for sharing alongside its increased Welsh economy and has our enthusiasm for our capital resources so already issued two bespoke goals. From this small but that we can sustain both reports on exports and ground-breaking start we efficiency and effectiveness on equity clusters. look forward to attracting for the long-term. significantly more funds from The Development Bank other independent investors To that end we are is constantly striving to over the next few years. investing in both people extend its reach to all parts Our commercial services and processes, the cost of of the Welsh economy. business, FW Capital, which will be met by the continues to be successful, surplus we generate over To deliver this we must lending £28m to businesses the next few years. Our staff acknowledge the excellent across the North of England. now number 201 and we work done by our colleagues In total, FW Capital manages operate from four offices at Business Wales in helping eight funds totalling £216m, providing a nationwide entrepreneurs formulate allowing us to enhance the presence In Wales, with our ideas, to support growth economic flows between headquarters in Wrexham, plans and to help in more the Northern Powerhouse and offices in Cardiff, Llanelli challenging situations. This and North Wales. and Newtown. We also have relationship has seen a a small network of offices three-fold increase in We have spent much time across the North of England. referrals between the this year working with In the coming year we will Development Bank of Wales Welsh Government and a open a further office in North and Business Wales in the range of stakeholders in West Wales ensuring that last year. making preparations for any we continue to be accessible economic disruption that an to all parts of the country. At the time of the launch, unplanned departure from we made a commitment the EU might occasion. This Finally I would like to that we would seek to is, of course, ongoing and thank all our staff for their leverage our experience and the potential consequences dedication and hard work performance track record of a disorderly Brexit on during this extremely busy to attract other sources of different industry sectors are and rewarding first year. capital to invest in the Welsh many and varied. We have Our continuing success economy. In addition to the identified financial resources, will depend on them and private capital of £126m that policy adjustments and the culture of service has been invested alongside process changes that will and professionalism the Bank in individual enable us to play our part to they are creating. transactions, in January we support the economy in such secured £10m of institutional an eventuality. Gareth Bullock equity from Clwyd Pension Chair Fund completing the 26 June 2019 INTRODUCTION 9 Chief Executive's report Delivery Scaling up 2018/19 was the first full Fundraising has tracked ahead of year of operation for the schedule with a number of new Development Bank of product launches in the year. May Wales and one in which we saw the launch of Angels Invest continued to increase the Wales, our new angel investment levels of financial support network, alongside the Wales to Welsh businesses. When Angel Co-investment Fund. The Giles Thorley we launched in October network and Fund will work Chief Executive of 2017, we committed together to facilitate syndicated to increase levels of angel investment, widely seen investment to £80m per as a critical success factor in "The year to end March annum within five years.
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