7/18 ANNUAL

201 REPORT Foreword

s Chair of the , my Left to right: Cllr Bill Dixon, Leader of Darlington Borough Council; Dave Budd, ; , ; goal is to drive economic growth and realise the Cllr Sue Jeffrey, Leader of Borough Council; Cllr Bob Cook, Leader of Stockton-on-Tees Borough Council; enormous potential for our region. The Combined Cllr Christopher Akers-Belcher, Leader of Hartlepool Borough Council Authority's Strategic Economic Plan, which is our Alocal industrial strategy, aims to deliver 25,000 new jobs and 23,000 new homes between 2016 and 2026. It is at the heart of our plans to transform Tees Valley into a thriving and “A fantastic example of public- prosperous place to invest, work, live and visit. INTRODUCTION private sector partnership Tees Valley continues to play a significant role in the - the strongest and most development of the Northern Powerhouse economy, and the Tees Valley Combined Authority was created in April 2016 with the aim election of a Mayor in May 2017 means that we are now one of of driving economic growth and increasing investment and job creation ambitious in the country.” only eight parts of the country to have a Metro Mayor. This puts in the area. It is a partnership of the five local authorities — Darlington, Paul Drechsler, President of the Confederation Ben Houchen (above), Tees Valley Mayor and Chair of Tees Valley of British Industry and Chancellor of Teesside us at the top table with big city regions such as Manchester, Combined Authority Hartlepool, Middlesbrough, Redcar and Cleveland, Stockton-on-Tees Liverpool and the West Midlands – and helps us to continue to — working closely with the local business community and partners to University punch above our weight. With devolved powers on key issues Last, but certainly not least, I would like to take this opportunity make local decisions that support the growth of our economy. such as employment and skills, transport, culture, planning and to thank the many groups, committees and panels as, without investment we now get to decide how we deal with the matters all of their hard work and commitment, none of this would be Tees Valley is at the forefront of northern economic growth and a In 2017-18 we have: that are important to us – and I will continue to make the case possible – a full listing of these can be found on the inside flagship for successful devolution. Tees Valley Combined Authority has for Tees Valley to the decision-makers in Whitehall to ensure we back page. big ambitions for our area, and our Strategic Economic Plan aims to ■■ Invested a total of £51million on get the best for our region. create 25,000 new jobs and deliver an additional £2.8billion into the programmes, projects, grant schemes Big things are happening in Tees Valley and this report Tees Valley economy by 2026. The plan sets out the main priorities and development funding demonstrates how ambitious plans can turn into reality when of the Combined Authority and the Local Enterprise Partnership, and I am committed to delivering Government’s Industrial Strategy, ■■ Supported the creation of 4,000 new as I plan to create an economy that boosts productivity and Government, Local Authorities and the private sector work outlines how we will drive investment and opportunity in the area. together towards a common goal. It shows how we are building jobs through making or attracting earning power in Tees Valley, demonstrates clear growth Together with the Local Enterprise Partnership, we ensure that locally investment into the region and improves consumer and business confidence. There a stronger economy and making things better for Tees Valley businesses and residents. led decision-making serves our businesses and residents. We are are fantastic opportunities and a growing optimism and buzz working to improve transport links that will better connect residents and In 2018-19 we plan to: around the region. businesses; housing, to ensure we provide affordable, quality homes ■■ Invest at least £104million as we continue that meet the needs of a growing Tees Valley; skills and education, to Not only do we have the biggest development opportunity in to prioritise attracting inward investment make sure everyone has the same opportunities to access work; and and jobs to the region the UK with the Mayoral Development Corporation at South tourism and culture, so that we can all have an area we are proud to Tees, these are also exciting times for our culture and tourism, Ben Houchen call home and that others want to visit. ■■ Continue to work collaboratively with our transport and education sectors. Tees Valley Mayor partners to improve the quality of life of Tees Valley’s Local Authorities and Local Enterprise Partnership agreed residents legislation with Government to create an election for the area’s first mayor. The election of Ben Houchen in May 2017 was a significant ■■ Continue to talk up Tees Valley and the milestone for the Tees Valley where powers previously held by many benefits of working, living, visiting "The Local Enterprise Partnership is fully integrated into the Whitehall, on such matters as transport, planning, investment, skills, and investing in our fantastic region Combined Authority. We are working to deliver the objectives homes and communities and culture, were transferred to the area. of our Strategic Economic Plan, driving economic growth, creating jobs and promoting opportunities for the people and businesses of the Tees Valley."

PAUL BOOTH CHAIR OF TEES VALLEY LOCAL ENTERPRISE PARTNERSHIP

2 Annual Report 2017/18 | Tees Valley Combined Authority Tees Valley Combined Authority | Annual Report 2017/18 3 Theresa May MP, Prime Minister; Greg Clark MP, Secretary of State for Business, Energy and Industrial Strategy; Jake Berry MP, Northern Powerhouse Minister and South Tees Development Corporation Board Members at their offices in Redcar

The Year in Highlights Investment South Tees Development Corporation ■■ Made £23million of firm commitments to a ■■ Launched the South Tees Development number of projects that will deliver more than Corporation, the single biggest 1,000 jobs, including Salters Lane/Ingenium development opportunity in the UK, The Tees Valley Mayor and the Combined Authority are committed to creating the high Parc Infrastructure and Tees Advanced securing £123million for the site and the growth, high wage, low welfare economy that the area needs and, as such, we have Manufacturing Park Corporation invested in projects on infrastructure, housing, culture and tourism, transport, innovation, ■■ Committed £7million to develop strategic For more information see page 26 and energy and business that will see us achieve our goals. These are just some of the projects such as Darlington Station, Feethams major highlights since May 2017. Grade A Office Accommodation, Hartlepool Education, Employment and Skills Waterfront, Kirkleatham Estate Redevelopment, Boho Next Generation and Tees Advanced ■■ Launched a new Education, Employment and Business Growth Culture and Tourism Manufacturing Park Skills Strategy, Inspiring our Future, to ensure everyone has the same opportunities to ■■ £5.2million of direct grant support for capital ■■ Launched Tees Valley's first destination ■■ Worked with Teesside Pension Fund to secure access work investment provided to business, which will marketing service for seven years with £200million investment to support local create and safeguard 700 jobs Enjoy Tees Valley projects ■■ New apprenticeship grant to support SMEs to take on apprentices ■■ A pipeline of new private sector investment For more information on our Culture and Tourism ■■ Accelerated delivery of the existing investment of more than £3.5billion, with the potential to projects see page 14 commitments. Currently forecast to spend 100% ■■ Launched TeesValleyCareers.com, a new create and safeguard more than 9,700 jobs more on projects than in the last financial year £3million careers service that will engage more than 1,000 businesses with over 100,000 ■■ £13million of additional funding secured to Transport help Tees Valley’s small and medium-sized For more information on some of our major young people investment projects see page 8 companies to grow ■■ Secured an additional £67million for ■■ £7.5million for a new Routes to Work scheme investment in our transport infrastructure For more information on Business Growth in the to help 2,500 long-term unemployed back area see page 10 For more information on transport projects see Innovation and Energy to work page 16 ■■ Through the Teesside Collective, Energy For more information on our Education, Minister Claire Perry recognised Tees Valley Employment and Skills plans see page 20 as the leading area for Carbon Capture, Utilisation and Storage ■■ Led the development of a £40million flagship district heating scheme to deliver energy savings to public sector businesses in Middlesbrough

For more information on Innovation and Energy projects see page 22

4 Annual Report 2017/18 | Tees Valley Combined Authority Tees Valley Combined Authority | Annual Report 2017/18 5 Cllr Bill Dixon at Darlington Station for the national launch Mayor Dave Budd during the launch of the new destination of the Transport for the North Strategic Plan marketing service, Enjoy Tees Valley Talking up Tees Valley

With a Mayoral Combined Authority and a fully integrated Local Enterprise Partnership, Some high-profile guests have visited the region to see our work: Tees Valley now has a stronger and more co-ordinated voice. We use this to promote ■■ Prime Minister Theresa May officially launched the South Tees Tees Valley and Free Zone Status Development Corporation in August 2017. On her visit to the region she our area to investors, as well as communicate our challenges and opportunities to noted that the new Corporation will be a crucial part of Tees Valley’s In January 2017, a letter from the Government. We are, more than ever, talking up our priorities and strengths to secure economic growth and regeneration Tees Valley Mayor, including 50 local high-level recognition for our achievements. signatories from public and private ■■ Former Brexit Secretary David Davis chose Tees Valley to deliver sectors, was addressed to the Chancellor his landmark EU transition speech in January 2018, during which he of the Exchequer, seeking Treasury’s We speak with one strong voice for Tees Valley to represent ■■ Businesses informed the development of Sector Action discussed the implications of Brexit for Tees Valley. Following this, Mayor engagement to explore the merits of the needs and interests of the businesses and communities in Plans for our priority sectors, and Sector Champions have Houchen gave evidence at the Government's Inquiry into Brexit and Local establishing Free Zone status at Teesport our region. There has been extensive engagement to ensure been identified to drive activity forward Government, setting out the unique set of challenges and opportunities after Brexit. The letter has been met with that our priorities and key messages reflect that of our people, Brexit presents for the region support from Government, which is also keen to understand the potential benefits which enable us to take the right approach for investment ■■ We have consulted widely on the development of two new ■■ In February 2018, Energy and Clean Growth Minister Claire Perry visited and delivery: strategies: the Tees Valley Strategic Transport Plan and of a Free Zone to Tees Valley. Tees Valley to reaffirm Government’s commitment to clean growth. On a Inspiring our Future – the Education, Employment & Skills tour of the South Tees Development Corporation, she stated that she had ■■ Working with Local Authorities and stakeholders we Strategy for Tees Valley A Free Zone provides exemptions from seen exciting opportunities to regenerate the area and bring skilled jobs taxes and duties, meaning goods can be have developed a new Tees Valley narrative to deliver and clean growth to the region on soundbites and messaging for the key themes; invest, ■■ Mayor Houchen has continued to lobby the Department imported, manufactured and then work, live and visit for Exiting the European Union on vital Tees Valley issues, ■■ In March 2018, Tees Valley Mayor Ben Houchen accompanied International re-exported within the Free Zone without meeting Ministers from the department in London and Trade Secretary Liam Fox and Northern Powerhouse Minister Jake Berry incurring UK customs duties. It can only ■■ Launched in March, Enjoy Tees Valley is a new destination former Brexit Secretary David Davis in York, alongside on a Northern Powerhouse visit to Hong Kong. During the visit, Mayor occur outside of a customs union. marketing service which was delivered with strong support other northern mayors Houchen met high-profile Hong Kong investors to deliver the message from the Local Authorities that Tees Valley is “open for business” and provide details of investment ■■ In May 2018, the Tees Valley Mayor embarked upon the opportunities at the South Tees Development Corporation ■■ A new SME advisory group was established in 2017 first ever international trade mission. The mission visited to ensure that the needs and experiences of small businesses in Japan, Thailand and South Korea to highlight We are at the forefront of devolution and one of only seven Mayoral Combined Authorities in the country and, as such, Tees Valley businesses are heard investment opportunities in the Tees Valley has been able to set new national and local policy agendas. These are key to delivering our economic growth ambitions. Notable successes in influencing the national debate and getting more services delivered locally include: ■■ More than 850 businesses attended our annual Business Summit in 2017 which helped influence our priorities and approach for the year ahead ■■ The Adult Education ■■ The Great Place ■■ Launched the South Tees Budget: Devolved funds of programme, which aims Development Corporation, the single £30.5million which will be to develop the cultural biggest development opportunity in managed and delivered in capacity of the region and the UK, securing £123million for the Tees Valley from 2019 has launched a £1.5million site and the corporation investment programme

6 Annual Report 2017/18 | Tees Valley Combined Authority Tees Valley Combined Authority | Annual Report 2017/18 7 Investing in Tees Valley

Tees Valley Combined Authority continues to work collaboratively with partners to Tees Advanced Manufacturing Park develop investment proposals, in line with our Investment Plan, that will deliver our Strategic Economic Plan.

These are the highlights for the past year from April 2017 – March 2018

April 2017 Cabinet the South Tees Development The scheme will provide the South Tees area into The Autumn Budget manufacturing space which February 2018 Northern March 2018 Over the year, formally agreed the first Corporation has significant a wrap-around service to industrial opportunities for statement announced can host around 385 direct Powerhouse Minister Jake the Combined Authority has Investment Plan, running powers to promote economic create a joined-up approach business investment. Once £59million of further skilled jobs. Berry formally launched secured £200million from from 2016/17-2020/21, with regeneration. to help those furthest away fully developed the vision will investment into Tees construction of the new central Government funding a total investment fund of from the labour market into create 20,000 jobs and add Valley as part of the January 2018 Work started Teesside University National sources and Cabinet has £464million. July 2017 Combined work. £1billion per annum to the new Transforming Cities on the Innovation & Skills Horizons Centre on Central committed £146million to Authority committed local economy. Fund, with a key focus Quarter in Hartlepool, an Park Enterprise Zone site in specific investment projects. May 2017 Combined £6million of investment to September 2017 on improving public and £8.2million project, with Darlington. The £17.5million The Combined Authority Authority received the first support the development of a Combined Authority November 2017 Cabinet sustainable transport. £5.5million of Combined investment from the has significantly accelerated round of proposals for 31 range of projects. Work also signed a Memorandum approved a £3.9million Authority investment. It will Combined Authority will drive delivery of the investment investment projects across started on construction of a of Understanding with Combined Authority December 2017 Cabinet deliver 1,608sqm of high growth in the bioscience programme delivering around Tees Valley with a total new bridge at Middlehaven in Teesside Pension Fund to investment into Ingenium approved a £7.65million quality, affordable studio industries. £51million this year. funding requirement of Middlesbrough. work together on investment Parc Infrastructure at investment in the Tees and workspace for up to £139million. proposals and make available Darlington. This is on a Advanced Manufacturing 88 start-up businesses Cabinet also approved an August 2017 Combined up to 5% of its funds to shared risk and reward basis Park in Middlesbrough to and deliver a range of investment of £3.23million June 2017 The proposal Authority secured the support projects that promote with return through future remediate and develop the streetscape and connectivity to deliver top-quality office to establish a Mayoral largest ‘Routes to Work’ pilot economic development in sales of the development Enterprise Zone site. This improvements to connect the accommodation at Feethams Development Corporation scheme in the country with Tees Valley. plots. It will unlock 11.5ha will be fully repaid through Innovation & Skills Quarter in Darlington Town Centre. on the South Tees industrial £6million committed from of employment land and the rate receipts and is part to Northern School of Art This is on a shared risk and site was formally approved the Department for Work October 2017 The will directly address the of a joint investment with and the Waterfront. The reward basis with a potential by the new Tees Valley and Pensions, alongside 25-year master plan for the challenge of providing Middlesbrough Council project aims to encourage return from rental income. Mayor and unanimously by £1.5million from the South Tees Development industrial sites and premises of a total investment of the growth of a creative Cabinet. The only Mayoral Combined Authority. Corporation was launched. for business growth. £22.46million. It will deliver industries cluster. Development Corporation It aims to convert assets in 180,000ft² of advanced outside of Greater London,

8 Annual Report 2017/18 | Tees Valley Combined Authority Tees Valley Combined Authority | Annual Report 2017/18 9 Supporting Business Growth in Tees Valley Case Study

FUJIFILM Diosynth Technologies is a world-leading contract development and manufacturing organisation in the biopharmaceutical industry. The company specialises in helping with the development Private sector businesses are crucial to our economy and, as such, we aim to ensure that and production of biologic, vaccine and all businesses get the support that they need to set up, grow and succeed. advanced healthcare therapies.

With headquarters at Belasis Business Tees Valley Business Compass, the growth Park in Billingham, Fujifilm has recently hub for Tees Valley, was launched in July 2014 ■■ More than 1,000 businesses have engaged with Business opened a £7million state-of-the-art biotech to provide a highly visible central point for Compass this year, with 672 companies electing to receive facility at Wilton, Redcar. The 10,000ft² cell culture Process Development Laboratory companies to access business support across intensive face-to-face support demonstrates the strength of the UK’s life Tees Valley. The Business Compass brand is now ■■ £5.2million of direct grant support for capital investment sciences sector and represents the continued used for publically funded local support services provided to businesses which will create and safeguard confidence international-scale companies including Business Compass Start-Up. 700 jobs have investing in Tees Valley. The expansion was assisted with grant support to secure the In 2017 the Combined Authority secured ■■ More than £32million of private sector capital investment investment from the company’s Japanese just under £13million of additional funding to supported parent company and will create new, increase delivery capacity of this service. This sustainable high-tech jobs in the region. also provides a grant funding programme which ■■ A pipeline of new private sector investment of more than supports companies in accessing external £3.5billion, with the potential to create and safeguard more business support to unlock growth, utilising than 9,700 jobs enhanced broadband, accessing specialist ■■ £13million of additional funding secured to help Tees Valley’s innovation support and assisting with capital small and medium-sized companies to grow investment in energy efficiency measures. ■■ A new service will be launched, in partnership with Teesside The Combined Authority has been working with University and Virgin Money, to support high-growth Teesside University and Virgin Money to design businesses a service to support the region’s high-growth businesses, with a specific element focused on digital companies. This will be piloted in 2018.

The Strategic Economic Plan, along with Government's Industrial Strategy, has established an ambition for Tees Valley to create 25,000 net additional jobs and £2.8billion of additional Gross Value Added by 2026.

The plan called for detailed sector action plans to identify specific activities needed in seven priority sectors to enable delivery of our targets and support business Advanced Manufacturing Chemicals & Process Logistics Health & Biologics Digital & Creative Business & Pro Services Culture & Leisure growth. Our key sectors for growth are:

10 Annual Report 2017/18 | Tees Valley Combined Authority Tees Valley Combined Authority | Annual Report 2017/18 11 Business Highlights

September 2017 Redcar-based energy storage system Redcar & manufacturer CRESS Systems secured a Cleveland £400,000 equity investment from Mercia Fund "Big businesses continue to invest money and resources here. Managers, part of the Northern Powerhouse Investment Fund (NPIF). In addition to enabling It is a huge vote of confidence for the area and drives home product production, the investment will provide the message that Tees Valley is open for business and ripe for additional employment opportunities at a new major investment." Darlington premises.

October 2017 Care provider HC-One announced the creation CLLR SUE JEFFREY Darlington PORTFOLIO LEAD of 130 jobs at its Darlington support office FOR INVESTMENT & following its purchase of 122 BUPA care homes. BUSINESS GROWTH

April 2017 Mobile phone operator and Darlington’s largest November 2017 MB Distribution, a family-run supplier to the Darlington private employer EE announced plans to Middlesbrough home improvement industry, created 25 new take on 150 staff, adding to the firm’s existing jobs after receiving £247,000 from the SSI workforce of more than 2,000 in the town. Task Force Tees Valley Capital Grant. The firm added to its team following the completion of its £2million premises in Middlesbrough. May 2017 Redcar-based car parts manufacturer Redcar & ElringKlinger (GB) started work on a £12million- Cleveland a-year deal making heat shield and gasket December 2017 EDF Energy’s Hartlepool Power Station components for Jaguar Land Rover. The project Hartlepool announced a two-month planned shutdown followed a recent announcement that the firm of one of its nuclear reactors. The £60million plans to double the size of the company in five project meant a doubling of its existing years, including proposals to take on 30 staff workforce of 750 during the duration of the and modernise tool store and materials storage work. facilities.

June 2017 Wilton Engineering secured an £11million January 2018 Hartlepool’s CFB Risk Management secured Stockton-on-Tees contract to work on the Hornsea Project One Hartlepool a multimillion-pound contract to protect the offshore windfarm, having been backed by a £2.9billion Sirius Minerals Mine project in North performance bond loan from the Tees Valley Yorkshire. Catalyst Fund managed by FW Capital. The firm is planning for 60 new jobs by summer 2018.

February 2018 The Combined Authority has invested £250,000 Middlesbrough into the development of a £30million indoor July 2017 Quorn revealed a £150million ten-year snow centre in Middlesbrough. Work is set to Stockton-on-Tees expansion plan. The move will create and start on the venue in autumn 2018. The venue is support around 300 jobs at its Billingham expected to attract more than two million visitors factory. per year and could create around 350 jobs.

August 2017 QA Weld Tech, the Middlesbrough-based Middlesbrough engineering firm, announced that it had secured March 2018 Dutch multinational transport and lifting firm a rigorous world-leading quality standard. It will Stockton-on-Tees Mammoet have moved into a new £7million, allow the company to remain at the forefront of six-acre plant in Thornaby. The workforce the industry and means a significant investment includes the 140 employees who currently work in staff training. in the firm’s old Billingham site and 36 additional Leeds staff.

12 Annual Report 2017/18 | Tees Valley Combined Authority Tees Valley Combined Authority | Annual Report 2017/18 13 Hartlepool Waterfront Great Place programme - Greater Tees

Enjoying Tees Valley With Hartlepool Borough Council, we are The Greater Tees Project was established following £1.35million of funding working to develop the town’s Waterfront as a from the Heritage Lottery Fund, the Arts Council and Historic England. A landmark destination with a mix of civic, cultural further commitment from the five Local Authorities and Combined Authority and leisure uses, including events and visitor brought the total to £1.5million. This will fund community and creative attractions. We have committed £680,000 industry activity, inspired by the 19th-Century settlement movement, with ten towards developing a multimillion-pound diverse community-based projects over three years. Activities include: "Our Culture and Tourism sector is a key part of our plans to Hartlepool Waterfront Master Plan, pictured ■■ Artists' training programmes. ■■ Engagement programmes create a better Tees Valley. Not only does this sphere bring jobs above, which will build upon the opportunities provided by the National Museum of the Royal Led by ARC Stockton focused on young people and and investment to the area, it also makes the region a better Navy, with the creation of an on-water activity riverside communities, led by ■■ A community carnival Tees Valley Arts place for visitors and residents." centre and event space to accommodate the programme, led by Stockton 2018 Waterfront Festival. International Riverside Festival/ ■■ Family, early years and schools Stockton Borough Council drama and storytelling, led by Theatre Hullabaloo MAYOR DAVE BUDD PORTFOLIO LEAD FOR CULTURE & TOURISM Railway Heritage

City of Culture 2025 Enjoy Tees Valley It is nearly 200 years since the first passenger train travelled from Stockton to Darlington and, in We are working together with the five Local Authorities to put Enjoy Tees Valley was launched in March 2018 and is the December 2017, Heritage Action Zone status was together our bid to be named the 2025 City of Culture. first destination marketing service in years. Made up of a awarded to the Stockton and Darlington Railway destination brand, website and service, it aims to boost the by Historic England. This will support research We will engage with the public in schools, the workplace and and conservation of the rail assets as part of a out and about around Tees Valley to reach as many people and Tees Valley visitor economy and help tourists and residents experience the best the region has to offer. larger development project. The project’s three businesses as possible to get behind our bid. The ideas, skills main strands are: and support of our businesses and residents will play a critical Tees Valley attracts as many day visitors as Newcastle and role in both the bidding process and a successful outcome. We Gateshead, but doesn’t attract the overnight stays and national ■■ To preserve the 26-mile track bed from are actively encouraging as many people and organisations as profile. Enjoy Tees Valley is working to address this. It is Witton to Darlington to Stockton and create a possible to participate in the bid. attempting to attract more than 20million people to the region heritage and nature walking and cycling route The economic benefits of a City of Culture designation are and add £1billion per year to the local economy by 2021. This could create around 3,000 jobs. ■■ To create a major attraction, with an significant. Early analysis indicates that Hull, the current City outstanding centre from which to tell the of Culture title holder, has seen an extra £11million to £17million The website brings together many attractions, accommodation, story of the railway, including Locomotion No.1, injected into the local economy. cultural venues, exhibitions and events from across Tees Valley. pictured right Local Authority areas, business owners and event managers have the opportunity to maintain their own product records and ■■ To create an exceptional 200th anniversary to add relevant events into the platform. celebration event in 2025. A Festival Development Organisation has just been appointed to scope initial plans and contract trains

14 Annual Report 2017/18 | Tees Valley Combined Authority Tees Valley Combined Authority | Annual Report 2017/18 15 TEES VALLEY PROGRESS Connecting Tees Valley There have been many improvements made to our transport and infrastructure over the past year. Here are some of the highlights: "A first-class infrastructure and transport network is key to economic growth. By continuing to improve transport links we ■■ £59million funding secured from Government ■■ £2.95million funding secured for the A66/ for the Transforming Cities Fund to deliver A171 Cargo Fleet Roundabout improvement better enable the movement of people and freight across the transport schemes across the region scheme, introducing a pedestrian/cycle north of England, allowing greater access to jobs and services, crossing plus a through-about to improve thereby increasing capacity for housing and economic growth." ■■ The expansion of the PD Ports container capacity handling capabilities, resulting in an increase in the throughput of containers ■■ Funding secured for the delivery of CLLR BILL DIXON Middlehaven Dock Bridge to open up and PORTFOLIO LEAD FOR TRANSPORT ■■ Redcar Bulk Terminal gaining additional rail improve accessibility into and across the and sea traffic, securing it as a key freight Middlehaven regeneration development site. handling asset in the UK This will enable brownfield land sites to be Tees Valley Combined Authority has developed a draft Strategic Transport developed Plan in partnership with the five Local Authorities. It has strong links to The six themes are: ■■ The delivery of a number of walking and our Strategic Economic Plan and our Investment Plan. The draft proposals cycling schemes through the Local Growth ■■ Funding secured for the delivery of improved address issues such as the area’s strategy for cycling, walking, bus, rail and ■■ National Rail Fund Sustainable Access to Employment access to South Tees Development road networks and has a vision for the future of transport in Tees Valley: Programme, providing healthier travel Corporation land ■■ Major Roads alternatives, reducing congestion and the "To provide a high-quality, quick, affordable, reliable and safe transport impact of transport on the environment, ■■ £2million funding secured towards the network for people and freight to move within, to and from Tees Valley." ■■ Connecting Centres and improving access for those without delivery of a £4.5million Middlesbrough alternative travel options Station master plan, a series of major At the heart of the strategy are six closely linked themes for transport, ■■ Supporting Economic Growth improvements at the station to allow more including what the challenges are and how we are planning to make ■■ £2million funding secured for A171 efficient use by existing and planned future improvements to them. ■■ Local Journeys Swans Corner to Flatts Lane highways local and long-distance rail services A framework document underwent a period of consultation during early improvements, reducing congestion for 2017. This received generally positive support but highlighted a number of ■■ Protecting and Enhancing the existing traffic and providing capacity for ■■ £3million funding committed to progress areas where the strategy would need further strengthening. Local Environment future housing growth the case for the regeneration of Darlington railway station and take the proposals from Consultation will begin on the draft Strategic Transport Plan in autumn ■■ £3.37million funding secured for Darlington a plan to a fully developed design case for 2018. Informed by these findings, the final Strategic Transport Plan will be Growth and Enterprise Zone Connectivity, submission to Government published before the end of 2018. improving the Tees Valley Key Route Network from the A66 to Central Park Enterprise Zone to help unlock growth sites

16 Annual Report 2017/18 | Tees Valley Combined Authority Tees Valley Combined Authority | Annual Report 2017/18 17 3. Rebalance the location of supply: Tees Valley is a relatively affordable place to Living in Tees Valley live but this impacts on financial viability of homebuilding. Costs in Tees Valley are equal to other locations but the end values of any development are lower. The financial return on sites such as less viable brownfield areas does not justify investment, leaving many "Providing the right number of homes, of the right types and potential sites undeveloped. in the right places is essential to grow Tees Valley’s economy and become a successful area where people, businesses and Actions: wellbeing thrives and prospers." ■■ We have established a Land Commission. Chaired by the Mayor, and with representation from Councillors from each of the five Local Authorities CLLR BOB COOK PORTFOLIO LEAD FOR and Homes England, it has a direct remit HOUSING & REGENERATION to identify and unlock the more difficult brownfield and publicly owned land for development To meet these ambitions, we have identified six areas of priority for change, and the actions we are taking. ■■ We have also joined the Cabinet Office 1. Increase the pace at which we build new homes: We 2. Diversify the nature of supply: Across Tees Valley almost and Local Government Association-led must build 25% more homes each year compared to the 40% of people rent and almost one in ten homes are built One Public Estate, which offers support and funding to councils to deliver past ten years, taking the average rate from around 1,700 for sale. We need to ensure that there is access and choice 5. Improving the quality of supply: We still have areas of poor-quality property-focused programmes. More to 2,300 homes pa. across the housing market, making good-quality homes, homes, where investment needs to be matched by community than £750,000 in funding is supporting a whether to rent or buy, within the reach of everyone. intervention to tackle the long-standing challenges of social variety of projects across the Tees Valley Actions: exclusion, poor public health outcomes and deprivation. Actions: 4. Expand the source of supply: Currently ■■ Working with Homes England, we have identified Actions: ■■ Through the joint housing delivery plan we have fewer than 12 companies build more than opportunities to increase the supply of affordable 70% of England’s homes. SME builders have identified significant opportunities to increase the ■■ Working with the Northern Housing Consortium, the Centre homes. This will be delivered through a joint housing seen their share of the market drop to just development of good-quality affordable homes to rent for Regional Economic and Social Research, Sheffield Hallam delivery plan, with a focus on around 80 identified 12%. We need to ensure a diverse supply of or buy University and Registered Providers, we are examining the scale sites homes, encouraging SMEs to build a wide of the issue, its impact, solutions from elsewhere and what our ■■ The findings of a study into a garden village range of homes. ■■ We have also successfully secured £12.8million options are for intervention and investment development in Tees Valley, recognised as delivering through the Housing Infrastructure Fund to allow us to sustainable communities, are also being considered Actions: ■ We have been engaging with community-led housing unlock sites and accelerate the delivery of homes ■ by Local Authorities organisations, groups and charities to explore how we may work ■ A review of access to finance for SME ■ collectively, with a joint strategy and action plan in development developers has been undertaken with actions identified to help assist the growth of SME homebuilding activity 6. Innovation in the method of supply: Accelerating housebuilding across Tees Valley and revitalising existing stock cannot be delivered without increased workforce capacity. Construction skills capacity is already identified ■■ We have also opened a dialogue with as a national issue. institutional investors and developers in

the private build-to-rent housing market Actions: to establish the opportunities to stimulate investment and development activity ■■ We have conducted research with the Construction Industry across Tees Valley Training Board that will evaluate the skills availability and future requirements in Tees Valley. Working with key partners, including employers and training providers, we will establish a plan of action to address the identified skills gaps

■■ We are working with the Ministry of Building Innovation and Education (MOBIE), led by architect George Clarke, to secure an innovative approach to the development of modular house building in Tees Valley. Comprising of opportunities for education, research and development, manufacture and build, Teesside University has established innovative undergraduate and postgraduate courses with MOBIE, the first of their kind in the UK

18 Annual Report 2017/18 | Tees Valley Combined Authority Tees Valley Combined Authority | Annual Report 2017/18 19 Education, Employment & Skills

Routes to Work

The Combined Authority secured £7.5million for our innovative Routes to Work initiative. This offers a new "For our future success, it is essential to raise educational multi-agency approach to removing attainment, skills levels and aspirations. This will attract new barriers to work for people facing the most businesses to Tees Valley and increase the quantity and quality complex social, personal and economic issues. Key workers will mentor individuals of jobs, opening up access and allowing local people to realise for holistic and tailored support and we their full potential." will ensure direct access to multi-agency services at community hubs such as Hartlepool's Enterprise Centre, pictured.

CLLR CHRISTOPHER AKERS-BELCHER PORTFOLIO LEAD FOR EDUCATION, EMPLOYMENT & SKILLS

Inspiring our Future

In April 2018 we launched the Education, Employment and Skills Strategy, Inspiring our Future, a three-year plan to build the skills needed for a modern economy. Developed with our partners, stakeholders and individuals, the strategy takes a whole system, all-ages approach to address Key Achievements key challenges. ■■ £6million was secured from the Department for Work and Pensions to support more than 2,500 long-term unemployed Six priorities for action are: people who face multiple barriers to securing work

■■ Supporting education collaboration and innovation ■■ In September we hosted the annual schools skills event, attended by more than 2,000 year 9-13 pupils. It allowed young ■■ Developing a skills system for business growth people to engage with employers, talk to employees about their experiences and speak to training providers for information ■■ Addressing long-term unemployment on skill routeways

■■ Transforming careers and enterprise education ■■ The Combined Authority hosted the annual Big Bang Science, Technology, Engineering and Mathematics event at Teesside ■■ Challenging and supporting businesses as an integral element to University to raise awareness of STEM-related careers, with 3,000 children attending achieving success ■■ Enhancing the Higher Education role in driving economic growth

The high level aims will be to: Apprenticeship Grant Adult Education Budget ■■ Support 1,000 businesses to engage with schools for Employers ■■ Establish the Education Collaboration and Innovation Fund We are working closely with the Department ■■ Assist 2,500 long-term unemployed people to gain work In 2016 the Combined Authority received for Education to prepare for devolution of devolved funding for one year of £1.5million the £30.5million Adult Education Budget. ■■ Increase the number of adults qualified to Level 2 to 80% to support employers that created new Intensive work will continue to ensure we ■■ Increase the number of secondary schools achieving Ofsted Good apprentice opportunities. More than 1,000 are prepared and ready for this. We will be and Outstanding in line with national average grants were approved between August 2016 working closely with skills providers in the ■■ Engage every school and college in our careers initiative, and July 2017. A new grant for employers, coming months to ensure the new skills offer TeesValleyCareers.com linked to priority sectors, was launched in for adults addresses current business skills August 2017 from our Investment Fund, and gaps and prepares for new demands. ■■ Begin delivery of the strategy in the next 12 months a full evaluation of apprenticeship support is under way to inform future actions.

20 Annual Report 2017/18 | Tees Valley Combined Authority Tees Valley Combined Authority | Annual Report 2017/18 21

Innovation and Energy Hydrogen

Tees Valley produces more than half of the UK’s hydrogen. This is stored in caverns, transported across Tees Valley via 17km of pipes and supplied to the rest of the country.

By removing CO2 from hydrogen production via a CCUS network we can cost-effectively be the main supplier of low-carbon fuel to the UK. This can be used to power cars, buses, trucks and trains, in place of natural gas to heat our homes, and by industry to create new products.

We have agreed a pilot of the UK’s first "Building a greener economy is a top priority for Government hydrogen train with Northern Rail and Network and Tees Valley is looking to establish itself at the forefront of a Rail, and submitted a bid to be the UK’s hydrogen capital. sector that offers a huge amount of potential."

MAYOR DAVE BUDD PORTFOLIO LEAD FOR INNOVATION

District heating

The Combined Authority has led the development of a Middlesbrough District Energy Network. This £40million scheme will deliver energy savings to businesses and public-sector buildings in Middlesbrough and, when developed, could reduce residents’ energy costs.

Seen as a flagship scheme by Government, it will provide financial benefits to business, returns to investors and significant carbon savings by utilising waste industrial heat generated in the region.

We have a financially advantageous business case and will procure a company to build and operate the scheme, which could see pipes in the ground in the next two years.

Carbon Capture, Utilisation and Storage Northern Powerhouse Chemicals and Process Sector Innovation Audit (SIA) Through the Teesside Collective, Energy Minister Claire Perry recognised Tees Valley as the UK's leading area for industrial Carbon Capture, Utilisation In partnership with Durham University, Tees Valley Combined Authority is leading the delivery of a and Storage. Northern Powerhouse Chemicals and Process Sector Innovation Audit.

Carbon Capture, Utilisation and Storage could significantly decarbonise The aim of the audit is to assess the chemical and processing sector innovation ecosystem across the industry by capturing carbon, normally released into the atmosphere via Northern Powerhouse, focusing on the economic corridor between Tees Valley, Humberside and the chimney flues, and transporting and storing it permanently in rocks under North West Cluster around Liverpool which, between them, contribute £32billion of GVA (2013) and the North Sea. support 520,000 jobs.

We have shown this project would be an extremely cost-effective way to The audit will be delivered through a core project delivery group led by the Combined Authority, along decarbonise the UK economy and convinced the European Union to adopt with representatives from Durham and Teesside Universities, North East Process Industry Cluster the project as a strategic European project, creating the possibility for (NEPIC), Chemicals North West, Humber Chemical Focus, and Yorkshire Chemical Focus. millions of pounds of funding. The ambition is for Tees Valley to have the UK’s first CCUS network operating by the mid-2020s, helping decarbonise The audit will identify networks, skills, capabilities and facilities needed for continued global industry while using the strategic infrastructure to attract new competitiveness, actions the consortium can take and establish where investment is needed. carbon-intensive companies. The carbon which has been collected could then create innovative products.

22 Annual Report 2017/18 | Tees Valley Combined Authority Tees Valley Combined Authority | Annual Report 2017/18 23 CHANGING PERCEPTIONS OF TEES VALLEY OVER THE PAST YEAR WE HAVE ATTENDED SEVEN EVENTS WITH 140K VISITORS IN ATTENDANCE

Multimodal ■■ Leading trade show for Outsourcing Summit Tees Valley Business MIPIM Cannes ■■ NEC Birmingham the composite industry & Expo Summit ■■ Palais des Festivals et ■■ Largest freight, ■■ 1,300 exhibitors, ■■ London Excel ■■ Teesside University Congrès transport, logistics and 40,000 visitors ■■ One of the leading ■■ Largest networking ■■ One of the world’s supply chain exhibition events for sourcing and event in Tees Valley leading property events in the UK Offshore Europe professional services ■■ More than 100 ■■ 24,000 delegates Tees Valley has long struggled to attract national media attention, and the ■■ Led a delegation of ■■ AECC Aberdeen ■■ 100 exhibitors, 10,000 exhibitors and over 850 seven companies ■■ UK’s largest offshore visitors delegates attended coverage that has been generated in recent years has often reinforced ■■ 300 exhibitors, 10,000 event for the Oil & Gas negative stereotypes of the area. To enable to us to attract major national visitors industry Advanced Engineering MIPIM London and international investment and interest it’s vital that we turn around these ■■ 900 exhibitors, 35,000 ■■ NEC Birmingham JEC World Composites visitors ■■ Largest event for ■■ Olympia London perceptions and show the world what Tees Valley has to offer. ■■ Paris-Nord Villepinte engineering supply ■■ UK’s largest property Exhibition Centre chain professionals event ■■ 600 exhibitors, 17,000 ■■ 3,000 delegates visitors These are some of the highlights over the past year that have attracted the positive news we want for our area:

MAY 2017 JULY 2017 NOVEMBER 2017 JANUARY 2018 Mayor Wins Business Backing for The Election of the Local Pension Fund to Invest £200Million to Boost the Tees Tees Valley Secures Free Zone Pilot Project as David Tees Valley Mayor Valley Economy £182Million in Davis Delivers Keynote Brexit Autumn Budget Speech in the Region

JULY 2017

Ambitious Plans to Transform Road Network launched NOVEMBER 2017 DECEMBER 2017

Tees Valley In The Running To Become Bold Proposal For Darlington Station Logistics Hub To Heathrow

APRIL 2018

Education, Employment and Skills Strategy AUGUST 2017 Launched Prime Minister Theresa May Launches the South Tees Development Corporation

FEBRUARY 2018 Launch of Research Facility Backed By £17.5Million Combined AUGUST 2017 Authority Funding Tees Valley Boosts Apprenticeships Through New Scheme MARCH 2018 APRIL 2018

Enjoy Tees Valley: New Rugby League World Destination Tourism Cup 2021 Bid Could Service Launched Bring Up To £8Million Boost to Tees Valley

OCTOBER 2017 AUGUST 2017 MAY 2018 South Tees £7.5Million Routes Development Tees Valley Mayor to Work Scheme Corporation Master Begins Far East Trade Launched Plan Unveiled Mission

24 Annual Report 2017/18 | Tees Valley Combined Authority Tees Valley Combined Authority | Annual Report 2017/18 25 SOUTH TEES DEVELOPMENT CORPORATION

The South Tees Development Corporation is the first Mayoral Development Corporation outside of Greater London. Chaired by the Tees Valley Mayor, it is the single biggest development opportunity in the UK today.

It is a 4,500-acre area south of the River Tees in the heart of Already the site is creating jobs and attracting investment. MGT Tees Valley’s Industrial Zone and incorporates the site of the is constructing a £650million power station and Sirius Minerals former SSI steelworks. Linked to national and international has purchased the Bran Sands site, which will be home to its markets through river and port access, strategic road and harbour facilities and a conveyor system. rail networks and an international airport, it provides an international-level opportunity for large-scale business It is attracting significant global interest and has generated investment and job creation. more than 100 serious enquires, with a potential first-phase investment pipeline of over £10billion. It was created by Government in shadow form in February 2016 in response to the SSI Steelworks closure and subsequently launched in August 2017 by the Prime Minister.

SECURING THE FUTURE OF THE SITE THE VISION In May 2018 discussions were hosted at the British Embassy in Thailand between a delegation from the South Tees Development Corporation and the three Thai banks; Krung Thai Bank Public Company Limited, The Siam Commercial Bank Public Company ■■ To create 20,000 new jobs in Tees Valley Limited and TISCO Bank Public Company Limited. The delegation was led by Tees Valley Mayor Ben Houchen, Chair of the Development Corporation, and supported by Vice Chairs Cllr Sue Jeffrey and Steve Gibson, board member and LEP Chair Paul ■■ To realise a world-class industrial business park that will ensure sustained economic growth for Booth, and Jonathan Bretherton, CEO of the Corporation. Tees Valley

An agreement in principle has now been reached subject to contract approval for the transfer of SSI assets and land to the South ■■ To contribute an additional £1billion per annum into the Tees Valley economy Tees Development Corporation. A final agreement will need to be agreed with the official receiver and the board of the three Thai banks. Subject to contract, this will be completed later this year. ■■ To use powers transferred from Whitehall to transform the area into a global industrial hotspot

GOVERNMENT SUPPORT:

The South Tees Development Corporation has a strong alignment with Government’s Industrial Strategy and has significant levels of support and backing from Government.

■■ Officially launched by Prime Minister Theresa May in August 2017

■■ £123million secured from Government for keep safe activity and remediation works Jonathan Bretherton (left), CEO of the South Tees Development The delegation from the South Tees Development Corporation Corporation, and Tees Valley Mayor Ben Houchen, Chair of the with representatives from the three Thai banks during their Development Corporation meeting ■■ Devolved powers from Government on infrastructure, financial incentives, regeneration and land acquisition

26 Annual Report 2017/18 | Tees Valley Combined Authority Tees Valley Combined Authority | Annual Report 2017/18 27 WHAT’S NEXT – LOOKING PROMOTE GROWTH AND OPPORTUNITY FOR THE PEOPLE AHEAD TO 2018/2019 WHO LIVE AND WORK IN THE TEES VALLEY ■■ Develop a robust identity for Tees Valley as a brand which represents the region

■■ Deliver multi-channel campaigns and activities to promote Tees Valley and the benefits of living, working and investing in the region As we look to follow up on the successes of the past year we have already set out and ■■ Support the development of a new team of ambassadors to defined some of our strategic activities for 2018/2019. We will continue to deliver the main promote Tees Valley inside and outside the region objectives of our Strategic Economic Plan, to create 25,000 new jobs and drive an extra ■■ Launch new digital channels, including websites and an online £2.8billion into the Tees Valley economy and deliver the Tees Valley Investment Plan. image and information portal about Tees Valley

Here are a list of key priorities for the year ahead by sector, which will help us deliver these objectives: ■■ Support inward investment marketing, including through trade missions, exhibitions and conferences

BUSINESS

■■ Increase targeted marketing promoting Tees Valley’s key sectors to new investors

■■ Support the South Tees Development Corporation in securing new investment in line with the master plan to create a world-class industrial park

■■ In collaboration with Teesside University, launch a pilot programme to support existing businesses with high growth potential

■■ Increase the take-up of business support for SMEs through Tees Valley Business Compass

■■ Work with existing private sector pipeline enquiries to maximise capital investment and new job creation in Tees Valley

■■ New Mayor’s Challenge Fund to inspire innovation and change

TRANSPORT & INFRASTRUCTURE

RESEARCH, DEVELOPMENT, INNOVATION & ENERGY ■■ Progress our case for funding of Darlington Station 2025 master plan, a proposal for new platforms and buildings at the station to allow more long-distance and local rail services to stop at Darlington ■■ Select a company to design, build, operate and maintain the Middlesbrough District Energy Network ■■ Develop the case for Northallerton-Middlesbrough gauge enhancement, to support the ongoing development of Teesport ■■ Secure funds to build Tees Valley’s first hydrogen refuelling point for cars, buses, vans, and bin lorries ■■ Develop the case for Tees Valley’s bid to be a Heathrow Logistics Hub ■■ Publish a business case for the UK’s first hydrogen train to operate in ■■ Launch a business case for a new Tees Crossing to address current Tees Valley issues with journey times and delays and unlock access to new housing sites and employment opportunities ■■ Secure Tees Valley as the location for the UK’s national hydrogen innovation and demonstration centre ■■ Develop a business case for improved East-West links along the A66 corridor to provide a consistent standard of route to Teesport and the ■■ Progress our work towards Tees Valley having the UK’s first CCUS South Tees Development Corporation network operating by the mid-2020s

28 Annual Report 2017/18 | Tees Valley Combined Authority Tees Valley Combined Authority | Annual Report 2017/18 29 WHAT’S NEXT – LOOKING AHEAD TO 2018/2019

EDUCATION, EMPLOYMENT & SKILLS

■■ Work with businesses and schools to launch a new careers programme ■■ Support schools to raise performance of pupils by funding collaboration and innovation projects ■■ Prepare for the devolution of the Adult Education Budget ■■ Deliver the Routes to Work programme ■■ Work with Government departments to maximise the opportunity for further devolution

HOMES AND COMMUNITIES

■■ Develop a Joint Housing Delivery Plan with Homes England to unlock housing sites, accelerate development and increase the number of affordable homes ■■ Secure a housing deal with Government to provide additional resources and powers, to include a ring-fenced approach to national funding programmes ■■ Take forward garden village proposals to ensure a sustainable approach to housing growth ■■ Evaluate the issues and opportunities in addressing low demand, poor quality housing in deprived areas ■■ Increase construction skills and build sector capacity to enable accelerated house building

CULTURE AND TOURISM

■■ Develop the ‘Big Conversation’ with our communities, gathering people’s thoughts and ideas on the heritage, identity and culture of Tees Valley in preparation for our City of Culture bid ■■ Develop our Great Place – Greater Tees project with partners across Tees Valley ■■ Progress heritage capital investment projects to delivery stage; invest in the inspiring narratives and interpretation of Tees Valley history and the roles our region has played in influencing the world through maritime, military, steel, railway and iron ore ■■ Establish Enjoy Tees Valley, the destination brand and website, building destination profile to attract national and international visitors and boost the visitor economy ■■ Attract many more sporting and cultural events to Tees Valley and develop our offerings, beginning with the bid for the Rugby League World Cup 2021 and City Games

30 Annual Report 2017/18 | Tees Valley Combined Authority Tees Valley Combined Authority | Annual Report 2017/18 31 Financial Report 2017-2018

In the past year significant progress has been made towards delivering our investment plan. The chart below represents the current position of projects within our investment programme. It includes all investment where the Combined Authority can make local decisions on where they wish to invest, to realise the Strategic Economic vision for the area and the best value for money for our residents.

Comprehensive Income and Expenditure Statement for the year ended 31 March 2018 In Development, Complete, £6.3m, 5% £8.5m, 7% £000s £000s £000s Expenditure Income Net

Business Growth 3,130 (1,541) 1,589 Research Development Innovation & Energy 3,937 (67) 3,870 Education Employment & Skills 6,382 (1,216) 5,166 Culture 685 (474) 211 Transport 23,338 (19,361) 3,977 Enabling Infrastructure 10,706 (3,593) 7,113 Project Development 1,006 (1,176) (170) Core Running Costs 4,492 (5,583) (1,091) Concessionary Fares 16,628 (16,628) - In Due Diligence, SSI Related Schemes Not in the Investment Plan 5,152 50 5,202 £38.1m, 30% Not Directly Attributable to Themes 1,411 (9,898) (8,487) In Delivery, Cost Of Services 76,867 (59,487) 17,380 £72.1m, 58% Financing and Investment Income and Expenditure: Net interest on the net defined benefit liability/asset 176 (136) 40 Interest receivable and similar income (462) (462) Taxation and Non-Specific Grant Income: Non-ringfenced government grants - - - Capital grants and contributions - (27,989) (27,989) (Surplus) or Deficit on Provision of Services 77,043 (88,074) (11,031) Re-measurements of the defined benefit liability (48) Other (gains) and losses - Other Comprehensive Income and Expenditure (48)

Total Comprehensive Income and Expenditure (11,079)

32 Annual Report 2017/18 | Tees Valley Combined Authority Tees Valley Combined Authority | Annual Report 2017/18 33 Financial Report 2017-2018

Balance Sheet as at 31 March 2018

The Balance Sheet shows the value as at the Balance Sheet date of the assets and liabilities recognised by the Group. The net assets of the Group (assets less liabilities) are matched by the reserves held by the Group. Reserves are reported in two categories. The first category of reserves are usable reserves, i.e. those reserves that the Group may use to provide services, subject to the need to maintain a prudent level of reserves and any statutory limitations on their use. The second category of reserves are those that the Group is not able to use to provide services. This category of reserves includes reserves that hold unrealised gains and losses and reserves that hold timing differences shown in the Movement in Reserves Statement line “Adjustments between accounting basis and funding basis under regulations”.

Group TVCA TVCA & Group

31 March 2018 31 March 2018 31 March 2017 £000s £000s £000s

Non-current assets Long Term Debtors 6,448 6,448 5,013 Total non-current assets 6,448 6,448 5,013 Current assets Short term investments 65,000 65,000 50,056 Debtors 10 5,060 5,282 5,966 Cash and Cash Equivalents 11 30,074 26,000 28,002 Total current assets 100,134 96,282 84,024 Current liabilities Cash and Cash Equivalents 11 (2,648) (2,648) Short Term Creditors 12 (5,378) (5,375) (1,897) Total current liabilities (8,026) (8,023) (1,897) Long term liabilities Long Term Creditors - - Other Long Term Liabilities 13 & 20 (2,051) (2,051) (1,714) Total long term liabilities (2,051) (2,051) (1,714)

Net Assets: 96,505 92,656 85,426 We would like to thank all the committees and groups who work with Tees Valley Combined Authority to deliver our Reserves objectives. These include: Usable reserves: General Fund Balance 1 1,033 961 668 ■■ Audit and Governance Committee Earmarked General Fund Reserves 6 50,313 47,458 46,078 ■■ Overview and Scrutiny Committee Capital Grants Unapplied 47,432 46,507 40,570 ■■ Transport Committee 98,778 94,926 87,316 ■■ Local Enterprise Partnership Board Unusable Reserves: And the other panels, officer and advisory groups Pensions Reserve 13 & 20 (2,051) (2,051) (1,714) ■■

Accumulated Absences Account 5 (222) (219) (176) (2,273) (2,270) (1,890) Total Reserves: 96,505 92,656 85,426

34 Annual Report 2017/18 | Tees Valley Combined Authority Tees Valley Combined Authority | Annual Report 2017/18 35 www.teesvalley-ca.gov.uk [email protected]

@TeesValleyCA