Oversight and financial control:
• Pricing and NAV review:
o Second review of monthly/quarterly reporting packs received from the English Limited Partnership (ELP) accountants and feedback any comments or queries to finalise these packs. Work with the ELP accountants to ensure correct accounting, particularly with respect to new transactions.
o Review of accounting trackers prepared by the Senior Associate in respect of Development Assets to be sent to the ELP accountants to assist with the account’s preparation.
o Second review of monthly/quarterly NAV packs received from the administrator including reviewing the investment value, subscription and redemption prices, distribution calculation, and accruals.
•
Review and sign off NAV checklist and control workbook in a timely manner
o Review and sign off of performance data and QIR data produced by internal system and presentation of the results at the monthly liquidity meetings.
o Second review of the INREV fee metrics prepared by the administrator.
o Review of additional supporting documentation and information prepared by the TPA including: AIFMD reporting inputs and INREV SDDS reporting.
• Budgeting, Forecasting & Cash Monitoring:
o Monitoring fund cash requirements and reviewing the monthly cashflow forecast prepared by the Senior Associate.
o Monitor forward funding development cashflows and liaise with the fund team to ensure accurate and timely drawdowns.
o Running bi-weekly meetings with the fund management team to keep up to date with current and impending activity and providing accounting advice where required.
o Support redemption and liquidity management
o Preparing accounting memos for complex transactions and working to get these signed off with the auditors before exchange.
o Coordination and review of financial due diligence in relation to asset acquisitions and disposals.
o Review of drafting of legal agreements in relation to complex transactions, to ensure commercial terms support desired accounting treatment.
o Review ELP financial statements prepared by the Senior Associate under IFRS.
o Review the FCP financial statements prepared by the administrator under IFRS and work closely with internal teams to ensure the annual report is delivered on time.
o Manage the production of the IFRS financial statements for the FCP.
o Work with the Senior Associate to produce audit information and liaise with the auditors to resolve specific queries.
•
Responsible for the management of supplier relationships for accounting service providers, including ensuring they are adequately instructed, responding to accounting queries, monitoring and reviewing outputs and ensuring that the fund is receiving the appropriate level of services.
o Run quarterly meetings with the Residential Fund ELP accountants.
o Liaison with external accounting suppliers to ensure instructions are appropriate, clear, and followed and attendance at relationship meetings with service providers to report on any updates or issues.
•
Review and presentation of papers for Board and Audit Committee meetings.
•
Attendance (typically via video conference) at Board meetings of the fund and the subsidiaries on a quarterly basis.
o Review quarterly investor report and inputs prepared by the Senior Associate.
o Review of financial oversight memos prepared by the Senior Associate and presentation of these reports with at Board meetings.
o Review of half yearly consolidation reporting to Prudential Group prepared by TPA
o Working with the Client Reporting team to respond to ad hoc investor queries.
o Working the Senior Associate to prepare information required by the tax team to ensure the tax compliance of the fund.
Transactions & corporate finance
•
Review of financial due diligence and legal agreement, in relation to asset acquisitions and disposals, to ensure commercial terms support desired accounting treatment.
•
Support with the on-boarding of new acquisitions, including agreement of service provider scope, ensuring service providers are adequately informed and instructed, preparation of detailed accounting memos and agreement of accounting treatment with auditors.
•
Supporting the arrangement of internal financing, e.g. review of funding diagrams and management of funding lines, and movement of cash through the fund structure in conjunction with the administrator
Additional Responsibilities :
o Ensuring adequate preparation and review procedures exist and are sufficiently documented.
o Attendance at the Property Fund Finance Steering Committee meetings to update on the service provider relationship and audit process.
•
Provision of cover to the Senior Associate and Associate Director and other team members
•
Ensuring that accounting procedures are fully documented and kept up to date
•
Attendance at weekly/quarterly fund meetings
•
Review of rent arrears with asset managers
•
Review and input into the quarterly investor report process
•
Assistance with ad-hoc projects covering various elements of the work of the Property Fund