to £60,000 + £5,500 London Travel & Bonus
Our Client owns projects involving the offshore electricity transmission business in the UK, including the operation and maintainence of substations, cables (offshore and onshore) and associated infrastructure that connect offshore wind farms to onshore power grids through SPVs (Special Purpose Vehicle) companies regulated, by Ofgem, under the UK OFTO (Offshore Transmission Owner) regime.
n 2020 our Client will have investments in eight OFTO SPVs and responsibility for the SPV financial and management functions for four OFTO SPVs with the other four outsourced to third parties.
The purpose of the role is for those SPVs have financial and management responsibility and comprises accounting and tax compliance tasks, regulatory and lender reporting and managing and updating the financial operational models.
Accounting and Tax Activities
- Maintain monthly accounting working papers (e.g. loan interest calculation, revenue calculation, hedge accounting, finance debtor accounting).
- Prepare management accounts with variance analysis to the budget on a quarterly basis to report to the SPV Board and lenders, by the reporting deadlines set by the SPV lending agreements.
- Accounting / financial reporting issues - identifying the correct IFRS accounting treatment and working with other stakeholders (e.g. auditors, the financial controller and finance) to agree and implement it.
- Prepare annual statutory and regulatory accounts (assisting in auditors’ required), including draft financial statements, Management of regulatory reporting and National Grid revenue submission.
- Invoicing, recording and maintaining books and records of accounts including inputting month and quarter end journals,
- Administrate and manage SAGE 200 Prepare/ review payment instructions to banks.
- Liaising with other departments (e.g. Technical and Commercial) and Finance Controller on finance and regulatory matters as required.
- Assisting in preparing UK corporation tax return and corporation tax payments.
Reporting to other Stakeholders
- Being the main point of contact for each project’s lenders, through the Global Agent.
- Provide the Global Agent with an updated financial operational model and management accounts on a quarterly basis.
- Prepare / report quarterly management accounts (including the operational model and reporting on lending ratios) and annual budget to the Special Purpose Vehicle (“SPV”) company’s Board and lenders.
- Prepare and submit various regulatory compliance documents required under the SPV transmission licence.
- Responsibility for timely and accurate financial accounting and other compliance requirements for various stakeholders, including the co-investors, lenders and regulator.
- Identifying and implementing improvements to SPV finance functions, including fuller use of systems, to drive efficiency and control, assist in improving, documentation and monitoring of internal controls.
- Understand internal control requirements, maintain internal control documents and manage accounting work in accordance with them.
- Deal with ad-hoc issues as they may arise. This information does not define or limit the scope of employment.
- Able to demonstrate strong and up-to-date knowledge of IFRS accounting standards
- Experience of reporting management accounts
- Understanding of the key principles of Corporation Tax and VAT
- Able to (or desire to learn to) use complex spreadsheets
- High level of financial literacy and numeracy with ability to understand and communicate complex financial data to non-technical colleagues at all levels
- The ability to build effective relationships with colleagues
- ACA, ACCA, or CIMA qualification
- Experience of SPV management in infrastructure project (e.g. PFI /PPP type of projects)
- Experience of project finance
- Experience of financial modelling
- Knowledge of SAGE200 accounting system, not essential
- Assist in consolidated accounts