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The presentation included charts and diagrams to bring the presentation to life. The specific details related to the current treasury management position of the Group and allowed considerably more time for answering detailed questions than would be possible in a board meeting. We designed the presentation to be interactive. There was plenty of time for questions and discussion amongst the board about how the training related to the specific current and future borrowing requirements of the Progress Group.
They were able to respond effectively to the questions being asked making the session interactive and informative. Arches Housing are a housing association providing more than 1, quality affordable homes for rent and shared ownership in Sheffield and Rotherham.
The previous loan Arches arranged was in This new facility would become its biggest ever loan. The new loan completed on 17 December We then went on to help them develop a treasury strategy to work out the best way to arrange the next new funding. This new loan represents a big milestone for Arches.
It has enabled them to commit to a planned investment programme in new housing as a springboard to build much needed homes in and around Sheffield in the coming years. The Sovini Group comprises both not-for-profit and commercial enterprises in Liverpool and the North West including One Vision Housing which owns and manages more than 13, homes.
They contacted Clive Eccleston in our team who orchestrated the arrangement and delivery of a Private Placement in 14 days from start to finish. The Private Place was priced on 7 December which was the last possible day this could be done for a completion before Christmas. From initial enquiry to pricing took a total of 14 days. We produced interim findings followed by a final report, which we presented to both LMH and Torus boards. Our reports focused on highlighting areas of risk and difference, areas of overlap and duplications, potential areas for efficiency savings, and some good practice examples from elsewhere in the sector.
Both organisations said they found it extremely helpful and informative, and were very pleased they had undertaken the work. All the objectives of the project were met in full. We knew there was a great fit and synergy between both organisations but this review confirmed it and give us a true evidence base to move forward from. Thrive Homes, established in , currently has over 5, homes in management and construction across Hertfordshire, Bedfordshire, Oxfordshire and Buckinghamshire.
To prepare a series of scenarios on development for a year period using the current HousingBrixx plan, with the output presented to board members at their Away Day. This was both to assist in understanding the impacts of development and satisfy some training needs for board members. Alongside the Resources Director, Andy Chapman of DTP, put together a matrix of scenario tests; these were then run through the HousingBrixx model to see the impact on debt and covenants. A covenant output report was also produced by DTP in HousingBrixx to easily review the result of each scenario.
The scenarios showed a need for further funding to develop additional units, therefore the covenants were based on current market standards to review the results in the context of a new loan. Once completed the results were summarised and then presented in PowerPoint.
Andy attended the board Away Day and went through the presentation and offered the board the opportunity to create a couple of further test scenarios which he ran on the day and presented to board in the following session. We were able to help the board to understand the impact and the risks that are associated with building different property tenures and changing the levels of each tenure.
This will enable the board to make better informed decisions about their development programmes and targets. His significant experience of housing also gave the board further confidence. Importantly, he was able to make adjustments to the HousingBrixx model and present the further scenarios that the board requested very quickly so the appropriate discussions could take place at the away day.
We undertook a review of capacity and funding options in September We supported the executive on all aspects of the refinance through to completion. Our report to the board explained that a refinance would allow Calico to manage its business without the business plan consent or the constraints of LSVT-style financial covenants imposed by the original loan.
Working closely with the executive team we achieved a large increase in its available funding, a lengthening of the loan term to deal with an emerging refinancing risk and freedom from the LSVT constraints of the old loan. Longhurst Group is a housing group and developer, providing homes and support services across the Midlands and the East of England. Longhurst also benefitted from a significant amount of feedback from report authors which may otherwise not have been forthcoming, which it is now using to improve its process and template.
She imparted best practice alongside working through the Longhurst approach with attendees in an interesting and lively way. I would recommend similar workshops to any organisation struggling to achieve the quality it desires in its board reports. Grand Union Housing Group is a provider and developer of affordable housing and related services in Bedfordshire, Buckinghamshire and Northamptonshire, managing almost 12, properties. Objective Grand Union Housing Group introduced Brixx and in the following year we were asked to give support, training and advice.
Thereafter we worked with the team on how to set up a plan, as well as report writing training. We also assisted with some training around the production of the FFR from the Brixx reports. What we achieved We were able to get the Grand Union Housing Group into a position where they felt comfortable producing a new plan and were able to understand how to write reports in Brixx.
We also have made ourselves available whenever any issues are raised to provide practical solutions and support. They have provided training and advice on managing our Brixx plans, as well as offering guidance on assumptions, stress testing scenarios and mitigation strategies. The report writing training has enabled users to create bespoke reports around covenant reporting and development programme monitoring. The service provided has been superb. DTP have always provided timely responses to issues and have been available for on-site support whenever requested.
There is no doubt that the retainer service represents value for money for the Group. Suffolk Housing Society had been working with Brixx for a few years, but due to staffing changes there had been no handover of the plan.
They required a mini review of the existing plan, followed by on-site training. We reviewed the original plan for any issues and made some recommendations for changes to the plan prior to a two-day visit. During the visit it was decided to start afresh with a new plan which we jointly developed with the two members of staff; an effective practical way of training people on Brixx. We were able to get the new plan to a position where the two members of staff were confident of finalising and updating with some ongoing support from ourselves.
It was a huge benefit to have training focussed on our particular business rather than the generic guidance available elsewhere. The continued support allows us to contact DTP with any issues as they arise, with responses received in a very timely manner. Overall, an excellent service. Objective To secure a long term, compliant future for Impact Housing Association, its tenants and residents.
What we did Impact Housing Association was downgraded to a G3:V3 non-compliant rating by the Homes and Communities Agency, the then regulator of social housing in May The downgrade followed an In-Depth Assessment which identified concerns with the financial viability and governance oversight of the Association.
DTP were appointed to support Impact in addressing these concerns, including undertaking a governance review, assisting in the implementation of associated recommendations, drafting and agreeing a Voluntary Undertaking with the Regulator and supporting its implementation and delivery. DTP supported Impact in the process of identifying a preferred partner, through a robust and independent exercise.
In particular, Impact was keen to work with a housing association which would secure their legacy of developing community focused housing and support services for the region.
The offer from Riverside aligned with these objectives and on 20 August , the formal partnership was completed. DTP supported the Board, as a critical friend, through the process of agreeing and meeting the requirements of a Voluntary Undertaking, identifying a preferred partner and making informed choices on the future of the association.
Angela Lomax, supported by the team at DTP was extremely supportive through the whole process ensuring our governance decisions were of a high standard. Objective Analysis undertaken by DTP as part of the annual treasury strategy report showed that RBH was over hedged in the three years ended March It therefore had potential to save money by reducing the amount currently fixed and extending the term of some of the existing fixed rate loans to What we did We prepared a report for the board that provided a range of alternative scenarios based on the hedging capacity of the business plan for the client to select the most appropriate solution.
We presented a report for the board with a firm recommendation using plain English to explain a complex subject. The board agreed to proceed and delegated the execution of the transaction to a specified person to transact with the bank by phone. DTP joined the call and was able to benchmark the rates offered by the bank. This puts the society in a much stronger position to deliver regeneration in Rochdale town centre over the next 10 years.
Loreburn Housing Association owns and manages around 2, properties in the Dumfries and Galloway area. At the same time the opportunity was taken to deal with some of the issues with the existing loan portfolio that were now becoming a constraint on their growth ambitions. This involved renegotiating the terms of some existing loan facilities.
What we did DTP undertook a review of the funding capacity. This clearly indicated that capacity existed to borrow and service additional debt although due to restrictions in the Loreburn Housing Association existing loans it meant that existing loans either had to be renegotiated or repaid in order to maximise capacity.
This ensured that the Association now has access to facilities to support its aspiration of delivering units in the period between now and They were on hand to ensure the process was dealt with efficiently, whilst delivering value for money.
The Management Committee were reassured that by having DTP on board, that key issues would be highlighted and risks assessed appropriately. Progress Housing Group own and manage nearly 11, homes. The group mainly operate in Lancashire but offer supported living services nationwide as well as delivering key worker accommodation in Lincolnshire. With the support of DTP, the Group researched and identified considerable savings and efficiencies from combining all the charitable Registered Providers in the Group into a single RP entity.
DTP helped develop a clear and compelling financial business case that generated financial savings and improved resilience. This was brought together in a comprehensive report that covered the benefits, costs, mechanics and risks of a very complex project. Following approval of the business case by the board, DTP provided guidance and support to the Project Team on financial and treasury aspects in order that the Group Progress Housing Group could successfully deliver the Project.
The project included negotiating new terms and conditions with existing lenders and obtaining consent for the combination at an acceptable cost. It also included negotiating new loan agreements with all the existing lenders. The terms for consent were negotiated with all funders to make the project possible. The Group now has a much simpler corporate structure with considerably improved flexibility and headroom in its financial covenants. This project has considerably improved financial resilience and will enable the Group to use its increased financial capacity to expand its investment aspirations.
Leeds and Yorkshire Housing Association LYHA manages more than 1, homes located across Leeds, Whitby, Scarborough, Barnsley, Mirfield, Barnoldswick, Earby and Settle; ranging from studio apartments to four bedroom houses suitable for single people, couples and families. LYHA were keen to maintain the existing strong relationship with their main funder, Santander.
It was agreed therefore, that Santander should be approached in the first instance to provide terms for the new funding. Once these terms were received we were able to benchmark them anonymously against offers received by DTP for similar arrangements and subsequently negotiated improved terms that were acceptable to the Association. The project ran smoothly from start to finish and completed in line with the dates set in the initial timetable. Their expertise enabled us to agree improved terms with our current main lender, Santander, making the process quicker and easier, whilst delivering value for money.
The project supports our ambition to provide more affordable homes for people across Yorkshire. We worked to an initial plan and reviewed progress through short, regular phone calls which kept all parties informed of progress in an efficient way. The reporting to board was also well-received, identifying the main points of the deal and highlighting points to note.
Karin Housing Association is located in London and provides affordable accommodation and bespoke services mainly to black, Asian and minority ethic BAME communities. Karin held the option to purchase the properties, which were already managed by them. DTP helped Karin Housing throughout the process of raising its first ever loan. This was an incredibly big step for Karin and included a wide range of activities and support. DTP helped draw up the their business plan cash flows to show that the purchase was affordable, we organised a tender to select a preferred lender and supported the process right through to completing the loan agreement and drawing down the funds for the purchase.
An information memorandum was issued to a small group of interested lenders and this resulted in competitive offers being received from four potential lenders. Karin selected RBS to provide a 10 year term loan at a competitive interest rate with standard market financial covenants. It owns and manages 14, properties. We were able to make significant savings from simplifying the loan portfolio and using cash resources to reduce net debt.
This freed up capacity in financial covenants to give greater overall financial robustness, allowing the repayment of some loans and conversion of others to more flexible Revolving Credit facilities, and maximising the efficient use of loan security. Alongside this, we have provided advice on governance arrangements, corporate strategy development and policy harmonisation.
Their knowledge and expertise, on what can be a complex subject, was exceptional. Their further support on matters such as governance, policy and harmonisation has allowed us to challenge how we do things.
Thirteen manages 34, properties from North Tyneside to York, with the majority of homes for rent and sale in Teesside. DTP was asked to provide intensive treasury, funding and financial advice to Thirteen. They wanted to create a new group structure that separated its social housing from its commercial activities, simplify its governance and funding arrangements, and merge several quite different providers into a single entity.
We put in place new arrangements to free Thirteen from the constraints of its previous funding arrangements. This has allowed it to maximise use of financial capacity within its loan covenants, while at the same time banking significant Thirteen savings from changes to the funding structure.
The consolidation of loans has also enabled considerable loan security to be freed up to secure future new loans.
DTP continues to work with Thirteen on its treasury and business planning for both its social and proposed commercial activities. The aim of the project was to provide external support and additional resources to RBH, in its development of a new 10 year corporate strategy. DTP worked in partnership with organisation development consultancy Just Libra to provide a wider skill set and a people-focused approach to the commission.
The joint team worked closely with the RBH Steering Group to provide a wide range of consultation opportunities for the RBH management and executive teams to have input into the new strategy.
This included facilitating creative away days, bringing ideas and suggestions from other similar projects we had delivered, and providing support to the Steering Group to drive the process through and deliver the desired outcomes. Throughout the project, our aim was to pass on skills and expertise to the Steering Group to enable them to take the work forward alone without support, and to deliver similar projects in future without assistance.
They helped us with the thinking and planning which was critical to success, effectively facilitated the sessions, inputted data and insight from the sector and pushed our ambition through positive challenge. It employs more than staff. The support was undertaken in a collaborative and iterative way, with a partnership approach. Working with DTP helped build our confidence and ensured we understood the process so when it came to crunch, we just got on with meeting the requirements with a minimum of fuss.
They were highly professional and a great group of people to work with. Our objective was to involve board members, the Chief Executive and staff in a robust selection and recruitment process. We also agreed the remuneration package and the associated terms and conditions of employment. This was informed by benchmarking work that was undertaken by us. We agreed the overall process and the timetable, which would involve staff as well as the Board panel.
The next stage saw us agreeing a marketing strategy and a budget for this. Advertisement were placed and expressions of interest were received. At this stage the panel also received a pack with all applications and candidate details enclosed. Following the First Stage interviews we made recommendations to the Chief Executive and the panel. The preferred candidates were then invited to Second and final Stage interviews, which now involved the panel and the Chief Executive, in a process that was facilitated by us.
Second stage interviews required candidates to make a minute presentation on a relevant theme provided to the candidates ahead of the day to a staff group, also answering questions raised by that group. After this, the candidates gave a presentation to the Board panel, followed by a series of questions from that panel. The panel used an information pack, with pre-defined questions, prepared by us to record their views on each candidate. Staff group views were also fed into the process of making a decision.
The panel, assisted by us, made a unanimous decision and the preferred candidate was offered the post. The process was successful in that the preferred candidate, unanimously chosen by the panel, accepted the offer of the post and following the receipt of written references, will now take up a position in due course.
A very successful outcome. The purpose of the workshop was to work through a series of existing workstreams, review and prioritise them, and create a new action plan for delivery.
We also met with the senior team the day before to run through the format. On the day, we delivered a comprehensive full day workshop, led by a strategic housing expert, which resulted in all the desired outcomes. An action plan was created on the day by the in-house team.
We followed up on the workshop with a written report summarising the key issues being faced by the Strategic Housing Service at Worcester CC and our recommendations for addressing them.
The project achieved all of its outcomes, and Worcester CC commented that DTP had been a pleasure to work with, and our expertise and guidance in the workshop invaluable. The consultant provided by DTP prepared well, engaged with our people, and was able to both facilitate discussion and provide challenge appropriately.
DTP worked with us to scope out the day and then delivered an excellent piece of work including an insightful final report. York Housing Association provides a range of housing and support services to approximately 1, households in York, North Yorkshire and East Riding. The aim of the project was to undertake detailed financial due diligence on Karbon Homes which has been selected by York Housing Association as a potential merger partner.
A team of DTP specialists undertook a detailed and robust review of a wide range of key documents provided upon request by Karbon Homes. This included business and financial plans, stress testing, management and statutory accounts, funding arrangements, board papers, financial returns, pensions, IT and property information. Ultimately the test is whether enough business assurance can be gained to allow the York HA board to proceed with the merger with confidence.
A summary report, action plan and detailed appendix were then provided to first the Audit Committee and then York HA board. The Board was very pleased with the exercise and the quality of reporting, and felt it enabled them to move forward fully assured. York HA Board felt that our due diligence report gave them the confidence and assurance it needed to proceed with the merger process.
In practice their work was thorough, delivered on time and within budget. To establish a business case for Leasowe CommunityHomes to leave YHG, find a suitable partner and support the demerger and new merger.
Having satisfied YHG that the association had a potentially viable future, with a partner, outside the group, through the provision of a viable business case, YHG agreed that Leasowe Community Homes could approach other organisations, with a view to finding a suitable merger partner, with whom to develop a detailed business case for merger.
Once the partner, Pierhead Housing Association, was selected, a process was established for managing the process, engaging with all key stakeholders, including YHG, the regulator, the local authority, residents and staff. DTP provided project management support and detailed advice on governance, financial planning and on all funding related matters. The process involved project meetings, overseeing the project plan for merger, transitional planning and risk management.
The whole process was achieved against a tight deadline, but great teamwork from all involved YHG, Leasowe Community Homes and Pierhead Housing Association ensured that everything was achieved. The merger took place on 1 April and the new organisation, Prima Group, has a sound footing, both in terms of governance and of financial viability. The regulator has been closely involved throughout the process and the funders for the new organisation have all been very helpful, positive and supportive.
Once the partner was selected, YHG established a process for managing the changes, engaging with all key stakeholders, including the regulator, the local authority, residents and staff. The whole process was achieved against a tight deadline, but great teamwork from all involved ensured that everything was achieved. The demerger and subsequent merger took place on 31 July with all organisations concerned left on a sound footing, both in terms of governance and of financial viability.
Once the partner, TCHA, was selected, a process was established for managing the process, engaging with all key stakeholders, including YHG, the regulator, the local authority, residents and staff. Eventually, a Shadow Board was established to oversee the latter part of the merger process and to take key decisions, all of which were subsequently ratified by the new board, following registration with the Financial Conduct Authority FCA.
The merger took place on 31 July and the new organisation has a sound footing, both in terms of governance and of financial viability. Ours was a more complex merger in that it was a de-merger and re-merger transacted simultaneously. We would not have achieved all of this in the timescale we did, without the support of Andy Roskell.
I would not hesitate to recommend DTP. We were asked to produce a due diligence report and to provide an independent opinion on our analysis of the financial aspects of Mosscare. We started by agreeing the scope of the financial due diligence with the client. We then engaged directly with officers and advisors at Mosscare and provided them with a list of questions and data requirements.
Mosscare provided data and responses to our due diligence questionnaire and our analysts performed a forensic assessment. During our analysis we prepared two sets of supplementary enquiries which Mosscare responded to. This was followed with further engagement with Mosscare to gather responses to final questions and queries.
We have a long standing successful relationship with DTP as part of our treasury work. The approach taken was excellent and rigorous — with a focus on detail but distilling the information into interesting and salient reports that helped us to understand any potentialthreats to the merger.
Longhurst Group operates in more than 45 local authority areas across the Midlands and East of England. It owns and manages more than 19, homes. DTP supported Longhurst in their preparation for an IDA by working with us and the business, proportionately and methodically.
They helped to focus the team on likely topics to be discussed and provided some useful insight and feedback. They were incredibly helpful, supportive and responsive and I would highly recommend using them. The University has more than 27, students and has three campuses, including one in Scarborough, North Yorkshire, and one in London.
The campus in Coventry is currently undergoing a significant redevelopment programme. The University comprises four faculties, and manages a number of commercial subsidiaries that provide business services to local and national organisations. The University has a relatively complex operating model comprising a range of subsidiary companies delivering a diverse range of activities in support of the interests of the University. Governance oversight of the group of companies sits with the main board of governors of the University and its sub-committees.
However, Coventry University wanted to put in place a clear framework for subsidiaries to work through, which provides assurance to the main board, effective use of governance resources, clarity on delegations and accountability and an appropriate risk and control framework. We undertook a desktop review of governance information to assess it against best practice requirements, including the requirements of governing bodies as set out in the HEFCE Memorandum of Assurance and Accountability, the Companies Act and the Charities Act where applicable.
We tested the documentation against five elements which encapsulate these requirements:. We then held a number of workshops with subsidiary representatives to work through our recommendations for change, gain feedback on subsidiary views on the proposals, input in relation to practical application and practice and alignment in relation to a timeframe for implementation and adoption.
We provided a template for a new, coordinated and comprehensive Delegatory Framework and supported the University in the collation and implementation of the new documentation.
The University actively and positively engaged in process and has implemented the new Delegatory Framework as the one point of reference for all its companies. DTP played a pivotal role in supporting us in our endevour to strengthen the governance of the University Group, particularly our subsidiary companies.
Their knowledge and expertise have enabled us to develop practical solutions to meet the governance challenges we faced as an organisation. Together they manage a wide range of neighbourhoods, and over 12, homes across central, south and east Manchester. We reviewed a range of relevant documentation in order to inform our understanding of the delegations structure at One Manchester.
We tested the documentation for appropriate consistency, cross referencing and application in line with the requirements of the review.
We fed back any opportunities to implement best practice from inside and outside the housing sector that we noted in the course of the review, which were supplementary to this project, but useful to One Manchester. We developed a revised format for the financial regulations as a template for population with updated financial regulations and delegations. This template was populated in detail and through an iterative approach we identified any additional information sources to ensure that One Manchester had a comprehensive document.
One Manchester approved and formally adopted the new Delegatory Framework. It is available on their intranet and is being rolled out across the organisation through a structured programme of briefings and training. The lead consultant brought significant best practice sector knowledge and challenge that was drawn together to provide an accessible and thorough Delegatory Framework that seamlessly brings together our scheme of delegation and control environment.
Beginning to end the project was excellent. Warwickshire Rural Housing Association is a small, rural housing association with almost homes.
We were asked to facilitate a board away day. WRHA is unusual in that despite being small, it is an active developer. It also collaborates with other housing organisations to minimise costs. However, like many in the sector, WRHA is facing challenges around how to continue to develop social rented housing in the absence of government grant; the key principles and values that would shape any merger considerations; and determining future strategic direction in the light of ongoing risk and uncertainty.
DTP was able to provide information, analysis and assurance in a number of these areas as part of our role at the away day. The approach used was conducive to stimulating debate, and gave focus to the issues the Association will need to address. Key considerations were openly discussed and these will shape the business plan moving forward. All who attended felt the process was worthwhile, engaging, and well facilitated. RHA wanted to start the process of appointing a new Chair of the Board.
The post holder was approaching the end of his term of office and RHA was keen to ensure that, for continuity reasons, there would be some overlap between the retirement of the existing Chair and the full installation of the new Chair. WCHG made the decision to move to a common board governance structure where all entities within the group are governed by one co-terminus board. DTP developed and agreed a process with WCHG which involved all existing members providing an expression of interest in roles within the common board, evaluating themselves against an updated skills, competency and experience matrix and then undertaking an interview with a panel comprising the three chairs, the Chief Executive and DTP as the independent advisor.
This process was subsequently followed by a further recruitment process to appoint a new resident member to the board. DTP then provided advice and guidance to the new board on governance within a common board structure.
The new board was fully populated with members who met the required competencies for the new governance arrangements in the agreed timescale. It greatly assisted a smooth process and timely appointments, whilst meeting the demands of a robust and rigorous exercise to satisfy good governance principles. Hanover is a national provider of housing and services for people in later life with around 19, properties for rent, sale and shared ownership in approximately locations. We were appointed to undertake a review of their governance.
The aim of the review was to identify strengths and gaps in practice and make evidence based recommendations for improving governance. How we achieved this: Each Board Member and the Chief Executive completed a self-assessment questionnaire to assess their skills and views of the effectiveness of the Board. This was followed by one to one meetings and a joint meeting with the Executive Team.
Board and Committee Meetings were observed using a structured evaluation and a critical review of the papers for each of the meetings was undertaken. We completed a desktop review of a range of governance documentation and benchmarked this against the National Housing Federation NHF Code of Governance.
The recommendations in our report were extensive, but Hanover embraced the changes and DTP were further commissioned to support the governance team in implementation. All the recommendations were implemented by November Moreover, some functions are absent. Read on and you will find out how to get Creative Cloud products without violating the law. It is an ideal variant for those who need other products apart from Photoshop. This package enables several users to work on various projects, like photography, videography, 3D graphics, modeling, and etc.
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