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Updates from November, 2018

  • Amberside 10:30 am on November 14, 2018  

    ICAEW: Financial Modelling Code – a guide for best practice 

    Financial modelling drives decision-making throughout the business world, but still there is no universally accepted set of agreed principles for best practice. In its informational guide, Financial Modelling Code, ICAEW’s (The Institute of Chartered Accountants in England and Wales) Excel Community provides essential practical guidance on universal tenets of best practice in the field to minimise spreadsheet risk. The guide was released at a launch event last night at Chartered Accountants’ Hall in London.

    The report captures the main guidelines for coherent and correct financial modelling as well as spreadsheet creation to build strong models and reduce errors. In preparing the Code, ICAEW compared and analysed seven organisations’ modelling standards and took input from over a dozen modelling and professional services organisations.

    David Lyford-Smith, ICAEW Technical Manager, said: “There are various courses, standards and guides available that explain how to build models, each with their own ideas about what the appearance, layout and functionality of a model should be. While there is much consensus among these methodologies, for both procurers and practitioners there is no universally accepted set of agreed principles for how to carry out financial modelling. Most existing methodologies were developed with particular sectors or practices in mind; hence, they are frequently detail-oriented and not accepted very widely.”

    This inconsistency is concerning as David explains: “Improper practice such as incoherent methods, or lack of review and oversight, negatively impacts the world economy. This guide was created to support best practice in creating financial models that are robust, understandable and less likely to contain errors. Each section of the Code addresses a particular element of constructing a model presenting specific recommendations including several options, representing generally suitable and widely adopted approaches.”

    ICAEW’s Corporate Finance Faculty has also produced a more detailed publication, entitled Best Practice Guideline: Financial Modelling, which conforms to this Code and explains how to carry out financial modelling in a corporate finance transaction context.

    Neil Rutledge, Director, Amberside Advisors Ltd, said: “As one of the UK’s leading financial modelling organisations, Amberside Advisors are proud to be involved with the development and publication of the ICAEW Financial Modelling Code.

    “This achievement follows on from the recognition by ICAEW of Amberside’s own financial modelling standard earlier this year.”

    The full report can be found here: icaew.com/financialmodelling

  • Amberside 9:22 am on November 13, 2018  

    NLWA (North London Waste Authority) appoints financial advisors 

    North London Waste Authority (NLWA) has awarded a contract for financial advisory services in connection with the implementation of the North London Heat and Power Project (NLHPP).

    The contract was awarded to lead financial advisor Amberside Advisors Ltd.

    The NLHPP is NLWA’s project to construct an Energy Recovery Facility and associated plant to replace the existing energy from waste facility at the Edmonton EcoPark, which is expected to reach the end of its operational life around 2025.

    Neil Rutledge, Director, Amberside Advisors Ltd, commented:
    “We are delighted to be appointed by the North London Waste Authority to advise on the optimal funding strategy and provide supporting financial advice for the redevelopment of this major infrastructure asset, which is of national significance.”

    Amberside Advisors Ltd is an independent consultancy providing financial advice to large scale energy, infrastructure, accommodation and public services projects. Its clients include the public sector, large institutional investors and project sponsors. Recent mandates include advising Ofgem on policy changes for competitively tendering developer-built offshore transmission assets and introducing competition into new-build onshore transmission (Hinkley – Seabank connection).

    Amberside Advisors is part of the Amberside group, made up of like-minded, complementary, businesses which include:

    Amberside Advisors – corporate finance practice to the infrastructure and energy sectors – http://www.amberside.uk
    Amberside Energy – technical advisory practice to the energy sector – http://www.ambersideenergy.com
    Amberside Capital – FCA-regulated fund manager with an infrastructure focus – http://www.amberside.com
    Amberside Accounting – ICAEW-regulated accountancy practice – http://www.amberside.uk

  • Amberside 11:14 am on November 6, 2018  

    Amberside supports Oxford Capital in the completion of the second phase of their UK Solar PV refinancing programme 

    In December 2017 specialist investment manager Oxford Capital completed the first of three planned phases of the refinancing of their 92MWp UK Solar PV portfolio. Today the firm has announced the completion of the second phase of the programme. This second phase saw a further £19m provided by Oxford Capital and funds managed by BlackRock, with funding provided at the holding company level.

    IDCM Limited acted as Arranger on the transaction with legal advice provided to the parties by Osborne Clarke and Burges Salmon.

    Oliver Hughes, Partner at Oxford Capital, said “We are delighted to have completed the second phase of this refinancing programme. This high quality portfolio of solar PV assets continues to perform well, and our in-house portfolio management team continue to ensure maximum value is realised for our investors. We are pleased to have worked with Blackrock on this phase of the portfolio refinancing. Thanks also to IDCM for their professional approach.”

    Jean-Christophe Oberto, Executive Director at IDCM Limited said, “Following our successful cooperation last year, we are very pleased to have worked with Oxford Capital again on another innovative transaction. The renewable sector is experiencing a shift from subsidy-based revenues to merchant-based revenues and, we believe that, against this context, HoldCo financing will become more popular in Europe, in particular for greenfield projects. We are committed to assisting our clients through this transition and helping them achieve their financing goals.”

    Jonathan Stevens, Head of European Infrastructure Debt at BlackRock, said: “We are delighted to have made this debt investment on behalf of our institutional clients. This financing provided an opportunity to extend our investment in the UK renewable energy sector with an experienced partner and at an attractive return.”

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Amberside Advisors Ltd
Paul Austin FCA, Philip Rhoden FCA, Neil Rutledge FCA, David Scrivens FCA, Richard Turner
Registered Office:
Clubfinance House, 64-66 Queensway, Hemel Hempstead, Hertfordshire, HP2 5HA
Registered in England. Registered Number: 06078852