Next in our series of ebriefings on the Government’s Green Paper: Transforming public procurement; looking at the Chapter 4 proposal to change the basis of contract awards.
The specific requirement in the Standard is: -
“To maintain a thorough, accurate and up to date record of their assets and liabilities and particularly those liabilities that may have recourse to social housing assets” (Paragraph 1.5.1(a))
The accompanying Code will require liabilities to be “in the widest context” and that is hardly surprising given the tale of woe apparent from the Cosmopolitan saga. There is no prescribed format, nor a list of what is to go in – it is all up to each provider, or to be specific, each board, since the Code states that the Regulator expects the Board to oversee the Asset Register.
In our view clients should be considering the following areas: -
|Property (understand property as an asset)||Finance (cashflow etc)|
|Planning (making sure conditions are complied with and you have evidence to that effect)||Title (the need to link with development)|
|Regulatory (known and anticipated potential impacts)||Loans (treasury management etc)|
There is a clear risk of a compliance industry being created here but we are not talking about a requirement for some all-encompassing database/spreadsheet; what we are talking about is for providers to have this information up to date, accurate, and at hand – and crucially to see it not just in the light of a compliance requirement but as an essential business tool fundamentally informing the VfM agenda. And to underline the point the Code provides that assets which have a negative impact should be easily identifiable.
Another way of looking at things is to consider if you were working for another provider and rescuing your organisation what would you need? What would the Regulator want to see if they ever had to intervene? What do you want to see when you are purchasing properties from another provider?
Finally the asset register needs to scope up all that company information that the board needs to be able to make decisions; what are the cross group guarantees; what off balance sheet funding is there; what dependencies are there.
Don’t forget that boards will need regularly (at least annually) updating.
For more information
The Academies Financial Handbook is updated annually by the Department for Education and the Education and Skills Funding Agency; it contains a number of governance requirements for academy trusts.
Supreme Court publishes key decision for those working in the UK’s gig economy.
The 'Chocolate Snowman Appeal' is an amazing initiative that Anthony Collins Solicitors' (ACS) employees take part in every year.
The Building Safety Bill (the Bill) is said to be the most significant and wide-ranging change to the regulatory environment for higher risk building (HRBs) for over 45 years.
On 4 November 2020, the Restriction of Public Exit Payments Regulations 2020 (the Regulations) came into force; exit payments for the public sector were capped at £95,000.
The case was brought by the Official Receiver who sought disqualification orders under section 6 of the Company Directors Disqualification Act 1986 (CDDA 1986) against the seven trustees of Kids Company and its CEO. It illustrates well the tension between the role of a fulltime paid CEO of a large charity and the role of its board as voluntary trustees/directors.
At the end of 2020, The Charity Governance Code was updated or 'refreshed' as it is termed on its website.
Anthony Collins Solicitors is today (Thursday 11 February) revealing the scale of its social impact during 2020.
In their first podcast of this series, current and future trainees will discuss their journey and route to securing a training contract at Anthony Collins Solicitors.
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