Treasury Management Conference 2014 - Amazon S3

Conference guide and Attendee list

Wednesday 8 October 2014

30 Euston Square, London

Treasury Management Conference 2014

Sponsored by

@natfedevents #NHFTreasury

Joint overall sponsors of the conference

JLL is the largest firm of residential and commercial property consultants in the UK and a leading international property adviser. Our expertise covers all aspects of residential land, development and investment agency, valuation and professional advice. We advise clients in the private, affordable and public sectors, covering development, viability assessment, planning, s.106 agreements, valuation, asset disposals and stock rationalisation. We act for over 80 leading RPs, and for all the lenders in the sector. We have a 20-year track record of sound and trusted advice on affordable housing; and offer national coverage from our network of 28 offices.

Contact: Richard Petty, Lead Director, Affordable Housing | Tel: 020 7087 5971 | Email: Richard.petty@eu.

M3 products and services help clients control the cost of building maintenance and housing development. Over 500 organisations efficiently procure and manage affordable housing maintenance using the M3NHF Schedule of Rates. Housing providers use M3Locator Plus to improve the accuracy of repair diagnosis in their call centres. Residents are enthusiastic about M3Repair Handbooks and M3Housecall for internet repair reporting. M3Pamwin Plus offers a comprehensive solution for housing development appraisals, cash flows and project management. M3 provides consultancy services for procurement, asset management, service reviews and benchmarking.

Contact: Ben Virgo, Sales & Marketing Manager | Web: m3h.co.uk Tel: 020 8274 4000 | Email: ben.virgo@m3h.co.uk

M&G's Fixed Income business has been investing in social housing debt for over 20 years. We are one of the largest non-bank lenders in the UK with over ?4bn invested through a mixture of public bonds, private placements, bi-lateral loans and club deals and sale and leaseback transactions. With over two decades' experience of analysing credit risk and our expertise in running a large private lending operation, we are able to offer loans to a variety of borrowers, including housing associations, small and medium-sized companies, commercial real estate borrowers and infrastructure projects.

Contact: Mark Davie, Head of Social Housing | Tel: 020 7548 2583 | Email: mark.davie@mandg.co.uk

Savills Housing and Healthcare Division provides a unique consultancy service to housing associations, local authorities, universities, residential investors and care providers throughout the UK. Combining development consultants, valuers, building surveyors, treasury specialists and management consultants we provide an integrated service to our clients across the UK. Our track record ensures we are consulted by government departments and agencies, lenders, professional bodies and stakeholders. Clients benefit from our focus on value for money, viability, de-risking and delivery while ensuring our advice is of the highest quality.

Contact: Robert Grundy, Head of Housing | Email: rgrundy@

TradeRisks Limited is a corporate finance and risk management firm providing independent advice, financing, investment and risk management solutions to UK and international corporates and sovereign entities. We provide treasury, corporate finance and business planning services to 35 of the UK's leading housing associations and many local authorities. TradeRisks established and manages OTC Exchange ? an end-user-toend user hedging and funding platform. There have been 41 own-name secured public bond issues in the social housing sector since the start of the financial crisis in 2008, raising around ?8bn, and TradeRisks has been involved in 20 of these issues; more than any other adviser or bank.

Contact: Pete Redman, Managing Director Policy and Research | Web: | Tel: 020 7382 0908 | Email: peteredman@

Teasury Management Conference 2014

Wednesday 8 October 2014 30 Euston Square, London

Dear Delegate,

On behalf of the National Housing Federation I would like to welcome you to the Treasury Management Conference 2014.

The programme has been designed to offer you the chance to interact with fellow professionals and gain from their knowledge, so I hope you will take the opportunity to exchange ideas with your peers. To get maximum value from the day, please read the `participation and interactivity' section in this pack. This will help you define objectives and establish the points you would like to see addressed.

Presentations will be available to download after the conference. You will be notified by email when they are available.

We also invite you to take part in our online delegate survey, details can be found on page 4. It would be very much appreciated if you could complete the survey to ensure that our conferences meet your expectations in the future.

Inside this pack you will find:

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programme

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speaker biographies

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participation and interactivity

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delegate information

If you have any questions or would like to discuss your ideas for future conferences, please feel free to contact a member of the Federation team at the registration desk today who would love to hear your feedback and suggestions.

Finally, I would like to extend a warm thank you to our speakers and chairs for their participation in today's event. I hope you enjoy the event.

BREAKFAST BRIEF

Lizzy Lester Conference Organiser

Programme

08:20 Registration, refreshments and networking

08:40 - Funding hurdles and financing a merger 09:20 Location: Auditorium

Are you tempted, courting, engaged or newly-wed? ? Aligning financial strategy to the merger objectives ? Due diligence and post-merger surprises ? Overcoming constraints and covenants ? Group structure options ? Maximising social enterprise value John Bruton, Director of Finance, Raglan Housing Association Susan Hickey, Group Finance Director, Peabody Antoine Pesenti, Managing Director, TradeRisks Chair: Alex Pilato, Chief Executive, TradeRisks

09:30 Chair's welcome and introduction Location: Auditorium Anthony Hilton, Financial Editor, Evening Standard

SCENE SETTING

09:40

State of the nation address ? an economic and political overview Location: Auditorium

? Impact of the future political and economic landscape

? Economic overview of the housing market

? Undersupply of new homes and how this will affect you

? General election ? the political perspective

James Stretton, Director, JC Rathbone Associates Daniel Finkelstein, British Journalist and Politician, Associate Editor, The Times and Chairman, Policy Exchange Chair: Anthony Hilton, Financial Editor, Evening Standard

10:20

Sector capacity ? pushing the boundaries Location: Auditorium

Hear about the ambitions and visions for the sector, including:

? the Federation's vision, the Lyons Commission Housing Review and Shelter's report

? the capacity of existing business models

? pushing the boundaries

- land availability - planning restrictions - diversification of finance and activites Ruth Davison, Director of Policy and External Affairs, National Housing Federation Chair: Anthony Hilton, Financial Editor, Evening Standard

11:00 Refreshment break Location: Exhibition Space

11:20

BImreparkooviuntgsveaslsuioantisonAs and unlocking sector capacity Location: Auditorium

Is tripling the number of new homes per annum by 2033 a realistic proposition for the sector?

? Valuation of social housing property for loan security purposes

? Section 133 restrictions and valuation of LSVT properties

? LSVT peak debt and restrictive covenants

Carol Matthews, Partner, Social Housing, Wright Hassall Richard Petty, Lead Director, Affordable Housing, Jones Lang LaSalle Andy Smith, Director of Valuation, Housing Division, Savills Chair: Anthony Hilton, Financial Editor, Evening Standard

12:00 Breakout sessions A ? funding diversification

B1 From conventional loans to indexed-linked finance Location: Auditorium ? Key issues and risks of indexed-linked compared to more conventional finance ? Different structures and sources of funding ? Long-term development capacity and link to corporate strategy ? Governance and risk management ? Regulatory considerations

Jonathan Clarke, Partner, Centrus Advisors Tim Jackson, Resources Director, Golding Homes Chair: Jonathan Dwyer, Senior Consultant, David Tolson Partnership

The National Housing Federation is the voice of affordable housing in England. We believe that everyone should have the home they need at a price they can afford. That's why we represent the work of housing associations and campaign for better housing. Our members provide two and a half million homes for more than five million people. And each year they invest in a diverse range of neighbourhood projects that help create strong, vibrant communities.

B2 Raising finance through social investment Location: G1

? Growing demand for socially responsible investment

? Case study: Issuing Retail Charity Bonds as an additional source of finance

? Suitability for housing associations

Phil Caroe, Chief Operating Officer, Allia Henrietta Podd, Head of Debt Advice and Origination, Canaccord Genuity Chair: Sam Wotton, Policy Officer, National Housing Federation

B3 Pension schemes funding housing associations ? a marriage made in heaven? Location: G2

? Housing associations as an investment opportunity for pension funds

? Local Government Pension Scheme (LGPS) funding strategies

? Case study: the investment activities of the Greater Manchester Pension Scheme

Helen Roberts, Lead Investment Policy Adviser, National Association of Pension Funds (NAPF) Peter Morris, Executive Director of Pensions, Greater Manchester Pensions Fund

Chair: Joseph Carr, Policy Leader, National Housing Federation

B4 Dispelling the misconceptions of Government Guarantee schemes Location: G6.7

Highlights and benefits of the Government Guarantee schemes for the private rented and affordable housing sectors.

? Find out who is benefiting

? Learn how the schemes work

Fenella Edge, Group Treasurer, The Housing Finance Corporation (THFC) Lee Farrington, Head of the Affordable Housing Guarantees Scheme, Communities and Local Government (CLG)

Chair: Anthony Hilton, Financial Editor, Evening Standard

12:45 Lunch Location: Exhibition Space

13:45

Securitisation made simple Location: Auditorium

The current process of charging social housing property for loan security purposes is beset with difficulties and can often take far longer than it should. This session will look at what the Securitisation Working Group are doing to change this including:

? challenges with the current system

? producing a standard housing association Certificates of Title

? introducing best practice for section 106 agreements and mortgagee exclusion clauses

Yogeta Partridge, Legal Counsel, Treasury, L&Q Group Sarah Hind, Partner, Commercial Property, Clarke Willmott Chair: Anthony Hilton, Financial Editor, Evening Standard

1144:1:355 BBrreeaakkoouuttsseessssioionnssBB ? diversification of activity

B5 Latent sector capacity ? small and large housing association partnerships Location: G1 ? Overcoming the potential barriers including: - welfare reform - current housing market - potential early year losses - section 106 and viability, grant regime ? Maximising the opportunities ? gaining support from partnerships

Waqar Ahmed, Group Director of Finance, L&Q Group Tim Taylor, Director, Acuity Research and Practice Chair: John Delahunty, Chief Executive, Innisfree Housing Association

B6 Diversification ? non-housing contracts Location: G6.7 This session will look at the diverse range of activities housing associations are involved in to increase revenue streams from traditional non-social housing contracts including: ? care and support ? health ? justice Mark Henderson, Chief Executive, Home Group Chair: Jonathan Dwyer, Senior Consultant, David Tolson Partnership

B7 Diversification ? commercial residential markets Location: Auditorium Learn about the diversity of commercial funding sources housing associations can utilise to fund social housing, including: ? market sales ? market rents ? student accommodation ? facilities management

Matt Cooper, Director of Treasury and Corporate Finance, Affinity Sutton Peter McCormack, Chief Executive, Derwent Living Mark Jones, Head of Treasury, Derwent Living Chair: Anthony Hilton, Financial Editor, Evening Standard

B8 Accessing public land, including NHS land for new housing supply Location: G2 Explore how we can make the business case to get local authority, central government and NHS buy-in ? Demonstrate models for joint ventures between housing associations and public bodies, including NHS trusts ? Clarify NHS structures and how to initiate dialogue with trusts

Gwyn Owen, Project Lead: Housing and Public Sector Land Project, Essex County Council Hilary Blackwell, Partner, Real Estate, Capsticks Dr Sarah Raper, Executive Director, Community Health Partnership Chair: Ken Youngman, Finance Director, Family Mosaic

15:25 Refreshment break Location: Exhibition Space

15:45

FRS 102, the Housing SORP 2014 and cancellable swaps Location: Auditorium

? Implications of FRS 102 on accounting for financial instruments

? Covenant compliance

? Flight of cancellable swap

Phil Cliftlands, Partner, BDO Guy Flynn, Director, BDO Sarah Anderson, Head of Sales and Derivatives Structuring, Public Sector and Corporate Real Estate, Lloyds Banking Group Chair: Anthony Hilton, Financial Editor, Evening Standard

FRINGE SESSION

15:45

Grant-free, unsecured, debt-friendly, US-style funding for affordable housing Location: G1

The US Low Income Housing Tax Credit (LIHTC) system:

- has supported the development of 2.5 million affordable homes since 1986

- offers grant-free, unsecured lending to fund affordable housing

- allows tax credits covering 50 - 60% of development cost, so homes are built to a higher standard, with lower rents and are less debt hungry

- works in a similar way to the HCA's Affordable Homes Programme

? Can this system be made to work in the UK?

Vic O'Brien, Executive Director, Development, GreenSquare Group

Martin Rowley, US Corporate Tax Services Partner, Deloitte Chair: Joseph Carr, Policy Leader, National Housing Federation

SPOTLIGHT SESSION

16:25

Under the microscope ? new regulatory framework and credit rating worthiness Location: Auditorium

? A view from a credit rating agency on how investors perceive the social housing sector

? The Homes and Communities Agency's (HCA) new regulatory framework

? The credit rating agency's view of housing associations in 2033

Will Perry, Assistant Director of Commercial and New Entrants, HCA Elizabeth Bergman, Vice President, Moody's Investors Service Chair: Anthony Hilton, Financial Editor, Evening Standard

17:05 Chair's summary 17:15 Conference close

ONLINE DELEGATE SURVEY

Please take time to complete our online feedback survey. You will be sent an email with information on how to access the survey directly after the event or use the QR code above to access it from 17:00 today. Alternatively go to:



Speaker Biographies

Waqar Ahmed, Group Director of Finance, L&Q Group Waqar has worked for London & Quadrant Housing Trust for 17 years and has been in the social housing sector for 21 years. In 2008, Waqar was appointed as the group finance director. His immediate priorities included simplifying the group structure, supporting cultural and organisational change that pursued strong commercial discipline in all activities whilst retaining L&Q's social values.

Sarah Anderson, Head of Sales and Derivatives Structuring, Public Sector and Corporate Real Estate, Lloyds Banking Group Sarah has worked in financial markets over the past 7 years specialising in financial risk management for public sector, charity and real estate clients. She currently heads up the team that supports social housing clients as well as other sectors. Previously Sarah worked as a relationship banker at Lloyds Banking Group.

Elizabeth Bergman, Vice President, Moody's Investors Service Elizabeth Bergman is a vice president on Moody's Sub-Sovereign rating team, where she is the lead analyst for a portfolio of housing associations and universities in the UK. Prior to joining Moody's in London, Elizabeth was an assistant vice president with Moody's US Public Finance Group in New York during which time she worked on the credit ratings of US municipalities and utility systems. Elizabeth's public sector background includes work as an analyst at the New York City Office of Management and Budget and as an admissions officer at the University of Minnesota, where she earned her undergraduate degree in political science. She holds a Masters in public administration from Columbia University.

Hilary Blackwell, Partner, Real Estate, Capsticks Hilary specialised in the full range of commercial property work with a large regional firm, the work being a mixture of health service and private, before moving to Capsticks in 1992 to concentrate on health service property work, constitutional and commercial matters. A renowned expert in public sector commercial property issues, Hilary has extensive experience of major urban regeneration projects, disposal of surplus properties, s106 agreements and other planning matters, securing overage payments, site acquisition and development, and landlord and tenant issues. Hilary also advises on public sector powers and funding issues. Hilary has also been the lead partner on various PFI/PPP projects, including Redbridge and Waltham Forest LIFT, Lambeth Southwark & Lewisham LIFT and the Brighton Children's Hospital PFI. Her particular specialisms include joint local authority/health schemes. She is the lead partner for their work for the Metropolitan Police.

John Bruton, Director of Finance, Raglan John Bruton has been Director of Finance at Raglan Housing since 2001. The organisation has been through significant change in recent years and issued a ?100m bond in 2012. Previously he worked at Metropolitan Housing Partnership and KPMG where his areas of specialism were banking and Housing.

Phil Caroe, Director of Social Finance, Allia Phil leads the work on social finance at Allia, a charity that supports organisations dedicated to making a positive social impact. He has managed the issue of multiple bonds by Allia to individual and corporate investors, which have provided loans to housing associations and generated grant funding for charitable causes around the UK. Over the last three years he has been Allia's lead on the development of Retail Charity Bonds, an issuing platform to raise capital market debt for organisations with charitable status through bonds listed on London Stock Exchange.

Joseph Carr, Policy Leader, National Housing Federation Joseph has worked at the National Housing Federation for six year's during his second stint. He has worked in the sector for over 20 years. He leads on the Federation's finance policy, including accounting and financial reporting, treasury management, pensions, rents, and financial regulation and compliance to name a few areas.

Jonathan Clarke, Partner, Centrus Advisors Jonathan's primary focus is on property-based transactions, sourcing investment opportunities across sectors for long income property funds. Prior to joining M&G Real Estate in 2013, Jonathan was corporate finance director at Genesis Housing Association, where he resolved a number of development finance challenges and also structured and negotiated several funding transactions. He has also worked at Partnerships UK and PwC, advising central and local government on infrastructure projects from prisons to regeneration schemes. Jonathan has a background in corporate finance advisory work across a range of infrastructure sectors, as well as board experience in housing and homelessness organisations. He qualified as an accountant in 2003 with Ernst & Young and also holds a professional treasury qualification.

Phil Cliftlands, Partner, BDO Phil is a partner leading BDO's social & public enterprise team in London. Phil specialises in social housing and has developed extensive experience and expertise in social housing financial reporting in his 16 years in practice. Phil has worked extensively with the London G15 and many other housing associations in the sector, has co-led a statutory inquiry on behalf of the social housing regulator and also been seconded to a large national registered provider focusing on treasury strategy. Phil has also worked closely with the Federation where he took the lead in supporting the SORP working party's development of the housing SORP for five years until April 2013, since which date, he became a member of the SORP working party. In this role he has been working on the housing sector's response and preparation for FRS 102 convergence. Phil has also recently been appointed as a board member and chair of finance committee of a specialist housing association focusing on housing and support for vulnerable people.

Matt Cooper, Director of Treasury and Corporate Finance, Affinity Sutton Matt is responsible for managing all corporate funding at Affinity Sutton. Matt previously worked at PricewaterhouseCoopers and Deutsche Bank where he specialised in structured credit finance before moving into corporate treasury. Matt is a chartered accountant and qualified treasurer.

Ruth Davison, Director of Policy and External Affairs, National Housing Federation Biography not avaliable

John Delahunty, Chief Executive, Innisfree Housing Association Biography not avaliable

Jonathan Dwyer, Senior Consultant, David Tolson Partnership Biography not avaliable

Fenella Edge, Treasurer, THFC Fenella is group treasurer and director of THFC, a specialist, not-for-profit organisation which, since inception, has raised over ?3billion of private finance for housing associations. THFC is also the delivery partner of DCLG for the Affordable Housing Guarantee Scheme. Her role at THFC involves raising funds in the capital markets through issuance of bonds and maintaining active relationships with institutional investors. Fenella is also responsible for the team which manages THFC's relationships with its housing association borrowers. She joined THFC in 2002 having previously spent 11 years at Abbey National Treasury Services ("ANTS") in a number of roles including director of market risk, director of financial products and manager, capital markets. Prior to joining ANTS she had a number of capital markets and derivatives roles at banks and securities firms in the City.

Lee Farrington, Head of Affordable Housing Guarantees Scheme, Communities and Local Government Biography not avaliable

Daniel Finkelstein, Associate Editor, The Times Daniel Finkelstein is responsible for the The Times digital edition. He is also a member of the Lords and an advisor to the Conservative Party. Danny began his career as chair of the Young Social Democrats, a group of whom went on to join the Conservatives. After serving as director of a Westminster think tank focusing on social policy, he became a political advisor to John Major and then William Hague, and was awarded an OBE. He has since aligned himself to modernisers like Cameron and Gove. Following a brief spell in data communications, Danny joined The Times, started their blog and worked his way up to the leader columns. He also writes a highly regarded and very distinctive statistics-based football review, and pens regular columns for The Jewish Chronicle. As a prominent commentator, Danny's talks provide a sharp and entertaining insight into the political scene. He originally likened the Coalition to American college fraternities: "The more humiliating, the more people wanted to join."

Guy Flynn, Director, BDO Biography not avaliable

Mark Henderson, CEO, Home Group Mark was appointed chief executive of Home Group at the end of 2008. Having started life as a motorcycle racer. He has gone on to gain nearly 30 years' experience of both regeneration and business support activity. He is passionate about placing customers at the heart of any organisation and in raising aspiration and enterprise across the country. Prior to joining Home, Mark has worked a worked in local authorities across the UK, as director of the regional development agency, One North East and a local authority chief executive. Mark is also vice chair of Business and Enterprise UK and chairman of Young Enterprise North East

Susan Hickey, Group Finance Director, Peabody Biography not avaliable

Sarah Hind, Partner, Commercial Property, Clarke Willmott Sarah specialises in securitisation and has considerable experience in this field, acting for a large number of registered providers across England and Wales. Sarah regularly provides training to registered providers on ways to streamline the charging process.

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