Approach · Reporting
What the committee reads.
Judge a monitor by its monthly report before you appoint it. This page is ours: the report section by section, the certificate behind it, the controls tracked against it, and the protocol that fires when a month cannot wait for its report.
01 · The report
Section by section
Built on the profession's published structure, extended where foreign capital needs it.
The ordering below follows the published monitoring practice of the UK chartered profession, which means that if the format is ever challenged, the answer is a standard, not a house style. Two sections are ours alone, and they are the reason an international committee reads this report rather than a domestic one.
The monthly report, in reading order
- 01Executive summaryevery key observation, red-amber-green, qualified as a summary of the body
- 02Project summaryparties, timescales, procurement route, capital expenditure by head, funding limits
- 03Financenet and cumulative spend, cost to complete, insurance position
- 04Programmeprogress against baseline, and the likelihood of the key dates, stated
- 05Design and consentsdesign development, sanction status, every statutory approval with its date
- 06Constructionsite verification, third-party sign-offs, safety observed independently
- 07Contractclaims, disputes, and the changes held to the register
- 08Exchange-control lineevery tranche against its lock date, and the exit test's evidence as it accruesOurs
- 09Regulator linethe scheme's filings and escrow discipline read against the regulator's own registerOurs
- 10Appendicesthe certificate, the appraisal marked up with actual spend, the marked-up programme
A committee should never have to ask where something is. The order never changes, and the two lines it cannot get elsewhere are the reason the pack opens.
02 · The certificate
One page, binding
A certificate is one page, because responsibility is.
The drawdown certificate states the gross and net amounts, in figures and in words, split by cost head as the facility requires, above a signature that binds this firm. Behind the page sits the full calculation: cumulative drawdown across every head, reconciled to the cost plan and the cash flow.
Where the procurement route obscures the flow of money, certification does not proceed on trust. We take evidence that last month's certified sums reached the subcontractors, that retention actually sits where the contract says, that invoices match the stage they claim, and that materials on and off site are owned by the project that paid for them. Drawn capital that reached the work, and a scheme that can still be finished with the money that remains: that is what the signature asserts, and nothing less.
03 · The controls
Tracked monthly
Four disciplines, confirmed every cycle.
- Value cover
Cumulative debt drawn, held against the facility's loan-to-value limit and the established development value behind it.
- Cost cover
Spend against total cost, held to the loan-to-cost limit, with the harder question answered each month: are the remaining funds sufficient to finish.
- Peak exposure
Where revenue offsets build cost, net spend is tracked against the agreed peak, month by month, so the facility's worst day is a number and a date rather than a surprise.
- Contingency and tax cash
Contingency drawn against contingency earned, and the tax cash cycle, funded and reclaimed on its own clock, kept visible so it never masquerades as headroom.
04 · The exception protocol
When a month cannot wait
Bad news travels on its own schedule.
A defined set of events leaves the monthly cycle immediately: a programme slip beyond agreed tolerance, a cost-to-complete breach, a statutory stop or refusal, a safety event, counterparty distress, an escrow or filing breach. Any of these reaches your principal within two working days of us knowing, in a note that carries four things: the fact, the exposure, the options, and our recommendation.
The commitment is written into the appointment because it is the one most worth holding. An investor's real fear is not the bad month. It is the bad month discovered five weeks later, deep inside a pack, when the options had already expired.
05 · The doctrine
Behind every page
Fact. Others' opinion. Our opinion. Never blended.
Every statement in the report is one of three things, and the report says which: a fact we verified, an opinion we relied on, or a judgement we made. Where we have not verified, the report says so in terms. The blend is where accountability dies, and this practice does not blend.
Enquiries
The practice answers.
128 City Road, London, EC1V 2NX
The development practice is led by Tanishq Chauhan. Correspondence reaches the principal directly.
Tanishq Chauhan on LinkedIn, opens in a new tab
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