Advancing Asset transfer-Implementing the Quirk Review

Hugh RoloCommunity Enterprise Investment

ManagerDevelopment Trusts Association

Advancing Asset transfer-Implementing the Quirk Review

– Communities generating wealth and circulating it locally

– Communities with pride in their “place”

– Communities taking responsibility

– Increased financial & operational independence

– Increased skills base

– Focus for neighbourhood-based service provision

– Opportunities for new partnerships

• Community Anchor agenda / Quirk Review

Why care aboutassets?

“The starting point is the recognition that optimising the use of public assets is not the primary objective: the over-riding goal is community empowerment.”

The Quirk Review:Confident communities

• Investment readiness

• Capital Spend

• Revenue Viability

Stages of Development

• Grants

• Debt

• Equity

• Other

Types of Finance

• Understand LA attitude to risk – governance/capacity?– accountability (misuse of assets)

• Build the relationships

• Negotiate transitional support

• Understand your business

• Vision: confident communities

Share the journey

• Transfer at less than OMV• Creates security/value for debt finance/match

funding• Accesses Limited Liability for project• The role of planning in establishing value• Section 106—related and unrelated• Focus for enterprise• Social return on investment

• Loses maximum capital receipt

Terms of Transfer

London South BankCoin Street

• Generally not well catered for• Sub Regional Strategic partnerships• Futurebuilders/Adventure Capital Fund• BIG• The larger Trust Funds• LA provision of professional skills• Pro Help and other pro bono• Sweat Equity

Investment Readiness

• Grants –CAF and beyond but don’t forget Landfill, Clear Skies, DDA access, Heritage

• Debt—security for lenders (leases, clawback, fees, covenants, information requirements)

• Equity—quasi equity, community shares or capital partners, PRI

Capital Spend

NorthumberlandHoly Island CDT

• Quality of income stream

• Full Cost recovery

• Anchor tenants

• Rent and service charges

• VAT

• Cash flow

Revenue Viability

DurhamAcumen CEDT

• Contact Details

• Name: Hugh Rolo

• Tel: 01274 491615

• Email: h.rolo@dta.org.uk

• Website: www.dta.org.uk