OPDC Accountancy Support- Subsidiaries Financial Services

Description

As part of its land assembly programme, OPDC has acquired land interests either by directly purchasing within the Old Oak and Park Royal area, or by purchasing a number of Special Purpose Vehicles (SPVs) which in turn hold the land interest. To date, OPDC has purchased the following SPVs, all of which are 100% owned by OPDC: OPDC requires good financial management of each SPV in order to meet statutory requirements for preparing accounts and paying relevant taxes. This directors of the SPVs, who are OPDC Executive Directors, also have certain responsibilities for which they are personally liable. In addition, the financial results from each SPV are incorporated into OPDC's and the GLA's financial reporting and accounts. Therefore good financial management and control of these subsidiaries is essential for OPDC.