Andrew Rubery

An experienced, FCT qualified Treasury professional and CIMA qualified Management Accountant who has a proactive and analytical approach with keen attention to detail when scrutinising and challenging data whilst investigating and reporting reasons for variances in a multi-currency cash flow to senior management and the CFO. Manages FX exposure by trading foreign currency spot, Forward and by using FX Swaps.

Lyca Group, Treasury Manager Mar 2022 - To Date

• Worked as the Group Treasurer/ Head of Group Treasury managing a team of eight Treasury Assistants and headed up the international Treasury operations in UK, Europe, Middle East Asia, Africa, and South America.
• Responsible for management of international payments on all the 35+ international banking portals and to resolve issues due payments being held up at the correspondent or beneficiary bank or being held up for sanctions reasons. 
• Led the Host-to-Host project to fully integrate the ERP system with the main banker to fully automate payments to vendors.
• Set-up of letters of credit with nine airlines to guarantee the cost of plane tickets being sold to customers before the sales revenue is passed on to the airline.
• Liaised with international banks to provide payment to support to ensure the smooth payment to vendors.
• Managed the FX for the group to ensure sufficient foreign currency to fund international payments.
• Managed KYC for new bank account openings as well as ongoing KYC requirements.
• Managed the global relationships with international banks.

• Established the Cash Flow model and introduced procedures and timelines for the international Business Units to provide variance analysis for consolidation into the Group Cash Flow.
• Designed the weekly Cash Flow reporting to identify any future cash shortages and cash low points across the group and provided analysis for reasons Cash balances has moved versus the prior week and against Budget.
• Provided commentary on consolidated real and timing related variances against the prior week across the Group.
• Ensured that the Intercompany loan documentation was complete and that the Intercompany loans reconciled between the Treasury Management System (TMS) called TM5 Bellin/ Coupa and the accounting record.
• Ensured that the bank mandates were up to date and made sure that any leavers were removed from the bank mandates and removed from the banking online portals as soon as possible.
• Responsible for the management and supervision of the Senior Treasury Analyst and Treasury Analyst.

• Headed up Treasury team and responsible for the management of the Treasury Assistant.
• Reviewed daily and forecast bank balances in the Bank Pool, Securitised Pool and Debenture Pool to ensure that they do not fall below a predetermined minimum level so not to breach any covenants and to ensure that the forecast payments and receipts reconcile with the Cash Flow model.
• Ensured that there were sufficient funds to meet ongoing operational requirements by managing the DBS and HSBC Rolling Credit Facility (RCF) drawdowns in anticipation of any potential covenant breach.
• Oversaw the weekly update of the week cash flow model including the timing and size of payments and produced the variance analysis and commentary to explain key movements in cash for the CFO.
• Remodelled the receipts and payments within the Cash flow model to align with changes to government policy regarding the opening of pubs across England and Scotland during the nationwide lock down due to COVID-19.
• Headed up the team implementing the TMS called Bottomline/ Treasury Xpress to ensure that the TMS can replicate bank balance projections held on spreadsheets, daily balance reporting and warning alerts when forecast balances reach minimum levels.
• Managed the day-to-day banking relationship with Lloyds Bank, Barclays Bank and Santander for quick resolution of any issues.
• Managed the migration to new banking platforms for Lloyds Bank, Barclays Bank and Santander.

• Headed up Treasury team and responsible for the management of the Treasury Controller.
• Oversaw the update of the daily and 12-week cash flow model including the timing of payments by the Treasury Controller and produced the variance analysis and commentary to explain key movements in cash for the CFO incorporating different scenarios to view its impact on the cash position.
• Devised a new cash flow model to streamline the process of cash actualisation enable a better understanding of the key drivers of movements in cash balances.
• Operated the RCF to ensure sufficient liquidity to pay vendors whilst keeping the amount drawn down on the facility to a minimum.
• Orchestrated cost saving measures to reduce the amount drawdown on the RCF by £10m by liaising with the HR director to furlough personnel and claim government COVID grants e.g., German Kurzarbeit and Dutch NOW wage subsidy. Also co-ordinated with Facilities Manager to reduce rent on unoccupied buildings during lock-down and deferment of rates and property tax payments.
• Delivered the FX policy for GBP/ZAR to hedge the GBP cost of South African payroll achieving a £58k saving in three months and developed hedging strategies for FX trades in GBP/USD using Citibank’s Pulse FX platform purchasing FX Spot and Forward and by using FX Swaps.
• Coordinated the regular update of bank mandates, bank account openings and rationalisation of redundant bank accounts to minimise the level of bank charges.
• Managed the day-to-day banking relationship with Barclays Bank and Citibank for quick resolution of any issues.

• Headed up Treasury team, where I recruited, trained, and mentored the Treasury Assistant.
• Oversaw the update of the cash flow model by the Treasury Assistant and produced the weekly variance analysis and commentary to explain key movements in cash against the prior week and reasons for the change in year-end Net Debt for the Finance Director and CFO.
• Operated the Asset Based Lending Facility (ABL) in GBP, USD, and EUR to ensure sufficient short-term liquidity to pay vendors whilst keeping the amount drawn down on the facility to a minimum to keep interest costs low as possible by paying surplus cash back the facility daily.
• Organised the timing of payments and the drawdown of the ABL to ensure that borrowing covenants were not breached.
• Arranged the funding and regular repatriation of Cash from subsidiaries in Hong Kong, South Korea, China and Japan when balances reached predetermined levels.
• Headed the project of migration of Lloyd’s banking portal from Lloyds Link to Commercial Banking Online.
• Coordinated the day-to-day banking relationship with Lloyd’s Bank and Bank of America Merrill Lynch (BAML), Bank of Hawaii, ScotiaBank, AIB, BNP Paris, BNP Fortis, Rabobank, UBI Banca, La CaxiaBank for quick resolution of any issues and account administration.
• Organised the regular update of the banks’ online and paper mandates.

• Headed up the Treasury team and responsible for the management of the Group Accountant, Assistant Accountant and Treasury Assistant.
• Organised the hedging of foreign currency of large-scale projects such as HS2 and River Humber Replacement Pipeline Project. Hedging material payments made in EUR, USD, SEK, NOK and CHF against GBP by the use of Forwards and FX Swaps.
• Introduced and implemented new controls around the foreign payment process across the business to prevent fraud after identifying a fraudulent supplier payment.
• Reviewed monthly Group Balance Sheet reconciliations for the Central companies, Fixed Asset register and Bank reconciliations produced by team and identify any opportunities and threats to the P/L.
• Reviewed all inter-company payments across the group which are then settled at the end of each month.
• Coordinated the day-to-day banking relationship with Skandinaviska Enskilda Banken (SEB), Barclays Bank and Lloyd’s for quick resolution of any issues and account administration.
• Organised the regular update of the banks’ online and paper mandates.

• Organised a monthly Group consolidated cash flow forecast report in 12 currencies for presentation to the CFO which explained the main drivers of variances in cash to the prior month.
• Reviewed customer credit limits across the Group facilities to ensure that they were at an appropriate level.
• Regularly reviewed any retentions and limit breaches to ensure that there was always adequate liquidity from invoice financing providers and invoice factors to enable the payment of Creditors when invoices fall due.

• Headed up the Treasury team and responsible for the management and mentoring of the Treasury Assistant.
• Oversaw the update of the cash flow model by the Treasury Assistant and produced the variance analysis and commentary to explain key movements in cash in the 12 weeks, full year and 13 weeks against budget for the CFO.
• Diagnosed and rectified the cause of a mismatch between sales and cash receipts of £3m per quarter within the model which resulted in improved forecasting of sales performance.
• Designed the reporting of American Express website sales receipts which was a new method of payment on the website. This required remodelling the phasing of sales to cash receipts to enable better forecasting of website cash receipts.
• Coordinated the day-to-day banking relationship with Barclays for quick resolution of any issues and account administration.
• Organised the regular update of the banks’ online and paper mandates.

• Created a new method of calculating and distributing interest earnt on fixed term deposits, certificates of deposit, and fixed income securities to 800 Trust Funds.
• Calculated and distributed dividends due to the Trusts Funds based upon their shareholding in the University’s Endowment Fund.
• Developed an investment database to improve the calculation of quarterly dividends and interest which sped up the process and improved accuracy. 
• Produced notes to the statutory accounts for Fixed Asset Investments, Spin-Outs and Venture Capital Investments, Debtors, Creditors, Bad Debt Provision.
• Devised and implemented a process and procedure for internal trade between different University Departments.
• Designed the process and reporting for the Goods Received Note (GRN) accrual for Oracle Release 12.
• Developed and implemented the Oracle Release 12 “bursting” facility to enable the fast dissemination of 1,000s of management accounts to departments across the University. 

• Responsible for the management and mentoring of the Treasury Assistant.
• Principal dealer for investment of surplus cash in the Money Market in fixed term deposits and managed a deposits portfolio of £350m - £400m with terms of between Overnight and 3 years and which were benchmarked against 3-month LIBOR.
• Coordinated the deal settlement, confirmation and confirmation matching for all deposits to ensure all deals were correctly logged in the in house TMS.
• Produced cash flow forecasts for the 800 Trust Fund holders in order that they can budget and plan for the following quarter.
• Maintained the in house TMS to ensure accuracy of the deals recorded including the calculation of interest and monitored the concentration of deposits with any single bank or building society as per the policy of the Investment Committee.

• MSc International Securities, Investment and Banking

• BA (Hons) Financial Economics

Professional Qualifications

• AMCT Diploma in Treasury Management (FCT)
• ACMA Chartered Institute of Management Accountants (CIMA)