Speaker

Lesley Millar

About The Speaker

Lesley is an accomplished trainer and business consultant with extensive international experience in accounting, corporate governance, and professional education.

She began her career in public accountancy in Scotland before joining Credit Suisse Trust, where she managed the Client Accounting department.In 2005, she founded OneStudy Training, providing professional qualifications
and tailored development programs for individuals and organizations.

Throughout her career, Lesley has held a diverse range of roles spanning internal audit, operational excellence, post-merger integration, business start-ups, and higher education. She has over a decade of experience designing and delivering training for all levels of the ICSA syllabus, ACCA programmes, and bespoke corporate courses.

A passionate educator and lifelong learner, Lesley is a Certified Accountant, a Chartered Secretary, and holds a Level 2 Teacher Training qualification, a Certificate in International Accounting Standards, and a Lean Six Sigma Project Management qualification. She is dedicated to equipping professionals with the practical knowledge and skills needed to excel in today’s evolving business environment.

Upcoming Event

Fund Accounting

Course Details

Course Overview

This three-hour online course provides an introduction to investment funds
and the fundamentals of fund accounting. Participants will gain an
understanding of how funds operate, the key parties involved, different fund
structures, and the purpose of fund accounting. The course also explores fund
financial statements, key accounting concepts, and the calculation of Net
Asset Value (NAV), including an overview of common valuation approaches
used within private equity and real estate fund.

Course Objectives

By the end of this course, participants will be able to:

  • Explain the purpose and structure of investment funds.
  • Identify the key parties involved in the operation of a fund.
  • Distinguish between different types of investment funds.
  • Understand the principles of fund accounting and how it differs from
    company accounting.
  • Interpret the main components of fund financial statements.
  • Explain key fund accounting terminology and concepts.
  • Understand how Net Asset Value (NAV) is calculated and reported.
  • Recognise common valuation methodologies and adjustments
    used within funds.

Course CONTENTS

Module 1 - Funds

 Topics Covered

  • What is a fund?
  • Why funds exist
  • How funds make money

 Key parties involved

  • Investors
  • Fund managers
  • Custodians
  • Administrators
  • Auditors

 Types of Funds

  • Mutual funds
  • Hedge funds
  • Private equity funds
  • Real Asset funds

Module 2 Introduction to Fund Accounting

 Topics Covered

  • Statement of Financial Position
  • Statement of Comprehensive Income
  • Schedule of Investments
  • Notes to the Accounts

 Understanding Fund Financial Statements

  • Statement of Financial Position
  • Statement of Comprehensive Income
  • Schedule of Investments
  • Notes to the Accounts             

 Understanding Common Line Items

  • Investments
  • Cash
  • Receivables
  • Payables
  • Management fees
  • Investor capital            

 Practical Exercise

  • Reviewing a simple set of fund accounts       

 Key Terms

  • Subscriptions
  • Redemptions
  • Capital
  • Income
  • Realised gains/losses
  • Unrealised gains/losses  

 NAV

  • Valuing the investments
    • EBITDA multiples
    • Comparable company analysis
    • Discounted cash flow (DCF)
    • Recent transaction prices
    • Cost (if early-stage and no reliable market data)
  • Calculate Gross and Net NAV
  • Calculate NAV Per Unit / Per Share
  • Typical PE Fund NAV Adjustments
  • Carried Interest Waterfall
  • FX Translation
  • Side Pockets
  • Fund Expenses
  • Real estate funds NAV