Financial Controller

About Akereos

Akereos Capital is a boutique, FCA-regulated investment bank specialising in energy transition M&A and debt advisory, based in St James’s, London. Akereos Commodities is the group’s commodities business, active in physical and financial commodity markets connected to the energy transition.

In this role, you will lead the finance function for Akereos Commodities end to end — from the accounting treatment of physical and financial commodity transactions through to statutory accounts, VAT compliance and the control environment.

Key Responsibilities

Trade and Derivative Accounting

• Own the accounting treatment of physical and financial commodity transactions, including forwards, futures, swaps, options and environmental certificates.
• Own the accounting assessment of physical PPAs and offtake agreements, including the own-use exemption versus derivative fair-value treatment.
• Account for trade execution, settlement, valuation and close-out, ensuring correct treatment of realised and unrealised positions.
• Own mark-to-market and fair value entries, and the reconciliation of trading system output to the general ledger.
• Reconcile broker, exchange and clearing statements, including initial and variation margin, fees, commissions and collateral movements.
• Work with front and middle office to ensure trade capture, confirmations and settlements are accurately reflected in the financial records, and set the standards those processes are held to.

VAT and Tax Compliance

• Own the VAT treatment of commodities transactions, including the distinction between physical and financial supplies, place of supply, the domestic reverse charge, and cross-border and intra-group commodity flows, together with the operation of partial exemption where exempt financial supplies arise.
• Prepare and submit VAT returns and maintain the supporting documentation and audit trail.

Financial Reporting and Control

• Own the month-end close, including accruals, prepayments, revenue recognition (including route-to-market and optimisation service fees) and balance sheet reconciliations.
• Produce monthly management accounts and P&L analysis, with commentary on trading and non-trading drivers, and present these to senior management.
• Prepare the annual statutory accounts and act as principal point of contact for the external auditors. Support corporation tax computations, transfer pricing documentation and intercompany recharges alongside external advisers.
• Design, document and maintain the financial control environment, including appropriate segregation of duties in a small team.

Treasury, Cash and Counterparties

• Manage daily cash and bank reconciliations across multiple currencies.
• Own cash flow forecasting, taking account of margin calls, settlement cycles and working capital requirements.
• Monitor counterparty balances, settlement discrepancies and outstanding invoicing, resolving queries directly with counterparties.

Group and Regulatory Reporting

• Provide consolidation and reporting information.
• Support regulatory and compliance reporting requirements applicable to the entity, working with the Compliance function.
• Respond to counterparty, bank and audit information requests, including due diligence questionnaires.
• Build and improve the finance processes, controls and reporting of a growing business.

Requirements

Technical Skills

• Qualified accountant (ACA, ACCA or CIMA)
• Minimum 10 years' total professional experience, of which at least 6 post-qualification, ideally combining 2–3 years in an investment bank, corporate finance or financial advisory with five years or more in a commodities or financial derivatives environment. Candidates with the full 10 years within a commodities or derivatives business are also welcome to apply; some corporate finance or advisory exposure is strongly preferred but not essential. Demonstrable understanding of how financial and commodities transactions are structured, executed and settled.
• Practical experience of preparing and owning accounting entries for physical and financial commodity and derivative transactions.
• Working knowledge of commodities VAT and its application in practice, including the domestic reverse charge.
• Experience working alongside a trading desk, with a clear grasp of the front-to-back trade lifecycle.
• Strong Excel skills and confidence handling large volumes of transaction data.
• Comfortable operating without a large finance team around them: organised, accurate and able to prioritise independently.
• Experience of an FCA regulated environment
• Clear communicator, credible with a trading desk, external advisers and senior management alike, and able to explain accounting positions to non-finance colleagues

Desirable

• Experience in power and/or environmental markets
• Familiarity with GB power market settlement (Elexon/BSC), including reconciliation of settlement runs to invoices and the ledger.
• Familiarity with IFRS 9, IFRS 13 and IFRS 15 and with hedge accounting.
• Experience of a CTRM or ETRM system, and of reconciling it to the accounting ledger.
• Experience with Xero (our current platform) or a comparable cloud accounting platform.
• Exposure to intercompany, multi-entity or multi-currency group structures.
• Experience of finance system selection or implementation.

Akereos Capital is an equal opportunities employer. We welcome applications from all backgrounds and will make reasonable adjustments throughout the recruitment process on request.