A full review of the previous accounts was carried out. Despite there being limited arrears, there was a discrepancy between the funds available and the invoices paid out. A forensic account has been engaged on behalf of the RMC to look into the accounts in greater detail and the outcome of this is awaited.

The major issue of the estate being open and unsecured due to a failure the electric gates was attended to as a matter of urgency. Now the estate is secure and an entry code system is functioning a second phase of works is being carried out to get all residents access fobs working correctly, allowing access to the various blocks as required. Directors are considering options regarding maintenance for the access systems across the development.

All contracts for maintenance across the estate are being reviewed and directors are in day to day contact regarding the management.

We prepared a budget and had it agreed with the directors of the new Right to Manage company for the block. The budget highlights were as follows:
The service charge estimate for the current year is 28% lower that the previous year.
A contribution of £7,000 will be made into the reserve fund. A well managed block has a suitable reserve fund. We encouraged the leaseholders to agree to build up the reserve fund. It is these small things that make your investment stand out from the others. It is one of the top ten questions asked by flat buyer’s solicitors.
An £700 saving made on the fire alarm maintenance contract
£1300 was saved on buildings insurance.
£1300 savings was made on gardening and cleaning.
If there is money left over towards the end of the year then it will be used to invest in LED bulbs to try to reduce the annual electricity bill of £3600.

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