These include preparation, apportionment, collection and accounting for service charge collected. Our goal is to produce precise budgets with the intent that they will not be exceeded or significantly under spent, save for emergency works or unanticipated situations.
We aim to maximize transparency and ensure that our reports are timely and that the information contained is plainly laid out and readily comprehensible.
All budgets are targeted to be produced on a quarterly basis (three months) prior to the commencement of the service charge year, it actually allows sufficient time for customers/clients to review them and raise any issues they may have.
At the end of the year, we prepare a final account showing how much generated and how much spent so far. Each tenant/customer will have a copy of it. This account will be made ready within three months of the year –end.
Comprehensive booklets are produced for service charge budgets and reconciliations providing details of actual and anticipated expenditure against previous year’s costs. The booklets are sent to all occupiers either in hardcopy or electronically.
Method of apportionment
Apportionment is usually based on a number of factors- a fixed percentage, rateable value, floor area, and so on. The First thing we do, is to ascertain the actual or estimated cost of all the services that will be provided within the Estate. We now apportion it to the occupiers using a method or combination of methods to achieve equity and fairness in service charge administration.