We include in our financial accounting and budgeting procedures clear, accurate, itemised Service Charge Budgets, which set out the estimated running costs for the coming year and form the basis of the proposed service charge. Provision is made for irregular large expenditure items such as redecorations and major repairs in order to spread the cost of these over a number of years and avoid unexpected and unbudgeted for expenditure.
Regular management accounting information is produced throughout the year to enable expenditure to be monitored and controlled.
Service charge monies are held in trust in a dedicated client bank account in accordance with current legislation and recognised good practice.