Phipps and Pritchard with McCartneys has a well-established accounting team to provide support to the Block Management Department. The accounting team is highly experienced in the collection of service charges and ground rents, cash-flow forecasting and right through to the preparation of the Service Charge Accounts on behalf of freeholders, RTMs, RMCs and Leaseholders.
Our Block Managed Accounting Services include the following:-
Cash Flow reporting. This can be an essential tool when calculating whether major works can be carried out or to be used as an aid to Directors when decision making.
Service Charge Income and Expenditure Accounts. We compile our own reconciled income and expenditure accounts on an annual basis which are then sent to an independent accountant for certification and approval before being released to leaseholders. The service charge accounts are drawn up under the Technical Release 03/11 for Residential Service Charge Accounts published jointly by the professional accountancy bodies with ARMA and RICS. The Service Charge accounts include an income and expenditure account together with a Balance Sheet which is drawn up on an accruals basis.
To ensure the safety of your client funds we are regulated and authorised by the Royal Institute of Chartered Surveyors (RICS) who impose very strict regulations on how client funds are handled. We hold all client money in a ring-fenced bank account identified as such and separate from any company funds. This money is held in trust under Section 42 of the Landlord and Tenant Act 1987 in designated accounts. Inspections by RICS are frequent and intensive. Phipps and Pritchard with McCartneys are also members of the RICS Client Money Protection Scheme which provides clients with added protection and security of their funds.