Accountancy Services

Accountancy Services under Block Management

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:-

  • Ground Rent Collection. We collect ground rents on behalf of a freeholder and remit to the client periodically with a statement of account. Payment can be made to the freeholder either by cheque or bank transfer with statements emailed or printed.
  • Service Charge Collection. Service charges will be invoiced as per the terms of the lease and collected. Payments can be made by cash, cheque, bank transfer or credit/debit card.
  • Buildings, Engineering, Liability and Directors Insurance. We are members of the RICS Designated Professional Body Scheme for General Insurance Distribution (UK) meaning that we can offer competitive quotes and act as mediator between a broker and our clients. This insurance work is regulated and inspected by RICS on a regular basis to ensure we remain compliant in all areas. The RICS scheme is approved by HM Treasury.

Schedules of Payments for Leaseholders

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 Forecasting and Budgeting

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.

Security of client money

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.