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.
Our Finance Department at Phipps and Pritchard is a small team of four led by qualified accountant, Karen Wall. The team have a combined experience in the Lettings & Block Residential Management business of over 37 years so are very experienced in dealing with your accounts. The finance team is based in Kidderminster and looks after the accounts of over 1,300 rental properties and 2,500 leasehold properties stretching from the Wyre Forest, West Midlands, Worcestershire and Shropshire. The key aim is always to provide a high and efficient standard of service to all our clients. Training for the team is always ongoing to comply with changes in legislation and much emphasis is placed on procedures to protect all client funds.