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INCLUDES the normal usual £300 x 9 contribution to Reserves for the current September Quarter.
We need to contractually pay the budgeted and approved £105,019 or balances due, including any unforeseen works (and there are usually some) by 31 November 2014
We are therefore short of £6756.25
If we only collected an additional £1000 x 9 in the September Quarter, it would only leave £2243.75 in Reserves to cover any additional works contingencies or miscellaneous emergency repair costs etc until mid/late January 2015 or even early/mid February 2015 - not sufficient.
By requesting the full £2000 x 9 in the September Quarter, Reserves will be adequately funded by £11,243.75 until the next demands in late December 2014 (25 December 2014, payable by mid January 2015 or later if any late payers). And most importantly, there will be no requirement for Management to raise the 2015 Quarterly Demands by a significant amount, but a reasonable, sen- sible and affordable (by all) amount.
I hope that makes clear the financial situation and do please recall, Management had sourced a quote from Benitor for £98,948 requiring no additional funding but some Lessees, including you I recall, rejected Benitor's quote in favour of their preferred A.R.Lawrence £105,000, so necessitat- ing additional funding of £2000 per lessee, all exactly as pointed out by Management in all the published final Section 20 Notices. (Folder_00 Item_47)
(i) In an email from “PBC” to all lessees dated 22 September 2014 he advised:
xvii)_Shortages & Overdrawn (ref (xvi) above - your maths will no doubt agree that £105,019 less Reserves of £98,262 amounts to a shortfall of £6757 - leaving not a red cent in reserves to cover any additional exterior works or contingencies at Mitre House (such as the regrettable Water Tank replacement costed now at £7810.80 incl. vat) And do NOT forget, Management had sourced an alternative quote (Benitor) for exactly what we had in Reserves, namely £98,000. As you will recall, the Benitor quote was rejected and consequently your choice of A.R. Lawrence was adopted for £105,019 on the understanding that a minimum £2000 would be required from all lessees, despite objection from three lessees who are the only ones who have paid and now lucky enough to be fully reimbursed. If that ain't a stupid and retarded situation to have placed Mitre House/the works/the schedule/all lessees in, tell me what is?
xviii)_Shortages & Overdrawn - cont 2. Had all lessees (instead of just three, now reimbursed) paid the agreed £2000 (as per Section 20 dated 22nd June - attached) approx. £11,243 would have been available in Reserves for panics.
xix)_Shortages & Overdrawn - cont 3. That £11,243 COULD (I REPEAT COULD) have been used for the Communal TV install (£3900) so tidying up both frontage, rear and roof of all redundant ca- bling etc AND WILL BE REQUIRED to pay the £7810.80 for the new replacement Warer Tank (£3900 plus £7810.80 = £11,710.80 versus in Reserves once all lessees pay their Quarterlies plus their £2000 of only £11,243 - ie we're broke again with a deficit of £467.80 (Folder_00 Item_48)
(j) In an email from “PBC” to all lessees dated 1 October 2014 he advised: And before any- body replies to the Section 20 Notification and letter, please note:
The situation is childishly simplistic but I regret it will require those lessees who have caused the grief to sort out amongst themselves -
1- We have an agreed contractual £105,019 to pay out (see Section 20 dated 22 June 2014)