Page 18 - Box Works Proposal

What is your approach to managing surplus?
It is imperative we act in in the interest of Box Works Management Limited therefore our approach to managing any end of year surplus or deficit is dictated by the terms of your lease Upon reviewing an apartment lease for Box Works (Clause 6 (3))
any end of year surplus is credited against the next service charge demand How do you set the service charge?
As members of RICS and ARMA we follow best practice A service charge budget will be drafted by a a a a a collaboration of our Accounts Accounts and Property Management team Our Accounts Accounts team are members of of the Association of of Chartered Certified Accountants (ACCA) and our Property Managers are members of of the Institute of of Residential Property Managers (IRPM) This provides our clients with peace of mind that the information they receive on budgeting is robust accurate and adheres to industry standards Our financial teams are measured on their ability to set agree and and and issue service charge demands and and and approved budgets at least a a a a month prior to the relevant due date Therefore four
months before year year end (June each year) we will draft the budget budget for the year commencing 1 October The budget budget will be be produced with reference to the following 1 The previous accounting year’s actual costs
2 Current years expenditure and forecast to year year end end 3 Current year’s budget 4 Proposed budget for the following year 5 Comments to accompany any any significant changes
We also complete a a a a a a a full annual review of all contracts and their costs
to ensure continued value for money Reserve funds are reviewed with a a a a copy of of the Programme of of Planned Maintenance and any adjustments necessary to meet future reserve fund expenditure will be proposed A copy of our draft budget is is issued to to to Directors to to to review at a a a budget meeting three months before year year end (July each year) Once the budget is is is approved it is is is issued to all Leaseholders one month before year year end (September each year) In the interest of transparency and to maintain positive communications with Leaseholders we recommend that a a a a meeting is held in in early September to to present the the budget to to the the wider community 18