Financial Management

We provide a rigorous accounting service to ensure every penny of your service charge is tracked, protected, and accounted for.

• Expert Oversight: Our dedicated accounts department manages daily service charge collection and contractor payments. We work with an independent specialist accountant who communicates regularly with our offices to oversee the preparation and presentation of all financial matters.
• Specialist Accounting Technology: We use industry-specific software to provide leaseholders with clear, detailed reports on how their funds are administered.
• Statutory Compliance: Our team handles the preparation of annual accounts, corporation tax, and trust tax returns for submission to Companies House, ensuring your management company remains in full legal standing.
• Budgeting for the Future: We prepare detailed annual estimates based on historic data and future needs. For long-term stability, we implement five-year maintenance forecasts, allowing owners to plan for major works without the need for unexpected one-off levies.
• Reserve Fund Management: We advocate for healthy reserve funds, clearly separated from day-to-day running costs, to protect the long-term value of your property.

Effective estate management starts with a robust financial roadmap. At Minster Property Management, we don’t just manage today’s bills; we plan for your property’s future, ensuring it remains well-maintained and financially sound for years to come.

Precision Budgeting from Day One

Every property we manage receives a detailed, bespoke service charge budget.

• New Developments: We use our 35+ years of experience managing  a variety of      properties to create accurate initial estimates, factoring in items like warranties for lifts and entry systems to ensure there are no sudden jumps in costs once those warranties expire.
• Established Properties: Once we have 12 months of actual running costs, we review and refine the budget in direct consultation with the client, ensuring that funds are collected as necessary, bearing in mind any anticipated future costs.

We believe that the client should have a voice in how their money is collected and spent.

• Annual Reviews: Approximately one month before your financial year-end, we will prepare a budget and present this to the client for review. The client will then have the opportunity to make any amendments before it is agreed and shared with development owners. 
• Total Accountability: If there is a surplus at the end of the year, those funds stay with the property - either set off against future charges or moved into your reserve fund; depending on what your legal development documents state.

The biggest risk to property owners is an unexpected, large-scale levy for major works – a special charge. We work proactively to prevent this.

• The Reserve Fund: We maintain a dedicated "Reserve Section" in our budgets, clearly separated from day-to-day running costs. This ensures funds are always being reviewed for long-term maintenance.
• Five-Year Maintenance Forecasts: For developments with cyclical or long-term maintenance needs, we prepare a comprehensive five-year outlook. Presented at your annual AGM, this allows owners to plan ahead for future expenditure with total clarity.