We set equally high standards in respect of our Financial Management. Our Residents’ funds are kept in protected trust-status accounts and management accounts are maintained within our Company so that up-to-date financial information is always available.
Prior to the start of each financial year, we estimate the service charge expenditure for the forthcoming year, produce a budget and always consult our Residents. We invoice and collect individual service charge shares of the budget, certify and settle all invoices properly rendered in connection with the property and maintain and make available up-to-date management accounts.
We actively manage redecoration & contingency funds to ensure they are funded to acceptable levels. Millstream continuously explore suitable investment opportunities for these funds so they earn acceptable rates of interest.
For further information on the financial management please contact us.
Millstream is a member of the Association of Retirement Housing Managers (ARHM) and adheres to the principle of the Code of Practice. Millstream Management is also a voluntary member of the Independent Housing Ombudsman Service.
- The preperation and presentation of annual budgets
- Invoicing Owners for service charge and ground rent
- Constantly monitoring & controlling expendature against budget
- Maintain and make available up to date management accounts
- Accounts certified by audit company
- Recording and processing all payments