Case Study: tracking deficit and surplus


Name: Royal Naval Hospital

Location:  Great Yarmouth

Background


The Royal Naval Hospital, Great Yarmouth, was built in 1809 and received its first patients following the battle of Waterloo.

The Hospital consisted of four independent blocks around a lawned courtyard with colonnades facing the Great Court.

The Grade II listed building was converted to a mixed-use residential estate in 1993 which consists of 22 leasehold flats and 37 freehold houses including some substantial five-bedroom properties. The properties sit within 15 acres of lawns and grounds.

Tracking the deficit and surplus


The RNH site has five charge schedules and, with a mix of estate and block management requirements, has multiple insurance coverage including buildings insurance and PLI.

Of particular concern to the RMC directors, and the reason BMUK was invited in, was that over the period of several years, the previous managing agent had never been able to track activity within the separate charge accounts. This meant the RMC directors had no way of knowing the deficit or surplus on any separate account.

It was very difficult to budget or allocate funds to works and this confusion lead to a lack of confidence in the financial viability of the RMC.

Reliable reporting


This was an issue the directors wanted BMUK to address as soon as possible. We were able to do so because our bespoke management software easily provides this level of detail to our clients.
 
Although our official handover date was several weeks in the future, BMUK agreed to resolve this issue as quickly as we could. Before long, we were able to sort
out the schedules and presented the directors with a full report across all accounts. The directors were delighted and we have maintained this level of accuracy since then.
 
It is particularly important when it comes to complex accounting issues, that RMCs have access to all relevant data. BMUK continues to develop its own specialist property management software to offer the highest level of detail to clients.



(18/09/2019 00:00:00)