We only operate individual Client Accounts for all monies held and administered by us in accordance with Sections 42 and 42A Landlord and Tenant Act 1985. The account is specific to the individual client and at no time would funds be jointly held with any other client’s monies.
We are audited annually by independent chartered accountants whose report is submitted to ARMA; this annual audit is a condition of our ARMA membership.
The manner in which ‘monies’ are demanded and collected is set out in the terms of the lease for leasehold property and in the covenants or deeds for freehold properties. Once received the monies are accounted for and reconciled on a monthly basis; this exceeds the requirement of BBM’s membership of ARMA.
At the end of the financial period all reconciliations, reports, vouchers, receipts and supporting documents are gathered together and submitted to the accountants (if appointed) for the preparation of limited company accounts or statements of income and expenditure.
Our Professional Indemnity insurance specifically protects clients from acts of negligence.