Budgeting responsibly
Good governance is important to ensure funds raised through service charges are used responsibly and ensure the best value possible for shareholders.
LL2 Budget Explained
The LL2 Budget is set according to the anticipated expenses to be incurred in the day-to-day upkeep of the development. This includes a provision for insurance, ground maintenance, admin and legal costs, such as annual company filings and a reserve for any unforeseen expenses.
It does not cover anything which is not considered a core-cost, where suggested investments outside of this scope are proposed and voted on by the Annual Meeting.
2024 Budget
The 2023-2024 Budget maintains a significant reduction in service fees for all shareholders on previous years. This has been achieved through more competitive insurance costs and sensible management of finances and costs.
This annual service fee is divided according to the calculated fee ratios between properties.
£3,359
£620 - Groundworks, Paving & Drainage
£1,345 - Cleaning & Gardening
£450 - Admin & Legal
£244 - Reserve Fund