Finances
Bank payments
If you wish to pay your annual maintenance charges by bank transfer (preferred), please use the following information:
Bank: Santander – Woking Branch
Account name: Ottershaw Park Estate Company Ltd
Sort code: 09 01 29
Account number: 05803374
Please make sure you include your name or address on the transfer.
Budget and committee
The Committee meets in October to consider the Company's current financial position and its likely cash requirements for the forthcoming year. Details are circulated to Members along with the Committee's recommendations, in order that the Management Charge, which will be payable on the following January 1st, can be agreed by Members at the AGM which is held in November.
Management Charge (Annual Service Charge) is the general charge for the upkeep of the roads, lighting, drains, some sewers, tennis courts, etc. and are borne equally by every household on the estate.
The Annual Charge is set at a level intended to produce a small surplus which is used to create a separate fund for the upkeep of the two OPEC tennis courts. Also to support a Contingency Fund being built up to provide funds so that replacement to cover wear and tear suffered over a period of years does not fall entirely on those members who happen to be in residence at the time of the expenditure.
The Company is not registered for Value Added Tax and does not include VAT on maintenance charges, neither can it recover VAT on expenditure incurred. Financial accounts for the year ended 31st December are prepared annually by the Treasurer, approved by the Management Committee and submitted to the Company's auditors for the statutory annual audit.
A copy of the accounts, including the Reports of the Committee and the Auditors, is circulated to every member, usually around March and should be retained for reference. To comply with the Company's Act, a copy is filed with the Registrar of Companies (and is then on file available for public inspection). The filing is delayed until June to enable any member to raise queries if they so wish.
Bearing in mind that the financial accounts are available for public inspection, are examined by solicitors acting for would be purchasers, and are official documents, the Committee believe the style and presentation is not unimportant. In consequence, they have devoted time and thought over the past few years with the object of ensuring that the Accounts conform to the best current accounting practice and are indicative of a well run and financially sound organisation. This is important to people contemplating moving into such a community as ours. As a matter of convenience, the Accounts are not formally approved by Members until the following November at the AGM when the Management Charges for the following year are agreed.
The principle areas of responsibility, giving rise to consequential costs, are the upkeep of roads and a listed bridge but also includes leaf clearing, clearing surface water drains, husbandry of trees and verges, lighting consumption, maintenance and replacement of lighting and sewerage upkeep. Contingency Funds would be used towards road resurfacing and sewerage replacement subject to discussion and Members agreement.
Management expenses include the cost of meetings, i.e. photocopying, postage, website hosting, hire of hall, together with legal, audit, insurance and incidental expenditure which arise in running a small estate. Modest expenditure is incurred on social events such as for cheese and wine at meetings.