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Case studies

Faraday provides a comprehensive service to managed residential buildings. Whilst client needs and requirements may differ, we seek to provide a high standard of service provision, and where achievable, implement suitable improvements with cost savings. Please see below a few case study examples supported by client testimonials:
 

Examples

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Accountancy

In 2007, Faraday was appointed to manage a large multi block residential development bordering the Thames. It quickly became apparent following the handover that the maintenance of the infrastructure of the properties and car parks on the development was chronically under funded and poorly maintained, and the associated multi schedule service and reserve charge funds could not be reconciled or detailed consistently incorrect charges over many years. In addition many of the accounts were found to have incurred excessive or wrongly allocated expenditure items. To compound this, the preparation and audit of each of the ten annual service charge accounts normally produced across the Estate were three years outstanding.

Working closely with the client and recommended auditors, Faraday undertook a detailed and forensic assessment of all the outstanding accounts, expenditure schedules, bank statements and apportionment assumptions. This involved correcting numerous erroneous postings and challenging mistaken or missing payments to enable the physical production of accurate and financially reconciled accounts for all of the outstanding periods (represented in total by thirty separate service charge accounts). This exercise on behalf of the client was completed within six months of appointment, with all the true service charge and bank account positions correctly verified, so enabling Faraday to produce all future annual accounts promptly, accurately and on financial target.

The development concerned is now well funded across all of its various service charge and reserve funds, and leaseholders’ monies can be reconciled to the penny. The residents have also been able to undertake and fully pay for ongoing capital/non annual works required to all the buildings, in line with the lease terms and in conjunction with a Faraday generated 10-year Capital Expenditure Plan. Not only is the development now recognised as being both financially and professionally well run, but the value of each resident’s home and investment continues to be properly maintained into the future.

 
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