Finance
Angell Town RMO Ltd receives a management allowance from Lambeth Council to provide the housing management service (i.e., an allowance for the fulfilling of its obligations under the Management Agreement discuss above to cover repairs, estate cleaning, housing management and office administration expenses.)
We are allocated a management and maintenance allowance from the Council which enables us to provide the services delegated to us which is based upon what it would cost the Council to provide the same services. The allowances are retained within the Council’s Housing Revenue Account (HRA) but ring-fenced to Angell Town Estate.
The allowance is not directly paid into Angell Town RMO’s bank account it is retained by Lambeth Council. Angell Town RMO staff process payments using Lambeth Council’s accounting software.
Direct Estate Cost
Direct Costs are cost that are directly attributable to providing the service.
These include but are not exclusive to : Response Repairs, Estate Cleaning, Grounds Maintenance, Estate Staff costs.
Housing Management Costs
These are all the costs that are housing management related such as: Housing staff costs, Legal Fees, Training for Housing Staff
Office Administration Expenses
Office administration expenses include all the costs that are directly associated with office administration such as; Finance Staff Costs, Consultants, Utilities bills specifically related to the office, Office Stationery, Software.
Reporting of Financial Transactions
The Management Board receives Management Accounts from Angell Town RMO’s Finance Manager every month to monitor the organisation’s expenditure against the budget.
Where there are any significant variances (significant overspends or underspends) appropriate remedial action is taken.
Committee & Communication Allowance (CCA)
Angell Town RMO has always had the Committee and Communication Allowance paid directly into its bank account. The CCA relates to the board expenses, such as: Board Meeting expenses; Training; Telephone; Printing, Postage and Stationery; Audit Fee.
Internal Controls
The Finance Sub-Committee also meet on a quarterly basis to review the accounts and to ensure appropriate controls and procedures are adhered to.
The Treasurer of the RMO will sign off monthly Bank Reconciliations .
Lambeth Living Staff authorise Angell Town RMO’s expenditure over set limits.
Lambeth Council carries out routine internal audits to ensure public funds are spent appropriately.
External Controls
Angell Town RMO’s accounts are audited by independent audit firm called Jerroms GCN.
HMRC carryout periodic checks of expenditure for VAT, Payroll PAYE, and for Corporation Tax purposes.