2003/2004 Budget Meeting
Documentation
There will be no "official" report on the Budget Meeting held on Wed 9th April 2003. Minutes were not taken. The following is one person's remembrance of the meeting. It is essentially things that stuck in his mind. It is not in chronological order. If anyone can fill in the gaps - or provide a better account - please email editor@brentford-dock.net.
About 30 persons attended - a lower than usual number - possibly due to the only notification of the meeting being on the last paragraph of a two page letter delivered only a week earlier.
Service-charge payers were not given any budget figures in advance of the meeting. They were handed ten sheets of numerical tables on entry to the meeting.
Tables of Figures
The tables of figures were printed in minute type (the same size as the "small print" on the back of credit card statements, etc.). The tables were "scrunched up" in the corner of each page. See actual size example below.
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The tables stated they were Prepared by S Barton on 18/03/03 - 21 days earlier. This was a bad standard of presentation by Pinnacle PSG, to whom we pay approximately £617,000 a year (£525,000 to Pinnacle + £92,000 VAT).
"Judge us by our performance!" said Jim Saunders (regional director of Pinnacle PSG) at the budget meeting in 2002.
Click here to see the figures in a readable format. The editor may not be to produce this until early May.
Neil O'Dwyer was the first service-charge-payer to arrive. Sue Green (Pinnacle PSG employee acting as General Manager, Brentford Dock Ltd.), Steve Glazebrook (regional director, Pinnacle PSG), Simon Barton (Pinnacle PSG employee) and Mark Dibblin (Pinnacle PSG employee) were already in the room.
The chairs were laid out well with adequate space between chairs and Sue Green kindly arranged a chair for Neil O'Dwyer.
Charmian Allcock (Chairman, Brentford Dock Ltd.), Martin Stone (director, Otho Court North), Mike Edwards (director, Otho Court North) and Michael Kerrigan (director, part of Romulus Court) represented the board (of Brentford Dock Ltd.).
Meeting Opened
Charmian Allcock opened the meeting at 8:05 pm by introducing:
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Steve Glazebrook, who is replacing Jim Saunders (regional director of Pinnacle PSG). Simon Barton (Pinnacle PSG employee) |
Steve Glazebrook presented the slides shown below and also slides of the squashed tables. The slides were projected so low on the wall that they were obscured by the slide projector itself. When asked, Steve Glazebrook placed the slides higher.
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Pinnacle PSG Logo
Budget Presentation
Brentford Dock Ltd |
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Pinnacle PSG Logo
Introduction . Steve Glazebrook - Regional Director of Pinnacle psg . Chairman's letter dated 31 March 2003 . Budget 2003/04
Brentford Dock Ltd 9 April 2003 |
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Pinnacle PSG Logo
Summary . Management of 2002/03 Budget . Estate Budget 2003/04 - Revenue - Capital . Block Budget 2003/04 - Revenue - Capital . Questions
Brentford Dock Ltd 9 April 2003 |
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Pinnacle PSG Logo
2002/03 Budget . Managed in line with expectations . Budget £922k . Projected Spend £920k . Increased total reserves by 15%
Brentford Dock Ltd 9 April 2003 |
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Pinnacle PSG Logo
2003/04 Estate Revenue Budget . Increase in BDL/Pinnacle contract of 3.1% . Average increase of 8.5% overall . Exceptional items over and above RPI - 30% increase in Insurance costs - Additional Health & Safety expenditure - Tree Management
Brentford Dock Ltd 9 April 2003 |
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Pinnacle PSG Logo
2003/04 Estate Capital Budget . Make good remaining deficit on the Estate . Reserves prior to 10 year capital -Transfer £163k to the estate reserves
. Major Works -Canal Walkway Repairs of £80k due to
Brentford Dock Ltd 9 April 2003 |
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Pinnacle PSG Logo
2003/04 Block Revenue Budget . Projected increases of 14 - 16.8%
. Reasons for increase - Age of buildings (e.g. roof leaks) - Planned Maintenance (e.g. lifts)
Brentford Dock Ltd 9 April 2003 |
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Pinnacle PSG Logo
2003/04 Block Capital Budget . No planned block works this year - Except digital TV to Augustus Close - £50k added to block reserves . 10 Year Maintenance Plan Issues - Roof renewal - Replacement water tanks - External decorations - Brickwork repairs . Consultation with Shareholders
Brentford Dock Ltd 9 April 2003 |
Charmian Allcock said the increase in service charges was to add a further £163,000 into the estate reserve (bank account).
There was a discussion on insurance cost increases. Charmian Allcock said Pinnacle PSG would have to absorb the increase in National Insurance charges, recently announced by the government.
Steve Glazebrook said the 30% rise was not due to National Insurance increases
but to a general post-September-11th increase across the insurance industry.
Charmian Allcock said we were under a flight path.
David Procter (former Chief Executive, Brentford Dock Ltd.) said he had recent dealings with other property management companies and they had not had their insurance costs raised by 30%.
David Procter said that the upgrading of our contract with Pinnacle PSG should have been subject to a Section 20 notice under the Landlord and Tenants Act.
£130,000 Extra
David Procter said that, as a result of our current contract with Pinnacle PSG, we were paying £131,000 more (in Pinnacle's profit and VAT) than we would have paid if we had continued to employ our own staff. The £131,000 was a similar figure to the £163,000 currently sought to increase the estate reserve (bank account).
Charmian Allcock said this was not the appropriate place to discuss VAT. The service-charge-payers groaned and exclaimed, "Where else do you discuss VAT - other than at a budget meeting?"
John Bruce said £15,500 had been spent on landscaping the old playground adjacent to the lock-keepers' houses and that he had never seen anyone use the area. Jim Hodder (erstwhile director of part of Romulus and Galba Courts) said plenty of people were using it.
Marina Club
Mary Spice said Brentford Dock Leisure Services Ltd., the subsidiary company that ran the Marina Club, had "ceased trading" with debts of £15,000. She wanted assurance that this debt would have no impact on service-charge-payers. Mike Edwards said that, as a director of Brentford Dock Leisure Services Ltd., he was personally liable for the debts of the Marina Club and they would not be charged to service-charge-payers.
Neil O'Dwyer asked him why, as a director of Brentford Dock Ltd., he was not liable for the debts of the company, but as a director of Brentford Dock Leisure Services Ltd., he was. He did not explain. [It could be that he had acted as a personal guarantor for purchases made by the Marina Club.]
Various persons said that:
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The service charge demands did not show the estate and block expenditure as they had always done in the past and asked for proper documentation.
The printing on the tables of figures was too small and asked that more readable versions be prepared. |
The meeting had being in progress for less than an hour when Charmian Allcock said she would take only three more questions - although at least six service-charge-payers had their hands up, wanting to speak.
Neil O'Dwyer asked her to take all the questions. She did not.
Performance Standards
Gareth Wynne (secretary, Brentford Dock Residents' Association) asked if the Board would be publishing a full list of Pinnacle's achievements (or otherwise) against the Performance Standards in our contract with Pinnacle. Charmian Allcock asked, "what do you mean by full?" The service-charge-payers groaned.
There was a debate about the meaning of full. Gareth Wynne said, "All the Performance Standards." Charmian Allcock then confirmed the Board would.
[Click here to see the Performance Standards.]
Michael Kerrigan answered a complex question.
Cost of Boiler Maintenance
Neil O'Dwyer asked how much it cost to call out the boiler maintenance engineers when we had a breakdown. He said he had already asked Sue Green the question. She had told him that she had been instructed by Charmian Allcock that he must direct all questions on the subject to Charmian Allcock. Neil O'Dwyer said he was now asking Charmian Allcock directly.
Charmian Allcock said the question had been asked on Monday, today was Wednesday
and she would "give him and answer."
"Will you tell me cost?" asked Neil O'Dwyer.
"I will give you an answer," said Charmian Allcock.
"But will you tell me cost?" asked Neil O'Dwyer.
"I will give you an answer," said Charmian Allcock.
"But will you tell me cost?" asked Neil O'Dwyer.
"I will give you an answer," said Charmian Allcock.
[Subsequently Charmian Allcock wrote a two page letter to Neil O'Dwyer in which she did not answer the question. Click here to see it.]
Meeting Closed
Charmian Allcock then closed the meeting. Eric Simmons protested saying there had been allegations of incorrectness made at meeting and that it should not be closed without a date for addressing those allegations. Charmian Allcock closed the meeting and left. The service-charge-payers were left frustrated.
As service-charge-payers left they were given a bound folder containing paper copies (in colour) of the slides (but not the tables) that Steve Glazebrook had presented. The folder and paper copies were of a good standard.
Copyright © 2001 to 2008 Neil O'Dwyer. All rights reserved.