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Bilton Towers Residents Company Ltd. Annual General Meeting. 26 th June 2014, 5:30PM The Montcalm Hotel – Great Cumberland Place. Introductions. Pamela Gridley, Director Ahmed Ghanim , Director Nasser Farage , Director (excused) Hartley Millar, Director Paul Siegenthaler, Chairman

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Bilton Towers Residents Company Ltd. Annual General Meeting

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Bilton towers residents company ltd annual general meeting

Bilton Towers Residents Company Ltd.

Annual General Meeting

26th June 2014, 5:30PM

The Montcalm Hotel – Great Cumberland Place


Bilton towers residents company ltd annual general meeting

Introductions

  • Pamela Gridley, Director

  • Ahmed Ghanim, Director

  • Nasser Farage, Director (excused)

  • Hartley Millar, Director

  • Paul Siegenthaler, Chairman

  • Robert Michaels

  • Mark Michaels

  • Danny Michaels

RMD Properties


Bilton towers residents company ltd annual general meeting

Agenda

Chairman’s introduction

Minutes of AGM held 16th May 2013

Balance Sheet and Statement of Accounts at 31st December 2013

Appointment and remuneration of auditors and directors

Any other business and Projects

Any other business and Projects


Bilton towers residents company ltd annual general meeting

Achievements since last AGM

  • Major projects on track :

  • New satellite TV communal system completed

  • Refurbishment of two pairs of lifts completed

  • On track to replace the third pair of lifts

  • Other improvements :

  • New Managing Agents: “hands on” management

    • Phased budget + cash forecasting

    • Management of arrears

    • On-site daily presence (issues, works)

    • No more short term lettings

  • General clean-up of common areas and exterior

  • Alec Heron hired to replace Mark Roslik


Bilton towers residents company ltd annual general meeting

Agenda

Minutes of AGM held 3rd February 2009

Balance Sheet and Statement of Accounts at 31st December 2013

Appointment and remuneration of auditors and directors.  

Any other business.

Minutes of AGM held 16th May 2013


Bilton towers residents company ltd annual general meeting

Agenda

Minutes of AGM held 16th May 201

Balance Sheet and Statement of Accounts at 31st December 2009

Appointment and remuneration of auditors and directors.  

Any other business.

Balance Sheet and Statement of Accounts at 31st December 2013


Bilton towers residents company ltd annual general meeting

Bilton Towers Residents Company Ltd.

Statutory Company Accounts

at 31st December 2013

  • Bilton Towers Residents Company Ltd. is not a trading company, therefore income is nill and expenses are nill, resulting in a zero profit.

  • The Balance Sheet comprises only the £ 3,600 share capital (72 shares @ £ 50.00)

    • Current Assets

    • Debtors£ 3,600

    • Total net assets£ 3,600

    • Capital and reserves

    • Called up share capital£ 3,600

    • Shareholders’ funds£ 3,600


Bilton towers residents company ltd annual general meeting

Service Charge Account

  • Certified accounts submitted by Boydell & Co, Chartered Accountants89 Chiswick High RoadLondon W4 2EF

  • 2013 closes with a surplus of £ 39,799(compared to deficit of £ 30,868 in 2012)

    • Electricity, Professional fees (non recurring)

    • Insurance, boiler repairs, lift maintenance


Bilton towers residents company ltd annual general meeting

Agenda

Minutes of AGM held 16th May 2011

Balance Sheet and Statement of Accounts at 31st December 2011

Appointment and remuneration of auditors and directors.  

Any other business.

Appointment and remuneration of auditors and directors


Bilton towers residents company ltd annual general meeting

  • Directors and Auditors

    • The Directors receive no remuneration

    • nor any allowance for expenses

  • Re-elected in 2011 :

    • Pamela Gridley

  • Re-elected in 2012 :

    • Paul Siegenthaler

  • Newly elected in 2012 :

    • Nasser Farage

    • Hartley Millar

  • Re-elected in 2013 :

    • Ahmed Ghanim

Candidate for re-election:

  • Boydell & Co (Auditors for Fifthstreet Management Ltd.)

  • to be reconfirmed by vote


Bilton towers residents company ltd annual general meeting

Agenda

Minutes of AGM held 31st May 2012

Balance Sheet and Statement of Accounts at 31st December 2012

Appointment and remuneration of auditors and directors.  

Any other business.

Any other business


Bilton towers residents company ltd annual general meeting

Agenda

  • Review of Service Charge Account

  • Next steps of Refurbishment Programme

  • Future Priorities

  • Constitution of Reserve Fund after 2015

Any other business


Bilton towers residents company ltd annual general meeting

Service Charge Account Overview

- 5.6%


Bilton towers residents company ltd annual general meeting

Service Charge Account Overview


Bilton towers residents company ltd annual general meeting

RMD : Tighter budgeting and controlling

  • Quarlterly phasing of budget

  • Analysis of key contractors’s costs :

    • Use lower skill for simple repairs

    • Group maintenance work in fewer on-site visits

  • Daily interaction with building staff

  • Daily on-site presence

    • Rapid response to issues :

      • Emergency repairs

      • Complaints

      • Overdue accounts


  • Bilton towers residents company ltd annual general meeting

    Lower insurance premium

    • Insurance premium was escalating

    • 1998 : £ 26,609

    • 2008 : £ 46,587

    • 2009 : £ 59,172

    • 2010 : £ 67,126

    • 2011 : £ 84,642

    • 2012 : £ 89,000

    • 2014 : £ 44,200

    • Insurance premium paid in 2013 : £ 77,452; full impact of cost saving will occur in 2014

    Provisonal quotes received in 2012 :

    Tokio Marine : £ 37,927

    Ecclesiastical : £ 45,049


    Bilton towers residents company ltd annual general meeting

    Outlook for the rest of 2014

    • Current run rate is significantly below Q1/2013

    • Vigorous follow-up of overdue debtors has freed up significant cash

    • New estimates to be made after closing of Q2/2014

    • Section-20 demand for the last lift will be adjusted downwards accordingly

    • The 6th lift replacement (Sept’14 – March’15) is the last scheduled major investment : proposal to maintain service charge at current level to gradually build a reserve and avoid the need for future cash demands (investments still subject to Section-20 process


    Bilton towers residents company ltd annual general meeting

    Looking at 2014 and beyond …

    • Replacement of 2nd boiler

    • Safety device (fall restraint) for future roof works

    • A long term plan is needed, with reserve fund :

    • Terrace refurbishment

    • Landings

    • Building’s exterior

    • Pipes of heating/cooling system

    • Asbestos management

    • Long term maintenance/replacement of infrastructure


    Bilton towers residents company ltd annual general meeting

    Other scheduled and proposed works

    • Rendering of front entrance steps (done ?)

    • Re-affix LED lighting in the lobby (by end June)

    • Asbestos survey

    • 1st lift in far block (1st Sept – 16th Jan 2015)

    • 2nd lift in far block (19th Jan – 29th May 2015)

    • Next steps (and Lessee suggestions):

    • Safety device (fall restraint) for lower block ?

    • Replacement of second boiler (to be evaluated)

    • Landings (obligation as per the lease!)

    • Terrace / front garden

    • Cleaning of balcony metal frames

    • External brick, stone and glass, back courtyard

    • Plan for infrastructure maintenance and renewal


    Bilton towers residents company ltd annual general meeting

    www.biltontowers.com


    Bilton towers residents company ltd annual general meeting

    Thank you for

    your time, interest and

    involvement !

    www.biltontowers.com


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