Finances
The annual service charge is the sole source of income for MPMCL and is paid equally by all 208 households. The current service charge is £385 p.a. The past year's accounts, forward plans and budgets are agreed with members each year at the AGM held in October.
Service charge
Each household pays an equal share of the costs of maintaining the landscaped open spaces.
The costs are therefore shared by 208 household units. Hopkins Homes pays for 13 of these units – for its offices at Melton Park House; a store in the old Church in Calder Road; and three small business units in Clements Road. MPMCL’s annual service charge falls due on 1 February each year. It is collected on our behalf by a management agent.
In 2021-22 the service charge remained at £375 (no change from 2019-20, 2018-19 or 2017-18).
In 2022-23 the service charge will be £385.
In 2023/24 the service charge will be £400.
The service charge is the sole source of finance for the Company and must pay for the routine costs of on-going maintenance – such as road sweeping, grass cutting, tree management, street lighting, insurance – and also emergency work such as clearing surface water drains or making safe storm damaged trees.
The current budget is agreed with shareholders at the AGM. The current budget is also given in this section.
Reserves
At the end of the last accounting period on 31 January 2019, MPMCL held reserve funds of £ 96 000.
The reserve fund would be the first source of finance for any major unforeseen expenditure, such as a collapsed drain or road resurfacing work. To date the Company has been able to build reserves slowly and not had to ask for additional contributions from households.
MPMCL has aimed to accumulate a reserve fund approximately equal to one year’s operating costs – or around £80,000. This policy has been agreed at AGMs over the last few years and reflects a prudent caution that as the development ages more significant work is more likely. Some significant expenditure of reserves on road resurfacing is being planned for 2022-23.
A significant reserve fund also gives re-assurance to those considering buying property on Melton Park that the risk of requests for extra payments is minimal.
Accounts
The directors’ report and financial statements for the year ended 31 January 2021 are here.
Those for the year ending 31 January 2020 are here.
Those for the year ending 31 January 2019 are here.
Those for the year ending 31 January 2018 are here.
Those for the year ending 31 January 2017 are here.
Audit
As a very small private company, MPMCL is not required by statute to undertake a formal audit. Members may of course ask for this to be carried out if they wish. The annual accounts are, however, subject to an independent review and submitted to Companies House. Financial reports are prepared for the approval of the membership at the AGM each October.
Budgets