Financial scrutiny
 

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​​Now that the building is more than ten years old, we can expect to pay for more maintenance issues. But these costs have been compounded by higher inflation as well as some unforeseen building work resulting from higher national fire safety standards, following the Grenfell fire.

 

The total service charge has increased from £1.62 million in 2017 to £3.3 million in 2025: a year-on-year increase of 14% over the last five years.

 

Current predictions forecast future charges at 10% a year.

 

This is unacceptable. Far closer scrutiny of the exact nature of the expenditure is required.

 

Day to day costs such as staff levels and subsidies for the Club, need to be carefully examined and justified.

 

Capital expenditure should be realistically anticipated. There is a debate about retaining a reserve fund for emergency and future use or alternatively relying on extra-levies to deal with events as they occur.

 

Even the day-to-day control of expenditure still need tightening, as until quite recently there were no comprehensible audited accounts available for inspection.

 

For all these reasons, we as leaseholders should take more control and take advantage of the changes to the freehold and leasehold legislation. “Generally speaking, sites (properties) that manage themselves save 20% on service charges.” (Financial Times 8 November 2025)

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