Service charge reconciliations

Concepts

• service charge reconciliations
• the service charge team
• charge
• reconciliations
• grant thornton
• the london portfolio
• additional resources
• the backlog
• grant
• portfolio

Location

Description

Additional resources from Grant Thornton to support the service charge team clear the backlog of service charge reconciliations for the London portfolio

Award Detail

CPV Codes

• None found

Legal Justification

We have attempted to close this issue by other means - largely resourcing internally and using agencies. We are not able to clear the backlogs in time and need to do so before 31 March 2026. Therefore we need to appoint firms with dedicated resources available quickly. Specifically we are managing a number of issues (in no particular order) Team wellbeing issues: The service charge team are currently under significant pressureto close out the service charge balances with resourcing levels that we know with the benefit of experience are insufficient. We are seeing high levels of absence due to illness in the team, which is exacerbating the issue. Customer service issues: TCE inherited a backlog of service charge reconciliations from JLL. Delays reconciling service charges, high costs and issues with building management have resulted in customer service issues, to the point certain customers are withholding payment for service charges. Financial exposure: In order to ensure continuity of service from suppliers, TCE has provided gross forward funding to the service charge balances to the value of £35.6 million. The risk of non-recovery of this forward funding increases with the effluxion of time due to customers potentially vacating property, enter administration, statutory limits prevent recovery or customers refuse to pay demands.

Other Information

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