Royal Park Village Maintenance accounts for 2011
Executive Summary
2011 the Royal Park Village was able to pay all of its bills and retain extra money of THB 75,000. However the cash available at the end of 2011 increased by BHT 210,974 due mainly to donations made by residents, maintenance payments received from 2010 and prepayments for 2012.
9 residents didn’t pay and 4 made part payments for 2011, THB 144,211 was not collected and is outstanding for 2011.
Funds available for 2012
The Royal Park village has funds of THB 441,508.
This money could be ring fenced and only used for serious repairs like pools, roads, gates etc, and not for general costs. Ie Funds held for major repairs.
2012 could run at a loss
2012 I predict a serious problem. If the current trend of non payments continues or only the same residents that paid in 2011 pay again in 2012 we could run at a loss in 2012. That is to say it will cost more to run the Village than the maintenance fees that we collect.
We know that the security fees have gone up by 48,000 baht for 2012. Using 2011 figures, this extra security cost will make our outgoings more than incoming payments. If any other costs increase, this will make the problem worse.
Other costs that could change over night
Many of the repairs completed in 2011 were done for free, privately paid for by residents or the work undertaken by residents and not charged for.
- Gates and barriersThe automated and walk through gates have been maintained at total cost of Baht 3461. The gates were fixed by a resident with no costs for time, only for parts.The other money 10,300 baht was for welding the gates to stop people forcing entry into the village and a replacement lock that had been vandalised.
- Swimming pool motor
One resident saved the village 25,000 baht by paying for a replacement swimming pool motor at swimming pool soi 4-5 - Admin
All admin, phone calls, printing, paper, travelling etc is not charged to the village. This means the village is not paying any admin costs. All of these costs are met by the residents that undertake the work in that area. - Accounting
All accounting are carried out by residents and no charge is made to the village - General repairs
Many small repairs like painting, fixing signs etc is carried out by a resident that does not charge the village for time and many items of material.
Is your neighbour paying their maintenance fees?
It is important that residents are aware of people that are not paying their maintenance fees. It would be helpful if those non paying residents were told to by their neighbours that their money is needed to help run the village.The total amount of unpaid maintenance fees for 2010 and 2011 now stands at THB178,641
Royal Park Village Maintenance Payments received
As of the 31st December 2011, the total maintenance fees paid for 2011 THB 1,052,630
Outstanding maintenance fees for 2011
The outstanding maintenance fees for 2011 amount to THB 144,211
4 houses part paid their maintenance, but did not pay all of the maintenance fees. They are :
- 315/262
- 315/286
- 315/223
- 315/231
9 houses did not pay their maintenance fees. They are :
- 315/266
- 315/287 This house now owes for 2010 and 2011
- 315/254
- 315/203
- 315/251 This house now owes for 2010 and 2011
- 315/192
- 315/193 This house now owes for 2010 and 2011
- 315/197
- 315/293
Diagram to show the houses that paid, did not pay
Total Outstanding Maintenance fees for 2010 and 2011
The total amount of unpaid maintenance fees for 2010 and 2011 now amounts to THB178,641.
Drawing to show what fees are outstanding
Where the money goes
Most of the yearly budget is spent on four items.
- Security
- Electric for street lights and pools
- Swimming pool maintenance
- Gardening and general maintenance
Graph to show where the money is spent
Royal Park Village Balance Sheet 2011
| Royal Park Village Balance Sheet 2011 | |
| Cash in Bank December 2010 | |
| Total amount in bank as of 31st December 2010 | THB 230,534 |
| 2011 Money Coming In | |
| 2011 Maintenance fee payments | THB 1,052,630 |
| Late payments from 2010 maintenance | THB 68,676 |
| Prepayment for 2012 | THB 17,760 |
| Extra donations | THB 79,000 |
| Bank Interest received | THB 4,286 |
| Total income for 2011 | THB 1,222,352 |
| 2011 Money Going Out | |
| Water | THB 20,354 |
| Electric | THB 227,496 |
| Security | THB 419,532 |
| Swimming Pool maintenance | THB 116,000 |
| Garbage collection | THB 28,800 |
| Police | THB 14,000 |
| Electrical Repairs | THB 17,161.00 |
| Swimming Pool Repairs | THB 27,159.00 |
| Gardening and General Maintenance | THB 140,094 |
| Bank Fee | THB 782 |
| Total spending | THB 1,011,378 |
| Management Fees | |
| Management Fee Accounting Fees | THB 0 |
| Office and Printing Fees Telephone Calls | THB 0 |
| Travel Expenses | THB 0 |
| Donated time to the Village by home owners 3000 hours | THB 0 |
| Total management costs | THB 0 |
| Cash in Bank | |
| Total amount in bank as of 31st December 2011 | THB 441,508 |
| Maintenance Fees Outstanding | |
| Outstanding maintenance fees to be paid 2010 | THB 34,430 |
| Outstanding maintenance fees to be 2011 | THB 144,211 |
| Total Outstanding maintenance fees | THB 178,641 |
Funds Available
The village had an increase in bank balance of THB 210,974
- [2] End of 2010 the funds available were THB 230,534
- End of 2011 the funds Now available THB 441,508
The increase in the bank balance (funds available) for 2011 was mainly as a result of
- A Profit made in 2011
- Residents around the swimming pool soi 4-5 paying towards last years repairs of the pool
- Late maintenance payments for 2010,
- Prepayments for 2012
- Donations made to the village.
The diagram below shows the different types of income received in 2011 and the effect of the income on the end of year balance.
Diagram to show the different income for 2011
Funds Held for Major Repairs
I suggest the funds available should not be used for general maintenance, but to be saved and used as ‘Funds Held for major repairs’.
The graph below, demonstrates the effect the non payers are having on this fund
Diagram to show the amount - Funds Held for Major Repairs
If all maintenance fees were paid, the funds available would total THB 620,329
Cash flow Prediction 2012
Last year I wrote on the village web site [1]’‘So what happens when people get tired of donating their time, Or I stop chasing the last 18 people that do not want to pay?’.
Last year (2011) I didn’t have the same amount of time to donate as in 2010, and as I had predicted more houses did not pay. As I have a new family, unfortunately in 2012 I will not have as much time therefore I predict more than 9 houses will not pay in 2012. However if other people can help with contacting home owners in view to collection of village money, I am certain most people will pay in 2012.
Every resident must pay all maintenance fees and arrears; other wise it is very possible that 2012 we could run at a loss.
The security fees have gone up for 2012, if any other costs go up like swimming pools, electric etc, and only the same amount of payments are made in 2012 by residents, then we could very possible run at a loss this year. security we will lose a predicted 8,000 baht this year. This is with no other costs increasing.
Diagram to show a cash flow prediction for 2012
Village account records
All money paid to the village is paid into the TMB bank, so there is independent long term records of all payments made to the village held by the TMB bank.
Full account book keeping is available for inspection by any paying resident of the village upon request.
The information kept includes all invoice amounts sent to residents and payments received. All outgoing payment information is also kept including Invoices paid to suppliers and any amounts withdrawn from the village bank account to make payments.
Author of the report
This report was put together by Richard. Bob and Richard updated the accounts through out 2011 and keep all account information as computer files (backed-up) and paper accounts. Report finalised January 11th 2012
References
[1] So what happens when people get tired of donating their time? [online] http://www.royalparkjomtien.co.uk/this-year-the-royal-park-village-maintenance-increased-by-7-why/
[2] End of 2010 the funds available were [online]
Download Royal Park Village accounts
Click to download the Royal Park Village Accounts 2011
Three bedroom house to rent Jomtien Beach
Three bedroom house to rent Jomtien Beach. An extended three bedroom detached house available to rent fully furnished.
Situated between the North and North West entrances of the Royal Park Village; conveniently placed for road access to Thepprasit Road and Thrappraya Road Jomtien
Three bedroom house to rent Jomtien Beach comprises
The fully air-conditioned accommodation briefly comprises: open plan living area with dining area and well furnished and finished, off which are patio doors to the front terrace roofed area.. The kitchen is fully fitted western style with built in fridge freezer, microwave oven, gas hob, hot and cold water. All three bedrooms are on the ground floor: Outside there is off road parking and the previously mentioned terrace area.
- Living area, fully furnished with 42 flat screen TV
- Master bedroom with fitted wardrobes and 32 inch flat screen TV, ensuite shower room off the master bedroom
- Bedroom 2 fully furnished with TV
- Bedroom 3 fully furnished with TV
- Internet ready
- Cable TV connected
- Master bathroom well fitted with stylish tiles with hot and cold water
- Out side shaded patio area with quality garden furniture
- Washing area with washing machine, water pump and water storage tank.
cforms contact form by delicious:days
Rental Prices
- 1 month 50,000 Baht
- 2 – 3 months 45,000 Baht
- 6 months 35,000 Baht
- 12 months 30,000 Baht
Arrange a viewing
This house is next available from the 20th January 2012
To arrange a viewing to rent this Three bedroom house to rent Jomtien Beach contact
089 250 8765