Company Registration Number: 3048135 The Royal Borough of Kensington and Chelsea Tenant Management Organisation Limited REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 2011The Royal Borough of Kensington and Chelsea Tenant Management Organisation Limited [ADMINISTRATIVE INFORMATION ‘The current directors, senior managers and company secretary are listed below and changes to those who served during the period since 31 March 2010 are set out in the Report of the Directors. BOARD OF DIRECTORS All board directors of the company are statutory directors who hold non-executive roles. Mr R Kerr-Bell - Chair Mrs $ Collet Mrs F Edwards - Vice Chair Mrs C Green Ms K Harts - Vice Chair MrI Smith Mr R Turner Mr A Ward Councillor M Condon-Simmonds Councillor E Dent Coad Mr P Molyneux Mr I Zitron Mr P Chapman, MrJ Dee Mr A Preiskel SENIOR MANAGEMENT Mr R Black Mr A Parkes FCA Ms S Jevans MCI Ms L Pemberton COMPANY SECRETARY Angela Bosnjak-Szekeres REGISTERED OFFICE AUDITOR Network Hub Baker Tilly UK Audit LLP 2928 Kensal Road Ist Floor, 46 Clarendon Road London Watford W10 SBE W171 Resident Board Member Resident Board Member Resident Board Member Resident Board Member Resident Board Member Resident Board Member Resident Board Member Resident Board Member Council Appointee Council Appointee Council Appointee Council Appointee Independent Independent Independent Chief Executive Director of Financial Services Director of Customer Services Director of People and Organisational Development BANKERS SOLICITORS Lloyds Bank ‘Winckworth Sherwood P.O, Box 17328 Minerva House 11-15 Monument Street __$ Montague Close London London EC3V 9A SE1 9BBThe Royal Borough of Kensington and Chelsea Tenant Management Organisation Limited REPORT OF THE DIRECTORS Year ended 31 March 2011 ‘The directors are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and regulations. STATEMENT OF DIRECTORS? RESPONSIBILITIES ‘Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting. Practice (United Kingdom Accounting Standards and applicable law). ‘Under company law the ditectors must not approve the financial statements unless they are satisfied that they give a ‘rue and fair view of the state of affairs ofthe company and of the profit or loss of the company for that period. In preparing those financial statements, the directors are required to: 1. select suitable accounting policies and then apply them consistently; b. make judgements and accounting estimates that are reasonable and prudent; ©. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 4. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and ‘enable them to ensure that the financial statements comply with the Companies Act 2006, They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ‘The Board of Directors is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. PRINCIPAL ACTIVITIES ‘The company’s principal activity during 2010/11 was the management and maintenance of the housing stock of the Royal Borough of Kensington and Chelsca (RBKC) and the provision of specialist technical consultancy and community alarm services. This is the company's 15th year of trading having taken over the management ofthe homes of tenants and leaseholders from the RBKC on I April 1996, REVIEW OF THE BUSINESS ‘The Kensington and Chelsea Tenant Management Organisation (KCTMO) is a ‘not for profit’ company owned by its _members, who are residents of RBKC’s housing stock, 2010/11 saw the completion of recruitment to the Executive and Senior Management team with the commencement of Sacha Jevans, Director of Customer Services, Yvonne Birch, Head of Strategy and Engagement, Angela Bosnijak- Szekeres, Company Secretary, Andy Marshall Assistant Director, Partnering, and Ajoke Bada Assistant Director, Customer Services Centre. These appointments have been key in delivering the Business Plan and improving the overall performance of the Company. ‘Throughout the year the focus of the organisation has been on delivering the Business Plan for 2010/1 land we have made good progress on completion of the key objectives. Two key areas have been to ensure the viability of the company by addressing the budget deficits of the last two years and to work with RBKC to ensure the Housing Revenue Account (HRA) did not go into deficit in 2012/13. Both of these objectives had been achieved by the end of the business year.