Client money handling procedures

1. Where is client money held?

All client money is held in the Levy Asset Management main account:

• Bank Name: National Westminster
• Bank Branch: Regent Street (B)
• Sort Code: 56-00-03
• Account Number: 21623236
• Account Name: Levy Asset Management Ltd – Client A/C

These funds are ring-fenced by property and clients within our TRAMPS Accounting System and funds held cannot be transferred between clients.

2. Access to funds

Funds are not accessible by any external parties.

Funds can only be accessed by the Director, Group Head of Finance and the Directors of Levy Asset Management Ltd.

3. Timescales for payment of cash and cheques into the account

All funds received into the main account are receipted on the following day to allow for payments to fully clear in case of recall by a payee’s bank.

Cheques received are banked either on the day the cheque is received, or the following working day.

4. Controls for authorisation of payments

All payments to suppliers and clients are checked by either the Head of Client Accounting, Kerrie Fitzpatrick, or the Director of Levy Asset Management, Alan Herbert.

All balances are checked on the accounting system to ensure sufficient funds are available and being paid for under the correct property and client.

Payments cannot be made without providing detailed information for which the payment is being made.

5. Interest and Bank Charges

Bank interest is currently held in a suspense account.

Bank charges are raised on international payment are funded by our corporate account and not the main client account.

6. Bank account reconciliations

The main client account is reconciled daily and closed each month-end. Any unidentified and/or unreconciled items are investigated, and appropriate action taken to post the funds on our accounting system.

All reconciliations are reviewed and signed off as below:

• Reviewed by:

– Head of Client Accounting

• Signed off by two of the parties below:

– Director of Levy Asset Management Ltd
– Group Head of Finance
– Equity Partner of Levy Real Estate LLP, the 100% owner of Levy Asset Management Ltd

7. Provision of information for client money held

All clients are issued a set of reports from our accounting system on either a monthly or quarterly basis depending on the client’s reporting requirements.

Standard reports will include a client statement which reflects the following information:

• Banking Summary – This shows the funds available on account.
• Cashbook Summary – This shows the movement of funds in and out of the account.
• Debtor Control Account – This section relates to tenant transactions including rent and service charge demanded, cash received from tenants and arrears carried forward.
• Creditor Control Account – This section relates to supplier transactions including invoices received for payment of services, payments made to suppliers and unpaid invoices carried forward.

These statements can be provided in both pdf and excel formats.