Walton Goodland Ltd are required to follow strict RICS Rules of Conduct and the RICS Client Money Protection Scheme April 2019. The RICS professional standards and guidance 1st Edition, October 2019 sets out the requirements of practice for RICS members and or firms regulated by the RICS. A copy of any of our regulations and guidance can be provided upon request. Below we briefly summarise these basic requirements for your information.

1) Client funds:
All client funds are held in separate designated Client Money Accounts from that of the Company. Walton Goodland Clients Account Walton Goodland Ltd has exclusive control over all Client Bank Accounts.

2) Access to client funds:
Whilst we are holding funds on behalf of clients, access to these funds is restricted to Directors only and dual authority is required.

3) Banking of client money:
Receipts of client money by cash or cheque are banked within 3 working days. Any funds received into our account that can not immediately be identified will be held in our Sundry Client Ledger until we can confirm the remitter details and intended purpose.

4) Payments made from the Client Account:
i) All invoices received from contractors are checked and approved by our project manager before being processed. Once approved, all invoices must be authorised by the Managing Surveyor/Director before being processed for payment. When payment is made from the client bank account, two directors’ signatures are required.

ii) Control measures are in place to ensure that sufficient funds are in hand to cover the payment, also considering any other known liabilities.

iii) Funds are immediately available to the client. However, we need to be sure to first consider any outstanding liabilities before releasing requested funds.

5) Interest:
i) Any interest received for moneys held in the general client account is retained by Walton Goodland as part of our fee structure, as agreed in the Management Agreement.

ii) Interest paid to Barclays Bank Plc for managing our accounts is paid by Walton Goodland from a current bank account belonging to the Company. A copy of the banks operating conditions can be provided upon request.

Our company policy is to update and reconcile the client account transactions daily, this is so we can be sure of the value of available funds for each client. These daily reconciliations also provide reassurance that our internal accounting is reconciled to the records held by the bank each working day. Formal three-way reconciliations are performed monthly and signed by the Managing Director, as required by our regulations.

6) Statements:
We will provide quarterly statements of income and expenditure to clients in accordance with the terms agreed as stated in the Management Agreement. These statements include copies of all supporting paperwork in relation to each item of income and expenditure throughout the period.

7) Rent deposits:
Rent deposit funds received from tenants are held in separate designated client accounts at Barclays Bank Plc, Carlisle. These are required to be reconciled only every three months due to interest being received on a quarterly basis.

Systems and controls:
Internal accounting and administrative processes are reviewed regularly to ensure they meet the current standards required by the RICS.