The Sycamores Residents Association

The SRA is a not-for profit Company Limited by Guarantee, it was incorporated on 18th August 1989, it is a private company limited without share capital, it has one registered Director and Secretary.  Full details of the company details registered on companies house can be accessed clicking here

The rules and regulations governing the Sycamores Residents Association are  laid out in the Companies Act 1985 in the Memorandum of Association of The Sycamores Residents Association Ltd., a copy of which is available to residents by clicking here.

The Company is collectively owned by all residents of the Sycamores Estate with no one individual in overall control, this means that all current residents have equal ownership of the company including the Freehold of the estate. Being not for profit and Limited by Guarantee it means that no shares are involved, instead all residents act as guarantors for the company. Having equal ownership means that not only is each individual responsible for the community as a whole, it means they also have equal rights in decision making.  The Member/Residents are subject to the terms and conditions of a Lease Document which can be viewed here.

Current Company Structure

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* Note:   As of 27/1/20, 2 committee members Mrs. Sylvia Tiplady and Mr. David Malone were appointed Directors of the company, leaving the committee itself without any Elected Committee Members, this situation cannot be rectified until the next AGM which is due towards the end of 2020 when new members can be elected by the residents.  Until that time, the now 3 directors which includes Mrs. Doris Clark and existing company secretary Mrs. Joyce Lowes, are in a position where they can make decisions without discussion, consultation or accountability to the residents, as the residents do not have a say in what they decide to do.  

The Sycamores Residents Association Ltd owns the land outright and leases the land to residents on the estate. Essentially this means that each resident who chooses to buy a leasehold property is also an equal landowner, and that the owners of  the land (the SRA) lease properties to themselves. The benefit of this arrangement, particularly for an estate which has been designed for individuals aged 55+, is that certain responsibilities for insurance  and of maintenance of the communal areas are taken care of via a scheme whereby the residents pay a regular maintenance fee.  In addition to this, additional funds are gained by the SRA when a property is sold on by a Sinking Fund, which is payable by the seller, it is equal to one percent of purchase price for every year of residence up to a maximum of 5 years, this percentage is variable and can be changed by a majority vote at the Annual General Meeting, currently the percentage is set at 5%. 

 
Interesting quotes from the RAUK (Residents Association in the UK)

"A good residents' association is often a group of tenacious people - they get things done and meet regularly to discuss housing, community or environmental matters affecting their block of flats, estate or houses."  

"They also willingly share information, knowledge and skills with accountability and transparency. They keep accurate records and make them available to their members, especially their accounts.  They certainly act democratically seeing themselves as serving their community not lauding it over residents. The most important thing is that people endeavour to work together to improve the physical conditions of where they live, campaign for better facilities and improve the sense of community in their area."

More information can be found on their website at http://residentsassociations.co.uk/home.html

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February 17, 2020

Copyright  L Sherwood,  All Rights Reserved, 2017-2020