The company acts as a trustee of a statutory trust in respect of service charges collected for the maintenance of properties at Oldfield Road, Clifton. The company is repsonsible for the management of Oldfield Road, Clifton and collects these charges from the lessees in order to cover the costs incurred.
Any excess charges are held in trust for the lessees as required by Section 42 of the Landlord & Tenant Act 1987, and reported seperately in the notes to these accounts. These are held to fund future financial obligations in the management of Oldfield Road, Clifton and will be treated as income when that expenditure takes place.