The Company is responsible for the management of the property at the Nexus Point development, Holford, Broadlands, Birmingham, West Midlands, B6 7AF. The Company collects service charges from leaseholders in accordance with the terms of the lease agreement in order to fund expenditure incured in the management of the property. These service charge funds are held in trust for the lessees which is imposed under Section 42 of the Landlord and Tenant Act 1987.
During the year the Company incurred expenditure in fulfilling its obligations under the terms of the lease for the property. The total costs incurred are recorded in the Company’s income and expenditure account as funds collected from lessees to discharge obligations under the lease. To meet these obligaions the Company draws from service charge funds held in trust on behalf of the lessees.
A detailed summary of expenditure incurred in the period is made available to the lessees of the property.