SERVICE CHARGES
Service charges collected are held on trust for the purpose of meeting the relevant costs in relation to the
property in accordance with the provisions of Section 42 of the Landlord and Tenant Act 1987 and the
company acts as a trustee in this capacity. Information relating to service charges is dealt with as a
separate statement of account.
The company acts as a principal when transacting with third party suppliers in the management and
arrangement of maintenance of the property.
The company recognises the service charge expenses arising from the maintenance of the property in its
income and expenditure account.
BANK
All funds (whether reserve or service charge current account) are held in trust in a designated interest
bearing client account in the name of Five Edge Hill Limited.