The Company is responsible for the management of the property at Crescent Court. The Company collects service charges from leaseholders in accordance with the terms of the lease agreement in order to fund expenditure incurred in the management of the property.
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 obligations the Company draws from service charge funds held on behalf of the lessees.
A detailed summary of expenditure incurred in the period is made available to the lessees of the property under the terms of the lease.