Freehold property is stated at cost less accumulated depreciation to 31st December 2018. No depreciation is now provided as in the opinion of the directors the value of the freehold interests is at least as mich as cost.
4. Service Charges Trust
Included in the balance sheet are current assets and liabilities relating to the collection of Service Charges from leaseholders and represent the manner in which the monies are held or spent in the maintenance of the building.
These monies and the associated transactions are not considered to be assets and liabilities of the Company.
They instead represent monies held in a seperate Trust with the directors acting as Trustees on behalf of the leaseholders. They are included here only for convenience.