Audited Accounts
Service Charges are based on an estimate of costs for the financial year and the service charge is paid “on account”.
Once the actual costs have been established they are set against the estimated cost. There may be a surplus or a deficit on the annual accounts at the end of the year. Either an adjustment may be made in your next service charge invoice or a separate invoice may be issued. In some circumstances, a credit or debit may be made against the contingency fund.
The audited accounts will be sent to you within six months of the financial year end and a meeting may be held to brief Owners on the accounts. A file containing all invoices and receipts will be available via the Lodge Manager for inspection by Owners for two weeks prior to the meeting.
Bank Account
Advance payments for service charges are deposited by Millstream in a trustee account for each Lodge/Development, as required by the Landlord & Tenant Act 1987. Each Lodge/Development has its own bank account. Any interest earned from the account is credited to the Lodge/Development contingency fund.