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Page 2 of the year end accounts contain a Statement of Income and Expenditure, which shows how much money came in against what was spent and is broken down as follows:

Income: This is the budget set for the financial year in question and shows the following:

  1. Service Charge Receivable: This represents amounts demanded for the period in question;
  2. Interest on Late Paid Service Charges;
  3. Bank Interest Receivable.

*These figures are added together to give Total Income*

Followed by Service Charge Expenditure, Utilities & Insurance

  1. Water – Communal
  2. Electricity
  3. Buildings Insurance
  4. Directors & Officers Insurance
  5. Insurance Valuation

*These figures are added together*

Followed by Contracts Maintenance & Services

  1. Equipment Telephone Line
  2. Reactive Refuse Removal
  3. Drainage Maintenance
  4. Landscape Maintenance
  5. General Repairs & Maintenance
  6. CCTV System
  7. Fire/Emergency Lighting

*These figures are added together*

Followed by Fees

  1. Debt Collection Costs
  2. Management Fee
  3. Administration Charges
  4. Accountancy Fee
  5. Fire Risk Assessment
  6. Health & Safety Assessment

*These figures are added together*

Followed by Additional & Sundry Costs

  1. Out of Hours
  2. Bank Charges

*These figures are added together*

The total figure from each of these groups are then added together to give the TOTAL EXPENDITURE.

The Total Income is then subtracted from the Total Expenditure to provide the NET SURPLUS/DEFICIT for the year, in other words either an overspend or an underspend, more of which can be read here.

If any surplus figure is credited back to each leaseholder then it is not added to the Balance Carried Forward figure.

Income

  1. Sinking Fund Receivable: This is always the same figure each year.

SINKING FUND EXPENDITURE

  1. Repairs & Maintenance: This is subtracted from the Sinking Fund Income Receivable to give the Net Increase/Decrease for the Year.

Net (Decrease) For The Year

  1. Balance Brought Forward: This is the previous years Net Increase/Decrease for the Year and the Balance Carried Forward figure added together)
  2. Balance Carried Forward: This is the Net Increase for the current Year subtracted from the above figure

 

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