The company acts as a trustee of a statutory trust in respect of service charges collected for the maintenance of properties at Fairway Apartments. The company is responsible for the management of Fairway Apartments, Bristol, and collects these charges from the lessees in order to cover the costs incurred.
Any excess charges are held in trust for the lessees as required by Section 42 of the Landlord & Tenant Act 1987, and reported separately in the notes to these accounts. These are held to fund future financial obligations in the management of Fairway and will be treated as company income when that expenditure takes place.