Chapter TSEM5720
| Published date | 02 May 2016 |
| Record Number | TSEM5720 |
Typically there are two main types of fund to which Section 42 LTA 1987 applies.
Sinking FundsSinking Funds involve the long term setting aside of funds for major repairs and renewals. Over a period, the fund can grow to a significant size and generate substantial investment income.
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Service Charge FundsService Charge Funds are funds where the intention is to cover only the routine day to day costs of maintaining the communal areas and paying for minor repairs and decorations. The service charges are reviewed annually and set at a level to balance the actual expenditure and leave a ‘no surplus - no deficit’ situation at the end of each year. In practice there may be a small amount held in reserve or carried over from the previous year. The trust will...
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