Service charge actuals for 2023-24 reissued

In September 2024, we sent out the 2023-24 service charge actuals statements. However, a recent review of the invoices used to calculate those charges identified some necessary corrections, which we have made.

We have sent all adjustments to leaseholders to provide a more accurate reflection of your block's actual costs. This has also helped us improve the forecasting of our 2025-26 service charge estimates.

Thank you for your patience whilst we have worked to improve this process.

Actuals

Actuals

Service charge actuals are based on the real costs of running and maintaining your building and neighbourhood over the year.

In February, leaseholders get an estimate of expected costs for the next financial year. The following September (after the financial year is over), we send a statement with the actual costs. This may result in a credit or an extra charge on your account.

You can find about what your service charge covers and how it's allocated on our dedicated Service Charges page.

Service charge descriptions and allocations

Actuals statement

Your actuals are sent with your service charge statement. This statement is sent in three letters and will detail whether you're in credit or owe THCH. Below are details about what will be in the statement.

Your personal statement

Your letter includes three statements. The first statement is specific to your home and shows the charges for your property only. If you see a minus sign (–) in the variance column, it means we owe you this amount as a refund. If there’s no minus sign, it’s the amount you’ll need to pay.

Your building's statements

You’ll receive two statements about your building:

  1. The first statement shows the total cost of each service provided to your entire building. These costs are then shared equally among all residents.
  2. The second statement compares the income we collected (based on estimates) with the actual amount we spent on services for the building. This statement breaks down costs specifically for leaseholders and shared owners.

FAQs

Why does a surplus or deficit happen?

If our estimate was higher than the actual cost, you'll get a credit (surplus). If we spent more than expected, you'll be charged the difference (deficit).

Service costs can change due to factors like economic shifts (affecting material and labour costs), unexpected repairs, or increased services like extra bulk waste removal.

How can I review my service charge expenditures in detail?

Your service charge statement letter has a full breakdown of all costs and adjustments related to your property and building. If you'd like to discuss the charges, please get in touch with our Customer Services team.

Can I get a copy of the invoices?

Yes, leaseholders can request access to the invoices used to calculate their actuals service charges. Once we’ve received your request, we aim to provide the information within 30 days.

Can I get a copy of the external review report?

Our external accountancy advisor, RSM, has carried out an independent review of the reissued 2023-24 actuals statements. A copy of their report is available on request. 

What do we do to make sure we manage service charges accurately?

We carefully manage service charges through budgeting, regular financial reviews, and audits to ensure everything is accurate. We’re committed to being transparent and accountable with how we handle these funds.