Actuals 2023-24

Your Service Charge Actuals Statement

Your Service Charge Actuals for the period 1 April 2023 to 31 March 2024 is a detailed comparison of the actual charges you owe against the estimated charges we sent you in February 2023. A full breakdown of all costs and adjustments related to your property is included in your letter.

Earlier this year, we notified you of the significant increase in building insurance costs, which may have contributed to the difference in your actual charge. For more information, please visit the link below.

Building Insurance Information

Your personal statement

Your letter will include three statements from us. The first statement is personal to you – it’s the charge for your home only. If the number in the variance column has ‘–‘ (minus sign) before it, it’s the amount we’ll credit back to you as a refund. If there is no minus sign, it's the amount you will owe us.

Your building's statements

You’ll have two statements that relate to your building. The first statement details the total charge per service for your whole building. The charge per home is divided by all residents. The second statement details our income, through estimates, and our actual expenditure for the whole building. The statement will show the cost divided by leaseholders and shared owners only.

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Service Charge Descriptions & Allocations

For more information on each charge and how it's allocated, visit our Service Charge page. There, you'll also find details on how we've estimated your charges for 2024-25, which are based on the figures in your actuals statement. Don’t worry, they won’t all be applicable to you - only the ones in your letter.

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Service Charge Actuals - FAQs

What are service charges?

Service charges are fees collected from residents (rented and leaseholders) to cover the costs of maintaining and managing the communal areas and services of a property. This includes expenses like maintenance, utilities, cleaning, and other essential services.

How are service charge actuals calculated?

Service charges actuals are calculated using the costs of running and maintaining the property and building for the financial year. These costs are divided among the residents, usually in proportion to the size of their unit or according to the terms of their lease or agreement.

Why is there a surplus/deficit in the service charges?

A surplus happens when we estimated more than we actually spent, and this will show up as a credit in your account. A deficit occurs when we spent more than we estimated, and in that case, you would be charged the extra amount.

How can I review the detailed breakdown of service charge expenditures?

Your service charge statement letter details 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 a summary of the service charge costs. Once we’ve received your request, we aim to provide the information within 30 days.

What measures are taken to ensure the accurate management of service charges?

We follow a rigorous process that includes budgeting, regular financial reviews, and audits to ensure that service charges are managed accurately and effectively. We are committed to transparency and accountability in how these funds are handled.

Will the service charges increase next year?

The service charges for the next year are determined based on projected costs, which considers your actuals charges and contractor costs. You should have received your estimate for 2024-25 in February 2024.

Who can I contact if I have more questions about the service charges?

If you have any further questions or concerns about the service charges, please feel free to contact our customer services team on 020 7780 3070. We are here to help and provide any additional information you may need.