The Company finances in general can be examined by reference to the Annual Accounts and Directors’ Report which are distributed to all shareholders and submitted annually to the Registrar of Companies.

In consultation with your Board of Directors, Wallakers prepare and agree a budget of expenditure at the end of each calendar year which is reflected in the annual service charges which are levied on the 1st January and 1st July in each year.

The expenditure includes regular service providers i.e. gardening, caretaker, pump stations, electricity, water rates for the central fountain, general maintenance etc and also includes an annual contribution to the reserve fund to defray capital expenditure including re-planting, landscaping, tree maintenance and roadways including the pavements. The establishment of a reserve fund is essential so that works can be carried out when required without the need for raising a special levy on owners.

The company accounts are made up annually and, after approval by the Directors, are circulated to all shareholders together with Notice of the Annual General Meeting.