We have made significant investments in Chartcombe this year, new carpets have been fitted throughout block 1 to 42 and the atrium has been painted.
Section 20 notices have been posted regarding the replacement of entry phones and entry fobs , the Lifts in both blocks are to be refurbished. Shareholders will be aware that the Board made a decision to carry out these major works over the next two financial years. We intend to borrow some money from our cash reserves and repay it when the only demands will be for routine maintenance.
Our cash reserves remain sound and we own Flat 1, last valued at £275,000
Chattcombe Properties Ltd. is a service company , like the local council, we are not a manufacturing or trading company, therefore we cannot make a profit. The only way we can generate money is by careful control of our expenditure.
In the last four years we managed to save or underspend £30,000 per year. When expenditure returns to normal we would expect to replace the money taken from reserves by the combined efforts of our Directors and Management Team ensuring that planned maintenance is carried out with best business practice and value for money.
Roy Godfrey. Chairman. Chartcombe Properties Ltd.