📅 June 2025
Dear Leaseholders,
We are writing to inform you of serious financial concerns relating to the 2023 service charge accounts prepared by Gibbons Mannington & Phipps LLP for Twelve Trees Management Company (TTMC). After reviewing the figures again, we remain deeply concerned that over £70,000 appears to be missing from the service charge bank account.
🔍 £70,984.91 Unexplained Discrepancy in the Reserve Fund
According to the 2023 accounts:
- Opening balance (1 Jan 2023): £281,248.45
- Reserve Fund spent: £100,555.22
- Reserve Fund added: £39,299.68
- Expected closing balance: £219,992.91
But the certified accounts show only £149,008.
That’s £70,984.91 missing — with no explanation.
We have now raised this with the Institute of Chartered Accountants in England and Wales (ICAEW).
❓ Key Questions That Must Be Answered
- Why were leaseholders issued a deficit demand in 2022 when a surplus existed?
- Where is the missing £70,000?
- What checks were performed before these accounts were signed off?
❌ Missing Refunds – TTMC Misled the Tribunal?
TTMC previously promised refunds in their formal First-tier Tribunal submissions:
- £3,041.52 for gas charges
- £20,000 for uncompleted lift maintenance
These refunds were promised explicitly to leaseholders and the tribunal — but do not appear anywhere in the 2023 certified accounts.
This is a serious failure in reporting and transparency.
🧾 Need Help Understanding the Numbers?
We know this can be complex. If you need help understanding anything, please reach out — we’re happy to walk you through the details.
🔎 Independent Investigation Underway
We are engaging an independent forensic accountant to fully review the accounts, trace shortfalls, and investigate any potential misappropriation. Their findings will be shared with all residents once available.
We will continue to fight for accountability, transparency, and fairness for all leaseholders.
Thank you for your continued support.
In solidarity,
Amar Lodhia
Acting Chair – Maltings Close Residents’ Association
📧 chairman@maltingsclose.org | 🌐 www.maltingsclose.org